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Huw Pill

Huw Pill

Senior Lecturer of Business Administration

Senior Lecturer of Business Administration

Huw Pill is a senior lecturer at the Harvard Business School.

Previously he served as: Chief European Economist at Goldman Sachs (2011-18); Deputy Director General Research (2009-11), Head of the Monetary Policy Stance Division (2004-09) and Head of the Strategic Issues unit (1998-2001) at the European Central Bank; Assistant (1995-98; 2001-03) and Associate (2003-04) Professor of Business Administration at Harvard Business School; and an Economist at the Bank of England (1990-92).

Huw earned a doctorate in economics from Stanford University (1995) and a bachelors degree from the University of Oxford (1989).
Business, Government and the International Economy
+1 (617) 496-1950
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Huw Pill
Unit
Business, Government and the International Economy
Contact Information
(617) 496-1950
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Publications Research Summary Awards & Honors

Books
Books

  • Di Tella, Rafael, Huw Pill, and Ingrid Vogel. Institutions, Macroeconomics and the Global Economy. World Scientific, 2005. View Details

Overborrowing and economic liberalisation
Overborrowing and economic liberalisation

  • McKinnon, Ronald I., and Huw Pill. "Credible Economic Liberalizations and Overborrowing." American Economic Review 87, no. 2 (May 1997): 189–193. View Details
  • McKinnon, Ronald I., and Huw Pill. "International Overborrowing: A Decomposition of Credit and Currency Risks." World Development 26, no. 7 (July 1998): 1267–1282. View Details
  • McKinnon, Ronald I., and Huw Pill. "Credible Liberalizations and International Capital Flows: The Overborrowing Syndrome." Chap. 1 in Financial Deregulation and Integration in East Asia, edited by Takatoshi Ito and Anne O. Krueger, 7–42. Chicago: Chicago University Press, 1996. View Details
  • McKinnon, Ronald I., and Huw Pill. "The Overborrowing Syndrome: Are East Asian Economies Different?" Chap. 11 in Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin, edited by R. Glick, 322–355. Cambridge/New York: Cambridge University Press, 1998. View Details
  • McKinnon, Ronald I., and Huw Pill. "The Overborrowing Syndrome and Economic Liberalization." Chap. 6 in Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue, by Ronald I. McKinnon, 165–198. Cambridge, MA: MIT Press, 2005. View Details
  • Pill, Huw. "Mexico: The Tequila Crisis 1994-1995." Harvard Business School Case 702-093, June 2002. (Revised October 2002.) View Details
  • Pill, Huw. "Mexico: The Tequila Crisis 1994-1995." Harvard Business School Teaching Note 704-026, December 2003. (Revised January 2004.) View Details
  • Pill, Huw. "Responding to 21st Century Financial Crisis." Harvard Business School Case 798-090, April 1998. View Details
  • Pill, Huw. "Mexico (A): From Stabilized Development to Debt Crisis." Harvard Business School Case 797-096, February 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Mexico (B): Escaping from the Debt Crisis?" Harvard Business School Case 797-105, February 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Mexico (C): Reform and Crisis, 1987-1995." Harvard Business School Case 797-050, February 1997. (Revised October 2002.) View Details
  • Pill, Huw. "Mexico (D): Stabilization and Retrenchment." Harvard Business School Case 797-051, February 1997. (Revised August 1997.) View Details
  • Pill, Huw. "Mexico (C): Reform and Crisis 1987-1995 TN." Harvard Business School Teaching Note 702-067, March 2002. View Details
  • Pill, Huw. "The Mexican Debt Crisis of 1982." Harvard Business School Case 701-111, May 2001. View Details
  • Pill, Huw. "Portfolio Capital Flows to Emerging Markets." Harvard Business School Case 796-129, March 1996. (Revised February 2002.) View Details
  • Pill, Huw, and Courtenay Sprague. "Debt Restructuring Under the Brady Plan." Harvard Business School Case 796-130, March 1996. (Revised June 1998.) View Details
  • Pill, Huw. "Recycling Problem: International Bank Lending in the 1970s." Harvard Business School Case 796-131, March 1996. (Revised August 1997.) View Details
  • Pill, Huw, and Courtenay Sprague. "World to Mexico--Get a Grip!" Harvard Business School Case 796-123, March 1996. (Revised August 1997.) View Details

