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Paul De Grauwe

Paul De Grauwe

John Paulson Chair in European Political Economy, London School of Economics

Paul De Grauwe is the John Paulson Chair in European Political Economy at the European Institute of the London School of Economics (LSE).

He has written about the political economy of the Eurozone and the economics of exchange rates. (You can find his latest books here (https://www.amazon.com/Behavioural-Macroeconomics-Theory-Paul-Grauwe-ebook/dp/B07ZJNJ5FD/ref=sr_1_1?keywords=Behavioural%20macroeconomics%20paul%20de%20grauwe&qid=1638568881&sr=8-1) & here (https://www.amazon.com/Limits-Market-Pendulum-Between-Government-ebook/dp/B01MYXIPYP/ref=sr_1_1?crid=2FHQDF5JR1F4H&keywords=paul%20de%20grauwe&qid=1637962582&sprefix=paul%20de%20gr%2Caps%2C221&sr=8-1).)

He currently teaches a course on the political economy of European monetary integration at the LSE.

He was a Senator of the Belgian Parliament from 1991 - 1995, a Member of the House of the Belgian Parliament from 1995 - 1999, and a Senator & Chairman of the Economic and Finance Committee of the Belgian Parliament from 1999 - 2003.

He speaks Dutch, German, French, and English.

Born: Ukkel, Belgium.

Education
PhD Economics, Johns Hopkins University · Licentiaat-Doctorandus Economics, Katholieke Universiteit Leuven
Topics
International Economics · Monetary Economics · European Integration and the Eurozone · Exchange Rates

