Davide Porcellacchia

I am Economist at the European Central Bank in the Research Department.

Monetary Policy and Financial Intermediation are my main areas of expertise and interest. Studying the former in light of the important role of banks in our economies is insightful and, I think, holds promise to guide us in the unchartered waters of unconventional monetary policy.

Views on this website are my own. They do not necessarily reflect my employer's.

Download CV 


Work in ProgressRead online

“Maturity Transformation and Negative Interest Rate Policies”

Work in ProgressRead online

“A Theory of Liquidity and Interest on Reserves”

Work in Progress

“Balance-Sheet Policies and Financial Stability”

IMF Working Paper, February 2016 Read online

“Wage-Price Dynamics and Structural Reform in Japan”

Work Experience

International Monetary Fund

Summer 2015 Fund Internship Program

J.C. Flowers & Co.

2013-2015 Macroeconomic Consultant

  • I advised the investment professionals on macroeconomic topics of interest by writing reports and producing briefings.
  • On this job, I learnt that communicating complex analyses with concision and sharpness is a crucial skill in an economist’s toolkit. If we do this, our insights are highly valued.


Davide Porcellacchia
European Central Bank
Monetary Policy Research Division
Sonnemannstrasse 20
D-60314 Frankfurt am Main, Germany
Tel: +49 (0)170 2292490