De Grauwe, Paul
Professor Paul De Grauwe
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Department
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Position held
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European Institute
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John Paulson Chair in European Political Economy, Head of the European Institute
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Non LSE positions held
Department
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Position held
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CESifo, University of Munich
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Director of the money, macro and international finance research network
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Centre for European Policy Studies, Brussels
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Research Fellow
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Paul De Grauwe's research interests are international monetary relations, monetary integration, theory and empirical analysis of the foreign-exchange markets, and open-economy macroeconomics. His published books include "The Economics of Monetary Union", Oxford, which was translated in ten languages (including Spanish, French, Italian, Chinese and Japanese), and is now in its ninth edition. Other books are "International Money. Post-war Trends and Theories", Oxford, and "The exchange rate in a behavioural finance framework", Princeton, 2006.
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Sectors and industries to which research relates:
Financial Services
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Countries and regions to which research relates:
Europe
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Languages: French [Spoken: Fluent, Written: Fluent]
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Media experience:
Has written for mainstream press
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The following references are sourced from LSE Research Online|. References that are linked lead to the full text.
de Grauwe, Paul and Ji, Yuemei (2013) Self-fulfilling crises in the Eurozone: an empirical test. Journal of international money and finance, 34 pp. 15-36. ISSN 0261-5606 de Grauwe, Paul and Markiewicz, Agnieszka (2013) Learning to forecast the exchange rate: two competing approaches. Journal of international money and finance, 32 pp. 42-76. ISSN 0261-5606 de Grauwe, Paul and Ji, Yuemei (2012) Mispricing of sovereign risk and macroeconomic stability in the Eurozone. JCMS: Journal of Common Market Studies, 50 (6). pp. 866-880. ISSN 00219886 de Grauwe, Paul and Westermann, Frank (2012) Financial market regulation in Europe. In: Buettner, Thiess and Ochel, Wolfgang, (eds.) The continuing evolution of Europe. MIT Press, Massachusetts, USA, pp. 9-32. ISBN 9780262017015 de Grauwe, Paul (2012) Lectures on behavioral macroeconomics. Princeton University Press, New Jersey, USA. ISBN 9780691147390 de Grauwe, Paul (2012) The governance of a fragile eurozone. Australian economic review, 45 (3). pp. 255-268. ISSN 0004-9018 de Grauwe, Paul and Rovira Kaltwasser, Pablo (2012) Animal spirits in the foreign exchange market. Journal of economic dynamics and control, 36 (8). pp. 1176-1192. ISSN 0165-1889 de Grauwe, Paul (2012) Booms and busts in economic activity: a behavioral explanation. Journal of economic behavior & organization, 83 (3). pp. 484-501. ISSN 0167-2681 de Grauwe, Paul (2012) The European central bank: lender of last resort in the government bond markets? In: Allen, Franklin and Carletti, Elena and