Raphael Auer
@raphauer.bsky.social
Economist, Eurosystem Centre head BIS Innovation Hub; founder of CEBRA.org (own views) - research site: https://sites.google.com/site/raphaelauer/home
Job alert: my current role. After 4 rewarding years leading the Eurosystem Centre, I’ll be moving back into a research role early next year. We’re also re-opening the search for the Nordic Centre Head — both applications close October 14:
www.bis.org/careers/vaca...
www.bis.org/careers/vaca...
September 17, 2025 at 6:57 PM
Job alert: my current role. After 4 rewarding years leading the Eurosystem Centre, I’ll be moving back into a research role early next year. We’re also re-opening the search for the Nordic Centre Head — both applications close October 14:
www.bis.org/careers/vaca...
www.bis.org/careers/vaca...
Happy to announce Leap Phase 2: together with Swift, Nexi, Banca d'Italia, Banque de France, and Bundesbank, we are exploring the implementation of post-quantum cryptography in a European payment system:
www.bis.org/about/bisih/...
Congrats to the Leap team for launching this initiative!
www.bis.org/about/bisih/...
Congrats to the Leap team for launching this initiative!
July 9, 2025 at 1:07 PM
Happy to announce Leap Phase 2: together with Swift, Nexi, Banca d'Italia, Banque de France, and Bundesbank, we are exploring the implementation of post-quantum cryptography in a European payment system:
www.bis.org/about/bisih/...
Congrats to the Leap team for launching this initiative!
www.bis.org/about/bisih/...
Congrats to the Leap team for launching this initiative!
We must prepare our financial system for quantum threats. A new paper shows how: www.bis.org/publ/bppdf/b...
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
July 7, 2025 at 8:10 AM
We must prepare our financial system for quantum threats. A new paper shows how: www.bis.org/publ/bppdf/b...
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
#Quantumcomputing poses a significant risk to global financial stability. This joint work with Donna Dodson, Angela Dupont, Maryam Haghighi, Nicolas Margaine, ... (1/3)
How economically significant is decentralized finance (#DeFi)?
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
May 15, 2025 at 6:29 AM
How economically significant is decentralized finance (#DeFi)?
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
www.bis.org/publ/work126...
Total Value Locked (#TVL) aims to capture the size of any ecosystem by summing up the funds that are locked in a given ecosystem, much like the liability side of a bank’s balance sheet. However...
New data shows #Stablecoins are quietly emerging as a global transactional means and reshaping remittance flows.
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
May 8, 2025 at 12:05 PM
New data shows #Stablecoins are quietly emerging as a global transactional means and reshaping remittance flows.
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
Happy to share "DeFiying Gravity? An Empirical Analysis of Cross-Border Bitcoin, Ether and Stablecoin Flows," with Ulf Lewrick and Jan Paulick: www.bis.org/publ/work126...
We...
Join the BIS Innovation Hub in Frankfurt, Paris, Hong Kong, London, Basel, Stockholm, Singapore, or Toronto. We have a number of secondment opportunities. Duration is typically 6-18 months.
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
May 2, 2025 at 6:43 PM
Join the BIS Innovation Hub in Frankfurt, Paris, Hong Kong, London, Basel, Stockholm, Singapore, or Toronto. We have a number of secondment opportunities. Duration is typically 6-18 months.
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
Find here more information on the job and how to apply:
lde.tbe.taleo.net/lde01/ats/ca...
Unlocking seamless, instant, and safe FX settlements - read our brand new report on Meridian FX connecting DL3S, the Trigger solution, and TIPS Hash-link to the UK RTGS system: www.bis.org/publ/othp94....
April 24, 2025 at 12:26 PM
Unlocking seamless, instant, and safe FX settlements - read our brand new report on Meridian FX connecting DL3S, the Trigger solution, and TIPS Hash-link to the UK RTGS system: www.bis.org/publ/othp94....
Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...
