Economics and Research Division
Phone +31 20 5243288
Email Gabriele Galati
Presently, Senior Policy Advisor in the Economics and Research Division of De Nederlandsche Bank. Member of the Monetary Policy Committee of the European System of Central Banks. Previously Head of Monetary Policy and Exchange rates at the Bank for International Settlements.
- Ph.D. in Economics, New York University
- Laurea in Economics, Università degli Studi, Roma
- International economics
- Monetary policy
- Financial markets
Heterogeneity in house price dynamics (with Federica Teppa), DNB Working Paper No. 564, August 2017. Download
Connecting the dots: market reactions to forecasts of policy rates and forward guidance provided by the Fed (with Michelle Bongard, Richhild Moessner and William Nelson), DNB Working Paper 532, October 2016. Download
Have market views on the sustainability of fiscal burdens influenced monetary authorities’ credibility? (with John Lewis, Steven Poelhekke and Chen Zhou), DNB Working Paper 304, July 2011. Download
Macro and micro drivers of house price dynamics: An application to Dutch data (with Federica Teppa and Rob Alessie), DNB Working Paper No. 288, March 2011. Download
How do inflation expectations form? New insights from a high-frequency survey (with Peter Heemeijer and Richhild Moessner), DNB Working Paper No. 283, March 2011, Download and BIS Working Paper No. 349, July 2011. 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
See also my Repec page
Publications in refereed journals
Gabriele Galati, Zion Gorgi, Richhild Moessner and Chen Zhou (forthcoming), Deflation risk in the euro area and central bank credibility, Economics Letters. Download working paper version
William Allen, Gabriele Galati, Richhild Moessner and William Nelson (2017), Central bank swap lines and CIP deviations, International Journal of Finance and Economics 22(4), 394-402. Download
Gabriele Galati and Richhild Moessner (2017), What do we know about the effectiveness of macroprudential policy, Economica, forthcoming. Download
Gabriele Galati, Irma Hindrayanto, Siem Jan Koopman and Marente Vlekke (2016), Measuring financial cycles in a model-based analysis: Empirical evidence for the United States and the Euro Area, Economics Letters 145, 83–87. Download
Gabriele Galati and Richhild Moessner (2013), Macroprudential policy: A literature review, Journal of Economic Surveys 27(5), 846-878. Download
Gabriele Galati, Steven Poelhekke and Chen Zhou (2011), Did the crisis affect inflation expectations?, International Journal of Central Banking 7(1), 167-207. Download
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. Download
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 Money and Finance 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 Money and Finance 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. Download
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.
Gabriele Galati (2011), Review of Info-Gap Economics: An Operational Introduction, by Yakov Ben-Haim, European Journal of Operational Research 210(3), 757-760. Download
FX reserve management: trends and challenges (with Claudio Borio and Alex Heath), BIS Papers No. 40, May 2008. Download
FX reserve management: elements of a framework (with Claudio Borio, Jannecke Ebbesen and Alexandra Heath), BIS Papers No. 38, March 2008. Download
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
Central bank intervention and market expectations (with William Melick), BIS Papers No. 10, April 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. Download
Trading volumes, volatility and spreads in FX markets: evidence from emerging market countries, in: Bank for International Settlements (ed.), Market liquidity: proceedings of a workshop held at the BIS, BIS Papers No. 2, April 2001, volume 2, pages 197-229. Download
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: November 2017