Meet our Researchers

We conduct research, on issues of strategic importance, to help fulfil our mandate. Meet the people behind our research.

Tamanna Adhikari

Advisor, Financial Stability

Areas of interest: Household and Small business resilience, Distributional Policy Effects, Climate Transition Risk, Well-Being and Quality of Life

Education: University College Dublin, PhD

Personal website

Selected Central Bank of Ireland Publications:

• How resilient are Irish SMEs to input cost inflation? Tamanna Adhikari,and Niall McGeever, Financial Stability Note 6/FS/23, Central Bank of Ireland, 2023.
• Household resilience to expenditure and debt service channels under current inflationary conditions (PDF 704.63KB), Tamanna Adhikari and Fang Yao, Financial Stability Note 3/FS/23, Central Bank of Ireland, 2023.

Selected Journal Publications:

• Did raising doing business scores boost GDP? Tamanna, Adhikari, and Karl Whelan, Journal of Comparative Economics (2023).
• A Tale of Three Countries: What is the Relationship Between COVID‐19, Lockdown and Happiness? Talita Greyling, Stephanie Rossouw, and Tamanna Adhikari,, South African Journal of Economics, (2021), 89(1), 25-43.

   

Gabriel Arce-Alfaro

Senior Economist, Irish Economic Analysis

Areas of interest: Monetary Economics; Applied Macroeconometrics; Bayesian Econometrics

Education: Ruhr Graduate School in Economics, PhD

Personal website

Selected Journal Publications:

• The Economic Implications of Oil Supply Uncertainty, Gabriel Arce-Alfaro, Energy Economics, 2025, Volume 145, 108425.

• Monetary Policy Uncertainty and Inflation Expectations, Gabriel Arce-Alfaro, Boris Blagov, Oxford Bulletin of Economics and Statistics, 2022, 85: 70-94.

Dilan Aydin Yakut’s

Economist, Monetary Policy

Areas of interest: Macro-econometrics; Empirical Macroeconomics; Monetary Policy

Education: University of Bologna, PhD

Personal website

Selected Central Bank of Ireland Publications:

• How Different is Euro Area and US Inflation? (PDF 1.5MB), Dilan Aydın Yakut, Economic Letter, 02/EL/23, Central Bank of Ireland, 2023.

Selected Journal Publications:

• Persistence Change Analysis for Spanish Unemployment Rates by Output Gap: A Time-Varying Parameter Approach, Dilan Aydın and Dilem Yıldırım, Ekonomik Yaklaşım, 2020, 31(114): 1-37.

Selected Other Publications:

• One Crisis After Another: A Dynamic Unemployment Persistence Analysis for the GIPS Countries”, ERC Working Papers, Dilem Yıldırım and Dilan Aydın, 2102, ERC - Economic Research Center, Middle East Technical University, 2021.

Quentin Bro de Comères

Economist, Macro-Financial Division

Areas of interest: Stress testing; Banking; Prudential Regulation; Monetary Policy

Education: Université de Poitiers, PhD

Selected Journal Publications:

• Non-standard monetary policy and ECB communication: Confusion or predictability?, Quentin Bro de Comères, Cornel Oros, Marc Pourroy, Léonore Raguideau-Hannotin, and Anne-Gael Vaubourg, Journal of International Money and Finance, 2025, 151: 103236
• How do analyst recommendations on banks respond to monetary policy news? An application to the Eurozone, Sophie Brana, Quentin Bro de Comères, and Anne-Gael Vaubourg, Applied Economics, 2024, 1

David Byrne

Advisor, Monetary Policy

Areas of interest: Monetary Policy, Communications, Macroeconomics, Financial Stability

Education: University College Dublin, PhD

Personal website

Selected Central Bank of Ireland Publications:

• The Central Bank Crystal Ball: Temporal Information in Monetary Policy Communication, David Byrne , Robert Goodhead, Michael McMahon and Conor Parle, Research Technical Paper 01/RT/23, Central Bank of Ireland, 2023.
• Measuring the Temporal Dimension of Text: An Application to Policymaker Speeches, David Byrne , Robert Goodhead, Michael McMahon and Conor Parle, Research Technical Paper 02/RT/23, Central Bank of Ireland, 2023.

Selected Journal Publications:

• How Does Monetary Policy Pass-Through Affect Mortgage Default? Evidence from the Irish Mortgage Market, David Byrne , Robert Kelly and Conor O’Toole, Journal of Money, Credit and Banking, 2022, 54: 2081-2101.
• Non-linearity in the wage Phillips curve: Euro area analysis, David Byrne and Zivile Zekaite, Economics Letters, 2020, Vol. 186, 108521.

Stephen Byrne

Senior Economist, Irish Economic Analysis

Areas of interest: Empirical Macroeconomics; Forecasting; Irish Economy

Education: Trinity College Dublin, PhD

Selected Central Bank of Ireland Publications:

• The evolution of household savings: determinants and implications (PDF 1.05MB). Laura Boyd, Stephen Byrne, and Tara McIndoe Calder, Quarterly Bulletin Articles, 2-37, 2025
• Inflation Forecasting at the Central Bank of Ireland (PDF 1.24MB). Stephen Byrne, Paraic O’Gorman, John Scally, and Zivile Zekaite, Quarterly Bulletin Articles, 71-107, 2024
• Solving the Wage Puzzle: Does the “Non-Employment Index” Explain European Wage Dynamics Since the Global Financial Crisis? (PDF 1.3MB), Stephen Byrne and Shayan Zakipour-Saber, No. 05/RT/20. Central Bank of Ireland, 2020

Selected Journal Publications:

• Understanding Irish labour force participation. Stephen Byrne and Martin O’Brien, The Economic and Social Review, 48(1, Spring), 2017

Selected Other Publications:

• Intangible assets of multinational enterprises in Ireland and their impact on euro area activity, Malin Andersson, Nina Blatnik, Stephen Byrne, Lorenz Emter, Belen Gonzalez Pardo, Valerie Jarvis, Martin Schmitz, Nico Zorell and Christoph Zwick, (No. 350). ECB Occasional Paper, 2024

James Carroll

Senior Economist, Climate Change Unit

Areas of interest: Energy Economics, Behavioural Economics, Climate Change and Financial Stability

Education: Trinity College Dublin, PhD

Personal website

Central Bank of Ireland Publications:

• An Estimate of Climate-Related Transition Risk in Irish Mortgage Lending, Tamanna Adhikari, James Carroll and Derek Lambert, Financial Stability Notes 01/FS/23, Central Bank of Ireland, 2023.
• Going Green: The Growth in Green Mortgage Financing in Ireland, James Carroll, Derek Lambert, Paul Lyons Financial Stability Notes 04/FS/23, Central Bank of Ireland, 2023.

