Raphael Auer

Raphael Auer’s main academic research focuses on international macroeconomics and the micro-foundations of external adjustment. He studies how exchange-rate movements transmit through currency of invoicing, market structure, and global value chains to shape border prices, retail inflation, and expenditure switching. Some of his work has examined natural experiments such as the 2015 appreciation of the Swiss franc. Other research explored how global slack and supply-chain integration synchronize inflation across borders and dampen traditional elasticities. A second strand of his research examines economic and financial stability aspects of digitization, including digital payments, digital currencies, quantum computing and artificial intelligence.