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Gabriele Galati

Gabriele Galati

Economics and Research Division

Short bio

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

Research interests

  • International economics
  • Monetary policy
  • Financial markets

Working papers

Anchoring of consumers’ long-term euro area inflation expectations during the pandemic (with Richhild Moessner and Maarten van Rooij). DNB Working Paper No. 715, May 2021. Download

The anchoring of long-term inflation expectations of consumers: insights from a new survey (with Richhild Moessner and Maarten van Rooij), DNB Working Paper No. 688, June 2020, Download and BIS Working Paper No. 936. Download

Inflation expectations anchoring: new insights from micro evidence of a survey at high-frequency and of distributions (with Nikos Apokoritis, Richhild Moessner and Federica Teppa), DNB Working Paper No. 652 Download, and BIS Working Paper No. 809 Download, September 2019

Heterogeneity in house price dynamics (with Federica Teppa), DNB Working Paper No. 564, August 2017. Download

See also my Repec page

Publications in refereed journals

Gabriele Galati, Jan Kakes and Richhild Moessner (2021), Effects of credit restrictions in the Netherlands on credit growth and inflation, Financial History Review 28(2), 237-258. Download

Gabriele Galati and Richhild Moessner (2021), Effects of Fed policy rate forecasts on real yields and inflation expectations at the zero lower bound, Economics Letters, 198, 109654. Download

Michelle Bongard, Richhild Moessner, William Nelson and Gabriele Galati (2020), Connecting the dots: market reactions to forecasts of policy rates and forward guidance provided by the Fed. International Journal of Finance and Economics, forthcoming.  Download
Gabriele Galati and Richhild Moessner (2018), What do we know about the effectiveness of macroprudential policy, Economica, 85(340), 735-770. Download

Gabriele Galati, Zion Gorgi, Richhild Moessner and Chen Zhou (2018), Deflation risk in the euro area and central bank credibility, Economics Letters 167, 124-126. Download

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

Other publications

Dennis Bonam, Gabriele Galati, Irma Hindrayanto, Marco Hoeberichts, Anna Samarina and Irina Stanga (2020), Verband werkloosheid en inflatie blijft ook bij dalende inflatie overeind (Relationship between unemployment and inflation remains intact also with lower inflation), Economisch Statistische Berichten, 14 July. Download

Dennis Bonam, Gabriele Galati, Irma Hindrayanto, Marco Hoeberichts, Anna Samarina and Irina Stanga (2019). Inflation in the euro area since the Global Financial Crisis. DNB Occasional Study No. 3, September. Download

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. Download

Latest update: September 2021