Selected Journal Publications:

• Imperfect emissions information during flight choices and the role of CO2 labelling, James Carroll, William Brazil, Michael Howard and Eleanor Denny, Renewable and Sustainable Energy Reviews, 2022, 165 (112508)
• Harnessing citizen investment in community-based energy initiatives: A discrete choice experiment across ten European countries, Hangjian Wu, James Carroll and Eleanor Denny, Energy Research & Social Science, 2022, 89 (102552)

Selected Other Publications:

• Better energy cost information changes household property investment decisions: Evidence from a nationwide experiment, James Carroll, Eleanor Denny and Ronan C. Lyons, Trinity Economics Papers, Working Paper, 2020, No. 1520

Simone Cima

Economist, Monetary Policy Division

Areas of interest: Household Finance, Inequality, Macroeconomics

Education: Trinity College Dublin, PhD

Selected Central Bank of Ireland Publications:

• Wealth accumulation and inter-generational inequality with inverted population pyramids, Simone Cima, Research Technical Papers, No. 2022/06, August 2022
• Mapping market-based finance in Ireland (PDF 1.23MB), Simone Cima, Neill Killeen and Vasileios Madouros, Financial Stability Notes, No. 2019/17, December 2019

Selected Journal Publications:

• Fiscal transfers without moral hazard?, Roel Beetsma, Simone Cima and Jacopo Cimadomo, International Journal of Central Banking, Vol. 17 No. 3, September 2021

Selected Other Publications:

• Housing policy, homeownership, and inequality, Simone Cima and Joseph Kopecky, Trinity Economic Papers, No. 2024/07, September 2024

Daragh Clancy

Head of Division, Monetary Policy 

Areas of interest: Macroeconomics, International Economics

Education: University College Dublin, PhD

Personal website

Selected Central Bank of Ireland Publications:

• The macroeconomic effects of global supply chain reorientation, Daragh Clancy, Vilem Valenta and Donal Smith, Research Technical Paper, Central Bank of Ireland 05/RT/23, 2023
• Liquidity and tail-risk interdependencies in the euro area sovereign bond market, Daragh Clancy, Peter G. Dunne and Pasquale Filiani, Research Technical Paper, 11/RT/19, Central Bank of Ireland, 2019.

Selected Journal Publications:

• Fiscal Multipliers and Foreign Holdings of Public Debt, Fernando Broner, Daragh Clancy, Aitor Erce and Alberto Martin, The Review of Economic Studies, 2022, 89(3): 1155-1204
• Countercyclical capital rules for small open economies, Daragh Clancy and Rossana Merola, Journal of Macroeconomics, 2017, 54: 332-351

Thomas Conefrey

Head of Function, Irish Economic Analysis

Areas of interest: Macroeconomics, economic modelling, Irish economy, labour market

Education: University College Dublin, PhD

Selected Central Bank of Ireland Publications:

• The Role of the ICT Services Sector in the Irish Economy, Thomas Conefrey, Enda Keenan, Michael O’Grady, and David Staunton, Quarterly Bulletin Signed Article, Central Bank of Ireland, March 2023.
• Fiscal Windfalls: A Model-Based Analysis, Thomas Conefrey, Gerard O’Reilly and Graeme Walsh, Economic Letter 03/EL/19, Central Bank of Ireland, 2019

Selected Journal Publications:

• Easing the Pain? Estimating the Economic Impact of Domestic and Global Policy Responses to the COVID-19 Pandemic, Thomas Conefrey, Gerard O’Reilly and Graeme Walsh, Economic and Social Review, vol. 52, no. (2), Summer 2021.
• Modelling External Shocks in a Small Open Economy: The Case of Ireland, Thomas Conefrey, Niall McInerney, Gerard O’Reilly and Graeme Walsh National Institute Economic Review, no. 244, May 2018.

Giuseppe Corbisiero

Senior Economist, Monetary Policy Division

Areas of interest: Macroeconomics, Monetary Economics, Financial Economics

Education: University of Mannheim, PhD

Personal Website

Selected Central Bank of Ireland Publications:

• The ECB’s review of its monetary policy strategy, Giuseppe Corbisiero and Neil Lawton, Quarterly Bulletin Signed Article, Central Bank of Ireland, October 2021.
• Monetary policy regimes and the lower bound on interest rates, Giuseppe Corbisiero, Economic Letter Vol 2018, No. 6, Central Bank of Ireland, May 2018.

Selected Journal Publications:

• Bank lending, collateral, and credit traps in a monetary union, Giuseppe Corbisiero, European Economic Review, 2022, Vol. 144, May.

Selected Other Publications:

• Firm or bank weakness? Access to finance since the European sovereign debt crisis, Giuseppe Corbisiero and Donata Faccia, ECB Working Paper No 2361, January 2020.

Peter G. Dunne

Research advisor, International Finance Division (Financial Stability

Areas of interest: Money Market & Investment Funds; Bond Markets; Monetary Policy; Safe Assets; Macroprudential Policy for Non-Banks

Education: Queen’s University Belfast, PhD

Selected Central Bank of Ireland Publications:

• Do redemptions increase as money market funds approach regulatory liquidity thresholds?, Peter G Dunne & Raffaele Giuliana, Research Technical Paper 02/RT/22, Central Bank of Ireland, 2022.

