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Dimitris Georgarakos

Research

Division

Monetary Policy Research

Current Position

Lead Economist

Fields of interest

Microeconomics,Macroeconomics and Monetary Economics,Financial Economics

Email

Dimitris.Georgarakos@ecb.europa.eu

Education
1999-2004

PhD in Economics, University of Essex, UK

1998-1999

MSc in Economics and Finance, University of York, UK

1993-1997

BSc in Economics, Athens University of Economics and Business, Greece

Professional experience
2020-

Principal Economist - Monetary Policy Research Division, Directorate General Research, European Central Bank

2017-2019

Senior Economist - Monetary Policy Research Division, Directorate General Research, European Central Bank

2016-2017

Principal Economist - Monetary Analysis Division, Directorate General Economics, European Central Bank (ESCB/ IO)

2015-2016

Economist - Research Centre, Deutsche Bundesbank, Frankfurt, Germany

2012-2013

Senior Economist - Monetary Policy Research Division, Directorate General Research, European Central Bank

2006-2012

Assistant Professor - Goethe University, Frankfurt, Germany

2003-2005

Lecturer - Queen Mary, University of London, UK

Teaching experience
2014-2017

Household Finance and Consumer Behavior (PhD course) - University of Leicester, UK

2014-2015

Advanced Econometrics (PhD course) - Frankfurt School of Finance and Management, Germany

2006-2012

Research Topics in Household Finance (PhD course) - Goethe University, Frankfurt, Germany