March 19, 2025 at 8:51 AM
Submission deadline for #CEBRA25 is tomorrow 20.03: www.cebra-events.org/call-for-pap...
Please share! We are happy to announce up to 4 Adviser positions (Secondment). The BIS Innovation Hub Eurosystem Centre invites applications for Project Lead, Data Engineer, Economist, and Data Scientist.
These roles offer opportunities to (1/4)...
These roles offer opportunities to (1/4)...
March 18, 2025 at 4:49 PM
Please share! We are happy to announce up to 4 Adviser positions (Secondment). The BIS Innovation Hub Eurosystem Centre invites applications for Project Lead, Data Engineer, Economist, and Data Scientist.
These roles offer opportunities to (1/4)...
These roles offer opportunities to (1/4)...
Is there an economic case for decentralization? Below, some takeaways from a paper with Cyril Monnet and Hyun Shin, now available in the JFE: www.sciencedirect.com/science/arti...
- Decentralization can provide benefits when validators are chosen from among the system’s users.... (1/3)
- Decentralization can provide benefits when validators are chosen from among the system’s users.... (1/3)
March 14, 2025 at 9:12 AM
Is there an economic case for decentralization? Below, some takeaways from a paper with Cyril Monnet and Hyun Shin, now available in the JFE: www.sciencedirect.com/science/arti...
- Decentralization can provide benefits when validators are chosen from among the system’s users.... (1/3)
- Decentralization can provide benefits when validators are chosen from among the system’s users.... (1/3)
Gain hands-on experience at the heart of global finance: BIS is offering internships (up to 11 months) across the Innovation Hub, Economics, and Banking. These positions are for recent graduates - application deadline is 24.03: www.bis.org/careers/inde...
February 26, 2025 at 1:05 PM
Gain hands-on experience at the heart of global finance: BIS is offering internships (up to 11 months) across the Innovation Hub, Economics, and Banking. These positions are for recent graduates - application deadline is 24.03: www.bis.org/careers/inde...
It is a special honor to hold the 10th CEBRA Annual Meeting at @harvard.edu and the FRB Boston together with 30 central banks and IFIs:
www.cebra-events.org/call-for-pap...
The event will take place at FRB Boston on August 6 and at HBS on 7-8 Aug. Submission deadline is March 20, 2025....
www.cebra-events.org/call-for-pap...
The event will take place at FRB Boston on August 6 and at HBS on 7-8 Aug. Submission deadline is March 20, 2025....
February 24, 2025 at 3:16 PM
It is a special honor to hold the 10th CEBRA Annual Meeting at @harvard.edu and the FRB Boston together with 30 central banks and IFIs:
www.cebra-events.org/call-for-pap...
The event will take place at FRB Boston on August 6 and at HBS on 7-8 Aug. Submission deadline is March 20, 2025....
www.cebra-events.org/call-for-pap...
The event will take place at FRB Boston on August 6 and at HBS on 7-8 Aug. Submission deadline is March 20, 2025....
The risk that quantum computers will soon be able to break widely used financial encryption is too significant to ignore. We recently held an event to discuss this threat and how to respond to it:
www.bis.org/events/25021...
Thanks to the...
www.bis.org/events/25021...
Thanks to the...
February 21, 2025 at 3:10 PM
The risk that quantum computers will soon be able to break widely used financial encryption is too significant to ignore. We recently held an event to discuss this threat and how to respond to it:
www.bis.org/events/25021...
Thanks to the...
www.bis.org/events/25021...
Thanks to the...
Instant global payments, securely settled in the safest form of money. Read our brand-new report: www.bis.org/publ/othp91....
Project Rialto is tackling key challenges in the retail cross-border payments market by integrating cross-border private sector instant payment systems with...
Project Rialto is tackling key challenges in the retail cross-border payments market by integrating cross-border private sector instant payment systems with...
February 13, 2025 at 9:16 AM
Instant global payments, securely settled in the safest form of money. Read our brand-new report: www.bis.org/publ/othp91....