Selected Journal Publications:

• The Portfolio Rebalancing Effects of the ECB's Asset Purchase Programme, Giovanna Bua and Peter G Dunne, International Journal of Central Banking Studies, 2019, Vol 15(5): 1-46.
• Sovereign bond-backed securities: A VAR-for-VaR and marginal expected shortfall assessment, Maite De Sola Perea, Peter G. Dunne, Martin Puhl, Thomas Reininger, Journal of Empirical Finance, 2019, 53:33-52.

Selected Other Publications:

• Financial fragility in open-ended mutual funds: the role of liquidity management tools. Peter G Dunne, Lorenz Emter, Falko Fecht, Raffaele Giuliana and Oana Peia, ESRB Working Paper Series No 140, March 2023.

Mary Everett

Advisor, Monetary Policy

Areas of interest: Monetary policy, international capital flows, international financial statistics

Education: Trinity College Dublin, PhD

Selected Journal Publications:

• Bank Business Models as a Driver of Cross-Border Activities, Mary Everett, Peter McQuade and Michael O’Grady, Journal of International Money and Finance, 2020, Vol 108, Issue C.
• Mortgage Lending, Monetary Policy, and Prudential Measures in Small Euro-area Economies: Evidence from Ireland and the Netherlands, Mary Everett, Jakob de Haan, David-Jan Jansen, Peter McQuade, and Anna Samarina, Review of International Economics, 2021, Vol 29, Issue 1.
• Cross-Border Spillovers of Monetary Policy: What Changes During a Financial Crisis?, Luciana Barbosa, Diana Bonfim, Sonia Costa, Mary Everett, Journal of International Money and Finance, 2018, Vol.89, pp 154-174.
• Blowing the bubble: The Global Funding of the Irish Credit Boom, Mary Everett, The Economic and Social Review, 2015, Vol. 46, No. 3, pp 339-365.

  Selected Other Publications:

• Negative rates, monetary policy transmission and cross-border lending via international financial centres, Desislava Andreeva, Andra Coman, Mary Everett, Maren Froemel, Kelvin Ho, Simon Lloyd, Baptiste Meunier, Justine Pedrono, Dennis Reinhardt, Andrew Wong, Eric Wong and Dawid Żochowsk, Bank of England Working Paper, 2023, No. 2010.
• The implications of globalisation for the ECB monetary policy strategy, David Lodge, Javier J. Pérez, Silvia Albrizio, Mary Everett, Olivier de Bandt, Georgios Georgiadis, Michele Ca’ Zorzi, Povilas Lastauskas, Juan Carluccio, Susana Parrága, Daniel Carvalho, Fabrizio Venditti, and Pietro Cova, Occasional Paper Series 263, European Central Bank, 2021
• Following the imprint of the ECB’s asset purchase programme on global bond and deposit flows, Stefan Avdjiev, Mary Everett, Hyun Song Shin, BIS Quarterly Review, March, 2019
• Tracking the International Footprint of Global Firms, Stefan Avdjiev, Mary Everett, Philip R. Lane, Hyun Song Shin, BIS Quarterly Review, March, 2018

Vahagn Galstyan

Advisor, Monetary Policy

Areas of interest: International Macroeconomics, Monetary economics.

Education: Trinity College Dublin, PhD

Selected Central Bank of Ireland Publications:

• Repricing of Risk and EME Assets: the Behaviour of Irish-Domiciled Funds During the COVID-19 Crisis, Silvia Calo, Lorenz Emter and Vahagn Galstyan, Financial Stability Notes 09/FS/20, Central Bank of Ireland, 2020.
• External Balance Sheet Risks in Ireland, Part II, Vahagn Galstyan and Valerie Herzberg, Financial Stability Notes 04/FS/20, Central Bank of Ireland, 2020.

Selected Journal Publications:

• Global Risk and Portfolio Flows to Emerging Markets: Evidence from Irish-Resident Investment Funds, Benedetta Bianchi, Vahagn Galstyan and Valerie Herzberg), Journal of International Money and Finance May 2022, 123, 102600.
• Expectations, Unemployment and Inflation: An Empirical Investigation, Vahagn Galstyan, International Finance, Winter 2021, 24, pp.298-312.

Roman Goncharenko

Senior Economist, Research Collaboration Unit.

Areas of interest: Financial Intermediation; Banking; Bank Regulation

Education: Vienna Graduate School of Finance, PhD

Personal website

Selected Journal Publications:

• The Agency of CoCos: Why Contingent Convertible Bonds are not for Everyone, Roman Goncharenko, Steven Ongena, and Asad Rauf, Journal of Financial Intermediation, 2021, 48
• When Green Meets Green, Hans Degryse, Roman Goncharenko, Carola Theunisz, Tamas Vadasz, Journal of Corporate Finance, 2023, 78

Selected Other Publications

• The Green Transmission and Banks Financing,Hans Degryse, Roman Goncharenko, Carola Theunisz, Tamas Vadasz, European Economy: Banks, Regulation, and Real Sector, ‘Sustainable Banking’, 2022
• Persistent Monetary Policy in a Model with Labor Market Frictions, Roman Goncharenko, Elizaveta Lukmanova, AEA Papers & Proceedings, 2022, 112: 496-502

Robert Goodhead

Senior Economist, Monetary Policy Division

Areas of interest: Macro-econometrics, Natural Language Processing.

Education: European University Institute, PhD

Personal Website

Selected Central Bank of Ireland Publications:

• Measuring the Temporal Dimension of Text: An Application to Policymaker Speeches, David Byrne, Robert Goodhead, Michael McMahon, and Conor Parle, Research Technical Paper 02/RT/23, Central Bank of Ireland, 2023.
• The Central Bank Crystal Ball: Temporal Information in Monetary Policy Communication, David Byrne, Robert Goodhead, Michael McMahon, and Conor Parle, Research Technical Paper 01/RT/23, Central Bank of Ireland, 2023.