Simonelli, Saverio, (eds.) Governance for the Eurozone: integration or disintegration?. FIC Press, Philadelphia, PA, USA, pp. 17-28. ISBN 9780983646945 de Grauwe, Paul and Kaltwasser, Pablo Rovira (2012) The exchange rate in a behavioral finance framework. In: James, Jessica and Marsh, Ian and Sarno, Lucio, (eds.) Handbook of exchange rates. Wiley-Blackwell, New Jersey, USA, pp. 111-132. ISBN 9780470768839 de Grauwe, Paul (2012) Economics of monetary union. Oxford University Press, Oxford, UK. ISBN 9780199605576 de Grauwe, Paul (2012) Lessons from the Eurocrisis for East Asian monetary relations. The world economy, 35 (4). pp. 405-418. ISSN 0378-5920 de Grauwe, Paul and Ji, Yuemei (2012) Mispricing of sovereign risk and multiple equilibria in the Eurozone. CEPS working documents, No. 316. Centre for European Policy Studies, Brussels, Belgium Costa Storti, Claudia and de Grauwe, Paul (2012) Introduction: illicit trade and the global economy. In: de Grauwe, Paul and Costa Storti, Claudia, (eds.) Illicit trade and the global economy. MIT Press, Massachusetts, USA, pp. 1-6. ISBN 9780262016551 Costa Storti, Claudia and de Grauwe, Paul (2012) Modelling the cocaine and heroin markets in the era of globalization and drug reduction policies. In: de Grauwe, Paul and Costa Storti, Claudia, (eds.) Illicit trade and the global economy. MIT Press, Massachusetts, USA, pp. 119-158. ISBN 9780262016551 de Grauwe, Paul and Costa Storti, Claudia, (eds.) (2012) Illicit trade and the global economy. MIT Press, Massachusetts, USA. ISBN 9780262016551 de Grauwe, Paul (2012) Barry Eichengreen's exorbitant privilege: a review essay. International finance, 14 (3). pp. 567-571. ISSN 1367-0271 de Grauwe, Paul and Houssa, Romain and Piccillo, Giulia (2012) African trade dynamics: is China a different trading partner? Journal of Chinese economic and business studies, 10 (1). pp. 15-45. ISSN 1476-5284 de Grauwe, Paul (2011) European monetary union. In: Durlauf, Steven N and Blume, Lawrence E., (eds.) The new Palgrave dictionary of economics. Palgrave Macmillan, Basingstoke, UK. ISBN 9781137021991 Costa Storti, Claudia and de Grauwe, Paul and Sabadash, Anna and Montanari, Linda (2011) Unemployment and drug treatment. International journal of drug policy, 22 (5). pp. 366-373. ISSN 0955-3959 de Grauwe, Paul (2011) The governance of a fragile Eurozone. CEPS working documents, No. 346. Centre for European Policy Studies, Brussels, Belgium de Grauwe, Paul (2011) What kind of governance for the Eurozone. In: Meeusen, Wim, (ed.) The economic crisis and European integration. Edward Elgar, Cheltenham, UK, pp. 7-16. ISBN 9781849804202 de Grauwe, Paul (2011) Animal spirits and monetary policy. Economic theory, 47 (2-3). pp. 423-457. ISSN 0938-2259 Costa Storti, Claudia and de Grauwe, Paul and Reuter, Peter (2011) Economic recession, drug use and public health. International journal of drug policy, 22 (5). pp. 321-325. ISSN 0955-3959 de Grauwe, Paul (2010) Quelle gouvernance pour la zone Euro? Revue d'économie financière, 100 ISSN 1777-5744 de Grauwe, Paul (2010) The road to self-destruction of the eurozone. Eurointelligence ASBL de Grauwe, Paul (2010) A mechanism of self-destruction of the eurozone. Centre for European Policy Studies, Brussels, Belgium de Grauwe, Paul (2010) What kind of governance for the eurozone? CEPS policy brief, No. 241. Centre for European Policy Studies, Brussels, Belgium de Grauwe, Paul, (ed.) (2010) Dimensions of competitiveness. MIT Press, Massachusetts, USA. ISBN 9780262013963 de Grauwe, Paul (2010) How to embed the Eurozone in a political union. VoxEU.org de Grauwe, Paul (2010) Fighting the