Monetary policy
Monetary policy

  • Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "The ECB and the Interbank Market." Economic Journal (Royal Economic Society) 122, no. 564 (November 2012): 467–486. View Details
  • Lenza, Michele, Huw Pill, and Lucrezia Reichlin. "Monetary Policy in Exceptional Times." Economic Policy 25, no. 62 (April 2010): 295–339. View Details
  • Pill, Huw. "Monetary Policy in a Low-Interest-Rate Environment: A Checklist." NBER International Seminar on Macroeconomics 6 (2009): 335–345. View Details
  • Manna, Michele, Huw Pill, and Gabriel Quiros. "The Operational Framework of the Eurosystem in the Context of the ECB's Monetary Policy Strategy." International Finance 4, no. 1 (Spring 2001): 65–99. View Details
  • Gattini, Luca, Huw Pill, and Ludger Schuknecht. "A Global Perspective on Inflation and Propagation Channels." Journal of Banking and Financial Economics, no. 1 (2015): 50–76. View Details
  • Durré, Alain, and Huw Pill. "Central Bank Balance Sheets as Policy Tools." BIS Papers 66 (October 2012): 193–223. View Details
  • Pill, Huw. "Políticas no convencionales: La recuperación en la zona del euro y el papel de la política del BCE." Papeles de economía española, no. 140 (June 2014): 188–198. View Details
  • Pill, Huw. "Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’." Chap. 3 in Renewing our Monetary Vows: Open Letters to the Governor of the Bank of England, edited by Richard Barwell and Jagjit Chadha, 35–52. London: National Institute of Economic and Social Research (NIESR), 2019. View Details
  • Pill, Huw, and Frank Smets. "Monetary Policy Frameworks after the Great Financial Crisis." Chap. 1 in The Great Recession: Lessons for Central Bankers, edited by J. Braude, Z. Eckstein, S. Fischer, and K. Flug, 21–50. Cambridge, MA: MIT Press, 2013. View Details
  • Pill, Huw. "Virtual Unconventional Policies: The Euro Area Recovery and the Role of ECB Policy." Chap. 10 in Monetary Policy after the Great Recession, edited by Javier Vallés, 291–304. Madrid: Fundación de las Cajas de Ahorros, 2014. View Details
  • Pill, Huw, and Lucrezia Reichlin. "Non-Standard Monetary Policy and Financial Stability: Developing an Appropriate Macrofinancial Policy Mix." Chap. 1 in Preparing for the Next Financial Crisis: Policies, Tools and Models, edited by Esa Jokivuolle and Radu Tunaru, 8–25. Cambridge University Press, 2017. View Details
  • Gaspar, Vitor, Klaus Masuch, and Huw Pill. "The ECB's Monetary Policy Strategy: Meeting the Challenges of the Early Years of EMU." Chap. 3 in EMU and Economic Policy in Europe: The Challenge of the Early Years, by Marco Butti and Andre Sapir, 73–102. Edward Elgar Publishing, 2002. View Details
  • Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Area." Chap. 8 in Macroprudential Regulatory Policies: The New Road to Financial Stability? Vol. 17, by S. Claessens, D. Evanoff, G. Kaufman, and L.E. Kodres, 103–120. World Scientific Studies in International Economics. London: World Scientific, 2011. View Details
  • Pill, Huw. "Central Banking after the Crisis: Challenges for the ECB." Chap. 12 in Is Inflation Targeting Dead? Thinking Ahead about Central Banking after the Crisis, edited by Richard Baldwin and Lucrezia Reichlin, 126–133. London: Centre for Economic Policy Research (CEPR), 2013. View Details
  • Brousseau, Vincent, Kleopatra Nikolaou, and Huw Pill. "Modeling Money Market Spreads: What Do We Learn about Refinancing Risk?" Finance and Economics Discussion Series (Federal Reserve Board), No. 2014-112, November 2014. View Details
  • Pill, Huw. Comment on "And Yet It Moves: Inflation and the Great Recession." And Yet It Moves: Inflation and the Great Recession. No. 19, edited by D. Miles, U. Panizza, R. Reis, and A. Ubide, 114–116. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2017. View Details
  • Pill, Huw. Comment on "'When and How to Exit: Issues of Transition' (by D. Kohn)." Chap. 3 Exit Strategy. No. 15, edited by A. Blinder, T. Jordan, D. Kohn, and F.S. Mishkin, 63–65. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2013. View Details
  • Pill, Huw. "Communication, Money and Monetary Policy." Paper presented at the Norges Bank's Conference on Monetary Policy: Evaluating Monetary Policy, Norges Bank, Oslo, March 30, 2006. View Details
  • Pill, Huw. "Fighting the Last War (A): Controlling British Inflation 1973-1992." Harvard Business School Case 797-048, January 1997. (Revised March 2002.) View Details
  • Pill, Huw. "Fighting the Last War (B): A New Monetary Policy Framework for Britain 1992-96." Harvard Business School Case 797-049, January 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Fighting the Last War (A): Controlling British Inflation 1973-1992 TN." Harvard Business School Teaching Note 702-071, March 2002. View Details
  • Pill, Huw, and Allison Morhaim. "Alan Greenspan." Harvard Business School Case 702-072, June 2002. (Revised September 2002.) View Details
  • Pill, Huw. "Alan Greenspan (TN)." Harvard Business School Teaching Note 704-031, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "John Maynard Keynes: His Life, Times, and Writings." Harvard Business School Compilation 702-092, June 2002. (Revised November 2004.) View Details
  • Pill, Huw. "John Maynard Keynes: His Life, Times, and Writings." Harvard Business School Teaching Note 704-023, December 2003. (Revised November 2004.) View Details

Monetary analysis
Monetary analysis

  • Fischer, Bjoern, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Monetary Analysis and Monetary Policy in the Euro Area 1999-2006." Journal of International Money and Finance 28, no. 7 (November 2009): 1138–1164. View Details
  • Masuch, Klaus, Sergio Nicoletti Altimari, Huw Pill, and Massimo Rostagno. "The Role of Money in Monetary Policymaking." BIS Papers 19 (October 2003): 158–191. View Details
  • Hoggarth, Glenn, and Huw Pill. "The Demand for M0 Revisited." Bank of England Quarterly Bulletin 32, no. 3 (August 1992): 305–313. View Details
  • Fischer, Björn, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Money and Monetary Policy: The ECB Experience 1999-2006." Chap. 2 in The Role of Money: Money and Monetary Policy in the Twenty-first Century, edited by Andreas Beyer and Lucrezia Reichlin, 102–175. Frankfurt: European Central Bank, 2008. View Details
  • Pill, Huw. "Monetary Analysis: Tools and Applications." Chap. 1 in Monetary Analysis: Tools and Applications, edited by Hans-Joachim Klöckers and Caroline Willeke, 11–30. Frankfurt: European Central Bank, 2001. View Details
  • Masuch, Klaus, Huw Pill, and Caroline Willeke. "Framework and Tools of Monetary Analysis." Chap. 7 in Monetary Analysis: Tools and Applications, edited by Hans-Joachim Klöckers and Caroline Willeke, 117–144. Frankfurt: European Central Bank, 2001. View Details
  • Fischer, Bjoern, and Huw Pill. "Improving Models of Euro Area Money Demand." Chap. 3 in Enhancing Monetary Analysis, edited by Lucas Papademos and Jürgen Stark, 131–206. European Central Bank, 2010. View Details
  • Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Non-standard Monetary Policy Measures and Monetary Developments." Chap. 8 in Interest Rates, Prices and Liquidity: Lessons from the Financial Crisis, edited by Jagjit Chadha and Sean Holly, 195–221. Cambridge University Press, 2011. View Details
  • Kozak, Jan, and Huw Pill. "Communicating Statistics in the Context of Banking Union – A Macro User's Perspective." Chap. 9 in Towards the Banking Union: Opportunities and Challenges for Statistics, 155–162. Frankfurt: European Central Bank, 2015. View Details
  • Pill, Huw, and Mahmood Pradhan. "Divisia Indices for Money: A Theoretical Appraisal." Chap. 2 in Proceedings of the Business and Economic Statistics Section, 20–29. Alexandria, VA: American Statistical Association, 1993. View Details
  • Masuch, Klaus, Sergio Nicoletti Altimari, Huw Pill, and Massimo Rostagno. "The Role of Money in Monetary Policy Making." Chap. 8 in Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, edited by Otmar Issing, 187–228. Frankfurt: European Central Bank, 2003. View Details
  • Pill, Huw, and Tuomas Rautanen. "Monetary Analysis: The ECB Experience." Paper presented at the The ECB and Its Watchers VIII, Frankfurt am Main, March 2006. View Details

