Lucrezia Reichlin

Professor of Economics

Laurea (Modena) PhD (New York)

Lucrezia Reichlin is Professor of Economics at London Business School, a trustee of the Centre of European Policy Research (CEPR) and of the International Financial Reporting Standards (IFRS). As an IFRS trustee, she led the work for the establishment of the International Sustainability Standards Board (ISSB). Professor Reichlin is an applied macroeconomist and econometrician. She has pioneered methods for forecasting with large datasets and for now-casting; she wrote extensively on monetary and fiscal policy and the business cycle. For her academic accomplishments, she was elected Fellow of the British Academy, the Econometric Society and Honorary International Fellow of the American Economic Association. Professor Reichlin also has policy experience. She was Director General of Research at the European Central Bank (ECB) from 2005 to 2008 and co-founded Now-Casting Economics in 2011. She consults central banks and governments on topics related to the economic governance of the European Union, monetary policy and financial markets. In 2021, she was a member of the G20 High Level Independent Panel on financing the Global Commons for Pandemic Preparedness and Response and a panel member of the G7 Impact Taskforce. She has been a member of the French National Productivity Council since 2022. Professor Reichlin is also a member of a few commercial boards and research institutes.

Monetary policy
Applied macroeconomics and time series (developing econometric models to study high dimensional data)
Business cycle

2023

Monetary–fiscal crosswinds in the European Monetary Union

Reichlin L; Ricco G; Tarbe M

European Economic Review 2023 In Press

Nowcasting German GDP: Foreign factors, financial markets, and model averaging

Andreini P; Hasenzagl T; Reichlin L; Senftleben-Konig C; Strohsal T

International Journal of Forecasting 2023 Vol 39:1 p 298-313

2022

A Model of the Fed's View on Inflation

Hasenzagl T; Pellegrino F; Reichlin L; Ricco G

Review of Economics and Statistics 2022 Vol 104:4 p 686-704

2020

When is growth at risk?

Plagborg-Møller M; Reichlin L; Ricco G; Hasenzagl T

Brooking Papers on Economic Activity 2020 Fall

2019

Financial and fiscal interaction in the Euro Area crisis: this time was different

Caruso A; Reichlin L; Ricco G

European Economic Review 2019 Vol 119 p 333-355

Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis

Giannone D; Lenza M; Reichlin L

International Journal of Central Banking 2019 Vol 15:5

2018

Comments and discussion In: The European Central Bank's monetary policy during its first 20 years by Philipp Hartmann and Frank Smets

Reichlin L

Brooking Papers on Economic Activity 2018 Autumn p 128-146

Discussion on “The euro and the theory (and practice) of Monetary Union” by Barry Eichengreen

Reichlin L

in The Future of Central Banking, conference proceedings, ECB December 2018., pp150-158

2017

Big data in economics: evolution or revolution?

Reichlin L; De Mol C; Gautier E; Giannone D; Mullainathan S; van Dijk; Wooldridge

in Matyas L et al (eds) Economics without borders, Cambridge University Press, 2017

Discussion of 'The disappointing recovery of output after 2009', by Fernald, Hall, Stock and Watson

Reichlin L

Brooking Papers on Economic Activity 2017 Spring

Non-standard monetary policy and financial stability: developing an appropriate macro-financial policy mix

Reichlin L; Huw P

in Jokivuolle E & Tunaru R S (eds) Preparing for the next financial crisis: policies, tools and models, Cambridge University Press 2017, pp 8-25

The European Central Bank

Reichlin L

in Europa, un'utopia in costruzione, Enciclopedia Treccani

The national segmentation of Euro area banks balance sheet during the crisis

Colangelo A; Giannone D; Lenza M; Pill H; Reichlin L

Empirical Economics 2017 Vol 53:1 p 247-265

2016

Exploiting the monthly data flow in structural forecasting

Reichlin L; Giannone D; Monti F

Journal of Monetary Economics 2016 Vol 84 p 201-215

Greece : a new way forward

Papaioannou E; Portes R; Reichlin L

London Business School conference on Greece, May 2015

Reinforcing the Eurozone and protecting an open society

Corsetti G; Feld L; Koijen R; Reichlin L; Reis R; Rey H; Mauro B

CEPR Press, 2016

2015

Discussion of 'Inflation during and after the zero lower bound' by B. Arouba and F. Schorfheide

Reichlin L

Jackson Hole Symposium, September 2015

Exceptional policies for exceptional times: The ECB’s response to the rolling crises of the euro area