Talks & video2

Selected publications403

  1. 2021Costa Storti C, Bretteville-Jensen A, L, De Grauwe P, Moeller K, Mounteney J, Stevens A: The Double Effect of COVID-19 Confinement Measures and Economic Recession on High-Risk Drug Users and Drug Services. European Addiction Research, 2021.
  2. 2021De Grauwe, P., and Ji, Y., (2021), Toward a sustainable Eurozone, in Pereira, L, Mata, M., de Sousa, M., (eds.), Economic Globalization and Governance. Essays in honor of Jorge Braga de Macedo, Springer Verlag
  3. 2021De Grauwe, P. and Ji, Y., (2021), The quest to stabilize an unstable system by financial engineering, Journal of Common Market Studies,
  4. 2021De Grauwe, P., (2021), Debt cancellation by the ECB: does it make a difference?, SUERF Policy Brief, no. 55.
  5. 2021De Grauwe, P., Inflation risks?, (2021), Intereconomics.
  6. 2021De Grauwe, P., and Ji, Y., (2021), The Fragility of the Eurozone. Has it Disappeared? Journal of International Money and Finance,
  7. 2020De Grauwe, P. and Ji, Y., (2020), Structural Reforms, Animal Spirits and Monetary Policies, European Economic Review.
  8. 2020De Grauwe, P. and Foresti, P., (2020), Animal Spirits and Fiscal Policy, Journal of Economic Behavior and Organization, 171, 247–263.
  9. 2020Campos, N., P. De Grauwe, & Y. Ji , (2020), (Eds.), Economic Growth and Structural Reforms in Europe. Cambridge: Cambridge University Press.
  10. 2020The Economics of Monetary Union, 13 th Edition, Oxford University Press, 2020
  11. 2020Politics and Economics of Global Currencies, SUERF Policy Briefs, April 2020
  12. 2020De Grauwe, Paul (2020) The need for monetary financing of corona budget deficits. Intereconomics, 55 (3). pp. 133-134.
  13. 2020De Grauwe, P. and Diessner, S., (2020), What price to pay for monetary financing of budget deficits in the euro area, VoxEU, June.
  14. 2020De Grauwe, P., and Ji, Y., (2020), A Tale of Three Depressions, VoxEU, September
  15. 2020Saka, O., Ji, Y., De Grauwe, P., (2020), Financial Policymaking after Crises: Public versus Private Interests, VoxEU
  16. 2020De Grauwe, P., (2020), De limieten van de markt. De slinger tussen overheid en kapitalisme, niuewe editie na Corona, Lannoo.
  17. 2019Green Money without Inflation, Social Europe, March, 2019,
  18. 2019De Grauwe P., and Ji Y. (2019) Making the Eurozone Sustainable by Financial Engineering or Political Union?, Journal of Common Market Studies.
  19. 2019Saka, O., Campos, N., De Grauwe, P., Ji, Y., Martelli, A., (2019), Financial crises and the dynamics of financial de-liberalization, VoxEU.
  20. 2019De Grauwe P., and Ji Y. (2019), Behavioral Macroeconomics. Theory and Policy, Oxford University Press.
  21. 2019De Grauwe, P., and Ji, Y., (2019) Time to Change Budgetary Priorities in the Eurozone, Intereconomics, Leibniz Information Centre of Economics
  22. 2018The role of cognitive limitations and heterogeneous expectations for aggregate production and credit cycle, (with Eddie Gerba), Journal of Economic Dynamics and Control, 2018
  23. 2018Behavioral economics is useful also in macroeconomics: the role of animal spirits, (with Yuemei Ji), Comparative Economic Studies, 2018
  24. 2018Financial engineering will not stabilise an unstable euro area, (with Yuemei Ji), VoxEU, 2018,
  25. 2018The Economics of Monetary Union, 12 th Edition, Oxford University Press, 2018
  26. 2018The Political Economy of Structural Reforms in Europe, (with Nauro Campos and Yuemei Ji), editors, Oxford University Press, 2018
  27. 2018Structural Reforms, Growth and Inequality: An Overview of Theory, Measurement and Evidence, in Campos, N., De Grauwe, P., and Ji, Y., (2018), The Political Economy of Structural Reforms in Europe, Oxford University Press.
  28. 2018Core-Periphery Relations in the Eurozone, (with Yuemei Ji), The Economist’s Voice, pp. 1-15, 2018
  29. 2017The Limits of the Market, Oxford University Press, 2017, Oxford, United Kingdom.
  30. 2017"The international synchronisation of business cycles: the role of animal spirits." (with Yuemei Ji), Open Economies Review (2017): 1-30.
  31. 2017Inflation Targets and the Zero Lower Bound in a Behavioral Macroeconomic Model, (with Yuemei Ji), Economica, 2017.
  32. 2017Toward a Behavioral Theory of the Exchange Rate, in, Cheung, Y.-W., and Westermann, F., International Currency Exposure, MIT Press, Cambridge, Mass., 2017
  33. 2017The EU debt crisis: testing and revisiting conventional legal doctrine. (Ji, Yuemei and Steinbach, Armin) International Review of Law and Economics, 51. pp. 29-37, 2017
  34. 2017Booms, Busts and the Governance of the Eurozone, (with Yuemei Ji), in Vandenbroucke, F., Barnard, C., and De Baere, G., (2017), A European Social Union after the Crisis, Cambridge University Press, 160-191.
  35. 2017I Limiti del Mercato, Il Mulino, 2018, (Italian translation of The Limits of the Market, Oxford University Press, 2017).
  36. 2016European Monetary Unification. A Few Lessons for East Asia, Scottish Journal of Political Economy, 2016, Vol. 63, No. 1, February 21.