2003-2005

Investment Analysis (BSc course) - Queen Mary, University of London, UK

21 September 2021
OCCASIONAL PAPER SERIES - No. 274
Details
Abstract
This paper examines the importance of central bank communication in ensuring the effectiveness of monetary policy and in underpinning the credibility, accountability and legitimacy of independent central banks. It documents how communication has become a monetary policy tool in itself; one example of this being forward guidance, given its impact on inflation expectations, economic behaviour and inflation. The paper explains why and how consistent, clear and effective communication to expert and non-expert audiences is essential in an environment of an ever-increasing need by central banks to reach these audiences. Central banks must also meet the demand for more understandable information about policies and tools, while at the same time overcoming the challenge posed by the wider public’s rational inattention. Since the European Central Bank was established, the communications landscape has changed dramatically and continues to evolve. This paper outlines how better communication, including greater engagement with the wider public, could help boost people’s understanding of and trust in the Eurosystem.
JEL Code
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
21 September 2021
OCCASIONAL PAPER SERIES - No. 269
Details
Abstract
The ECB’s price stability mandate has been defined by the Treaty. But the Treaty has not spelled out what price stability precisely means. To make the mandate operational, the Governing Council has provided a quantitative definition in 1998 and a clarification in 2003. The landscape has changed notably compared to the time the strategy review was originally designed. At the time, the main concern of the Governing Council was to anchor inflation at low levels in face of the inflationary history of the previous decades. Over the last decade economic conditions have changed dramatically: the persistent low-inflation environment has created the concrete risk of de-anchoring of longer-term inflation expectations. Addressing low inflation is different from addressing high inflation. The ability of the ECB (and central banks globally) to provide the necessary accommodation to maintain price stability has been tested by the lower bound on nominal interest rates in the context of the secular decline in the equilibrium real interest rate. Against this backdrop, this report analyses: the ECB’s performance as measured against its formulation of price stability; whether it is possible to identify a preferred level of steady-state inflation on the basis of optimality considerations; advantages and disadvantages of formulating the objective in terms of a focal point or a range, or having both; whether the medium-term orientation of the ECB’s policy can serve as a mechanism to cater for other considerations; how to strengthen, in the presence of the lower bound, the ECB’s leverage on private-sector expectations for inflation and the ECB’s future policy actions so that expectations can act as ‘automatic stabilisers’ and work alongside the central bank.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
31 May 2021
RESEARCH BULLETIN - No. 84
Details
Abstract
The coronavirus (COVID-19) pandemic has generated a complex economic shock that has affected households across the euro area very differently. In studying the impact of this shock on household consumption and the implications for the economic outlook it is critical to understand and factor in these large divergences. In this article, we use rich data from the Consumer Expectations Survey, a new ECB household survey that interviews around 10,000 households across the six largest euro area economies on a monthly basis. We document substantial divergences in pandemic-induced financial concerns of households across population subgroups and countries, with financial concerns being significantly higher for younger, female, and low-income individuals in countries where the first wave of COVID-19 was more severe. Also, we show how these concerns can account to a large extent for the drop in aggregate household spending in 2020. Reflecting this heterogeneity, our results imply that fiscal measures will be most effective in stabilising aggregate consumption and supporting economic recovery if they target the most vulnerable groups with the greatest financial concerns.
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
G51 : Financial Economics
H31 : Public Economics→Fiscal Policies and Behavior of Economic Agents→Household
21 May 2021
WORKING PAPER SERIES - No. 2557
Details
Abstract
Using a new survey of European households, we study how exogenous variation in the macroeconomic uncertainty perceived by households affects their spending decisions. We use randomized information treatments that provide different types of information about the first and/or second moments of future economic growth to generate exogenous changes in the perceived macroeconomic uncertainty of some households. The effects on their spending decisions relative to an untreated control group are measured in follow-up surveys. Higher macroeconomic uncertainty induces households to reduce their spending on non-durable goods and services in subsequent months as well as to engage in fewer purchases of larger items such as package holidays or luxury goods. Moreover, uncertainty reduces household propensity to invest in mutual funds. These results support the notion that macroeconomic uncertainty can impact household decisions and have large negative effects on economic outcomes.
JEL Code
E3 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles
E4 : Macroeconomics and Monetary Economics→Money and Interest Rates
E5 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit
18 December 2020
WORKING PAPER SERIES - No. 2507
Details
Abstract
Using new panel data from a representative survey of households in the six largest euro area economies, the paper estimates the impact of the Covid-19 crisis on consumption. The panel provides, each month, household-specific indicators of the concern about finances due to Covid-19 from the first peak of the pandemic until October 2020. The results show that this concern causes a significant reduction in non-durable consumption. The paper also explores the potential impact on consumption of government interventions and of another wave of Covid-19, using household-level consumption adjustments to scenarios that involve positive and negative income shocks. Fears of the financial consequences of the pandemic induce a significant reduction in the marginal propensity to consume, an effect consistent with models of precautionary saving and liquidity constraints. The results are robust to endogeneity concerns through use of panel fixed effects and partial identification methods, which account also for time-varying unobservable variables, and provide informative identification regions of the average treatment effect of the concern for Covid-19 under weak assumptions.
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
G51 : Financial Economics
H31 : Public Economics→Fiscal Policies and Behavior of Economic Agents→Household
19 February 2020
WORKING PAPER SERIES - No. 2375
Details
Abstract