Reichlin L; Pill H

Handbook of the Economics of European Integration 2015

Greece : seeking a way forward

Papaioannou E; Portes R; Reichlin L

VoxEU 2015

Greece’s imperfect imperative

Reichlin L; Papaioannou E; Portes R

Project syndicate 2015

New start for the Eurozone: dealing with debt

Corsetti G; Feld L; Lane P; Reichlin L; Rey H; Vayanos D; Weder di Mauro B

CEPR Press, 2015

The ECB, the banks and the sovereigns

Rechlin L

in Nowotny, E...[et al], The challenge of economic rebalancing in Europe : perspectives for CESEE countries, Edward Elgar Publishing, 2015

2014

Monetary policy and banks in the Euro area: The tale of two crises

Reichlin L

Journal of Macroeconomics 2014 March Vol 39:B p 387-400

2013

Now-casting and the real-time data-flow

Giannone D; Banbura M; Modugno M; Reichlin L

In Elliott G and Timmermann A, Handbook of Economic Forecasting 2013 Vol 2 Part A:4 p 195-237

2012

A quasi-maximum likelihood approach for large approximate dynamic factor models

Doz C; Giannone D; Reichlin L

Review of Economics and Statistics 2012 Vol 94:4 p 1014-1024

The ECB and the interbank market

Giannone D; Lenza M; Pill H; Reichlin L

Economic Journal 2012 Vol 122:564 p F467-F486

2011

A maximum likelihood approach to dynamic factor analysis in large panels

Reichlin L; Doz C; Giannone D

Journal of Econometrics 2011 July Vol 94:4 p 1014-1024

A two-step estimator for large approximate dynamic factor models based on kalman filtering

Reichlin L; Doz C; Giannone D

Journal of Economic Theory 2011 September Vol 164:1

A two-step estimator for large approximate dynamic factor models based on Kalman filtering

Doz C; Giannone D; Reichlin L

Journal of Econometrics 2011 Annals Issue on Forecasting Vol 164:1 p 188-205

Comment, let's twist again: A high frequency event study analysis of operation twist and its implications for QE

Reichlin L

Brooking Papers of Economic Activity 2011 Spring p 151-207

Non-standard monetary policy measures and monetary developments

Reichlin L; Giannone D; Lenza M; Pill H

Book Chapter: In Chadha J, Holly S eds., Lessons for Monetary Policy from the Financial Crisis, CUP, 2011

Nowcasting

Reichlin L; Banbura M; Giannone D

Book Chapter: In Clements M P, Hendry D F eds., Oxford Handbook on Economic Forecasting, OUP, 2011

Short term forecasts of Euro area GDP growth

Reichlin L; Angelini E; Camba-Mendez G; Giannone D; Ruensler G

Econometric Journal 2011 Vol 14-25 44

2010

Discussion, globalization, the business cycle and macroeconomic monitoring

Reichlin L

Book Chapter: In Clarida R, Giavazzi F eds., NBER International Seminar on Macroeconomics, Chicago Press 2010

Large Bayesian vector auto agressions

Reichlin L; Banbura M; Giannone D

Journal of Applied Econometrics 2010 Vol 25:1 p 71-92

Monetary policy in exceptional times

Reichlin L; Lenza M; Pill H

Economic Policy 2010 Vol 25:62 p 295-339

2009

Business cycles in the euro area

Lenza M; Reichlin L; Giannone D

VoxEU 2009

Comments on "Forecasting economic and financial variables using global VARs"

Giannone D; Reichlin L

International Journal of Forecasting 2009 October-December Vol 25:4 p 684-686

Discussion, macroeconomic dynamic in the Euro Area by J Boivin, Marc P Giannoni and B Mojon

Reichlin L

Book Chapter: In Acemoglu D, Rogoff K, Woodford M eds., NBER Macroeconomic Annual 2008, Volume 23, University of Chicago Press, 2009

Incorporating conjunctural analysis in structural models

Giannone D; Monti F; Reichlin L

Book Chapter: In Volker W ed., The Science and Practice of Monetary Policy Today, Springer 2009

Monetary analysis and monetary policy in the Euro area 1999-2006

Fischer B; Lenza M; Pill H; Reichlin L

Journal of International Money and Finance 2009 November Vol 28:7 p 1138-1164

Nowcasting euro area economic activity in real time: The role of confidence indicator

Giannone D; Reichlin L; Simonelli S

National Institute Economic Review 2009 Vol 210:1 p 90-97

Opening the black box: Structural factor models with large cross sections

Forni M; Giannone D; Lippi M; Reichlin L

Econometric Theory 2009 Vol 25:5 p 1319-1347

2008

2007

Two-step estimator for large approximate dynamic factor models based on Kalman filtering

Reichlin L; Doz C; Giannone D

Review of Economics and Statistics 2007

2006

Does information help recovering structural shocks from past observations?

