Gaetano Gaballo

Gaetano Gaballo is Professor of Macroeconomics at HEC Paris and a Research Affiliate at the Centre for Economic Policy Research (CEPR). He is a specialist in Monetary Economics, studying how policies shape the expectations and behavior of households, investors, and firms, and how digital assets are transforming the landscape of payment systems. 

In his recent research, Professor Gaballo has focused on how central banks’ large-scale purchases of sovereign debt or private assets reshape investors’ expectations. This study has important implications for price dynamics, market stability, and the degree of implicit public financing.

Gaetano Gaballo is also interested in how consumers respond when faced with changing economic conditions. His studies reveal how consumers shift from high- to low-markup sellers in response to surprise inflation, tightening competitive pressures in the market. Another line of research examines the impact of digital technologies on market structure. He shows how faster market-share shifts — driven by digital tools that ease consumers’ brand switching — can paradoxically lead to market concentration and reduce long-run productivity. 

Finally, he is also interested in how new assets such as stablecoins and digital currencies are redefining the concept of money. His research has been published in leading journals such as the Review of Economic Studies, the Journal of Monetary Economics, and the American Economic Journal: Macroeconomics. 

In 2023, he was awarded a prestigious Consolidator Grant by the European Research Council to support his research on inflation and business cycles. 

At HEC Paris, Professor Gaballo has longstanding teaching experience in Macroeconomics for Business, Monetary Economics and Sovereign Debt, and Theory and Empirics of Macroeconomic Expectations at the Master’s, MBA, and PhD levels. 

Before joining HEC in 2019, he worked for eight years at the Banque de France and held research positions at the European Central Bank, Columbia University, and the European University Institute.