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Lucrezia Reichlin
Professor of Economics
Laurea (Modena) PhD (New York)
Lucrezia Reichlin is Professor of Economics at the London Business School, non-executive director of AGEAS Insurance Group and Eurobank Ergasias SA as well as Chairman & co-founder of Now-Casting Economics ltd and a Trustee of the International Financial Reporting Standards Foundation. She is a columnist for the Italian national daily Il Corriere della Sera and a regular contributor of Project Syndicate. Reichlin received a Ph.D. in economics from New York University. She has held a number of different academic positions. From 2005 to 2008 she was the Director General of Research at the European Central Bank. From 2009 – April 2018 she was non-executive director of UniCredit Banking Group and from 2013-2016 she was Chair of the Scientific Council at the Brussels based think-tank Bruegel. Reichlin has been an active contributor to the life of the Centre for Economic Policy Research (CEPR) over the years. She has been research director in 2011-2013, first Chairman of the CEPR Euro Area Business Cycle Dating Committee, co-founder and scientist in charge of the Euro Area Business Cycle Network and she is now a trustee.
She is a Fellow of the Econometric Society, the British Academy, the European Economic Association, and Academia Europaea. In 2016 she received the Birgit Grodal Award, European Economic Association, and the Isaac Kerstenetzky Scholarly Achievement Award.
Reichlin has published numerous papers on econometrics and macroeconomics. She is an expert on forecasting, business cycle analysis and monetary policy. She is currently working on a book a book on the European Central bank during the crisis. She pioneered now-casting in economics by developing econometrics methods capable of reading the real time data flow through the lenses of a formal econometric model. These methods are now widely used by central banks and private investors 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.
- lreichlin@london.edu
- +44 (0)20 7000 7000
- Lucrezia Reichlin CV
Research Interests
- Monetary policy
- Applied macroeconomics and time series (developing econometric models to study high dimensional data)
- Business cycle
- Monetary policy
- Applied macroeconomics and time series (developing econometric models to study high dimensional data)
- Business cycle
2020
A model of the Fed's view of inflation
Hasenzagl T; Pellegrino F; Reichlin L; Ricco G
Review of Economics and Statistics 2020 Online first
When is growth at risk?
Giá máy bắn cáPlagborg-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
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
Giá máy bắn cáin The Future of Central Banking, conference proceedings, ECB December 2018., pp150-158
2017
Big data in economics: evolution or revolution?
Giá máy bắn cáReichlin L; De Mol C; Gautier E; Giannone D; Mullainathan S; van Dijk; Wooldridge
Giá máy bắn cáin 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
Giá máy bắn cáBrooking Papers on Economic Activity 2017 Spring
Non-standard monetary policy and financial stability: developing an appropriate macrofinancial policy mix
Reichlin L; Pill H
Giá máy bắn cáin Jokivuolle E & Tunaru, R S (Eds.), Preparing for the next financial crisis: policies, tools and models, Cambridge University Press, 2017
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 national segmentation of Euro area banks balance sheet during the crisis
Giá máy bắn cáColangelo 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
Giá máy bắn cáJournal of Monetary Economics 2016 Vol 84 p 201-215
Greece : a new way forward
Papaioannou E; Portes R; Reichlin L
Giá máy bắn cáLondon 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
Giá máy bắn cáJackson Hole Symposium, September 2015
Exceptional policies for exceptional times: The ECB’s response to the rolling crises of the euro area
Giá máy bắn cáReichlin L; Pill H
Giá máy bắn cáHandbook of the Economics of European Integration 2015
Greece’s imperfect imperative
Reichlin L; Papaioannou E; Portes R
Giá máy bắn cáProject 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
Giá máy bắn cáIn 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
Giá máy bắn cáGiannone 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
Giá máy bắn cáJournal of Econometrics 2011 July
A two-step estimator for large approximate dynamic factor models based on kalman filtering
Giá máy bắn cáReichlin 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
Giá máy bắn cáJournal 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
Giá máy bắn cáReichlin L; Giannone D; Lenza M; Pill H
Giá máy bắn cáBook Chapter: In Chadha J, Holly S eds., Lessons for Monetary Policy from the Financial Crisis, CUP, 2011
Nowcasting
Giá máy bắn cáReichlin 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
Giá máy bắn cáEconomic Policy 2010 Vol 25:62 p 295-339
Comments on "Forecasting economic and financial variables using global VARs"
Giá máy bắn cáGiannone D; Reichlin L
Giá máy bắn cáInternational 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
Giá máy bắn cáBook 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
Giá máy bắn cáGiannone 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
Giá máy bắn cáEconometric Theory 2009 Vol 25:5 p 1319-1347
2008
Discussion, macroeconomic dynamic in the euro area
Giá máy bắn cáReichlin L; Boivin J; Mojon B
Giá máy bắn cá in Acemoglu, D, Rogoff, K & Woodford, m (eds), NBER Macroeconomic Annual 2008, University of Chicago Press, 2009
Discussion: Taking DSGE models to the policy environment by Alvarez-Lois, Harrison, Piscitelli and Sott
Reichlin L
Giá máy bắn cáJournal of Economic Dynamics and Control 2008
Explaining the great moderation: It is not the shocks
Giá máy bắn cáReichlin L; Giannone D; Lenza M
Giá máy bắn cáJournal of European Economic Association 2008 Vol 6:2/3
Forecasting with a large number of predictors: Is Bayesian regression a valid alternative to principal components?
