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Pierlauro Lopez

Pierlauro Lopez

I joined the Banque de France's Macro-Finance Division in September 2013 as a research economist. My research interests lie at the intersection of macroeconomics and finance, including term structure modeling in production economies and the role of monetary policy in driving asset prices, in particular the risk properties of the term structures of the equity premium and interest rates. I completed Gerzensee's Swiss doctoral program in 2010, was visiting scholar in CREI during 2011, and earned a PhD from the University of Lugano in 2013.

Current Position

Research economist, Macro-Finance Division, Financial Stability Directorate, Directorate General Operations

Previous Position

Swiss National Bank (2008)


PhD in Economics (University of Lugano, 2009-2013)

Visiting scholar (CREI, 2011-2012)

Swiss Doctoral Program in Economics (Study Center Gerzensee, 2009-2010)

B.A. and M.Sc. in Economics (University of Lugano, 2004-2008).

Research Interest

Macro-financiak linkages; Structural term structure models; Monetary macroeconomics; Macroprudential policies 


+33 (0)1 42 92 42 46

Banque de France, 35-2341 DGO-DSF-SMF, 75049 Paris Cedex 01, France


Publications Working Paper Series no. 702:

Risk-Adjusted Linearizations of Dynamic Equilibrium Models

By Lopez Pierlauro, Lopez-Salido David, Vazquez-Grande Francisco
  • Published on 12/06/2018
  • 42 pages
  • EN
  • PDF (2.48 MB)
Publications Working Paper Series no. 648:

An analytical framework to calibrate macroprudential policy

  • Published on 10/26/2017
  • 86 pages
  • EN
  • PDF (3.16 MB)
Publications Quarterly Selection of Articles no. 45:

Spring 2017

By Ferrara Laurent, Lalliard Antoine, Gauthier Germain, Pappadà Francesco, Arrata William, Gautier Alexandre, Lopez Pierlauro, Rahmouni-Rousseau Imène, Girotti Mattia, Mojon Benoît, Szczerbowicz Urszula, Vari Miklos, Foucault Thierry, Devillers Corinne, Parra Ramirez Kevin, Berson Clémence, Malgouyres Clément, Ray Simon, Bureau Benjamin, Bürker Matthias, Libert Thibault
  • Published on 06/14/2017
  • 78 pages
  • EN
  • PDF (1.67 MB)
Publications Working Paper Series no. 521:

The Term Structure of the Welfare Cost of Uncertainty

  • EN
  • PDF (504.82 KB)


  • « Nominal rigidities and the term structures of equity and bond returns » (2015), avec David Lopez-Salido et Francisco Vazquez-Grande, Finance and Economics Discussion Series 2015-064, Board of Governors of the Federal Reserve System.
  •  “A New Keynesian Q Theory and the Link between Inflation and the Stock Market” (2017), Review of Economic Dynamics, vol. 29.

Updated on: 03/04/2019 09:08