Jane Kelly

Senior Economist, Behavioural Consumer Finance Unit

Areas of interest: Behavioural consumer finance; Household and SME credit; Macroprudential policy, Financial crises.

Education: University College Dublin, MA

Selected Central Bank of Ireland Publications:

• Engagement, switching and digital usage in consumer insurance markets: who does it and why it matters, Shane Byrne, Jane Kelly and Anuj Pratap Singh, Economic Letters 08/EL/22, Central Bank of Ireland, 2022.
• The Great Account Migration: Lessons from Behavioural Economics, Beere, Brendan, Shane Byrne, Jane Kelly and Anuj Pratap Singh, Financial Stability Note 13/FS/22, Central Bank of Ireland, 2022.

Selected Journal Publications:

• International Banking and Liquidity Risk Transmission: Evidence from Ireland, Mary Everett, Jane Kelly and Fergal McCann, IMF Economic Review, 2015, 63, (3) 542-567.

Selected Other Publications:

• Pockets of risk in European housing markets: then and now, Jane Kelly & Julia Le Blanc & Reamonn Lydon, ESRB Working Paper Series, 2019, 87.

Paul KiIgarriff

Economist, Macro-Financial Division

Areas of interest: Housing economics, Spatial analysis, Empirical Microeconomics, climate change

Education: Maynooth University, PhD

Personal website

Selected Journal Publications:

• Price, Size and Density: Dublin Housing in an EU Context, Journal of the Statistical and Social Inquiry Society of Ireland, 2021, Volume LI, pages 39-65
  
• Gibrat’s law and the change in artificial land use within and between European cities, Handbook on Entropy, Complexity and Spatial Dynamics: A Rebirth of Theory?, 2021.
  
• The impact of housing consumption value on the spatial distribution of welfare, 2019, Journal of Housing Economics 43, 118-130.
  
• Livestock exclusion from watercourses: Policy effectiveness and implications, 2020, Environmental Science & Policy, vol 106, pages 58-67

Neill Killeen

Head of Function, Macroprudential Policy for Non-Banks, International Finance Division

Areas of interest: Non-bank financial intermediation, international finance

Education: University College Dublin, PhD

Personal website

Selected Central Bank of Ireland Publications:

• Identifying and assessing systemic risks in Ireland: a review of the Central Bank's toolkit, Niamh Hallissey, Neill Killeen and Michael Wosser, Financial Stability Note 16/FS/22, Central Bank of Ireland, 2022.
• Rising construction costs and the residential real estate market in Ireland, Filippo Arigoni, Gerard Kennedy and Neill Killeen, Financial Stability Note 12/FS/22, Central Bank of Ireland, 2022.

Selected Journal Publications:

• Mapping exposures of EU banks to the global shadow banking system, Jorge Abad, Marco D’Errico, Neill Killeen, Vera Luz, Tuomas Peltonen, Richard Portes and Teresa Urbano, Journal of Banking & Finance, 2022, 134.
• Securitisation special purpose entities, bank sponsors and derivatives, Pawel Fiedor and Neill Killeen, Journal of International Financial Markets, Institutions and Money, 2021, 75.

Selected Other Publications:

• Assessing shadow banking – non-bank financial intermediation in Europe, Laurent Grillet-Aubert, Jean-Baptiste Haquin, Clive Jackson, Neill Killeen and Christian Weistroffer, ESRB Occasional Paper Series No. 10, 2016.
• Network analysis using EMIR credit default swap data: micro-level evidence from Irish-domiciled special purpose vehicles (SPVs), Oisin Kenny, Neill Killeen and Kitty Moloney, IFC Chapters, in: Bank for International Settlements (ed.), Combining micro and macro data for financial stability analysis, volume 41 Bank for International Settlements, 2015.

Matija Lozej

Advisor in Macro Modelling, Irish Economic Analysis, Macro Modelling

Areas of interest: Macroeconomics, DSGE models, Labour economics, Time series, Monetary and fiscal policy

Education: University of Amsterdam, PhD

Personal website

Selected Central Bank of Ireland Publications:

• Irish Government Investment, Financing and the Public Capital Stock Rónán Hickey, Matija Lozej, and Diarmaid Smyth, Quarterly Bulletin Signed Article, Central Bank of Ireland, July 2018.
• Using the Countercyclical Capital Buffer: Insights from a structural model, Matija Lozej & Martin O'Brien, Economic Letter 07/EL/18, Central Bank of Ireland, 2018.

Selected Journal Publications:

• Macroeconomic effects of tariffs shocks: The role of the effective lower bound and the labour market, Pascal Jacquinot, Matija Lozej and Massimiliano Pisani, Journal of International Money and Finance, 2022, vol. 120(C).
• Labor Tax Reforms, Cross-Country Coordination, and the Monetary Policy Stance in the Euro Area: A Structural Model-Based Approach, Pascal Jacquinot, Matija Lozej and Massimiliano Pisani International Journal of Central Banking, 2018, vol. 14(3), pages 65-140.

Selected Other Publications:

• Who gets jobs matters - Monetary policy and the labour market in HANK and SAM, Uroš Herman and Matija Lozej, Working Paper Series, forthcoming, European Central Bank, 2023.
• Macroeconomic effects of carbon transition policies: an assessment based on the ECB’s New Area-Wide Model with a disaggregated energy sector, Günter Coenen, Matija Lozej and Romanos Priftis, Working Paper Series 2819, European Central Bank, 2023.