Exchange rates and financial globalisation
Exchange rates and financial globalisation

  • Pill, Huw. "Evaluating Target Zone Models in EMS Data." Economics Letters 52, no. 2 (August 1996): 199–204. View Details
  • McKinnon, Ronald I., and Huw Pill. "Exchange-Rate Regimes for Emerging Markets: Moral Hazard and International Overborrowing." Oxford Review of Economic Policy 15, no. 3 (Fall 1999): 19–38. View Details
  • de Fontenay, Patrick, Gian-Maria Milesi Feretti, and Huw Pill. "The Role of Foreign Currency Debt in Public Debt Management." Chap. 12 in Macroeconomic Dimensions of Public Finance, edited by M. I. Blejer and T. M. Ter-Minassian, 203–232. New York: Routledge, 1997. View Details
  • Pill, Huw. "Comment on “Free Flows, Limited Diversification: Openness and the Fall and Rise of Stock Market Correlations” (by D. Quaid and H-J. Voth)." NBER International Seminar on Macroeconomics 6 (2009): 40–47. View Details
  • Pill, Huw. "Review of 'Globalizing Capital: A History of the International Monetary System' by Barry Eichengreen." Journal of Economic Literature 36, no. 1 (March 1998): 248–250. View Details
  • Pill, Huw. "Review of 'Financial Markets and European Monetary Cooperation: The Lessons of the 1992-93 Exchange Rate Mechanism Crisis' by W.H. Buiter, G. Corsetti and P.A. Pesenti." Journal of Economic Literature 36, no. 3 (September 1998): 1510–1512. View Details
  • Pill, Huw, and Donald H. Mathis. "Bahtulism, Collapse, Resurrection? Financial Crisis in Asia: 1997-1998." Harvard Business School Case 798-089, April 1998. (Revised January 2005.) View Details
  • Pill, Huw, John C. Kelleher, Michael T. Nally, and David Schlendorf. "The Euro-Dollar Decision (A)." Harvard Business School Case 703-071, June 2003. (Revised January 2004.) View Details
  • Pill, Huw, Rafael M. Di Tella, and Jonathan Schlefer. "Financial Crisis in Asia: 1997-1998 (Abridged)." Harvard Business School Case 709-004, October 2008. View Details

European integration
European integration

  • Colangelo, Antonio, Domenico Giannone, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "The National Segmentation of Euro Area Bank Balance Sheets during the Financial Crisis." Empirical Economics 53, no. 1 (August 2017): 247–265. View Details
  • Pill, Huw. "The Political Economy of the Brexit Referendum." Revue bancaire et financière / Bank- en Financiewezen 4 (2016): 302–307. View Details
  • Reichlin, Lucrezia, and Huw Pill. "Exceptional Policies for Exceptional Times: The ECB's Response to the Rolling Crises of the Euro Area." Chap. 23 in Routledge Handbook of the Economics of European Integration, edited by H. Badinger and V. Nitsch, 351–375. Routledge, 2016. View Details
  • Pill, Huw. "Banking Union: Challenges and Consequences." Chap. 10 in Bearing the Losses from Bank and Sovereign Default in the Eurozone, edited by Franklin Allen, Elena Carletti, and Joanna Grey, 129–142. Philadelphia: FIC Press, 2014. View Details
  • Pill, Huw. "'Waiting for Euro': A Review of Economic Systems 25(3) (ed. B. Frensch)." Foreign Policy, no. 128 (January–February 2002): 96–98. View Details
  • Pill, Huw. "Review of 'European Monetary Integration since 1848: A Political and Historical Analysis' by Wim F.V. Vanthoor." Business History Review 71, no. 1 (Spring 1997): 144–146. View Details
  • Pill, Huw, and Effie Anagnostopoulos. "Europe in 1996." Harvard Business School Case 797-047, April 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Europe in 1996 TN." Harvard Business School Teaching Note 702-073, March 2002. View Details
  • Pill, Huw, Michael Linse, Marie-Anne Popp, and Ingrid Vogel. "Renewing Germany: Kohl's Legacy and Schroder's Dilemma." Harvard Business School Case 702-087, June 2002. (Revised October 2002.) View Details
  • Pill, Huw. "Renewing Germany: Kohl's Legacy and Schroeder's Dilemma." Harvard Business School Teaching Note 704-034, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "The Blair Wealth Project: Antecedents and Prospects." Harvard Business School Case 702-008, April 2002. (Revised October 2002.) View Details
  • Pill, Huw. "Blair Wealth Project, The: Antecedents and Prospects." Harvard Business School Teaching Note 704-025, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, Marie-Laure Y Goepfer, Mathijs Robbens, and Ingrid Vogel. "The Netherlands: Is the Polder Model Sinking?" Harvard Business School Case 702-051, June 2002. (Revised June 2014.) View Details
  • Pill, Huw. "The Netherlands: Is the Polder Model Sinking?" Harvard Business School Teaching Note 704-024, December 2003. (Revised November 2004.) View Details
  • Pill, Huw. "Fiscal Policy and the Case of Expansionary Fiscal Contraction in Ireland in the 1980s." Harvard Business School Background Note 705-015, December 2004. (Revised December 2004.) View Details
  • Pill, Huw, and Julian Coulter. "Social Partnership." Harvard Business School Case 703-056, June 2003. (Revised December 2003.) View Details
  • Pill, Huw, Lakshmi Iyer, Marie-Laure Goepfer, and Ingrid Vogel. "Europe: Data Supplement, 1950-2011." Harvard Business School Background Note 703-013, September 2002. (Revised February 2012.) View Details