wrong enemy. VoxEU.org de Grauwe, Paul (2010) The banking crisis: causes, consequences and remedies. In: Talani, Leila Simona, (ed.) The global crash: towards a new global financial regime? . Palgrave Macmillan, Basingstoke, UK, pp. 10-31. ISBN 9780230243415 de Grauwe, Paul (2010) The scientific foundation of dynamic stochastic general equilibrium (DSGE) models. Public choice, 144 (3-4). pp. 413-443. ISSN 0048-5829 de Grauwe, Paul (2010) Book review: the return of Keynes. International finance, 13 (1). pp. 157-163. ISSN 1367-0271 Altavilla, Carlo and de Grauwe, Paul (2010) Forecasting and combining competing models of exchange rate determination. Applied economics, 42 (27). pp. 3455-3480. ISSN 0003-6846 Altavilla, Carlo and de Grauwe, Paul (2010) Non-linearities in the relation between the exchange rate and its fundamentals. International journal of finance & economics, 15 (1). pp. 1-12. ISSN 1076-9307 de Grauwe, Paul (2010) The fragility of the Eurozone’s institutions. Open economies review, 21 (1). pp. 167-174. ISSN 0923-7992 Altavilla, Carlo and de Grauwe, Paul (2010) Forecasting and combining competing models of exchange rate determination. Applied economics, 42 (27). pp. 3455-3480. ISSN 0003-6846 de Grauwe, Paul (2010) Top-down versus bottom-up macroeconomics. CESifo economic studies, 56 (4). pp. 465-497. ISSN 1612-7501 de Grauwe, Paul (2009) Economics of monetary union. Oxford University Press, Oxford, UK. ISBN 9780199563234 Beine, Michel and de Grauwe, Paul and Grimaldi, Marianna (2009) The impact of FX central bank intervention in a noise trading framework. Journal of banking & finance, 33 (7). pp. 1187-1195. ISSN 0378-4266 de Grauwe, Paul (2009) Gains for all: a proposal for a common Euro bond. Intereconomics, 44 (3). pp. 132-141. ISSN 0020-5346 Bauer, Christian and de Grauwe, Paul and Reitz, Stefan (2009) Exchange rate dynamics in a target zone: a heterogeneous expectations approach. Journal of economic dynamics and control, 33 (2). pp. 329-344. ISSN 0165-1889 Beine, Michel and de Grauwe, Paul and Grimaldi, Marianna (2009) The impact of FX central bank intervention in a noise trading framework. Journal of banking & finance, 33 (7). pp. 1187-1195. ISSN 0378-4266 de Grauwe, Paul (2009) Lessons from the banking crisis: a return to narrow banking. Cesifo dice report, 7 (2). pp. 19-23. ISSN 1612-0663 Costa Storti, Claudia and de Grauwe, Paul (2009) The cocaine and heroin markets in the era of globalisation and drug reduction policies. International journal of drug policy, 20 (6). pp. 488-496. ISSN 0955-3959 de Grauwe, Paul and Honkapohja, Seppo (2009) The macroeconomy. In: Vital uuestions, the contribution of European social science. European Science Foundation, Strasbourg, France, pp. 16-19. ISBN 9782918428046 de Grauwe, Paul (2009) The Euro at ten: achievements and challenges. Empirica, 36 (1). pp. 5-20. ISSN 0340-8744 Costa Storti, Claudia and de Grauwe, Paul (2009) Globalization and the price decline of illicit drugs. International journal of drug policy, 20 (1). pp. 48-61. ISSN 0955-3959 de Grauwe, Paul and Schnabl, Gunther (2008) Exchange rate stability, inflation, and growth in (South) Eastern and Central Europe. Review of development economics, 12 (3). pp. 530-549. ISSN 1363-6669 de Grauwe, Paul (2008) There is more to central banking than inflation targeting. In: Felton, Andrew and Reinhart, Carmen M., (eds.) The first global financial crisis of the 21st century. Centre for Economic Policy Research, London, UK. ISBN 9780955700934 de Grauwe, Paul and Costa Storti, Claudia (2008) Monetary policy and the real economy. In: Schettkat, Ronald and