Elizaveta Lukmanova

Economist, Research Collaboration Unit

Areas of interest: Monetary Policy, Macro - Finance

Education: KU Leuven, PhD

Personal website

Selected Journal Publications:

• Evidence on monetary transmission and the role of imperfect information: Interest rate versus inflation target shocks, Elizaveta Lukmanova and Katrin Rabitsch, European Economic Review, 2023, 158:104557.

Selected Other Publications:

• Persistent Monetary Policy in a Model with Labor Market Frictions, Roman Goncharenko, Elizaveta Lukmanova, AEA Papers & Proceedings, 2022, 112: 496-502.

Reamonn Lydon

Head of Function, Monetary Policy Division

Areas of interest: Labour, Household Finance, Inflation.

Education: University of Warwick, PhD

Personal website

Selected Central Bank of Ireland Publications:

• Wage Growth in Europe: Evidence From Job Ads, Pawel Adrjan and Reamonn Lydon, Economic Letter 07/EL/22, Central Bank of Ireland, 2022.

• Household characteristics, Irish inflation and the cost of living, Reamonn Lydon, Economic Letter 01/EL/22, Central Bank of Ireland, 2022.

Selected Journal Publications:

• Do households with debt cut back their consumption more? New evidence from the United Kingdom, Apostolos Fasianos and Reamonn Lydon, Bulletin of Economic Research, 2022, 74 (3), 737-760.
• Short-time work in the Great Recession: firm-level evidence from 20 EU countries Reamonn Lydon, Thomas Y. Mathä and Stephen Millard, IZA Journal of Labor Policy 2019, 8, 1-29.

Paul Lyons

Manager/Senior Economist

Areas of interest: Banking (including Stress Test modelling, Credit and liquidity risk analysis), Macroprudential Policy, Mortgage market, Climate Risks, micro-econometrics, pensions and investment portfolio analysis, R/SQL.

Education: MSc in Financial & Industrial Mathematics, Dublin City University (DCU), Ireland

Selected Central Bank of Ireland Publications:

• Going Green - The Growth in Green Mortgage Financing in Ireland (PDF 832.96KB), Derek Lambert, Paul Lyons and James Carroll, FS Note, No.4, 2023
• Rising interest rates and higher inflation: implications for the banking sector (PDF 0.96MB), Joe Morell, Frances Shaw, Paul Lyons and Fergal McCann, Vol. 2022, No. 15

Boryana Madzharova

Senior Economist, Research Collaboration Unit

Areas of interest: Public Finance, Value-added tax, Microeconometrics

Education: CERGE-EI, Ph.D.

Personal website

Selected Journal Publications:

• Unit Sales and Price Effects of Pre-announced Consumption Tax Reforms: Micro-level Evidence from European VAT, Thiess Buettner, Boryana Madzharova, American Economic Journal: Economic Policy, 2021, 13(3): 103-34.
• Income Tax Credits for Consumer Services: a Tool for Tackling VAT Evasion?, Thiess Buettner, Boryana Madzharova, Orlando Zaddach, Journal of Public Economics, 2023, 220: 104836.

Selected Other Publications:

• Taxes and Gender Equality: The Incidence of the Tampon Tax, Thiess Buettner, Frank Hechtner, Boryana Madzharova, CESifo Working Paper No. 10580, July 2023.
• Poland’s Special Economic Zones: Effects on Regional Economic Development, Jan Hanousek, Boryana Madzharova, Working Paper, February 2023.

Michael Mahony

Economist, Macro-Financial Division

Areas of interest:SME credit demand and supply, climate stress testing, microeconometrics, survey data

Education:University of Nottingham, PhD

Personal website

Selected Journal Publications:

• What drives people's opinions of electricity infrastructure? Empirical evidence from Ireland, Valentin Bertsch, Marie Hyland  and Michael Mahony, Energy Policy, (2017), 106(C), 472-497.

Selected Other Publications:

• Price-Setting with Asynchronous Adjustments to Firm Prices and Outputs: Evidence using Direct Survey Measures,
  Kevin Lee, Michael Mahony and Paul Mizen,  ESCoE Discussion Paper 2023-09, (2023), Economic Statistics Centre of Excellence (ESCoE).;
• Measuring flexible prices, flexible output, and marginal costs using survey data,
  Kevin Lee, Michael Mahony and Paul Mizen, ESCoE Discussion Paper 2023-01, (2023), Economic Statistics Centre of Excellence (ESCoE).

Enrico Mallucci

Advisor, Research Collaboration Unit

Areas of interest: International Finance

Education: London School of Economics, PhD

Personal website

Selected Journal Publications:

• Sovereign Default Contagion: A Normative Analysiswith S. de Ferra. Journal of International Economics, Vol. 154, 2025
• Differential Treatment in the Bond Market: Sovereign Risk and Mutual Fund Portfoliowith N. Converse, Journal of International Economics, Vol.145, 2023
• Natural Disasters, Climate Change, and Sovereign Risk, Journal of International Economics, Vol. 139, 2022.
• Sovereign Risk Matters: Endogenous Default Risk and the Time-Varying Volatility of Interest Rate Spreadswith S. de Ferra, Journal of International Economics, Vol. 134, 2022. 
• Domestic Debt and Sovereign Defaults.  Journal of Money Credit and Banking, Vol.54(6), 2022, pages 1741-1775
• What moves international stock and bond markets?, with G.Cenedese, Journal of International Money and Finance, Vol. 60, 2016, Pages 94–113.

Fergal McCann

Head of Research Collaboration Unit

Areas of interest: Macro-finance, banking

Education: UCD, PhD.

Personal website

Selected Central Bank of Ireland Publications:

• The interest rate exposure of households in the mortgage market, David Byrne, Fergal McCann and Edward Gaffney, Financial Stability Note 02/FS/23, Central Bank of Ireland, 2023.
• The implications of rising interest rates for the banking sector, Joe Morell, Frances Shaw, Paul Lyons and Fergal McCann, Financial Stability Note 02/FS/23, Central Bank of Ireland, 2023.