Structural reform
Structural reform

  • Pill, Huw. "Real Interest Rates and Growth: Improving on Some Deflating Experiences." Journal of Development Studies 34, no. 1 (October 1997): 85–110. View Details
  • Pill, Huw, and Mahmood Pradhan. "Financial Liberalization in Africa and Asia." Finance & Development 34, no. 2 (June 1997): 7–10. View Details
  • Pessina, Lorenzo, and Huw Pill. "What to Expect from Structural Reform in the Euro Area." Current Economics 14, no. 11 (November 2014): 3–8. View Details
  • Pill, Huw, and Mahmood Pradhan. "Financial Indicators and Financial Change: A Comparison of Africa and Asia." Savings and Development 21, no. 2 (June 1997): 123–150. View Details
  • Pradhan, Mahmood, and Huw Pill. "La liberalisation financière en Asie: Quelles leçons pour l'Afrique?" Revue d'économie financière 44 (December 1997): 131–140. View Details
  • Pill, Huw. "Monetary Stability and Structural Economic Reform." Chap. 4 in Enhancing Market Functions in Japan, edited by N. Yoshino, S. Inukai, and N. Tamaki, 117–150. Tokyo: Keio University Press, 2006. View Details
  • Pill, Huw. Comment on "'Financial Liberalization: The Korean Experience' (by Won-Am Park)." Financial Deregulation and Integration in East Asia, edited by Takatoshi Ito and Anne O. Krueger, 274–276. Chicago: Chicago University Press, 1996. View Details
  • Pill, Huw. Comment on "The Future of Banking." Banking Disrupted? Financial Intermediation in an Era of Transformational Technology. No. 22, edited by K. Petralia, T. Philippon, T. Rice, and N. Véron. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2019. View Details
  • Pill, Huw, and Courtenay Sprague. "Uganda and the Washington Consensus." Harvard Business School Case 798-047, February 1998. (Revised October 2002.) View Details
  • Pill, Huw. "Uganda and the Washington Consensus TN." Harvard Business School Teaching Note 702-074, March 2002. View Details
  • Pill, Huw. "U.S. in 2001, The: Macroeconomic Policy and the New Economy." Harvard Business School Case 701-113, May 2001. (Revised February 2002.) View Details
  • Pill, Huw. "U.S. in 2001, The: Macroeconomic Policy and the New Economy TN." Harvard Business School Teaching Note 702-066, March 2002. View Details
  • Pill, Huw, Petter Johnsson, Ola Nordquist, and Ingrid Vogel. "Welfare State and its Impact on Business Competitiveness, The: Sweden Inc. for Sale?" Harvard Business School Case 703-019, October 2002. (Revised November 2002.) View Details
  • Pill, Huw. "Welfare State and its Impact on Business Competitiveness, The: Sweden Inc. for Sale? (TN)." Harvard Business School Teaching Note 704-032, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "The EU's 13th Directive on Takeover Bids: Unlucky for Some?" Harvard Business School Case 703-014, October 2002. (Revised November 2002.) View Details
  • Pill, Huw. "EU's 13th Directive on Takeover Bids, The: Unlucky for Some?" Harvard Business School Teaching Note 704-033, December 2003. (Revised November 2004.) View Details
  • Pill, Huw. "Argentina's Financial System Fenced In." Harvard Business School Teaching Note 704-035, December 2003. View Details
  • Pill, Huw, Claudia Onoforio, and Romina Abal. "Argentina's Financial System Fenced In." Harvard Business School Case 703-069, June 2003. (Revised January 2004.) View Details
  • Di Tella, Rafael M., Tarun Khanna, Huw Pill, Alexandra de Royere, and Ingrid Vogel. "Argentina's Financial System: The Case of Banco de Galicia." Harvard Business School Case 702-033, February 2002. (Revised February 2003.) View Details
  • Di Tella, Rafael M., Tarun Khanna, Huw Pill, and Ingrid Vogel. "Argentina's Financial System: The Case of Banco de Galicia." Harvard Business School Teaching Note 702-080, April 2002. (Revised February 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "Argentina: Data Supplement, 1990-2002." Harvard Business School Background Note 702-094, June 2002. (Revised October 2002.) View Details
  • Di Tella, Rafael M., and Huw Pill. "Bolivia: Globalization, Sovereignty, or Democracy?" Harvard Business School Teaching Note 703-038, March 2003. View Details
  • Di Tella, Rafael M., Huw Pill, Miguel Lopez de Silanes Gomez, Cinthia Fernholz Violand, and Ingrid Vogel. "Bolivia: Globalization, Sovereignty, or Democracy?" Harvard Business School Case 702-086, June 2002. (Revised March 2003.) View Details
  • Pill, Huw. "Japan: Growing Contradictions in the Old Model." Harvard Business School Case 797-009, July 1996. (Revised August 1997.) View Details
All Publications
Huw Pill is a senior lecturer at the Harvard Business School.

Previously he served as: Chief European Economist at Goldman Sachs (2011-18); Deputy Director General Research (2009-11), Head of the Monetary Policy Stance Division (2004-09) and Head of the Strategic Issues unit (1998-2001) at the European Central Bank; Assistant (1995-98; 2001-03) and Associate (2003-04) Professor of Business Administration at Harvard Business School; and an Economist at the Bank of England (1990-92).