  37. 2016The Rise of China and Regional Integration in East Asia, (with Zhaoyong Zhang), Scottish Journal of Political Economy, 2016, Vol. 63, No. 1, February.
  38. 2016The Legacy of the Eurozone Crisis and How to Overcome It, Journal of Empirical Finance, 2016.
  39. 2016How to reboot the Eurozone and ensure its long-term survival, (with Yuemei Ji), in Baldwin, R., and Giavazzi, F., (2016), How to fix the Eurozone: Views of leading economists, VoxEU.
  40. 2016The Economics of Monetary Union, Oxford University Press, 2016, 11th Edition, Oxford, United Kingdom.
  41. 2016Fiscal rules, financial stability and optimal currency areas, (with Pasquale Foresti), Economics Letters, 2016, 145 (2016) 278–28.
  42. 2016How to prevent Brexit from damaging the European Union in Baldwin, R., Brexit Beckons: Thinking ahead by leading economists, VoxEU, August 2016.
  43. 2016389.Crisis Management and Economic Growth in the Eurozone, (2016), (with Yuemei Ji), in Caselli, F., Centeno, M., Tavares, J., After the Crisis: Reform, Recovery and Growth in Europe , Oxford University Press, Oxford.
  44. 2016Flexibility versus Stability: A Difficult Tradeoff in the Eurozone, in Credit and Capital Markets, (2016), (with Yuemei Ji), 49/3.
  45. 2015Quantitative easing in the Eurozone. It’s possible without fiscal transfers, (with Yuemei Ji), VoxEU, January 2015
  46. 2015Secular Stagnation in the Eurozone, VoxEU, January 2015.
  47. 2015Has the Eurozone become less fragile? Some empirical tests, (with Yuemei Ji), Journal of Policy Modeling, 2015.
  48. 2015Animal Spirits and the Credit Cycle, (with Corrado Macchiarelli), Journal of Economic Dynamics and Control, 2015.
  49. 2015Greece is solvent but illiquid: Policy Implications, (2015), VoxEU.
  50. 2015The fragility of two monetary regimes: The European Monetary System and the Eurozone, (with Yuemei Ji), International Journal of Finance & Economics, Volume 20, Issue 1, pages 1– 15, January 2015
  51. 2015Correcting for the Eurozone Design Failures: The Role of the ECB, (with Yuemei Ji), Journal of European Integration, 2015.
  52. 2015Why the ECB should not insist on repayment of its Greek bonds, (with Yuemei Ji), July 2015.
  53. 2015Design failures of the Eurozone, in Baldwin, R., and Giavazzi, F., Rebooting the Eurozone, CEPR, London, 2015.
  54. 2015Design Failures in the Eurozone. Can they be fixed, in Badinger, H., and Nitsch, V., Handbook of the Economics of European Integration, Routledge, London, 2015.
  55. 2014How much Fiscal Discipline in a Monetary Union, Journal of Macroeconomics, (with Yuemei Ji), vol. 39, part B, March 2014.
  56. 2014The Future of the Eurozone, (with Yuemei Ji), The Manchester School 15–34 Supplement 2014.
  57. 2014Economic theories that influenced the judges of Karlsruhe, VoxEU, March 2014.
  58. 2014Revisiting the Pain in Spain, VoxEU, July 2014.
  59. 2014The Economics of Monetary Union, Oxford University Press, 2014, 10th Edition, Oxford, United Kingdom.
  60. 2014Exchange Rates and Global Financial Policies, World Scientific Studies in International Economics, 2014.
  61. 2014The Future of the Eurozone, (with Yumei Ji), The Manchester School, Volume 82, pages 15–34, September 2014.
  62. 2013The political economy of the Euro. Annual review of political science, 2013, 16 (1). pp. 153-170. ISSN 1094-2939.
  63. 2013Central Bank Communication When Agents Experience Cognitive Limitations, 2013, in Siklos, P., and Sturm, J.-E., Central Bank Communication, Decision Making, and Governance, CESifo Seminar Series, MIT Press.
  64. 2013Fiscal Implications of the ECB’s Bond Buying Program, (with Yuemei Ji), Open Economies Review, 2013, 24:843–852.
  65. 2013From Panic-Driven Austerity to Symmetric Macroeconomic Policies in the Eurozone, (with Yuemei Ji), Journal of Common Market Studies, Volume 51, Issue Supplement S1, pages 31– 41, September 2013.
  66. 2013Strong Governments, Weak Banks, (with Yuemei Ji), CEPS Policy Review, November 2013.
  67. 2013Are Germans really poorer than Spaniards, Italians and Greeks, (with Yuemei Ji), VoxEU, April 2013.
  68. 2013Self-fulfilling Crises in the Eurozone: An Empirical Test, (with Yuemei Ji), (2013), Journal of International Money and Finance, Volume 34, April, Pages 15–36.
  69. 2012Mispricing of sovereign debt and multiple equilibria in the Eurozone, (2012) (with Yuemei Ji), CEPS Working Document.
  70. 2012Lessons from the Eurocrisis for East Asian Monetary Relations, (2012), The World Economy.
  71. 2012Barry Eichengreen's Exorbitant Privilege: A Review Essay, 2012, International Finance, 14(3), 567–571.
  72. 2012Unemployment and drug treatment, (with Cláudia Costa Storti, Anna Sabadash and Linda Montanari), (2012): International Journal of Drug Policy, 22, 366– 373
  73. 2012Booms and busts in economic activity: A behavioral explanation, (2012), Journal of Economic Behavior & Organization, vol. 83, Issue 3, 484-501.
  74. 2012African trade dynamics: is China a different trading partner?, (with Romain Houssa and Giulia Piccillo), (2012) : Journal of Chinese Economic and Business Studies, 10(1), 15-45 19.
