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.

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

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 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

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 : seeking a way forward

Papaioannou E; Portes R; Reichlin L

VoxEU 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

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

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"

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

Testing for structural change: discussion

Reichlin L

Giá máy bắn cáEconometric Review 1989

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

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

2019

La Banque centrale européenne et la crise de l'euro

Reichlin L

Giá máy bắn cáParis: Fayard

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.