Professor of Economics
Philippe Bacchetta is Full Professor of Economics at the University of Lausanne. He joined SFI in 2006, and has been an SFI Senior Chair since 2013. He holds a PhD in Economics from Harvard University. He was a visiting scholar at the International Monetary Fund on several occasions and has been a consultant at numerous central banks around the world. From 1998 to 2007, he was Director of the Study Center Gerzensee founded by the Swiss National Bank. Since 2015, he has been Program Director of the International Macroeconomics and Finance program of the Centre for Economic Policy Research.
Listen to Prof. Philippe Bacchetta speak about his research.
His research focuses primarily on international finance, financial crises, and monetary economics.
One of Prof. Bacchetta’s recent co-authored studies analyzes the relationship between liquid assets, corporate saving, and international capital flows in fast-growing emerging economies. The researchers develop a model in which the demand for liquid assets emanating from firms is proportional to their savings. Contrary to what the current literature states, this demand for liquid assets generates a current account surplus in fast-growing emerging economies, where firms face tighter credit constraints, and the demand for foreign bonds becomes a complement to investment. The model developed also predicts a decline in global capital imbalances when growth declines.