NUMMUS - Central Banking



Unit director: Donato Masciandaro


NUMMUS is a research unit focused on central banking  activities - i.e. monetary and financial policies - through the initiatives  of the Chair in Economics of Financial Regulation. In 2005 the UB establishment of the  Chair in Economics of Financial Regulation anticipated well in advance what has been worldwide evident after the 2008 Great Crisis: the need of deep  reflections on the state of  the relationships between monetary policy, financial supervision (micro and macro prudential) and regulation. The Chair is unique in the international academic setting.


Today it is even more evident that the three policies, which are usually but not exclusively implemented via the activities of the central banks, are still in a state of  flux. In the traditional mainstream  the three  tales are told separately.  The big innovation in establishing the Chair was the aim to promote the progressive merger in implementing both the research and teaching activities  of the analysis of the macroeconomic effects of the public choices in the monetary, supervisory and regulatory games, using traditional and innovative tools. On this respect, the present strand of research of the Chair includes, among others,  the role of gender, as well as the influence of psychological and behavioural  biases, in shaping the monetary policy decisions.


On top of that, the research activity is devoted to explore how the regulatory and supervisory design and implementation can address the issue of the financial integrity, i.e. how to prevent and combat the threat of money laundering and terrorism finance at national and international level. 


The Chair research activities are deeply  intertwined with the initiatives of the Baffi Carefin Centre for Applied Research on International Markets, Banking, Finance and Regulation.