Selected Journal Publications:

• The anatomy of the transmission of macroprudential policies, Viral Acharya, Katharina Bergant, Matteo Crosignani, Tim Eisert and Fergal McCann, Journal of Finance, 2022.
• Cross-border macroprudential spillovers and bank risk-taking, Fergal McCann and Conor O’Toole, International Journal of Central Banking, 2019.

Tara McIndoe-Calder

Manager, Irish Economic Analysis

Areas of interest: Labour market dynamics; Distribution of household income; Distribution of household wealth

Education: Trinity College Dublin, PhD

Personal website

Selected Central Bank of Ireland Publications:

• Household Economic Resilience, Laura Boyd, Simone Arrigoni and Tara McIndoe-Calder, Quarterly Bulletin Signed Article, Central Bank of Ireland, October 2022.
• Labour market recovery after the pandemic. Laura Boyd, Stephen Byrne, Enda Keenan and Tara McIndoe-Calder, Quarterly Bulletin Signed Article, Central Bank of Ireland, July 2022.

Selected Journal Publications:

• Household Wealth Inequality and Resilience: Evidence from the Household Finance and Consumption Survey, David Horan, Reamonn Lydon and Tara McIndoe-Calder, The Economic and Social Review Spring 2021, 52.1, pp. 75–99
• Hyperinflation in Zimbabwe: money demand, seigniorage and aid shocks, Tara McIndoe-Calder, Applied Economics 2018, 50.15, pp. 1659–1675.

Selected Other Publications: 

• Hyperinflation in Zimbabwe: Background, Impact and Policy, Tara Bedi, Tara McIndoe-Calder and Rogelio Mercado, Ed. by Tara McIndoe-Calder, Tara Bedi, and Rogelio Mercado. Palgrave/Macmillan 2019

• The Economy of Ireland: Policy Making in a Global Context, Tara McIndoe-Calder and Frank Walsh.  In: ed. by John O’Hagan, Frances O’Toole, and Ciara Whelan. Bloomsbury. 2021. Chap. Labour Market and Migration, pp. 160–190

Laura Moretti

Financial Research Manager, Macro Financial Division.

Areas of interest: Macroeconomics, Monetary Policy, NBFIs.

Education: Boston University, PhD.

Personal website

 

Selected Central Bank of Ireland Publications:

• Phillips curves in the euro area, Laura Moretti, Luca Onorante and Shayan Zakipour-Saber, Central Bank of Ireland Research Technical Paper 08/RT/19, Central Bank of Ireland, 2019.
• Noise, News and Oil Price Swings, Luca Gambetti and Laura Moretti, Central Bank of Ireland Research Technical Paper 12/RT/17, Central Bank of Ireland 2017.

Selected Journal Publications:

• Banks funding, leverage, and investment, Alessandro Barattieri, Laura Moretti, Vincenzo Quadrini, Journal of Financial Economics, 2021, 141(1): 148-171.
• The Phillips Curve at the ECB, Fabian Eser, Peter Karadi, Philip R. Lane, Laura Moretti, and Chiara Osbat, The Manchester School, 2020, Vol. 88(S1): 50-85.

Selected Other Publications:

• A Greenhouse for Market Discipline: Making Bail-in Work, Jan Pieter Krahnen and Laura Moretti, European Economy – Banks, Regulation, and the Real Sector, 2015, Issue 1.
• Bail-in clauses, Jan Pieter Krahnen and Laura Moretti in E. Faia, A. Hackethal, M. Haliassos and K. Langenbucher (Eds.), Financial Regulation: A Transatlantic Perspective, 2015, Cambridge University Press.

Farah Mugrabi Otero

Economist, Macro-Financial Division

Areas of interest: Macro-Finance; Macroprudential Policies; Stress Test Modelling; Time Series.

Education: Catholic University of Louvain (UCL), PhD

Personal website

Selected Journal Publications:

• Financial Contagion: Detecting Non-Simultaneous Breaks in DCC-GARCH Models. Mugrabi, F. (2025). International Journal of Finance and Economics. 
• Macroprudential Policy and Bank Systemic Risk: Does Inflation Targeting Matter? Mugrabi F., Ben Naceur, S., Candelon, B., Belkhir, M. & Woon Gyu, C. Emerging Markets Review. 

Selected Other Publications:

• Systemic Implications of Financial Inclusion. Mugrabi F., Ben Naceur, S. & Candelon, B. IMF Working Paper 2024 (203), 51. 

Selected Central Bank of Ireland Publications:

• Housing and Credit Cycles in Ireland (PDF 758.21KB). Mugrabi F.,  & Rünstler, G. Central Bank of Ireland Research Technical Paper, 2025 (16), 43.
• Quick Stress Testing Methodology for Irish Banks (PDF 1.45MB). Bro de Comères, Q, Mugrabi, F. & Lyons, P. Central Bank of Ireland Research Technical Papers 2025 (17), 52. 
  

Martin O’Brien

Head of Division, Irish Economic Analysis

Areas of interest: Macroeconomics and Monetary economics; Labour economics; Fiscal policy; Systemic risk and financial stability; Macroprudential policy; Forecasting.

Education: University College Dublin, PhD

Selected Central Bank of Ireland Publications:

• Recurrent property taxes and house price risks, Martin O’Brien, David Staunton and Michael Wosser, Economic Letter 04/EL/22, Central Bank of Ireland, 2022.
• Business costs and consumer price inflation in Ireland, Stephen Byrne, Darragh McLaughlin and Martin O’Brien, Economic Letter 03/EL/22, Central Bank of Ireland, 2022.

Selected Journal Publications:

• Understanding Irish labour force participation, Stephen Byrne and Martin O’Brien, The Economic and Social Review, 2017, 48(1): 27-60.

