Paolo Cavallino Profil


Spoken languages
English, Italian, Spanish
Areas of expertise
  • Monetary policy
  • Currencies and foreign exchange
  • Emerging countries
  • Finance, financial markets, international investment


PhD, New York University 

Paolo Cavallino is a Senior 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. 



  • The open-economy ELB: Contractionary monetary easing and the trilemma (with D Sandri), Journal of International Economics, 2023 Jan;  140.
  • Capital flows and foreign exchange intervention, American Economic Journal: Macroeconomics, 2019 Apr; 11(2):127-70. 



  • A wealth-centric model of monetary policy (with P Beaudry and T Willems), forthcoming, 2023.
  • Capital flows and monetary policy trade-offs in emerging economies (with B Hofmann), BIS Working Papers, 2022; No 1032.
  • Fiscal regimes and exchange rates” (with E Alberola, C Cantu, and N Mirkov), BIS Working Papers, 2021; No 950.
  • A global database on central banks’ monetary response to Covid-19 (with C Cantu, F De Fiore, and J Yetman), BIS Working Paper, 2021; No 93


  • “Front-loading” monetary tightening: pros and cons (with G Cornelli, P Hördahl, and E Zakrajšek), BIS Bulletin, 2022; No 63.
  • Central banks’ response to COVID-19 in advanced economies (with F De Fiore), BIS Bulletin, 2020; No 21.
  • FX intervention: goals, strategies and tactics (with N Patel), BIS Papers, 2019; No 104 

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