Reichlin L; Giannone D

Journal of the European Economic Association 2006 April-May Vol 4 :No. 2-3 p 455-465

VARs, common factors and the empirical validation of equilibrium business cycle models

Reichlin L; Giannone D; Sala L

Journal of Econometrics 2006 May Vol 132:1 p 257-279

2005

A core inflation indicator for the Euro area

Reichlin L; Cristadoro R; Forni M; Veronese G

Journal of Money Credit and Banking 2005 June Vol 37:No.3 p 539-560

The generalised dynamic factor model: One sided estimation and forecasting

Forni M; Hallin M; Lippi M; Reichlin L

Journal of the American Statistical Association 2005 Vol 100:471 p 830-840

2004

The generalised dynamic factor model consistency and rates

Forni M; Hallin M; Lippi M; Rechlin L

Journal of Econometrics 2004 April Vol 119:2 p 231-255

2003

Do financial variables help forecasting inflation and real activity in the Euro area?

Reichlin L; Forni M; Hallin M; Lippi M

Journal of Monetary Economics 2003 September Vol 50:6 p 1243-1255

2001

2000

The generalised dynamic factor model: identification and estimation

Forni M; Hallin M; Lippi M; Reichlin L

Review of Economics and Statistics 2000 November Vol 82:4 p 540-554

1999

Risk and potential insurance in Europe

Reichlin L; Forni M

European Economic Review 1999 June Vol 43:7 p 1237-1256

1998

Let’s get real: A factor analytical approach to disaggregated business cycle dynamics

Forni M; Reichlin L

Review of Economic Studies 1998:65 (3) p 453-473

1996

Dynamic common factors in large cross-sections

Reichlin L; Forni M

Empirical Economics 1996 Vol 21:1

1994

1993

The dynamic effects of aggregate demand and supply disturbances: Comment

Lippi M; Reichlin R

American Economic Review 1993:83

1992

On persistence of shocks to economic variables: a common misconception

Reichlin L; Lippi M

Journal of Monetary Economics 1992 February Vol 29:1 p 87-93

1991

Trend-cycle decompositions and measures of persistence: does time aggregation matter?

Reichlin L; Lippi M

Economic Journal 1991 March Vol 101:405 p 314-323

1989

2020

Nowcasting German GDP

Andreini P; Senftleben-König C; Hasenzagl T; Reichlin L; Strohsal T

Social Sciences Research Network

2019

Financial variables as predictors of real growth vulnerability

Reichlin L; Ricco G; Hasenzagl T

Working Paper

2018

A model of the Fed's view on inflation

Hasenzagl T; Pellegrino F; Reichlin L; Ricco G

CEPR Discussion Paper

Financial and fiscal interaction in the euro area crisis: this time was different

Caruso A; Reichlin L; Ricco G

CEPR Discussion Paper

2015

The legacy debt and the joint path of public deficit and debt in the Euro Area

Reichlin L; Caruso A; Ricco G

ECFIN working paper series

2014

Exceptional policies for exceptional times: the ECB’s response to the rolling crises of the Euro Area, and how it has brought us towards a new grand bargain

Reichlin L; Pill H

CEPR Discussion Paper

Exploiting the monthly data-flow in structural forecasting

Reichlin L; Giannone D; Monti F

Bank of England Working Papers

2012

Money, credit, monetary policy and the business cycle in the euro area

Reichlin L; Giannone D; Lenza M

CEPR Discussion Paper

2010

Market freedom and the global recession

Giannone D; Lenza M; Reichlin L

CEPR Discussion Paper

2019

La Banque centrale européenne et la crise de l'euro

Reichlin L

Paris: Fayard

2016

Deleveraging? What Deleveraging?

Buttiglione L; Lane P R; Reichlin L; Reinhart V

London: Centre for Economic Policy Research

Teaching portfolio

Our teaching offering is updated annually. Faculty and programme material are subject to change.

Lucrezia Reichlin

Research Interests

Teaching portfolio