Gerard O’Reilly

Head of Macro-modelling, Irish Economic Analysis

Areas of interest: Macroeconomics; Macro-modelling; Growth and Inflation

Education: Queens’ University Canada, PhD

Selected Central Bank of Ireland Publications:

• Recovery paths from Covid-19 and the impact of policy interventions, Thomas Conefrey, Niall McInerney, Gerard O’Reilly and Graeme Walsh, Quarterly Bulletin, 2021 Summer, 3-28.
• Modelling Overheating Risks in the Irish Economy, Thomas Conefrey, Gerard O’Reilly, Graeme Walsh and Luca ZavalloniQuarterly Bulletin, 2018 Summer 96-121

Selected Journal Publications:

• Monetary policy surprises and international bond markets, Don Bredin, Stuart Hyde and Gerard O’Reilly, Journal of International Money and Finance, 2011, 29(6), 988-1002
• Assessing the role of income and interest rates in determining house prices, Kieran McQuinn and Gerard O’Reilly, Economic Modelling(lead article) 2007, 25(3), 377-390

Selected Other Publications:

• Modelling external shocks in a small open economy: The Irish Case, Thomas Conefrey, Gerard O’Reilly and Graeme Walsh, National Institute Economic Review, 2018, 244, R56-R63

Michele Pelli

Economist, Research Collaboration Unit

Areas of interest: Empirical finance (banking, household finance, corporate finance

Education: University of Zurich and Swiss Finance Institute, PhD

Personal Website

Selected Journal Publications:

• Non-Standard Errors, Albert J. Menkveld et al., (forthcoming) Journal of Finance

Simone Pesce

Economist, Monetary Policy

Areas of interest: Macroeconomics, Household Finance

Education: Boston College, PhD (ongoing)

Personal website

Selected Publications:

• Mortgage Refinancing and the Marginal Propensity to Consume, Simone Pesce and Liang Zhang, ECB Working Paper Series, No. 3051, 2025.

Gillian Phelan

Head of Division, Digital Euro Unit

Areas of interest: Monetary policy; Macroeconomics

Education: University College Dublin, PhD

Selected Central Bank of Ireland Publications:

• COVID-19: Monetary policy in times of crisis, Sarah Holton, Conor Parle, Gillian Phelan and Rebecca Stuart, Economic Letter 08/EL/20, Central Bank of Ireland, 2020.

Selected Journal Publications:

• Monetary Policy Communication: Perspectives from Former Policymakers at the ECB, Michael Ehrmann, Sarah Holton, Danielle Kedan, and Gillian Phelan, Journal of Money, Credit and Banking, 2023. 

Luca Riva

Economist, Research Collaboration Unit

Areas of interest: Macroeconomics, Monetary Economics

Education: Brown University, PhD

Personal website

 

Selected Journal Publications:

• A Toolkit for Solving Models with a Lower Bound on Interest Rates of Stochastic Duration, Gauti Eggertsson, Sergey Egiev, Alessandro Lin, Josef Platzer and Luca Riva, Review of Economic Dynamics, 2021, 41:121-173

Selected Other Publications:

• Price Heterogeneity and Consumption Inequality, Luigi Pisano, Luca Riva and Andrea Stella,  Kilts Center for Marketing Nielsen Data Research Working Paper Series, 2022

Selected Central Bank of Ireland Publications

• The Impact of Borrower Based Measures: an international comparison, Laura Moretti and Luca Riva, Staff Insights no. 7, Central Bank of Ireland, 2025
• Stabilising Sentiment: Macroprudential Policy and House Price Expectations in Ireland, Fergal McCann and Luca Riva, Staff Insights no. 12, Central Bank of Ireland, 2025

Cian Ruane

Manager, IEA

Areas of interest: Macroeconomics, Growth, Trade.

Education: Stanford University, PhD

Personal website

Selected Journal Publications:

• Misallocation or Mismeasurement?  Mark Bils, Peter J. Klenow and Cian Ruane. Journal of Monetary Economics, 2021, 124: S39-S56
• Worker Mobility in Production Networks, Marvin Cardoza, Francesco Grigoli, Nicola Pierri and Cian Ruane, The Review of Economic Studies, Vol. 92 (6), 2025.

Selected Other Publications:

• Intermediate Input Substitutability, Alessandra Peter and Cian Ruane, NBER Working Paper, 2023, No. 31233 (Conditionally Accepted, Econometrica). 
• Distribution Costs, Alessandra Peter and Cian Ruane, IMF Working Paper, 2022, No. 007 (R&R, American Economic Journal: Macroeconomics)

Selected Central Bank of Ireland Publications:

• On the Fault Line? The Irish Economy in a Time of Geoeconomic Fragmentation. Firms and Productivity Working Group. Quarterly Bulletin Signed Article , Central Bank of Ireland, September 2025.

Anuj Pratap Singh

Economist, Macro Financial Division

Areas of interest: Experimental and Behavioural Economics, Household Resilience

Education: Trinity College Dublin, PhD

Selected Central Bank of Ireland Publications:

• Macroprudential easing and mortgage borrower outcomes: Evidence from Ireland, Anuj Pratap Singh and Fang Yao, Research Technical Paper 13/RT/25, Central Bank of Ireland, 2025.
• Mortgage switching through the turning of the interest rate cycle, David Scott and Anuj Pratap Singh, Financial Stability Note 02/FS/24, Central Bank of Ireland, 2024
• Housing assistance policy for mortgage borrowers: liquidity improvements or price acceleration? Fergal McCann and Anuj Pratap Singh, Research Technical Paper 04/RT/23, Central Bank of Ireland, 2023.

Selected Journal Publications:

• Liquidity and leverage responses to mortgage downpayment subsidies, Fergal McCann and Anuj Pratap Singh, Real Estate Economics, 2025.
• Understanding farmer’s valuation of agricultural insurance: Evidence from Vietnam, Michael King and Anuj Pratap Singh, Food Policy, Volume 94, 2020.