Langkau, Jochem, (eds.) Economic policy proposals for Germany and Europe. Routledge, Abingdon, UK, pp. 29-53. ISBN 9780415460842 de Grauwe, Paul (2008) Returning to narrow banking. In: Eichengreen, Barry and Baldwin, Richard, (eds.) What G20 leaders must do to stabilise our economy and fix the financial system. Centre for Economic Policy Research, London, UK. ISBN 9781907142277 de Grauwe, Paul (2008) Book review: the risks of being chairman in the age of turbulence. International finance, 11 (1). pp. 109-115. ISSN 1367-0271 de Grauwe, Paul and Mayer, Thomas and Lannoo, Karel (2008) Lessons from the financial crisis: new rules for central banks and credit rating agencies? Intereconomics, 43 (5). pp. 256-266. ISSN 0020-5346 de Grauwe, Paul (2008) Book review: on the need to renovate the Eurozone. International finance, 11 (3). pp. 327-333. ISSN 1367-0271 de Grauwe, Paul (2007) Quo vadis Europe?: fortress or land of opportunities. In:Julian Hodge Institute for Applied Economics Annual Lecture (25 April, 2007 : Cardif, UK). de Grauwe, Paul (2007) Economics of monetary union. Oxford University Press, Oxford, UK. ISBN 9780199297801 de Grauwe, Paul and Vansteenkiste, Isabel (2007) Exchange rates and fundamentals: a non-linear relationship? International journal of finance & economics, 12 (1). pp. 37-54. ISSN 1076-9307 de Grauwe, Paul (2007) Preconditions for a successful euro adoption. In: Basci, Erdem and Togan, Subidey and von Hagen, Jurgen, (eds.) Macroeconomic policies for EU accession. Edward Elgar, Cheltenham, UK, pp. 206-227. ISBN 9781847200006 de Grauwe, Paul (2007) Problems and prospects for enlargement of the Eurozone. In:SUERF Annual Lecture 2007 (22 June 2007 : The European Money and Finance Forum, Vienna). de Grauwe, Paul and Costa Storti, Claudia (2007) Monetäre Politik und reale Ökonomie. In: Schettkat, Ronald and Langkau, Jochem, (eds.) Aufschwung für Deutschland: Plädoyer international renommierter Ökonomen für eine bessere Wirtschaftspolitik. Dietz, Bonn, Germany. ISBN 9783801203764 de Grauwe, Paul (2007) De onvoltooide globalisering: verkenning van een nieuwe wereld. Lannoo, Amsterdam, The Netherlands. ISBN 9789078230045 de Grauwe, Paul and Zhang, Zhaoyong (2006) Introduction: monetary and economic integration in the East Asian region. The world economy, 29 (12). pp. 1643-1647. ISSN 0378-5920 de Grauwe, Paul and Grimaldi, Marianna (2006) Exchange rate puzzles: a tale of switching attractors. European economic review papers and proceedings, 50 (1). pp. 1-33. ISSN 0014-2921 de Grauwe, Paul and Grimaldi, Marianna (2006) The exchange rate in behavioral finance framework. Princeton University Press, Princeton, NJ, USA. ISBN 9780691121635 de Grauwe, Paul and Senegas, Marc-Alexandre (2006) Monetary policy design and transmission asymmetry in EMU: does uncertainty matter? European journal of political economy, 22 (4). pp. 787-808. ISSN 0176-2680 de Grauwe, Paul (2006) On monetary and political union. CESifo forum, 4 pp. 3-10. ISSN 1615-245X de Grauwe, Paul (2006) Flaws in the design of the Eurosystem? International finance, 9 (1). pp. 137-144. ISSN 1367-0271 de Grauwe, Paul and Melitz, Jaques, (eds.) (2005) Prospects for monetary unions after the euro. MIT Press, Massachusetts, USA. ISBN 9780262042307 de Grauwe, Paul (2005) Economics of monetary union. Oxford University Press, Oxford, UK. ISBN 9780199277001 de Grauwe, Paul and Grimaldi, Marianna (2005) The exchange rate and its fundamentals in a complex world. Review of international economics, 13 (3). pp. 549-575. ISSN 0965-7576 de Grauwe, Paul and Polan, Magdalena (2005) Is inflation always and everywhere a monetary phenomenon? Scandinavian