Using micro data from the 2015 Dutch CentERpanel, we examine whether trust in the European Central Bank (ECB) influences individuals’ expectations and uncertainty about future inflation, and whether it anchors inflation expectations. We find that higher trust in the ECB lowers inflation expectations on average, and significantly reduces uncertainty about future inflation. Moreover, results from quantile regressions suggest that trusting the ECB increases (lowers) inflation expectations when the latter are below (above) the ECB’s inflation target. These findings hold after controlling for people’s knowledge about the objectives of the ECB.
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
E03 : Macroeconomics and Monetary Economics→General→Behavioral Macroeconomics
E40 : Macroeconomics and Monetary Economics→Money and Interest Rates→General
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Network
Household Finance and Consumption Network (HFCN)
18 February 2019
WORKING PAPER SERIES - No. 2243
Details
Abstract
Do negative policy rates hinder banks’ transmission of monetary policy? To answer this question, we examine the behaviour of Italian mortgage lenders using a novel loan-level dataset. When policy rates turn negative, banks with higher ratios of retail overnight deposits to total assets charge more on new fixed rate mortgages. This suggests that the funding structure of banks may matter for the transmission of negative policy rates, especially for long-maturity illiquid assets. Nevertheless, the aggregate economic implications for households are small, suggesting that concerns about inefficient monetary policy transmission to households under modestly negative rates are likely overstated.
JEL Code
E40 : Macroeconomics and Monetary Economics→Money and Interest Rates→General
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
Network
Research Task Force (RTF)
18 July 2018
WORKING PAPER SERIES - No. 2170
Details
Abstract
This paper considers how monetary policy produces heterogeneous effects on euro area households, depending on the composition of their income and on the components of their wealth. We first review the existing evidence on how monetary policy affects income and wealth inequality. We then illustrate quantitatively how various channels of transmission — net interest rate exposure, inter-temporal substitution and indirect income channels — affect individual euro area households. We find that the indirect income channel has an overwhelming importance, especially for households holding few or no liquid assets. The indirect income channel is therefore also a substantial driver of changes in consumption at the aggregate level.
JEL Code
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
D31 : Microeconomics→Distribution→Personal Income, Wealth, and Their Distributions
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
Network
Discussion papers
19 March 2018
RESEARCH BULLETIN - No. 44
Details
Abstract
Recent research finds that consumers respond more strongly to negative than to positive transitory income shocks, for example, a temporary income tax increase as opposed to a one-off bonus payment. It also suggests that the response can depend on the size of the change in income. These findings lend empirical support to economic models that incorporate liquidity constraints and precautionary saving.
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
24 September 2015
WORKING PAPER SERIES - No. 1852
Details
Abstract
Savings accounts are owned by most households, but little is known about the performance of households
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
Network
Household Finance and Consumption Network (HFCN)
10 March 2015
WORKING PAPER SERIES - No. 1762
Details
Abstract
Data from the 2009 Internet Survey of the Health and Retirement Study show that many U.S. households experienced large capital losses in housing and financial wealth, and that 5% of respondents lost their job during the Great Recession. As a consequence of these shocks, many households reduced substantially their expenditures. For every 10% loss in housing and financial wealth, the estimated drop in household expenditure is about 0.56% and 0.9%, respectively. In addition, those who became unemployed reduced spending by 10%. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year
JEL Code
E21 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Consumption, Saving, Wealth
D91 : Microeconomics→Intertemporal Choice→Intertemporal Household Choice, Life Cycle Models and Saving
Network
Household Finance and Consumption Network (HFCN)
28 February 2011
WORKING PAPER SERIES - No. 1296
Details
Abstract
We introduce professional financial advice in households
JEL Code
E1 : Macroeconomics and Monetary Economics→General Aggregative Models
G2 : Financial Economics→Financial Institutions and Services
D8 : Microeconomics→Information, Knowledge, and Uncertainty
Network
Conference on household finance and consumption
25 February 2010
WORKING PAPER SERIES - No. 1156
Details
Abstract
Using comparable survey data from twelve European countries from 1994 to 2001 we investigate households
JEL Code
D12 : Microeconomics→Household Behavior and Family Economics→Consumer Economics: Empirical Analysis
D14 : Microeconomics→Household Behavior and Family Economics→Household Saving; Personal Finance
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
2021
European Economic Review
  • Christelis, D., Georgarakos, D., Jappelli, T., Pistaferri, L. and van Rooij, M.
2021
Journal of Money, Credit and Banking
  • Christelis, D., Ehrmann, M. and Georgarakos, D.
2020
International Journal of Central Banking
  • Christelis, D., Georgarakos, D., Jappelli, T. and van Rooij, M.
2020
The Review of Economics and Statistics
  • Christelis, D., Georgarakos, D., Jappelli, T. and van Rooij, M.
2020
Journal of Health Economics
  • Christelis, D., Georgarakos and Sanz-de-Galdeano, A.
2019
The Economic Journal
  • Christelis, D., Georgarakos, D., Jappelli, T. Pistaferri, L. and van Rooij, M.
2019
Journal of the European Economic Association
  • Deuflhard, F., Georgarakos, D. and Inderst, R.
2016
Review of Income and Wealth
  • Bilias, Y., Georgarakos, D. and Haliassos, M.
2015
Journal of Monetary Economics
  • Christelis, D., Georgarakos, D. and Jappelli, T.
2015
European Journal of Political Economy
  • Georgarakos, D. and Fuerth, S.
2014
The Review of Financial Studies
  • Georgarakos, D., Haliassos, M. and Pasini, G.
2013
The Review of Economics and Statistics
  • Christelis, D., Georgarakos, D. and Haliassos, M.
2013
Journal of Banking and Finance
  • Christelis, D. and Georgarakos, D.
2011
Review of Finance
  • Georgarakos, D. and Pasini, G.
2011
Journal of Banking and Finance
  • Christelis, D., Georgarakos, D. and Haliassos, M.
2010
Journal of Money, Credit and Banking
  • Bilias, Y. Georgarakos, D. and Haliassos, M.
2009
Labour Economics
Entrepreneurship and Survival Dynamics of Foreign-Born and U.S.-Born Immigrants
  • Georgarakos, D. and Tatsiramos, K.
2009
Research in Labor Economics
Immigrant Self-Employment: Does Intermarriage Matter?
  • Georgarakos, D. and Tatsiramos, K.
2014
Investor Behavior - The Psychology of Financial Planning and Investing
Diversification and Asset Allocation Puzzles
  • Georgarakos, D.