PROFILE 

PhD, New York University 

Paolo Cavallino is an Economist at the Bank for International Settlements (BIS). Before joining the BIS he worked at the International Monetary Fund in the Research and African departments. His areas of research are international macroeconomics and finance. His current work focuses on monetary and exchange rate policies in emerging countries, the determinants of exchange rates, and the role of international financial frictions. 

SELECTED PUBLICATIONS 

• Capital flows and foreign exchange intervention, American Economic Journal: Macroeconomics, 2019 Apr; 11(2):127-70. 

WORKING PAPERS

• “Fiscal regimes and exchange rates” (with Enrique Alberola, Carlos Cantu, and Nikola Mirkov), BIS Working Papers (forthcoming) 
• “The open-economy ELB: contractionary monetary easing and the trilemma”, (with Damiano Sandri), CEPR Discussion Paper No DP14683 
• “Optimal lender of last resort policy and the zero lower bound” (with Divya Kirti) 
• “Asset pricing with financial frictions” 
  
   

OTHER PUBLICATIONS 

• “Central banks’ response to COVID-19 in advanced economies” (with Fiorella de Fiore), BIS Bulletin No 21 
• “FX intervention: goals, strategies and tactics” (with Nikhil Patel), BIS Papers No 104