visiting professor in economics


Philippe Bacchetta is Swiss Finance Institute Professor of Macroeconomics at the University of Lausanne and Research Fellow at the Centre for Economic Policy Research (CEPR, London). He received both his PhD and MA in Economics from Harvard University and his Bachelor and MS in Economics from the University of Lausanne. From 1998 to 2007, Philippe Bacchetta was Director of the Study Center Gerzensee, a foundation of the Swiss National Bank. He also served as President of the Swiss Society of Economics and Statistics and as a member of the Swiss National Research Council. In 2011 he was awarded an Advanced Researcher Grant by the European Research Council. His research interests include open economy macroeconomics, international finance, financial crises and monetary economics


Selected publications

  • "Infrequent Random Portfolio Decisions in an Open Economy Model,” Review of Economic Studies, 2022 (with E. van Wincoop and E. Young) 
  • "Puzzling Exchange Rate Dynamics and Delayed Portfolio Adjustment,” Journal of International Economics 131, 103460, 2021 (with E. van Wincoop)
  • "Money and Capital in a Persistent Liquidity Trap", Journal of Monetary Economics, 2020, (with Kenza Benhima, and Yannick Kalantzis)
  • "The Great Recession: A Self-Fulfilling Global Panic", American Economic Journal: Macroeconomics, 8(4), 177–198, 2016 (with E. van Wincoop)
  • "Capital Controls with International Reserve Accumulation: Can this Be Optimal?", American Economic Journal: Macroeconomics, 5, 229–262, 2013 (with K. Benhima and Y. Kalantzis)
  • "Self-Fulfilling Risk Panics", American Economic Review, 102, 3674–3700, December 2012 (with C. Tille and E. van Wincoop)
  • "Infrequent Portfolio Decisions: A Solution to the Forward Discount Puzzle", American Economic Review 100, 837-869, 2010 (with E. van Wincoop)
  • "Exchange Rate Volatility and Productivity Growth: The Role of Financial Development", Journal of Monetary Economics 56, 494-513, 2009 (with Ph. Aghion, R. Rancière, and K. Rogoff)
  • "Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?", American Economic Review 96, 552-576, 2006 (with E. van Wincoop)
  • "A Corporate Balance-Sheet Approach to Currency Crises", Journal of Economic Theory 119, 6-30, 2004 (with Ph. Aghion and A. Banerjee)