Huw earned a doctorate in economics from Stanford University (1995) and a bachelors degree from the University of Oxford (1989).
Books
  • Di Tella, Rafael, Huw Pill, and Ingrid Vogel. Institutions, Macroeconomics and the Global Economy. World Scientific, 2005. View Details
Overborrowing and economic liberalisation
  • McKinnon, Ronald I., and Huw Pill. "Credible Economic Liberalizations and Overborrowing." American Economic Review 87, no. 2 (May 1997): 189–193. View Details
  • McKinnon, Ronald I., and Huw Pill. "International Overborrowing: A Decomposition of Credit and Currency Risks." World Development 26, no. 7 (July 1998): 1267–1282. View Details
  • McKinnon, Ronald I., and Huw Pill. "Credible Liberalizations and International Capital Flows: The Overborrowing Syndrome." Chap. 1 in Financial Deregulation and Integration in East Asia, edited by Takatoshi Ito and Anne O. Krueger, 7–42. Chicago: Chicago University Press, 1996. View Details
  • McKinnon, Ronald I., and Huw Pill. "The Overborrowing Syndrome: Are East Asian Economies Different?" Chap. 11 in Managing Capital Flows and Exchange Rates: Perspectives from the Pacific Basin, edited by R. Glick, 322–355. Cambridge/New York: Cambridge University Press, 1998. View Details
  • McKinnon, Ronald I., and Huw Pill. "The Overborrowing Syndrome and Economic Liberalization." Chap. 6 in Exchange Rates under the East Asian Dollar Standard: Living with Conflicted Virtue, by Ronald I. McKinnon, 165–198. Cambridge, MA: MIT Press, 2005. View Details
  • Pill, Huw. "Mexico: The Tequila Crisis 1994-1995." Harvard Business School Case 702-093, June 2002. (Revised October 2002.) View Details
  • Pill, Huw. "Mexico: The Tequila Crisis 1994-1995." Harvard Business School Teaching Note 704-026, December 2003. (Revised January 2004.) View Details
  • Pill, Huw. "Responding to 21st Century Financial Crisis." Harvard Business School Case 798-090, April 1998. View Details
  • Pill, Huw. "Mexico (A): From Stabilized Development to Debt Crisis." Harvard Business School Case 797-096, February 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Mexico (B): Escaping from the Debt Crisis?" Harvard Business School Case 797-105, February 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Mexico (C): Reform and Crisis, 1987-1995." Harvard Business School Case 797-050, February 1997. (Revised October 2002.) View Details
  • Pill, Huw. "Mexico (D): Stabilization and Retrenchment." Harvard Business School Case 797-051, February 1997. (Revised August 1997.) View Details
  • Pill, Huw. "Mexico (C): Reform and Crisis 1987-1995 TN." Harvard Business School Teaching Note 702-067, March 2002. View Details
  • Pill, Huw. "The Mexican Debt Crisis of 1982." Harvard Business School Case 701-111, May 2001. View Details
  • Pill, Huw. "Portfolio Capital Flows to Emerging Markets." Harvard Business School Case 796-129, March 1996. (Revised February 2002.) View Details
  • Pill, Huw, and Courtenay Sprague. "Debt Restructuring Under the Brady Plan." Harvard Business School Case 796-130, March 1996. (Revised June 1998.) View Details
  • Pill, Huw. "Recycling Problem: International Bank Lending in the 1970s." Harvard Business School Case 796-131, March 1996. (Revised August 1997.) View Details
  • Pill, Huw, and Courtenay Sprague. "World to Mexico--Get a Grip!" Harvard Business School Case 796-123, March 1996. (Revised August 1997.) View Details
Monetary policy
  • Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "The ECB and the Interbank Market." Economic Journal (Royal Economic Society) 122, no. 564 (November 2012): 467–486. View Details
  • Lenza, Michele, Huw Pill, and Lucrezia Reichlin. "Monetary Policy in Exceptional Times." Economic Policy 25, no. 62 (April 2010): 295–339. View Details
  • Pill, Huw. "Monetary Policy in a Low-Interest-Rate Environment: A Checklist." NBER International Seminar on Macroeconomics 6 (2009): 335–345. View Details
  • Manna, Michele, Huw Pill, and Gabriel Quiros. "The Operational Framework of the Eurosystem in the Context of the ECB's Monetary Policy Strategy." International Finance 4, no. 1 (Spring 2001): 65–99. View Details
  • Gattini, Luca, Huw Pill, and Ludger Schuknecht. "A Global Perspective on Inflation and Propagation Channels." Journal of Banking and Financial Economics, no. 1 (2015): 50–76. View Details
  • Durré, Alain, and Huw Pill. "Central Bank Balance Sheets as Policy Tools." BIS Papers 66 (October 2012): 193–223. View Details
  • Pill, Huw. "Políticas no convencionales: La recuperación en la zona del euro y el papel de la política del BCE." Papeles de economía española, no. 140 (June 2014): 188–198. View Details
  • Pill, Huw. "Monetary Policy—‘Whatever It Takes within Our (New?) Mandate’." Chap. 3 in Renewing our Monetary Vows: Open Letters to the Governor of the Bank of England, edited by Richard Barwell and Jagjit Chadha, 35–52. London: National Institute of Economic and Social Research (NIESR), 2019. View Details
  • Pill, Huw, and Frank Smets. "Monetary Policy Frameworks after the Great Financial Crisis." Chap. 1 in The Great Recession: Lessons for Central Bankers, edited by J. Braude, Z. Eckstein, S. Fischer, and K. Flug, 21–50. Cambridge, MA: MIT Press, 2013. View Details
  • Pill, Huw. "Virtual Unconventional Policies: The Euro Area Recovery and the Role of ECB Policy." Chap. 10 in Monetary Policy after the Great Recession, edited by Javier Vallés, 291–304. Madrid: Fundación de las Cajas de Ahorros, 2014. View Details
  • Pill, Huw, and Lucrezia Reichlin. "Non-Standard Monetary Policy and Financial Stability: Developing an Appropriate Macrofinancial Policy Mix." Chap. 1 in Preparing for the Next Financial Crisis: Policies, Tools and Models, edited by Esa Jokivuolle and Radu Tunaru, 8–25. Cambridge University Press, 2017. View Details