  75. 2012Animal spirits in the foreign exchange market, (with Pablo Rovira Kaltwasser), (2012), Journal of Economic Dynamics and Control. 36 (8), August, 1176-1192.
  76. 2012Learning to forecast the exchange rate: Two competing approaches, (with Agnieszka Markiewicz), (2012), Journal of International Money and Finance. In press.
  77. 2012Economics of Monetary Union, Oxford University Press, 9th Edition, Oxford, 2012, 269pp.
  78. 2012The European Central Bank: Lender of Last Resort in the Government Bond Markets?, in Allen, F., Carletti, E., Simonelli, S., Governance of the Eurozone: Integration or Disintegration, Wharton Financial Institutions Center, FIC Press, 2012, pp. 17-28.
  79. 2012Financial Market Regulation in Europe, (with Frank Westermann), in Buettner, Th., and Ochel, W., The Continuing Evolution of Europe, CESifo Seminar Series, MIT Press, 2012, pp. 9-32.
  80. 2012What Kind of Governance for the Eurozone?, in Meeusen, W., The Economic Crisis and European Integration, Edward Elgar, Cheltenham, 2012, pp. 7-16.
  81. 2012The Exchange Rate in a Behavioral Finance Framework, (with Pablo Rovira Kaltwasser), in James, J., Marsh, I., Sarno, L., Handbook of Exchange Rates, Wiley, Hoboken New Jersey, 2012, pp. 111-132.
  82. 2012Illicit Trade and the Global Economy, (with Claudia Costa Storti), 2012, CESifo Seminar Series, MIT Press, 266pp.
  83. 2012Managing the fragility of the Eurozone, Australian Economic Review, 2012, vol. 45, no. 3, pp. 255–68.
  84. 2012Mispricing of Sovereign Risk and Macroeconomic Stability in the Eurozone, (with Yuemei Ji), 2012, Journal of Common Market Studies, 50:86, 866-880.
  85. 2012Lectures on Behavioral Macroeconomics, Princeton University Press, Princeton, New Jersey, 136pp., 2012.
  86. 2012Economic and Monetary Union in Europe, (with Yuemei Ji), 2012, in Bergsten, F., and Henning, R., Global Economics in Extraordinary Times: Essays in Honor of John Williamson, Peterson Institute of International Economics, Washington, D.C.
  87. 2011The Banking Crisis: Causes, Consequences and Remedies, in Talani, L., (ed.), (2011), The Global Crash. Towards a New Global Financial Regime, Palgrave, MacMillan, London.
  88. 2011The Governance of a Fragile Eurozone, CEPS Working Documents, Economic Policy, May 2011.
  89. 2011Animal Spirits and Monetary Policy, Economic Theory: Volume 47, Issue 2 (2011), Page 423- 42.
  90. 2011European Monetary Union, The New Palgrave Dictionary of Economics, 2011, Online edition.
  91. 2011Economic recession, drug use and public health (with Cláudia Costa Storti and Peter Reuter, International Journal of Drug Policy, Volume 22, Issue 5, September 2011, Pages 321-325.
  92. 2010Non-Linearities in the Relation Between the Exchange Rate and the Fundamentals, (with Carlo Altavilla), International Journal of Finance and Economics, 15, 1-21, 2010.
  93. 2010Dimensions of Competitiveness, CESifo Seminar Series, MIT Press, 2010.
  94. 2010Forecasting and combining competing models of exchange rate determination, (with Carlo Altavilla), Applied Economics, 42, 3455-3480, 2010.
  95. 2010A mechanism of self-destruction of the eurozone, CEPS commentary, November, 2010.
  96. 2010Not only governments are to blame for exploding government debts, Eurointelligence, November, 2010.
  97. 2010What kind of governance for the eurozone?, CEPS Policy Briefs, September, 2010.
  98. 2010How to embed the Eurozone in a political union, VoxEU, June, 2010.
  99. 2010Fighting the wrong enemy, VoxEU, 19 May, 2010.
  100. 2010Top-Down versus Bottom-Up Macroeconomics, CESifo Economic Studies, Vol 56, no. 4, December, 2010.
  101. 2010Quelle Gouvernance pour la Zone Euro?, Revue d’Economie Financière, Décembre, 2010.
  102. 2009Gains for All: A Proposal for a Common Euro Bond, Intereconomics, (with Wim Moesen) May/June 2009.
  103. 2009Economics of Monetary Union, Oxford University Press, 8th Edition, Oxford, 2009.
  104. 2009The impact of FX central bank intervention in a noise trading framework, (with Michel Beine and Marianna Grimaldi), Journal of Banking and Finance, 33, pp 1187-1195, 2009.
  105. 2009The cocaine and heroin markets in the era of globalisation and drug reduction policies, (with Cláudia Costa Storti), International Journal of Drug Policy, 20, pp 488-496, 2009.
  106. 2009Exchange rate dynamics in a target zone - A heterogeneous expectations approach, (with Christian Bauer and Stefan Reitz), Journal of Economic Dynamics and Control, 33(2), p.329- 344, 2009.
  107. 2009Lessons from the Banking Crisis: a Return to Narrow Banking, Journal for Insitutional Comparisons, 7(2), 2009.
  108. 2009The Macroeconomy, (with Seppo Honkapohja), in Vital Questions, the Contribution of European Social Science, European Science Foundation, 2009.
  109. 2009The Euro at ten: achievements and challenges, in: Empirica, 36 (1), 5-20: G. Fischer, 2009.
  110. 2009The Fragility of the Eurozone’s Institutions, Open Economies Review, 2009.
  111. 2008Forecasting and combining competing models of exchange rate determination, (with Carlo Altavilla), Applied Economics, pp 1-26, 2008.