Project Rialto is tackling key challenges in the retail cross-border payments market by integrating cross-border private sector instant payment systems with...
Project Rialto is tackling key challenges in the retail cross-border payments market by integrating cross-border private sector instant payment systems with...
Who stands to win—or lose—as AI keeps advancing? Intuitively, if AI is good at bookkeeping, it helps a medical doctor focus on examinations—but risks the job of accountants.
This paper generalizes the idea and investigates the overall impact on the labor market. more: cepr.org/publications...
This paper generalizes the idea and investigates the overall impact on the labor market. more: cepr.org/publications...
January 25, 2025 at 5:27 PM
Who stands to win—or lose—as AI keeps advancing? Intuitively, if AI is good at bookkeeping, it helps a medical doctor focus on examinations—but risks the job of accountants.
This paper generalizes the idea and investigates the overall impact on the labor market. more: cepr.org/publications...
This paper generalizes the idea and investigates the overall impact on the labor market. more: cepr.org/publications...
New paper discussing privacy-enhancing technologies in payments: www.bis.org/publ/work124... (w Böhme, @pulpspy.bsky.social, and Demirag)
January 24, 2025 at 2:17 PM
New paper discussing privacy-enhancing technologies in payments: www.bis.org/publ/work124... (w Böhme, @pulpspy.bsky.social, and Demirag)
In contrast, in emerging markets, where inflation is on average higher and market shares are less concentrated, granular contributions play a more modest role.
Paper link:
bis.org/publ/work1240.… (5/5)
Paper link:
bis.org/publ/work1240.… (5/5)
January 23, 2025 at 9:36 PM
In contrast, in emerging markets, where inflation is on average higher and market shares are less concentrated, granular contributions play a more modest role.
Paper link:
bis.org/publ/work1240.… (5/5)
Paper link:
bis.org/publ/work1240.… (5/5)
During the 2021–22 post-Covid inflation surge, the influence of granular forces intensified, with roughly one third of the surge traceable to large-firm dynamics. (4/5)
January 23, 2025 at 9:36 PM
During the 2021–22 post-Covid inflation surge, the influence of granular forces intensified, with roughly one third of the surge traceable to large-firm dynamics. (4/5)
During 2005-2020,
-41% of inflation variance in advanced economies can be accounted by firm-level granularities
- 26 percentage points are attributable to the 10 largest firms alone
- Granularities at the level of product categories explain an additional 15% of variance
(3/5)
-41% of inflation variance in advanced economies can be accounted by firm-level granularities
- 26 percentage points are attributable to the 10 largest firms alone
- Granularities at the level of product categories explain an additional 15% of variance
(3/5)
January 23, 2025 at 9:36 PM
During 2005-2020,
-41% of inflation variance in advanced economies can be accounted by firm-level granularities
- 26 percentage points are attributable to the 10 largest firms alone
- Granularities at the level of product categories explain an additional 15% of variance
(3/5)
-41% of inflation variance in advanced economies can be accounted by firm-level granularities
- 26 percentage points are attributable to the 10 largest firms alone
- Granularities at the level of product categories explain an additional 15% of variance
(3/5)
It’s surprising how much large firms influence aggregate inflation dynamics - even during the recent inflation surge.
⬇️🧵 on a new paper bis.org/publ/work1240.… with @SEAlvarezBlaser @LeinSarahMarit and Andrei Levchenko (1/5)
⬇️🧵 on a new paper bis.org/publ/work1240.… with @SEAlvarezBlaser @LeinSarahMarit and Andrei Levchenko (1/5)
January 23, 2025 at 9:34 PM
It’s surprising how much large firms influence aggregate inflation dynamics - even during the recent inflation surge.
⬇️🧵 on a new paper bis.org/publ/work1240.… with @SEAlvarezBlaser @LeinSarahMarit and Andrei Levchenko (1/5)
⬇️🧵 on a new paper bis.org/publ/work1240.… with @SEAlvarezBlaser @LeinSarahMarit and Andrei Levchenko (1/5)