  • Gaspar, Vitor, Klaus Masuch, and Huw Pill. "The ECB's Monetary Policy Strategy: Meeting the Challenges of the Early Years of EMU." Chap. 3 in EMU and Economic Policy in Europe: The Challenge of the Early Years, by Marco Butti and Andre Sapir, 73–102. Edward Elgar Publishing, 2002. View Details
  • Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Macroprudential Policy and Monetary Policy: Some Lessons from the Euro Area." Chap. 8 in Macroprudential Regulatory Policies: The New Road to Financial Stability? Vol. 17, by S. Claessens, D. Evanoff, G. Kaufman, and L.E. Kodres, 103–120. World Scientific Studies in International Economics. London: World Scientific, 2011. View Details
  • Pill, Huw. "Central Banking after the Crisis: Challenges for the ECB." Chap. 12 in Is Inflation Targeting Dead? Thinking Ahead about Central Banking after the Crisis, edited by Richard Baldwin and Lucrezia Reichlin, 126–133. London: Centre for Economic Policy Research (CEPR), 2013. View Details
  • Brousseau, Vincent, Kleopatra Nikolaou, and Huw Pill. "Modeling Money Market Spreads: What Do We Learn about Refinancing Risk?" Finance and Economics Discussion Series (Federal Reserve Board), No. 2014-112, November 2014. View Details
  • Pill, Huw. Comment on "And Yet It Moves: Inflation and the Great Recession." And Yet It Moves: Inflation and the Great Recession. No. 19, edited by D. Miles, U. Panizza, R. Reis, and A. Ubide, 114–116. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2017. View Details
  • Pill, Huw. Comment on "'When and How to Exit: Issues of Transition' (by D. Kohn)." Chap. 3 Exit Strategy. No. 15, edited by A. Blinder, T. Jordan, D. Kohn, and F.S. Mishkin, 63–65. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2013. View Details
  • Pill, Huw. "Communication, Money and Monetary Policy." Paper presented at the Norges Bank's Conference on Monetary Policy: Evaluating Monetary Policy, Norges Bank, Oslo, March 30, 2006. View Details
  • Pill, Huw. "Fighting the Last War (A): Controlling British Inflation 1973-1992." Harvard Business School Case 797-048, January 1997. (Revised March 2002.) View Details
  • Pill, Huw. "Fighting the Last War (B): A New Monetary Policy Framework for Britain 1992-96." Harvard Business School Case 797-049, January 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Fighting the Last War (A): Controlling British Inflation 1973-1992 TN." Harvard Business School Teaching Note 702-071, March 2002. View Details
  • Pill, Huw, and Allison Morhaim. "Alan Greenspan." Harvard Business School Case 702-072, June 2002. (Revised September 2002.) View Details
  • Pill, Huw. "Alan Greenspan (TN)." Harvard Business School Teaching Note 704-031, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "John Maynard Keynes: His Life, Times, and Writings." Harvard Business School Compilation 702-092, June 2002. (Revised November 2004.) View Details
  • Pill, Huw. "John Maynard Keynes: His Life, Times, and Writings." Harvard Business School Teaching Note 704-023, December 2003. (Revised November 2004.) View Details
Monetary analysis
  • Fischer, Bjoern, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Monetary Analysis and Monetary Policy in the Euro Area 1999-2006." Journal of International Money and Finance 28, no. 7 (November 2009): 1138–1164. View Details
  • Masuch, Klaus, Sergio Nicoletti Altimari, Huw Pill, and Massimo Rostagno. "The Role of Money in Monetary Policymaking." BIS Papers 19 (October 2003): 158–191. View Details
  • Hoggarth, Glenn, and Huw Pill. "The Demand for M0 Revisited." Bank of England Quarterly Bulletin 32, no. 3 (August 1992): 305–313. View Details
  • Fischer, Björn, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Money and Monetary Policy: The ECB Experience 1999-2006." Chap. 2 in The Role of Money: Money and Monetary Policy in the Twenty-first Century, edited by Andreas Beyer and Lucrezia Reichlin, 102–175. Frankfurt: European Central Bank, 2008. View Details
  • Pill, Huw. "Monetary Analysis: Tools and Applications." Chap. 1 in Monetary Analysis: Tools and Applications, edited by Hans-Joachim Klöckers and Caroline Willeke, 11–30. Frankfurt: European Central Bank, 2001. View Details
  • Masuch, Klaus, Huw Pill, and Caroline Willeke. "Framework and Tools of Monetary Analysis." Chap. 7 in Monetary Analysis: Tools and Applications, edited by Hans-Joachim Klöckers and Caroline Willeke, 117–144. Frankfurt: European Central Bank, 2001. View Details
  • Fischer, Bjoern, and Huw Pill. "Improving Models of Euro Area Money Demand." Chap. 3 in Enhancing Monetary Analysis, edited by Lucas Papademos and Jürgen Stark, 131–206. European Central Bank, 2010. View Details
  • Giannone, Domenico, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "Non-standard Monetary Policy Measures and Monetary Developments." Chap. 8 in Interest Rates, Prices and Liquidity: Lessons from the Financial Crisis, edited by Jagjit Chadha and Sean Holly, 195–221. Cambridge University Press, 2011. View Details
  • Kozak, Jan, and Huw Pill. "Communicating Statistics in the Context of Banking Union – A Macro User's Perspective." Chap. 9 in Towards the Banking Union: Opportunities and Challenges for Statistics, 155–162. Frankfurt: European Central Bank, 2015. View Details
  • Pill, Huw, and Mahmood Pradhan. "Divisia Indices for Money: A Theoretical Appraisal." Chap. 2 in Proceedings of the Business and Economic Statistics Section, 20–29. Alexandria, VA: American Statistical Association, 1993. View Details