  112. 2008Exchange Rate Dynamics in a Target Zone - A Heterogeneous Expectations approach, (with Bauer and Stefan Reitz), Journal of Economic Dynamics and Control, 2008.
  113. 2008The impact of FX Central Bank Intervention in a Noise Trading Framework, (with Michel Beine), Journal of Banking and Finance, 2008.
  114. 2008The Euro at ten: achievements and challenges, Empirica (2008).
  115. 2008Exchange rate stability, inflation, and growth in (south) Eastern and Central Europe, (with Gunther Schnabl), Review of Development Economics, 12(3), pp 530-549, 2008.
  116. 2008Globalization and the Price Decline of Illicit Drugs, (with Cláudia Costa Storti), International Journal of Drug Policy. Volume 20, Issue 1, Pages 48-61, 2008.
  117. 2008The Risks of being Chairman in the Age of Turbulence, International Finance, 11:1, pp 109-115, 2008.
  118. 2008Should Central Banks Target Stock Prices, Intereconomics, vol 43, no. 5, pp. 256-259, 2008.
  119. 2008There is more to central banking than inflation targeting, in Felton and Reinhart (eds.), The First Global Financial Crisis of the 21st Century, CEPR and VoxEU. 2008.
  120. 2008Returning to Narrow Banking , in 'What G20 leaders must do to stabilise our economy and fix the financial system', Edited by Barry Eichengreen and Richard Baldwin, A VoxEU.org Publication, 2008.
  121. 2008Monetary Policy and the Real Economy, (with Cláudia Costa Storti), in Schettkat and Langkau, Economic Policy Proposals for Germany and Europe, Routledge, London-New York, 2008.
  122. 2007Exchange Rates and Fundamentals: A Non-Linear Relationship?, (with Isabel Vansteenkiste), International Journal of Finance and Economics, 12: 37-54, 2007.
  123. 2007Preconditions for a successful euro adoption, in Basci, Togan and Von Hagen, (eds.), Macroeconomic Policies for EU Accession, Edward Elgar, Cheltenham, 2007.
  124. 2007The Challenge of Enlargement, SUERF Annual Lecture 2007, The European Money and Finance Forum, Vienna, 2007.
  125. 2007De Onvoltooide Globalisering, Verkenning van een nieuwe wereld, Lannoo en Nieuw Amsterdam, 2007, 238 pp. 17.
  126. 2007Quo Vadis Europe? Fortress or Land of Opportunities, Quarterly Economic Bulletin, 21-36, August 2007.
  127. 2007Monetäre Politik und reale Ökonomie, (with Cláudia Costa Storti), in Schettkat, R., and Langkau, J. (Hg.), Aufschwung für Deutschland, Dietz, Bonn, 2007.
  128. 2006Exchange Rate Puzzles. A Tale of Switching Attractors, (with Marianna Grimaldi), European Economic Review, 2006.
  129. 2006The Exchange Rate in Behavioral Finance Framework, (with Marianna Grimaldi), Princeton University Press, 2006.
  130. 2006Flaws in the Design of the Eurosystem?, International Finance, vol. 9, no. 1, Spring 2006.
  131. 2006What Have we Learnt about Monetary Integration since the Maastricht Treaty, Journal of Common Market Studies, 2006, Volume 44. Number 4. pp. 711–30.
  132. 2006Monetary policy design and transmission asymmetry in EMU: Does uncertainty matter? (with MarcAlexandre Sénégas), in European Journal of Political Economy, 22, December, 2006, 787-808.
  133. 2006Monetary and Economic Integration in the East Asian Region, The World Economy, 29, no. 12, December 2006.
  134. 2006Enlargement of the Euro Area, CESifo Forum, 4, 2006.
  135. 2005Heterogeneity of agents, transaction costs and the exchange rate, (with Marianna Grimaldi), Journal of Economic Dynamics and Control, 29, 691-719, 2005.
  136. 2005Effects of Monetary Policy: A Meta-Analysis, (with Cláudia Costa Storti), in V. Deville, J. von Landsberger, M. Müller, F. Schobert, and A. Worms, (eds.), Issues on Monetary Theory and Policy, Proceedings of a Colloquium in Honour of Wolfgang Gebauer, Bankakademie Verlag, 2005.
  137. 2005Exchange Rate Economics. Where Do We Stand?, CESifo Seminar Series, MIT Press, Cambridge, Mass. 2005.
  138. 2005Globalization and Social Spending. A Race to the Bottom?, (with Magdalena Polan), Pacific Economic Review, , vol. 10, no. 1, February 2005.
  139. 2005Economics of Monetary Union, 6th Edition, Oxford University Press, Oxford, 2005.
  140. 2005Prospects for Monetary Unions, (with Jacques Mélitz), CESifo Seminar Series, MIT Press, Cambridge, Mass. 2005.
  141. 2005The Exchange Rate and its Fundamentals in a Complex World, (with Marianna Grimaldi) Review of International Economics, Vol 13(3), August 2005.
  142. 2005Is Inflation Always and Everywhere a Monetary Phenomenon (with Magdalena Polan), Scandinavian Journal of Economics, 2005.
  143. 2004Asymmetries in Monetary Policy Transmission: Some Implications for EMU and its Enlargement, (with Marc-Alexandre Sénégas), in Journal of Common Market Studies, 42, 4, November 2004.
  144. 2004Electronic Money and the Optimal Size of Monetary Unions, (with Cláudia Costa Storti), in V. Alexander, J. Mélitz, and G. von Furstenberg, (eds.), Monetary Unions and Hard Pegs, CEPR and Oxford University Press, 2004.
  145. 2004Endogeneities of Optimum Currency Areas, (with Francesco Mongelli), in Sørensen, P. (ed.), Monetary Union in Europe. Essays in Honour of Niels Thygesen, DJØF Publishing, Copenhagen, 2004.