journal of economics, 107 (2). pp. 239-259. ISSN 0347-0520 de Grauwe, Paul and Grimaldi, Marianna (2005) Heterogeneity of agents, transactions costs and the exchange rate. Journal of economic dynamics and control, 29 (4). pp. 691-719. ISSN 0165-1889 de Grauwe, Paul, (ed.) (2005) Exchange rate economics: where do we stand? MIT Press, Massachusetts, USA. ISBN 9780262042222 de Grauwe, Paul and Grimaldi, Marianna (2005) Heterogeneity of agents and the exchange rate: a nonlinear approach. In: de Grauwe, Paul, (ed.) Exchange rate economics: where do we stand?. MIT Press, Massachusetts, USA, pp. 125-168. ISBN 9780262042222 de Grauwe, Paul and Polan, Magdalena (2005) Globalization and social spending. Pacific economic review, 10 (1). pp. 105-123. ISSN 1468-0106 de Grauwe, Paul and Grimaldi, Marianna (2005) Effects of monetary policy: a meta-analysis. In: Deville, V. and von Landsberger, J. and Müller, M. and Schobert, F. and Worms, A., (eds.) Issues on monetary theory and policy: proceedings of a colloquium in honour of Wolfgang Gebauer. Bankakademie Verlag, Frankfurt, Germany. ISBN 9783937519210 de Grauwe, Paul and Mongelli, Francesco (2004) Endogeneities of optimum currency areas. In: Sørensen, Peter Birch, (ed.) Monetary union in Europe: historical perspectives and prospects for the future - sssays in honour of Niels Thygesen. DJØF Publishing, Copenhagen, Denmark. ISBN 9788757411171 de Grauwe, Paul and Schnabl, Gunther (2004) EMU entry strategies for the new member states. Intereconomics, 39 (5). pp. 241-246. ISSN 0020-5346 de Grauwe, Paul and Senegas, Marc-Alexandre (2004) Asymmetries in monetary policy transmission: some implications for EMU and its enlargement. Journal of common market studies, 42 (4). pp. 757-773. ISSN 0021-9886 Costa Storti, Claudia and de Grauwe, Paul (2004) Electronic money and the optimal size of monetary unions. In: Alexander, Volbert and von Furstenberg, George M. and Mélitz, Jacques , (eds.) Monetary unions and hard pegs: effects on trade, financial development and stability. Oxford University Press and the Centre for Economic Policy Research, Oxford, UK, pp. 321-336. ISBN 9780199271405 de Grauwe, Paul (2003) Economics of monetary union. Oxford University Press, Oxford, UK. ISBN 9780199256518 de Grauwe, Paul (2003) La mondialisation met-elle en péril la sécurité sociale? Problemes economiques, 2801-2 pp. 67-70. ISSN 0032-9304 de Grauwe, Paul and Camerman, Filip (2003) Are multinationals really bigger than nations? World economics, 4 (2). pp. 23-37. ISSN 1468-1838 Costa Storti, Claudia and de Grauwe, Paul (2002) Monetary policy in a cashless society. In: Balling, Morten and Lierman, Frank and Mullineux, Andy, (eds.) Technology and finance, challenges for financial markets, business strategies and policy makers. Routledge, London, UK, pp. 241-260. ISBN 9780415298278 Begg, Iain and Canova, Fabio and de Grauwe, Paul and Fatas, Antonio and Lane, Philip R. (2002) Surviving the slowdown. Centre for Economic Policy Research, London, UK. ISBN 1898128650 de Grauwe, Paul and Grimaldi, Marianna (2002) Exchange rate regimes and financial vulnerability. EIB papers, 7 (2). pp. 33-48. ISSN 0257-7755 Aksoy, Yunus and de Grauwe, Paul and Dewachter, Hans (2002) Do asymmetries matter for European monetary policy? European economic review, 46 (3). pp. 443-469. ISSN 0014-2921 de Grauwe, Paul (2002) Challenges for monetary policy in Euroland. Journal of common market studies, 40 (4). pp. 693-718. ISSN 1747-5244 de Grauwe, Paul and Skudelny, Frauke (2002) Inflation and productivity differentials in EMU. In: Hairault, Jean-Olivier and Kempf, Hubert, (eds.) Market