Ferrucci, Gianluigi

Monetary Policy


Monetary Policy Strategy

Current position

Principal Economist

Fields of interest

Macroeconomics and Monetary Economics


Other current responsibilities
  • 2020-
    Principal Economist in DG-Monetary Policy
Professional experience
  • 2018-2019
    ECB, Senior economist, Monetary Policy Strategy Division
  • 2017-2018
    ECB, Senior economist, Euro Area External Sector & Euro Adoption Division
  • 2014-2017
    ECB, Senior economist, Monetary Policy Strategy Division
  • 2013-2014
    IMF, Advisor to the Permanent ECB Representative/IMF Observer
  • 2011-2013
    ECB, Senior economist, Monetary Policy Strategy Division
  • 2007-2011
    ECB, Senior economist, Euro Area Macroeconomic Developments Division
  • 2006-2007
    ECB, Economist, International Policy Analysis and Emerging Economies Division
  • 2004-2005
    Bank of England, Economist, International Economic Analysis Division
  • 2000-2003
    Bank of England, Economist, International Finance Division
  • 1998-2000
    San-Paolo-IMI, Financial analyst, Large Corporate Division

Journal publications

Roland Beck, Gianluigi Ferrucci, Arno Hantzsche and Matthias Rau-Göhring
Determinants of sub-sovereign bond yield spreads – The role of fiscal fundamentals and federal bailout expectations
Journal of International Money and Finance, vol 79, pp. 72-98 (December 2017)
Gianluigi Ferrucci, Rebeca Jiménez-Rodríguez and Luca Onorante
Food price pass-through in the euro area: non-linearities and the role of the common agricultural policy
International Journal of Central Banking, vol 8, No 1, pp 179-217 (March 2012)
Olivier Biau, Heinz Dieden, Gianluigi Ferrucci, Roberta Friz and Staffan Linden
Consumers’ quantitative inflation perceptions and expectations in the euro area: an evaluation
Paper presented at the Conference by the Federal Reserve Bank of New York “Consumer Inflation Expectations”, (November 2010)
Gianluigi Ferrucci
The output losses and fiscal costs of the financial crisis
In Vincenzo D’Apice and Giovanni Ferri (eds), Financial Instability: Toolkit for Interpreting Boom and Bust Cycles, Palgrave Macmillan Studies in Banking and Financial Institutions, (June 2010)
Rodrigo Cifuentes, Gianluigi Ferrucci and Hyun Hong Shin
Liquidity Risk and Contagion
Journal of the European Economic Association, vol 3, No 2-3, pp 556-566, (April-May 2005)
Gianluigi Ferrucci, Valerie Herzberg, Farouk Soussa and Ashley Taylor
Understanding Capital Flows to Emerging Market Economies within a Push/Pull Framework
Bank of England Financial Stability Review (June 2004)
Gianluigi Ferrucci
Empirical Determinants of Emerging Market Economies’ Sovereign Bond Spreads
Bank of England Working Paper, n. 205 (October 2003)
Gianluigi Ferrucci and Adrian Penalver
Assessing Sovereign Debt under Uncertainty
Bank of England Financial Stability Review (June 2003)