Selected Other Publications:

• Monetary Policy Tightening and SME Bank-Credit Demand Substitution, Supriya Kapoor, Michael Mahony and Anuj Pratap Singh, Trinity Economics Papers, Volume 2025. No. 1.
• Conned by a Cashback? Disclosure, Nudges and Consumer Rationality in Mortgage Choice, Michael King and Anuj Pratap Singh, Trinity Economics Paper Vol. 2018. No. 11.

Danish Us-Salam

Economist, Climate Change Unit

Areas of interest: Consumer Protection, Behavioural Economics, Household Finance, Machine Learning, Experimental Economics

Education: Trinity College Dublin, PhD

Personal Website

Selected Central Bank of Ireland Publications: 

• Mitigating Vulnerability: The Role of Risk Warnings, Information Order & Salience in Crypto Assets (PDF 1.86MB), Danish Us-Salam, Research Technical Paper 09/RT/25, Central Bank of Ireland, 2025.

Selected Journal Publications:

• Therapy, Mental Health, and Human Capital Accumulation Among Adolescent Girls in Uganda, Sarah Baird, Berk Özler, Chiara Dell’Aira, Luca Parisotto and Danish Us-Salam, Journal of Development Economics, Vol. 176, September 2025, 103473.
• COVID-19 and Adolescent Girls’ Mental Health in Uganda: A Panel Data Analysis, Danish Us-Salam, Benjamin Avuwadah, Chiara Dell’Aira, Christine Nabulumba and Sarah Baird, Advances in Global Health, Vol. 2, No. 1, 2023, 1798880.

Selected Other Publications

• Impact Evaluation of the Uganda Multisectoral Food Security and Nutrition Project, Munshi Sulaiman, John Ilukor, Nushrat Shamin, Samrat Singh, Rogers Ayiko, Ziauddin Hyder, Joseph Oryokot and Danish Us-Salam, World Bank Discussion Paper Series, June 2023.

Michael Wosser

Economist, Macro-Financial Division

Areas of interest: Systemic Risk, Systemic Banking Crises, Macroprudential Policy, Tail Risk

Education: Maynooth University, PhD

Selected Central Bank of Ireland Publications

• Rightsizing bank capital for small, open economies, Niall McInerney, Martin O’Brien, Michael Wosser and Luca Zavalloni, Research Technical Paper 04/RT/22, Central Bank of Ireland, 2022.
• Assessing Structure-Related Systemic Risk in Advanced Economies, Martin O'Brien and Michael Wosser Research Technical Paper 03/RT/22, Central Bank of Ireland 2022.

Selected Journal Publications:

• Non-financial corporations and systemic risk. Mardi Dungey, Thomas Flavin, Thomas O'Connor and Michael Wosser, Journal of Corporate Finance, 2022.

Anil Yadav

Economist, Research Collaboration Unit

Areas of interest: Innovation and Science Policy; Economic geography

Education: University of Galway, PhD

Selected Journal Publications:

• How does co-authoring with a star affect scientists' productivity? Evidence from small open economies Anil Yadav, John McHale, and Stephen O'Neill. Research Policy, (2023), 52(1), 104660.
• Stars as catalysts: an event-study analysis of the impact of star-scientist recruitment on local research performance in a small open economy. John McHale, Jason Harold, Jen Chung-Mei, Akhil Sasidharan, and Anil Yadav. Journal of Economic Geography, 2023(2), 343-369.

Selected Other Publications:

• Estimating effects of staggered intervention with Count and Binary outcomes: a simulation study. Anil Yadav. John McHale, Jason Harold, and Stephen O’Neill . Working paper, December 2023
• Extended length of stay and related costs associated with dementia in acute care hospitals in Ireland. Laura Carter, Anil Yadav, Stephen O’Neill, and Eamon O’Shea.  Aging & mental health, (2023) 27(5), 911-920.

Fang Yao

Senior Economist, MFD

Areas of interest: Macroprudential policy; Housing; Macro in general

Education: Humboldt University Berlin, Ph.D.

Selected Central Bank of Ireland Publications:

• New Survey Evidence for Household Resilience to Current Shocks, Fang Yao Financial Stability Note, 05/FS/23, Central Bank of Ireland, 2023.
• Household resilience to expenditure and debt service channels under current inflationary conditions, Tamanna Adhikari and Fang Yao Financial Stability Note, 03/FS/23, Central Bank of Ireland, 2023.

Selected Journal Publications:

• Savings and consumption responses to persistent income shocks, Brian Higgins, Terry O’Malley and Fang Yao, 2022

• Are Housing Wealth Effects Asymmetric in Booms and Busts? Evidence from New Zealand, Apostolos Fasianos, Robert Kirkby and Fang Yao, The Journal of Real Estate Finance and Economics, 2021, vol. 62(4), pages 578-628, May.
• Bank Capital, Financial Stability and Basel Regulation in a Low Interest-Rate Environment, Margarita Rubio and Fang Yao, International Review of Economics and Finance, 2020, Volume 67, Pages 378-392

Zivile Zekaite

Senior Economist, Irish Economic Analysis (On secondment to the ECB)

Areas of interest: Empirical macroeconomics, Monetary economics

Education: University of Glasgow, PhD

Selected Central Bank of Ireland Publications:

• A snapshot into inflation and earnings expectations by Irish residents, Kevin Cunningham, Garo Garabedian and Zivile Zekaite, Economic Letters, 02/EL/22, Central Bank of Ireland, 2022.
• An overview of inflation developments, David Byrne and Zivile Zekaite, Economic Letters 07/EL/21, Central Bank of Ireland, 2021

Selected Journal Publications:

• ALICE: Composite leading indicators for euro area inflation cycles, Gabe de Bondt and Elke Hahn and Zivile Zekaite, International Journal of Forecasting, 2021, vol. 37(2), pages 687-707.

• Thick modelling income and wealth effects: a forecast application to euro area private consumption, Gabe de Bondt Arne Gieseck and Zivile Zekaite, Empirical Economics, 2020, vol. 58(1), pages 257-286.