imperfections and macroeconomic dynamics. Kluwer Academic Press, Boston, MA, USA, pp. 77-104. ISBN 9780792374046 de Grauwe, Paul (2002) Book review: central banking as art or science?: lessons from the Fed and the ECB. International finance, 5 (1). pp. 129-137. ISSN 1367-0271 de Grauwe, Paul (2001) Independence and accountability of central banks. In: Stiglitz, Joseph E. and Muet, Pierre-Alain, (eds.) Governance, equity and global markets. Oxford University Press, Oxford, UK, pp. 137-142. ISBN 9780199241552 de Grauwe, Paul, (ed.) (2001) The political economy of monetary union. Edward Elgar, Cheltenham, UK. ISBN 9781840644265 de Grauwe, Paul and Polan, Magdalena (2001) Increased capital mobility: a challenge for national macroeconomic policies. In: Siebert, Horst, (ed.) The world's new financial landscape: challenges for economic policy. Springer, Heidelberg, Germany, pp. 177-194. ISBN 9783540419921 de Grauwe, Paul and Grimaldi, Marianna (2001) The mystery of the decline of the euro. Aussenwirtschaft, 56 (iv). pp. 459-476. ISSN 0004-8216 de Grauwe, Paul (2000) Monetary policies in the presence of asymmetries. Journal of common market studies, 38 (4). pp. 593-612. ISSN 0021-9886 de Grauwe, Paul (2000) Economics of monetary union. Oxford University Press, Oxford, UK. ISBN 9780198776321 de Grauwe, Paul (2000) Controls on capital flows. Journal of Policy Modeling, 22 (3). pp. 391-405. ISSN 0161-8938 de Grauwe, Paul and Skudelny, Frauke (2000) The impact of EMU on trade flows. Weltwirtschaftliches Archiv, 136 (3). pp. 381-402. ISSN 0043-2636 de Grauwe, Paul (2000) Exchange rates in search of fundamentals: the case of the euro-dollar rate. International finance, 3 (3). pp. 329-356. ISSN 1367-0271 de Grauwe, Paul and Dewachter, Hans and Askoy, Yunus (2000) From EMS to EMU: are we better off? In: Eichengreen, Barry and Frieden, Jeffry A., (eds.) The political economy of European monetary unification. Westview, Boulder, CO, USA, pp. 157-178. ISBN 9780813397610
LSE Research Online is the primary resource for references to publications. For queries or updates please email the LSE Research Online team at lseresearchonline@lse.ac.uk|.
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Now in its 9th edition, this is the only textbook that discusses both the costs and benefits of monetary unions and the actual workings of the eurozone.
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Prior to joining LSE, Paul De Grauwe was Professor of International Economics at the University of Leuven, Belgium. He was a member of the Belgian parliament from 1991 to 2003. He is honorary doctor of the University of Sankt Gallen (Switzerland), of the University of Turku (Finland), and the University of Genoa.
Professor De Grauwe obtained his PhD from the Johns Hopkins University in 1974. He has been a visiting professor at various universities - the University of Paris, the University of Michigan, the University of Pennsylvania, Humboldt University Berlin, the Université Libre de Bruxelles, the Université Catholique de Louvain, the University of Amsterdam, the University of Milan, Tilburg University, the University of Kiel. He was also a visiting scholar at the IMF, the Board of Governors of the Federal Reserve, the Bank of Japan and the European Central Bank. He was formerly a member of the Group of Economic Policy Analysis, advising President Barroso. He is also director of the money, macro and international finance research network of CESifo, University of Munich. He is a research fellow at the Centre for European Policy Studies in Brussels.
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