Reichlin L; De Mol C; Giannone D
Giá máy bắn cáJournal of Econometrics 2008
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
Giá máy bắn cáJournal 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
Giá máy bắn cáReichlin 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
Giá máy bắn cáJournal of Money Credit and Banking 2005 June Vol 37:No.3 p 539-560
The generalised dynamic factor model: One sided estimation and forecasting
Giá máy bắn cáForni M; Hallin M; Lippi M; Reichlin L
Giá máy bắn cáJournal 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
Giá máy bắn cáJournal 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
Giá máy bắn cáJournal of Monetary Economics 2003 September Vol 50:6 p 1243-1255
2001
A measure of co-movement for economic variables, theory and empirics
Giá máy bắn cáReichlin L; Croux C; Forni M
Giá máy bắn cáReview of Economics and Statistics 2001 May Vol 83:No 2,1 p 232-241
Coincident and leading indicators for the Euro area
Giá máy bắn cáReichlin L; Forni M; Hallin M; Lippi M
Giá máy bắn cáEconomic Journal 2001 May Vol 111:No. 471 p 62-85
Federal policies and local economies: Europe and the U.S.
Giá máy bắn cáReichlin 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
Giá máy bắn cáReichlin 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
Giá máy bắn cáReichlin L; Forni M
Giá máy bắn cáEmpirical Economics 1996 Vol 21:1
1994
Common and uncommon trends and cycles
Giá máy bắn cáReichlin 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
Giá máy bắn cáReichlin 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
Giá máy bắn cáJournal of Monetary Economics 1994 April Vol 33:2 p 233-254
VAR analysis, non-fundamental representations, blashke matrices
Giá máy bắn cáReichlin 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?
Giá máy bắn cáReichlin L; Lippi M
Giá máy bắn cáEconomic 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 econometrics
Reichlin L
Economics Letters 1989 December Vol 31:No. 3 p 231-233
2020
Nowcasting German GDP
Giá máy bắn cáAndreini P; Senftleben-König C; Hasenzagl T; Reichlin L; Strohsal T
Giá máy bắn cáSocial Sciences Research Network
2019
Financial variables as predictors of real growth vulnerability
Giá máy bắn cáReichlin L; Ricco G; Hasenzagl T
Giá máy bắn cáWorking Paper
2018
A model of the Fed's view on inflation
Giá máy bắn cáHasenzagl T; Pellegrino F; Reichlin L; Ricco G
CEPR Discussion Paper
Financial and fiscal interaction in the euro area crisis: this time was different
Giá máy bắn cáCaruso A; Reichlin L; Ricco G
Giá máy bắn cáCEPR 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
Giá máy bắn cáBank of England Working Papers
2012
Money, credit, monetary policy and the business cycle in the euro area
Giá máy bắn cáReichlin L; Giannone D; Lenza M
CEPR Discussion Paper
2010
Market freedom and the global recession
Giá máy bắn cáGiannone D; Lenza M; Reichlin L
CEPR Discussion Paper
2016
Deleveraging? What Deleveraging?
Buttiglione L; Lane P R; Reichlin L; Reinhart V
Giá máy bắn cáLondon: Centre for Economic Policy Research
Teaching portfolio
Our teaching offering is updated annually. Faculty and programme material are subject to change.
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Masters Degrees core courses
Giá máy bắn cá A key part of our Masters programmes curriculum.
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Understanding International Macroeconomy
Study the forces that shape the corporate environment, the context within which firms operate and the importance of understanding macro-organisational issues. -
World Economy
World Economy PROGRAMMES WITH THIS CORE COURSE
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Understanding International Macroeconomy
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Masters Degrees electives
Giá máy bắn cá Optional courses providing a deep dive into specialist areas.
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Elements of Machine Learning for Business
The objective of this course is to expose business students to applications of machine learning tools in business and finance. The course covers some of the most commonly used machine learning algorithms ranging from ridge and lasso and deep neural network for regression and classification problem to clustering and principal component dimensionality reduction. The course will end with a look at more advanced techniques commonly employed for specific tasks in economics and finance. The approach of the course is profoundly practical. For each algorithm we provide the essential theoretical intuition, most of the focus is on the practical implementation of these learning techniques. We will be using Python. No knowledge of Python is required. Students will work on the Python implementation of the various machine learning techniques to real-world data and applications in the second part of each class. PROGRAMMES WITH THIS ELECTIVE
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The Economics of a Pandemic
The Economics of a Pandemic PROGRAMMES WITH THIS ELECTIVE
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Understanding the Intl Macroeconomy
This course will focus on introducing you to some of the key issues in macroeconomics and international finance. We study and provide an answer to key questions, among many others: What is GDP and what does it really measure? What is the economic meaning of value added? What makes a nation succesful and what are main drivers of growth in the long run? What is money and how does it relate to inflation? The course enables students to be able to recognise and construct logical economic arguments, read macroeconomic reports, and understand when and why the government makes important policy decisions such as a change in the target interest rate or changes in the tax rate. The aim is to provide a set of general skills portable across a range of industries, professions, and countries, which will make it possible to understand the forces that will dominate the domestic and global business environment in the immediate future, as well as over the coming years. PROGRAMMES WITH THIS ELECTIVE
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Elements of Machine Learning for Business
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Econometrics Part II
Econometrics II
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Econometrics Part II
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Executive Education
Short programmes offering academic excellence, global focus and exceptional diversity of perspective.
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Senior Executive Programme
"Thinking strategically, developing leadership skills and managing globally are the keys to achieving and maintaining competitive advantage in a rapidly evolving marketplace".
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Senior Executive Programme