  146. 2004EMU Entry Strategies or the New Member States, Intereconomics, vol. 39, nO; 5, September/October 2004.
  147. 2004Economics of Monetary Union, Chinese translation, China Financial and Economic Publishing House, 2004.
  148. 2003Senator & Chairman of the Economic and Finance Committee, Belgian Parliament, 1999 - 2003
  149. 2003Monetary Policy in a Cashless Society, (with Cláudia Costa Storti), in Balling, M., Lierman, F., Mullineux, A., (eds.), Technology and Finance, Challenges for Financial Markets, business strategies and policy makers, Routledge, London and New York, 2003.
  150. 2003La Mondialisation Met-Elle En Péril La Sécurité Sociale?, Problèmes Economiques La documentation française 2.801, 2003.
  151. 2003Are Multinationals Really Bigger Than Nations?, World Economics 4 (2), p. 23-37, 2003.
  152. 2003Economics of Monetary Union, Oxford University Press, 5th edition, 2003. Various editions were translated in Spanish, Italian, French, Greek, Polish, Japanese and Chinese.
  153. 2002Do Asymmetries Matter for European Monetary Policy, (with Yunus Aksoy and Hans Dewachter), European Economic Review, February 2002.
  154. 2002Exchange rate regimes and financial vulnerability, (with Marianna Grimaldi), in Papers of the European Investment Bank, vol 7, no. 2, 2002.
  155. 2002Surviving the Slowdown, (with D. Begg, F. Canova, A. Fatas, Ph. Lane), Monitoring the European Central Bank, no. 4, CEPR, London, 2002.
  156. 2002Inflation and Productivity Differentials in EMU, (with Frauke Skudelny), in Hairault, J, and Kempf, H., (eds.), Market Imperfections and Macroeconomic Dynamics, Kluwer, 2002.
  157. 2002Central Banking as Art or Science: Lessons from the FED and the ECB, in International Finance, 5:1, 2002.
  158. 2002Challenges for Monetary Policy in Euroland, Journal of Common Market Studies, 40, no.4, November 2002.
  159. 2001From EMS to EMU: Are We Better Off?, (with Dewachter H. And Y. Aksoy) in Eichengreen, B. and J. Frieden, The Political Economy of European Monetary Unification, Second Edition, Westview, Boulder, 2001.
  160. 2001The Political Economy of Monetary Union, The International Library of Critical Writings in Economics, 134, Edward Elgar, 2001.
  161. 2001Increased Capital Mobility: A Challenge for National Macroeconomic Policies, (with Magdalena Polan), in H. Siebert (ed.), The World’s Landscape: Challenges for Economic Policy, Springer Verlag, 2001.
  162. 2001Exchange Rates, Prices and Money: A Long Run Perspective, (with Marianna Grimaldi), International Journal of Finance and Economics, vol 6, no. 4, October 2001.
  163. 2001The Mystery of the Decline of the Euro, (with Marianna Grimaldi), Aussenwirtschaft, 56, Heft IV, 2001, P. 459-476.
  164. 2000Economics of Monetary Union, 4th ed., Oxford University Press, Oxford, 243 p., 2000. This book was translated in Japanese, Italian, French, Spanish, Greek, and Polish.
  165. 2000Independence and Accountability of Central Banks, in Governance, Equity and Global Markets, Proceedings of the Annual Bank Conference on Development Economics in Europe, La Documentation Française, Paris 2000.
  166. 2000Controls on Capital Flows, Journal of Policy Modeling, 22(3):391-404, 2000.
  167. 2000The Impact of EMU on Trade Flows, (with Frauke Skudelny), Weltwirtschaftliches Archiv, Band 136, Heft 3, 2000.
  168. 2000Monetary Policies in the Presence of Asymmetries, Journal of Common Market Studies, 2000
  169. 2000Exchange Rates in Search of Fundamentals, International Finance, 3, no. 3, November 2000.
  170. 1999Member of the House, Belgian Parliament, 1995 - 1999
  171. 1999La monnaie internationale. Théories et Perspectives, De Boeck Université, 1999.
  172. 1999Effectiveness of Monetary Policy in the European Central Bank and Voting Rules, with Hans Dewachter, Yunus Aksoy, Ludwig Boltzmann Institut, Forschungsbericht 9901, 1999.
  173. 1999Prépensions et chômage, Reflets & Perspectives, De Boeck Université, Tome XXXVIII, no. 1, 1999.
  174. 1999De EMU en de kost van desinflatie, in: De Euro en de toekomst van het Europese maatshcappijmodel, Intersentia, 1999, pp. 27-50.
  175. 1999EMU and the Need for Further Economic Integration (with Claudia Costa), in: W. MEEUSEN (ed.), Economic Policy in the European Union, Edward Elgar, 1999, pp. 27-48.
  176. 1999The European Central Bank: Decision Rules and Macroeconomic Performance, CEPR Discussion Paper No. 2067, 1999.
  177. 1999Price dynamics under stochastic process switching: some extensions and an application to EMU (with H. Dewachter, D. Veestraeten), Journal of International Money and Finance, 18 (1999), pp. 195-224.
  178. 1999Explaining Recent European Exchange-Rate Stability (with H. Dewachter, D. Veestraeten), International Finance, Volume 2, Issue 1, 1999, pp. 1-32.
  179. 1999Die Wirksamkeit der Geldpolitik der Europäischen Zentralbank und ihre Abstimmungsregeln (with H. Dewachter, Y. Aksoy), in: Neck/Holzmann (ed.), Schriftenreihe Des Ludwig Boltzmann-Instituts zur Analyse Wirtschaftspolitischer Aktivitäten, Band 16, Wien, 1999.
