Davide Porcellacchia

I am Economist at the European Central Bank in the Monetary Policy Research Division.

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 and do not reflect my employer's.

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Job Market PaperRead online

“Optimal Negative Interest on Reserves”

IMF Working Paper, February 2016 Read online

“Wage-Price Dynamics and Structural Reform in Japan”

Work in ProgressRead online

“A Theory of Liquidity and Interest on Reserves”

Work in Progress

“Balance-Sheet Policies and Financial Stability”

Teaching Experience

EC321 – Monetary Economics

Lecturers: Prof. Charles Bean and Dr Kevin Sheedy

Teaching evaluation Michaelmas term Teaching evaluation Lent term
EC321 – Monetary Economics

Lecturers: Prof. Charles Bean and Dr Kevin Sheedy

Teaching evaluation
EC400 – Mathematics for Microeconomics and Macroeconomics

Lecturers: Dr Margaret Bray, Dr Pascal Michaillat and Dr Francesco Nava

EC321 – Money and Banking

Lecturers: Dr Gianluca Benigno and Dr Kevin Sheedy

EC202 – Microeconomic Principles II

Lecturers: Prof. Frank Cowell and Prof. Leonardo Felli

Teaching evaluation

For my teaching in EC202 I was nominated for an LSE Student Union Teaching Excellence Award

EC210 – Macroeconomic Principles

Lecturers: Dr Rachel Ngai and Dr Kevin Sheedy

Teaching evaluation

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: +44 (0)7530 369 551