  • Masuch, Klaus, Sergio Nicoletti Altimari, Huw Pill, and Massimo Rostagno. "The Role of Money in Monetary Policy Making." Chap. 8 in Background Studies for the ECB's Evaluation of Its Monetary Policy Strategy, edited by Otmar Issing, 187–228. Frankfurt: European Central Bank, 2003. View Details
  • Pill, Huw, and Tuomas Rautanen. "Monetary Analysis: The ECB Experience." Paper presented at the The ECB and Its Watchers VIII, Frankfurt am Main, March 2006. View Details
Exchange rates and financial globalisation
  • Pill, Huw. "Evaluating Target Zone Models in EMS Data." Economics Letters 52, no. 2 (August 1996): 199–204. View Details
  • McKinnon, Ronald I., and Huw Pill. "Exchange-Rate Regimes for Emerging Markets: Moral Hazard and International Overborrowing." Oxford Review of Economic Policy 15, no. 3 (Fall 1999): 19–38. View Details
  • de Fontenay, Patrick, Gian-Maria Milesi Feretti, and Huw Pill. "The Role of Foreign Currency Debt in Public Debt Management." Chap. 12 in Macroeconomic Dimensions of Public Finance, edited by M. I. Blejer and T. M. Ter-Minassian, 203–232. New York: Routledge, 1997. View Details
  • Pill, Huw. "Comment on “Free Flows, Limited Diversification: Openness and the Fall and Rise of Stock Market Correlations” (by D. Quaid and H-J. Voth)." NBER International Seminar on Macroeconomics 6 (2009): 40–47. View Details
  • Pill, Huw. "Review of 'Globalizing Capital: A History of the International Monetary System' by Barry Eichengreen." Journal of Economic Literature 36, no. 1 (March 1998): 248–250. View Details
  • Pill, Huw. "Review of 'Financial Markets and European Monetary Cooperation: The Lessons of the 1992-93 Exchange Rate Mechanism Crisis' by W.H. Buiter, G. Corsetti and P.A. Pesenti." Journal of Economic Literature 36, no. 3 (September 1998): 1510–1512. View Details
  • Pill, Huw, and Donald H. Mathis. "Bahtulism, Collapse, Resurrection? Financial Crisis in Asia: 1997-1998." Harvard Business School Case 798-089, April 1998. (Revised January 2005.) View Details
  • Pill, Huw, John C. Kelleher, Michael T. Nally, and David Schlendorf. "The Euro-Dollar Decision (A)." Harvard Business School Case 703-071, June 2003. (Revised January 2004.) View Details
  • Pill, Huw, Rafael M. Di Tella, and Jonathan Schlefer. "Financial Crisis in Asia: 1997-1998 (Abridged)." Harvard Business School Case 709-004, October 2008. View Details
European integration
  • Colangelo, Antonio, Domenico Giannone, Michele Lenza, Huw Pill, and Lucrezia Reichlin. "The National Segmentation of Euro Area Bank Balance Sheets during the Financial Crisis." Empirical Economics 53, no. 1 (August 2017): 247–265. View Details
  • Pill, Huw. "The Political Economy of the Brexit Referendum." Revue bancaire et financière / Bank- en Financiewezen 4 (2016): 302–307. View Details
  • Reichlin, Lucrezia, and Huw Pill. "Exceptional Policies for Exceptional Times: The ECB's Response to the Rolling Crises of the Euro Area." Chap. 23 in Routledge Handbook of the Economics of European Integration, edited by H. Badinger and V. Nitsch, 351–375. Routledge, 2016. View Details
  • Pill, Huw. "Banking Union: Challenges and Consequences." Chap. 10 in Bearing the Losses from Bank and Sovereign Default in the Eurozone, edited by Franklin Allen, Elena Carletti, and Joanna Grey, 129–142. Philadelphia: FIC Press, 2014. View Details
  • Pill, Huw. "'Waiting for Euro': A Review of Economic Systems 25(3) (ed. B. Frensch)." Foreign Policy, no. 128 (January–February 2002): 96–98. View Details
  • Pill, Huw. "Review of 'European Monetary Integration since 1848: A Political and Historical Analysis' by Wim F.V. Vanthoor." Business History Review 71, no. 1 (Spring 1997): 144–146. View Details
  • Pill, Huw, and Effie Anagnostopoulos. "Europe in 1996." Harvard Business School Case 797-047, April 1997. (Revised February 2002.) View Details
  • Pill, Huw. "Europe in 1996 TN." Harvard Business School Teaching Note 702-073, March 2002. View Details
  • Pill, Huw, Michael Linse, Marie-Anne Popp, and Ingrid Vogel. "Renewing Germany: Kohl's Legacy and Schroder's Dilemma." Harvard Business School Case 702-087, June 2002. (Revised October 2002.) View Details
  • Pill, Huw. "Renewing Germany: Kohl's Legacy and Schroeder's Dilemma." Harvard Business School Teaching Note 704-034, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "The Blair Wealth Project: Antecedents and Prospects." Harvard Business School Case 702-008, April 2002. (Revised October 2002.) View Details
  • Pill, Huw. "Blair Wealth Project, The: Antecedents and Prospects." Harvard Business School Teaching Note 704-025, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, Marie-Laure Y Goepfer, Mathijs Robbens, and Ingrid Vogel. "The Netherlands: Is the Polder Model Sinking?" Harvard Business School Case 702-051, June 2002. (Revised June 2014.) View Details
  • Pill, Huw. "The Netherlands: Is the Polder Model Sinking?" Harvard Business School Teaching Note 704-024, December 2003. (Revised November 2004.) View Details
  • Pill, Huw. "Fiscal Policy and the Case of Expansionary Fiscal Contraction in Ireland in the 1980s." Harvard Business School Background Note 705-015, December 2004. (Revised December 2004.) View Details
  • Pill, Huw, and Julian Coulter. "Social Partnership." Harvard Business School Case 703-056, June 2003. (Revised December 2003.) View Details
  • Pill, Huw, Lakshmi Iyer, Marie-Laure Goepfer, and Ingrid Vogel. "Europe: Data Supplement, 1950-2011." Harvard Business School Background Note 703-013, September 2002. (Revised February 2012.) View Details
Structural reform
  • Pill, Huw. "Real Interest Rates and Growth: Improving on Some Deflating Experiences." Journal of Development Studies 34, no. 1 (October 1997): 85–110. View Details
