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Lucrezia Reichlin

Professor of Economics


Laurea (Modena) PhD (New York)

Lucrezia Reichlin is Professor of Economics at London Business School; Non-Executive Director of UniCredit Banking Group; Research Director at the Centre for Economic Policy Research; and Chair of the Scientific Council at the Brussels-based think-tank, Bruegel.

She served as Director General of Research at the European Central Bank (between March 2005 and September 2008). She is a co-founder and director of Now-Casting Economics ltd. She is a columnist for the Italian daily paper Il Corriere della Sera. She received her PhD in economics from New York University and has held a number of academic positions, including Professor of Economics at the Université Libre de Bruxelles.

Professor Reichlin has been a consultant for several central banks around the world, including the Board of Governors of the Federal Reserve. She has been Chairman of the Centre for Economic Policy Research (CEPR) Euro Area Business Cycle Dating Committee and was co-founder and scientist in charge of the Euro Area Business Cycle Network. She is a Fellow of the British Academy, a Fellow of the European Economic Association and a member of the Council of the Royal Economic Society. She is also on the advisory board of several research and policy institutions around the world.

She has published numerous papers on econometrics and macroeconomics. She is an expert on forecasting, business cycle analysis and monetary policy. The econometric methods she has developed for short term forecasting (now-casting) are widely used in central banks around the world.

Her papers have appeared in top scientific journals, including the American Economic Review, Review of Economic Studies, Review of Economics and Statistics, Journal of Econometrics, Journal of Monetary Economics and Journal of the American Statistical Association.

2015

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

Reichlin L; Pill H

Handbook of the Economics of European Integration 2015 Forthcoming

The ECB, the banks and the sovereigns

Rechlin L

The Challenge of Economic Rebalancing in Europe. Perspectives for CESEE Countries 2015 Forthcoming

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

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

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

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

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

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

Bayesian VARS with large panels

Reichlin L; Banbura M; Giannone D

Journal of Applied Econometrics 2010:May

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

Monetary policy in exceptional times

Reichlin L; Lenza M; Pill H

Economic Policy 2010 Vol 62 p 295-339

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

Business cycles in the euro area

Lenza M; Reichlin L; Giannone D

VoxEU 2009

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

Discussion, macroeconomic dynamic in the euro area

Reichlin L; Boivin J; Mojon B

NBER International Macroeconomics Annual 2008 2008 Vol 23

Explaining the great moderation: It is not the shocks

Reichlin L; Giannone D; Lenza M

Journal of European Economic Association 2008 Vol 6:2/3

Money and monetary policy: The ECB experience 1999-2006

Reichlin L; Fischer B; Lenza M; Pill H

Conference Volume of the 4th ECB Central Bank Conference on “The role of money: money and monetary policy in the twenty-first century”

Nowcasting GDP and inflation: The real time informational content of macroeconomic data releases

Reichlin L; Giannone D; Small D

Journal of Monetary Economics 2008 May Vol 55:4 p 665-676

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

Journal of the American Statistical Association 2005:100 (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

A measure of co-movement for economic variables, theory and empirics

Reichlin L; Croux C; Forni M

Review of Economics and Statistics 2001 May Vol 83:No 2,1 p 232-241

Coincident and leading indicators for the Euro area

Reichlin L; Forni M; Hallin M; Lippi M

Economic Journal 2001 May Vol 111:No. 471 p 62-85

Federal policies and local economies: Europe and the U.S.

Reichlin L; Forni M

European Economic Review 2001 January Vol 45:1 p 109-134

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

Common and uncommon trends and cycles

Reichlin L; Lippi M

European Economic Review 1994 April Vol 38:3-4 p 624-635

Diffusion of technical change and the decomposition of output into trend and cycle

Reichlin L; Lippi M

Review of Economic Studies 1994 January Vol 61:No. 1 p 19-30

Information forecasts and the measurement of the business cycle

Reichlin L; Evans G

Journal of Monetary Economics 1994 April Vol 33:2 p 233-254

VAR analysis, non-fundamental representations, blashke matrices

Reichlin L; Lippi M

Journal of Econometrics 1994 July Vol 63:1

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

Segmented trends and non-stationary time series

Reichlin L; Rappoport P

Economic Journal 1989 Vol 99:395 p 168-177

Structural change and unit roots econometics

Reichlin L

Economics Letters 1989 December Vol 31:No. 3 p 231-233

Testing for structural change: discussion

Reichlin L

Econometric Review 1989

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

The Strategic Under-Reporting of Bank Risk

Begley T; Purnanandam A; Zheng KC

IFA Working Paper

Exploiting the monthly data-flow in structural forecasting

Reichlin L; Giannone D; Monti F

Bank of England Working Papers

2012

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

Reichlin L; Giannone D; Lenza M

CEPR working paper

EMBA Dubai, Understanding the International Macroeconomy, SPR15

World Economy, Dubai AUT14, SPR15, SPR15 Block

Understanding the International Macroeconomy, AUT14

Banking and Monetary Policy in the Global Economy, SUM14


Research Interests

Monetary policy, applied macroeconomics and time series (developing econometric models to study high dimensional data), business cycle.