  180. 1999Challenges of European Monetary Union for Central European Countries, Chapter 1, (with Vladimir Lavrac), in: P. De Grauwe, Vladimir Lavrac (ed.), Inclusion of Central European Countries in the European Monetary Union, Kluwer Academic Publishers, 1999, pp. 1-12.
  181. 1999Are Central European Countries Part of the European Optimum Currency Area?, Chapter 2, (with Yunus Aksoy), in: P. De Grauwe, Vladimir Lavrac (ed.), Inclusion of Central European Countries in the European Monetary Union, Kluwer Academic Publishers, 1999, pp. 13-36.
  182. 1999Fiscal Consolidation in the Central European Countries and European Monetary Union, Chapter 4, (with Vladimir Lavrac), in: P. De Grauwe, Vladimir Lavrac (ed.), Inclusion of Central European Countries in the European Monetary Union, Kluwer Academic Publishers, 1999, pp. 53-62.
  183. 1999Economie de l’intégration monétaire, De Boeck Université, 1999.
  184. 1999Social Conflict and Growth in Euroland, (with Frauke Skudelny), CEPR Discussion Paper, No. 2186, 1999.
  185. 1998Stochastic Process Switching and Stage III of EMU, (with Hans Dewachter and Dirk Veestraeten), CEPR Discussion Paper, no. 1783, January 1998.
  186. 1998The risk of deflation in the future EMU: Lessons of the 1990s, in J. Arrowsmith, (ed.), Thinking the unthinkable about EMU, National Institute of Economic and Social Research, London, 1998.
  187. 1998The Design of the European Central Bank, Kredit und Kapital, Heft 14, 1998.
  188. 1998The Indeterminacy of the Euro Conversion Rates. Why It Matters and How It Can Be Solved, in: Helmut Wagner (ed.), Current Issues in Monetary Economics, 1998, pp. 251-272.
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  379. 1980Monetary Policies and the Exchange Rates in the E.C.-Countries, European Economic Review, 13, 1980.
  380. 1980Policy-Induced Rigidities in the Market Economies, International Chamber of Commerce, Paris, 1980.
  381. 1980Integrating Capital Markets in the E.C.-Countries, Problems and Prospects, Thema, Inst. Bancario San Paolo di Torino, 1980.
  382. 1980Symptomen van een overgewaardeerde munt. De Belgische frank gedurende de tweede helft der zeventiger jaren, Tijdschrift voor Economie en Management, 3, 1980.
  383. 1980De wisselkoers, het budget en de lopende rekening, Tijdschrift voor Economie en Management, 3, 1980 (co-author with M. De Wachter).
  384. 1979Trade Expansion with the Less Developed Countries and Employment. A Case Study of Belgium, Weltwirtschaftliches Archiv, Band 115, 1, 1979 (co-author with W. Kennis, T. Peeters and R. Van Straelen).
  385. 1979The 1978 Annual Report of the B.I.S. or the Economics of International Fine Tuning, Journal of Monetary Economics, 1979.
  386. 1979The EMS, Europe and the Dollar, The Banker, 1979 (co-author with T. Peeters).
  387. 1979Het Europees Muntstelsel. Een stap naar monetaire stabiliteit ?, Bank- en Financiewezen, 1, 1979 (coauthor with T. Peeters).
  388. 1979Arbeidsduurvermindering en Tewerkstelling, Leuvense Economische Standpunten, 13, 1979.
  389. 1979Salaires, Emploi et Durée de Travail, Récherches Economiques de Louvain, 1979.
  390. 1978State Interventions and the Economic Crisis in Europe, Toyo Keizai Shinposha (The Oriental Economist), 1978.
  391. 1978Monetary Policy and the Exchange Rate, Monetary Policies in Open Economies, SUERF Series, 19A, 1978.
  392. 1978Vicious and Virtuous Circles and the Optica-Proposal : A Two-Country Analysis, in : M. Fratianni and T. Peeters, One Money for Europe, 1978 (co-author with G. Basevi).
  393. 1978On the Effectiveness of a devaluation in the E.C.-Countries, Tijdschrif voor Economie en Management, 1, 1978 (co-author with C. Holvoet).
  394. 1977De wisselkoers en structuurproblemen in België gedurende 1970-1976, Tijdschrift voor Economie en Management, 1, p. 107-120, 1977.
  395. 1977Korporatisme en werkloosheid, Leuvense Economische Standpunten, 4, 1977.
  396. 1977Bedenkingen over Industrieel Beleid, Tijdschrift voor Economie en Management, 4, 1977. 5
  397. 1977Vicious and Virtuous Circles. A Theoretical Analysis and a Policy Proposal for Managing Exchange Rates, European Economic Review, V.X, 3, 1977 (co-author with G. Basevi).
  398. 1976The Oil Prize Increase, Stabilization Policies and Less Developed Countries, in : D. Leipziger, The International Monetary System and the Developing Countries, 1976.
  399. 1976Monetary Interdependence among Major European Countries, in : Aliber, The Political Economy of Monetary Reform, 1976.
  400. 1976The Belgian Dual Exchange Market System : An Inequitable and Ineffective System, Kredit und Kapital, Heft 3, p. 389-402, 1976.
  401. 1976De recente inflatie : Een structureel of monetair fenomeen, Leuvense Economische Standpunten, 2, 1976 (co-author with T. Peeters).
  402. Economics of Monetary Union, 7th Edition, Oxford University Press, 281pp.
  403. On the need to renovate the Eurozone, Book review of "The Birth of the Euro" by Ottmar Issing (Cambridge University Press), International Finance, 11(3),pp.327-333

