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Lucrezia Reichlin

Full Professor of Economics, London Business School.
Chairman and co-founder, Now-Casting Economics limited. Non executive director, AGEAS Insurance Group, Eurobank Ergasias, Messaggerie Italiane Group. Columnist, Corriere della Sera and Project Syndicate.
Fellow, Econometric Society, British Academy, European Economic Association, Centre for Economic Policy Research, Academia Europaea, Trustee of IFRS
Birgit Grodal Award, European Economic Association, 2016. Isaac Kerstenetzky Scholarly Achievement Award, 2016

Lucrezia Reichlin

Professor of Economics

London Business School
Regent's Park
London, NW1 4SA
United Kingdom

+44 (0)20 7000 8435


Research Focus

My research is in applied time series, business cycle and monetary policy. I have pioneered, with several co-authors, econometric methods for analysing a large number of time series: dynamic factor models, shrinkage methods, Bayesian vector auto-regressions (see Research section on this page). Later on I have used some of these ideas to develop a framework for Now-Casting.

My work on monetary policy has focused on documenting monetary analysis at the European Central Bank and, more recently, on understanding the effect of its policies during the crisis. I am also working on the interaction between monetary policy and banks’ behaviour.

What is Now-Casting?

Now-casting is defined as the prediction of the present, the very near future and the very recent past. More broadly we can define it as the exercise of reading, through the lenses of a model, the flow of data releases in real time. The term is a contraction for now and forecasting and has been used for a long-time in meteorology. The first paper which used this term in economics and provided a methodology to implement it is Giannone, Reichlin, and Small, 2008.

Euro Area This Week

Latest Papers

ECB Working Paper - Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis?
Low Inflation for Longer
Voxeu.org, Published 15 January 2018

A Model of the Fed's View of Inflation
CERP Discussion Paper Series DP12564, 4 January 2018

Exploiting the Monthly Data Flow in Structural Forecasting
Journal of Monetary Economics, Volume 84, December 2016, Pages 201–215

Non-Standard Monetary Policy And Financial Stability -  
Developing An Appropriate Macro-Financial Policy Mix
Forthcoming book chaper, November 2016  

Reinforcing the Eurozone and Protecting an Open Society - MEZ 2 - May 2016.pdf-  

The Legacy Debt and the Joint Path of Public Deficit and Debt in the Euro Area - September 2015.pdf-  
Fellowship Initiative 2014-2015, Discussion paper 010, September 2015

Greece's Imperfect Imperative
Project Syndicate, Published 21 july 2015

Greece Seeking a Way Forward - London - 19 June 2015.pdf-  
White Paper, London, June 2015

End "Extend and Pretend" With Greece
Project Syndicate, 15 June 2015

Greece: Seeking a Way Forward
Voxeu.org, Published 4 June 2015

A new CEPR Report: A New Start for the Eurozone: Dealing with Debt
Voxeu.org, Published 15 April 2015

A New Start for the Eurozone - Dealing With Debt.pdf-  
Monitoring the Eurozone 1, London, CEPR, March 2015

A safe asset for Eurozone QE: A proposal
Voxeu.org, Reichlin, L., Garicano, L. Published 14 November 2014

Exceptional Policies For Exceptional Times....pdf-  
The ECB's Response To The Rolling Crises Of The Euro Area... 1 October 2014

Deleveraging - What Deleveraging.pdf-  
The 16th Geneva Reports on the World Economy, September 2014


L'orgoglio perduto nell'Unione europea20 Nov 2019 @ Corriere della Sera
Crescere (ma senza infelicità)20 Nov 2019 @ Corriere della Sera
Tre azioni per aiutare la crescita20 Nov 2019 @ Corriere della Sera
Il passo (lento) dell'Unione europea20 Nov 2019 @ Corriere della Sera
Serve parlare seriamente della moneta unica20 Nov 2019 @ Corriere della Sera
Prof Lucrezia Reichlin now a fellow of SUERF31 Jan 2019 @ News
L'Intervista, Corriere di Bologna 3.12.18Franco Mosconi
27 Dec 2018 @ News
Inaugural Lecture, College de France, Paris 29.11.2018Video: Inaugural Lecture College de France, 29.11.1803 Dec 2018 @ News
Inaugural Lecture, College de France, Paris 29.11.2018Le Monde: 'La BCE face a sept annees de crise de la zone euro'03 Dec 2018 @ News
Interview Lucrezia Reichlin Tages-Anzeiger 12. November 2018Interview in German26 Nov 2018 @ News
ECB Working Paper - Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis?15 Jan 2018 @ VOX
IFRS appoints seven new trusteesEconomia, 15 December 201718 Dec 2017 @ News
2016 Election of Fellows - The Econometric Society8 November 2016, The Econometric Society22 Nov 2016 @ News
The 2016 Birgit Grodal Award WinnerEuropean Economic Association, March 201615 Mar 2016 @ News
Conferimento dell’onorificenza di “Grand’Ufficiale” della “Stella d’Italia”...Ambasciata d'Italia Londra, 15 December 201511 Jan 2016 @ News
A Cosulich e Reichlin i premi Manzitti e EconomiaGenoa - 17 November, 201511 Jan 2016 @ News
Why China’s central bank had to act? – a chartfastFT, 17 September 201418 Sep 2014 @ News
Money, credit, monetary policy and the business cycle in the euro area: what has changed since the crisis?June 18th 201410 Sep 2014 @ News
Risks for the world economyAGEAS - London - June 201418 Jul 2014 @ News
ECB Watchers 2014: "Monetary policy beyond maintaining price stability"Frankfurt, March, 201417 Mar 2014 @ News
Exploiting the monthly data-flow in structural forecastingSeptember 12, 201405 Mar 2014 @ News

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