Gabriele Galati

Economics and Research Division
phone (+31 20) 524 3288
email Gabriele Galati

Short bio

Presently, senior economist in the Economic Policy and Research Division of De Nederlandsche Bank. Previously Head of Monetary Policy and Exchange rates at the Bank for International Settlements.

Education

- Ph.D. in Economics, New York University
- Laurea in Economics, Università degli Studi, Roma

Research interests

International economics
Monetary policy
Financial markets

Working papers

Did the crisis affect inflation expectations? (with S. Poelhekke and C. Zhou), DNB Working Paper No. 222, September 2009. Download

Did the anchor of inflation expectations in the euro area turn adrift? (with S. Poelhekke and C. Zhou), DNB Working Paper No. 191, December 2008. Download

FX reserve management: trends and challenges (with Claudio Borio and Alex Heath), BIS Paper No. 40, May 2008. Download

FX reserve management: elements of a framework (with Claudio Borio, Jannecke Ebbesen and Alexandra Heath), BIS Paper No. 38, March 2008. Download

The evolving inflation process: an overview (with William Melick), BIS Working Paper No. 196, February 2006. Download

Research on exchange rates and monetary policy: an overview (with Jeffery Amato, Andrew Filardo, Goetz von Peter and Feng Zhu), BIS Working Paper No. 178, June 2005. Download

Central bank intervention and market expectations (with William Melick), BIS Paper No. 10, April 2002. Download

Volumes, volatility and spreads in FX markets: evidence from emerging market countries, BIS Working Paper No. 93, October 2000. Download

Perceived central bank intervention and market expectations: an empirical study of the yen/dollar exchange rate (with William Melick), 1993-96, BIS Working paper No. 77, October 1999. Download

Publications in refereed journals

Gabriele Galati and Philip Wooldridge (2009), The euro as a reserve currency: a challenge to the pre-eminence of the US dollar?, International Journal of Finance & Economics 14(1), 1-23. Download

Gabriele Galati, Patrick Higgins, Owen Humpage and William Melick (2007), Option prices, exchange market intervention, and the higher moment expectations channel: a user’s guide, International Journal of Finance & Economics 12(2), 225–247.

Guy Debelle and Gabriele Galati (2007), Current account adjustment and capital flows, Review of International Economics 15(5), 989-1013. Download

Piti Disyatat and Gabriele Galati (2007), The effectiveness of foreign exchange intervention in emerging market countries: evidence from the Czech koruna, Journal of International Finance and Money 26(3), 383–402.

Gabriele Galati, William Melick and Marian Micu (2005), Foreign exchange market intervention and expectations: an empirical study of the yen/dollar exchange rate, Journal of International Finance and Money 24(6), 982–1011.

Gabriele Galati and Kostas Tsatsaronis (2003), The impact of the euro on Europe’s financial markets, Financial Markets, Institutions & Instruments 12(2), 165-221.

Gabriele Galati and Corrinne Ho (2003), Macroeconomic news and the euro/dollar exchange rate, Economic Notes 32(3), 371–98. Download

Gabriele Galati (2001), The dollar/mark axis, Review of World Economics 137(1), 36-57. Download

Publications in books

Comments on 'Independent currency unions, growth and inflation', by Sebastian Edwards and Igal Magendzo, in: Exchange Rate Regimes in the 21st Century, Monetary and Economic Studies, Special Edition, Bank of Japan, Vol. 20, No. S-1, December 2002.

Comments on 'Exchange rates and growth', by Ronald MacDonald, in: J. Smets (ed.). How to Promote Growth in the Euro Area, National Bank of Belgium, Edward Elgar Publishing, January 2002.

Other publications

What drives the growth in FX activity? Interpreting the 2007 triennial survey (with Alexandra Heath), BIS Quarterly Review, December 2007. Download

Evidence of carry trade activity (with Alexandra Heath and Patrick McGuire), BIS Quarterly Review, September 2007. Download

Why has global FX turnover surged? Explaining the 2004 triennial survey (with Michael Melvin), BIS Quarterly Review, December 2004. Download

Settlement risk in foreign exchange markets and CLS Bank, BIS Quarterly Review, December 2002. Download

The impact of transatlantic M&A activity on the dollar/euro exchange rate (with Ingo Fender), BIS Quarterly Review, December 2001. Download

Why has global FX turnover declined? Explaining the 2001 triennial survey, BIS Quarterly Review, December 2001. Reprinted as “Central Bank Survey Shows Decline in Global FX Turnover”, in Payment Systems Worldwide, 2001.

The information content of implied volatility from currency options (with Kostas Tsatsaronis), in: Financial market volatility: measurement, causes and consequences, BIS, March 1996.

Latest update: September 2009