Positions & affiliations45

  • John Paulson Chair in European Political Economy, European Institute, London School of Economics (2016 - present)
  • Jan. 1969-March 1969, Trainee, European Economic Community
  • Oct. 1969-Aug. 1970 Research-Assistant, Center for Economic Studies, Catholic University of Leuven
  • Oct. 1973-Sept. 1974 Economist, International Monetary Fund.
  • March 1978-Sept. 1978 Maître de Conférence, Université de Paris IX-Dauphine.
  • Oct. 1979-Sept. 1980 Charge de Cours invité, Université Catholique de Louvain.
  • 1975-1980 Research Director, Centrum voor Economische Studiën.
  • Jan. 1981-May 1981 Visiting Associate Professor, University of Michigan.
  • 1982 Professeur Visiteur, Université Libre de Bruxelles
  • 1982 Visiting Professor, Tilburg University.
  • 1974-1982 Associate Professor, Katholieke Universiteit te Leuven.
  • 1974-2011 Professor, Katholieke Universiteit Leuven.
  • 1983 Visiting Professor, Wharton School - University of Pennsylvania.
  • 1984-1986 Professor, College of Europe.
  • 1986 Visiting Professor, Institut für Weltwirtschaft, University of Kiel.
  • 1986 Visiting Scholar, International Monetary Fund.
  • 1987 Visiting Scholar, Bank of Japan.
  • 1988 Visiting Professor, Chaire Francqui, Université Libre de Bruxelles.
  • 1988-1991 Visiting Professor, Institut für Weltwirtschaft.
  • 1994, 1996, 1998, 2004 University of Kiel
  • 1988-1991 Senior Research Fellow, Centre for European Policy Studies.
  • 1990-1998 Visiting Professor, University of Saarbrücken.
  • 1991-1992 Visiting Professor, Francqui Leerstoel, Rijksuniversiteit Gent.
  • 1991-1995 Senator, Belgian Parliament.
  • 1994-1998 Visiting Professor, Universidade Católica Portuguesa.
  • 1994-1995 Professor, Freie Universität Berlin, Bundesbank Lehrstuhl
  • 1995-1999 Member of the House, Belgian Parliament.
  • 1997 Visiting Scholar, Board of Governors of the Federal, Reserve System, Washington
  • 1997-1998, Visiting Professor, University of Amsterdam.
  • 1999-2000 Visiting Professor, Humboldt Universität Berlin.
  • 1999-2001 Professor, Norwegian School of Management.
  • 1999-2003 Belgian Parliament Senator and Chairman of the Economic and Finance Committee
  • 2000-2005 Visiting Professor, Università Cattolica del Sacro Cuore Milano.
  • 2000-2005 Visiting Professor, University of Amsterdam.
  • 2000 Chairman of Task Force preparing Belgian profit sharing legislation
  • 2000 Chairman of Task Force preparing Belgian Corporate Governance legislation
  • 2002-2016 Research Area Director, CESifo Munchen.
  • 2003 Schumann Fellow, European University Institute.
  • 2005-10 Member of the Group of Economic Policy Analysis advising the European Commission President Barroso
  • 2007 Wim Duisenberg Fellow, European Central Bank.
  • 2016 - Present London School of Economics Professor John Paulson Chair in European Political Economy.
  • 2017 - Present Vice-President, Portuguese Public Finance Council
  • 2018 - Visiting Professor, Corvinus University
  • 2018 - Visiting Professor, University Magdeburg
  • 2021 - Present Academic Visitor, Bank of England

Credentials & fellowships9

  • Member of the Editorial Board, Open Economies Review
  • Member of the Editorial Board, Empirica
  • Member of the Editorial Board, The World Economy
  • Member of the Editorial Board, International Journal of Finance and Economics
  • Member of the Editorial Board, Weltwirtschaftliches Archiv
  • Member of the Editorial Board, International Finance
  • Member of the Editorial Board, Nonlinear Dynamics and Econometrics
  • Member of the Editorial Board, German Economic Review
  • Member of the Editorial Board, Comparative Economic Studies

Honours & awards12

  • N.F.W.O. Aspirant 1970-1972 (Belgian National Science Foundation)
  • Fulbright Travel Grant, 1970
  • Honorary Woodrow Wilson Fellow, 1972
  • Brookings Research Fellow, 1972-1973
  • Prize of the European Communities, 1976
  • Amex Bank Review Award, 1990
  • Doctor “Honoris Causa” of the University of Sankt Gallen, 1999
  • Doctor “Honoris Causa” of the Turku School of Economics and Business Administration, 2000
  • Doctor “Honoris Causa” of the University of Genoa, 2005
  • Doctor “Honoris Causa” of the University of Valencia, 2012
  • Doctor “Honoris Causa” of the Maastricht University, 2016
  • Prix Emile de Laveleye, Académie Royale de Belgique, 2017