  • Pill, Huw, and Mahmood Pradhan. "Financial Liberalization in Africa and Asia." Finance & Development 34, no. 2 (June 1997): 7–10. View Details
  • Pessina, Lorenzo, and Huw Pill. "What to Expect from Structural Reform in the Euro Area." Current Economics 14, no. 11 (November 2014): 3–8. View Details
  • Pill, Huw, and Mahmood Pradhan. "Financial Indicators and Financial Change: A Comparison of Africa and Asia." Savings and Development 21, no. 2 (June 1997): 123–150. View Details
  • Pradhan, Mahmood, and Huw Pill. "La liberalisation financière en Asie: Quelles leçons pour l'Afrique?" Revue d'économie financière 44 (December 1997): 131–140. View Details
  • Pill, Huw. "Monetary Stability and Structural Economic Reform." Chap. 4 in Enhancing Market Functions in Japan, edited by N. Yoshino, S. Inukai, and N. Tamaki, 117–150. Tokyo: Keio University Press, 2006. View Details
  • Pill, Huw. Comment on "'Financial Liberalization: The Korean Experience' (by Won-Am Park)." Financial Deregulation and Integration in East Asia, edited by Takatoshi Ito and Anne O. Krueger, 274–276. Chicago: Chicago University Press, 1996. View Details
  • Pill, Huw. Comment on "The Future of Banking." Banking Disrupted? Financial Intermediation in an Era of Transformational Technology. No. 22, edited by K. Petralia, T. Philippon, T. Rice, and N. Véron. Geneva Reports on the World Economy. London: Centre for Economic Policy Research (CEPR), 2019. View Details
  • Pill, Huw, and Courtenay Sprague. "Uganda and the Washington Consensus." Harvard Business School Case 798-047, February 1998. (Revised October 2002.) View Details
  • Pill, Huw. "Uganda and the Washington Consensus TN." Harvard Business School Teaching Note 702-074, March 2002. View Details
  • Pill, Huw. "U.S. in 2001, The: Macroeconomic Policy and the New Economy." Harvard Business School Case 701-113, May 2001. (Revised February 2002.) View Details
  • Pill, Huw. "U.S. in 2001, The: Macroeconomic Policy and the New Economy TN." Harvard Business School Teaching Note 702-066, March 2002. View Details
  • Pill, Huw, Petter Johnsson, Ola Nordquist, and Ingrid Vogel. "Welfare State and its Impact on Business Competitiveness, The: Sweden Inc. for Sale?" Harvard Business School Case 703-019, October 2002. (Revised November 2002.) View Details
  • Pill, Huw. "Welfare State and its Impact on Business Competitiveness, The: Sweden Inc. for Sale? (TN)." Harvard Business School Teaching Note 704-032, December 2003. (Revised November 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "The EU's 13th Directive on Takeover Bids: Unlucky for Some?" Harvard Business School Case 703-014, October 2002. (Revised November 2002.) View Details
  • Pill, Huw. "EU's 13th Directive on Takeover Bids, The: Unlucky for Some?" Harvard Business School Teaching Note 704-033, December 2003. (Revised November 2004.) View Details
  • Pill, Huw. "Argentina's Financial System Fenced In." Harvard Business School Teaching Note 704-035, December 2003. View Details
  • Pill, Huw, Claudia Onoforio, and Romina Abal. "Argentina's Financial System Fenced In." Harvard Business School Case 703-069, June 2003. (Revised January 2004.) View Details
  • Di Tella, Rafael M., Tarun Khanna, Huw Pill, Alexandra de Royere, and Ingrid Vogel. "Argentina's Financial System: The Case of Banco de Galicia." Harvard Business School Case 702-033, February 2002. (Revised February 2003.) View Details
  • Di Tella, Rafael M., Tarun Khanna, Huw Pill, and Ingrid Vogel. "Argentina's Financial System: The Case of Banco de Galicia." Harvard Business School Teaching Note 702-080, April 2002. (Revised February 2004.) View Details
  • Pill, Huw, and Ingrid Vogel. "Argentina: Data Supplement, 1990-2002." Harvard Business School Background Note 702-094, June 2002. (Revised October 2002.) View Details
  • Di Tella, Rafael M., and Huw Pill. "Bolivia: Globalization, Sovereignty, or Democracy?" Harvard Business School Teaching Note 703-038, March 2003. View Details
  • Di Tella, Rafael M., Huw Pill, Miguel Lopez de Silanes Gomez, Cinthia Fernholz Violand, and Ingrid Vogel. "Bolivia: Globalization, Sovereignty, or Democracy?" Harvard Business School Case 702-086, June 2002. (Revised March 2003.) View Details
  • Pill, Huw. "Japan: Growing Contradictions in the Old Model." Harvard Business School Case 797-009, July 1996. (Revised August 1997.) View Details
Research Summary
Professor Pill's current research has two dimensions. On the one hand, he is investigating the formulation and conduct of monetary policy in advanced economies, with a focus on the implementation of the single monetary policy in the euro area. On the other hand, he is studying the role of financial liberalization and innovation on macroeconomic fluctuations. The latter project focuses on the interaction between international capital flows, exchange rate management, structural economic reforms (especially in the financial sector) and macroeconomic performance in a variety of countries, including the United Kingdom, Indonesia and Mexico. The results of this research have been published in various professional journals and edited volumes.
Awards & Honors
Winner of the 1994 Walter J. Gores Award for Excellence in Teaching at Stanford University.
Areas of Interest
  • international finance
  • macroeconomics
  • monetary economics
  • Additional Topics
  • capital markets
  • emerging markets
  • globalization
  • Industries
  • banking
  • Geographies
  • Europe

Areas of Interest

international finance
macroeconomics
monetary economics
 More

Additional Topics

capital markets
emerging markets
globalization

Industries

banking

Geographies

Europe
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