Lucjan T. Orlowski, Ph.D., DBA Program Director, Professor of Economics and International Finance

Lucjan T. Orlowski, Ph.D., Professor of Economics and International Finance, SHUPrior to joining Sacred Heart University, Professor Orlowski taught at New York University and before that at the Karol Adamiecki University of Economics in Katowice, Poland.

He collaborates with a number of research institutes and universities around the world. Some of his current and past research affiliations include:  Research Professor at the Halle Institute for Economic Research in Halle, Germany; a Senior Fellow at the Center for Economic and Social Research (CASE) in Warsaw; a Research Fellow at the William Davidson Institute at the University of Michigan; a Senior Fellow at the Center for European Integration Studies (ZEI) at the University of Bonn; and Research Professor at the German Institute for Economic Research (DIW) in Berlin. He has guest-lectured at the University of Rome III, the University of Notre Dame, the University of Warsaw, and the School for Modern Business Studies in Hungary.

Professor Orlowski has been advising several financial and government institutions in the United States and Europe. From 1998 to 2001 he served as a Member of the Macroeconomic Policy Council of Poland’s Ministry of Finance and from 2002 to 2006 as a Senior Adviser to the National Bank of Poland. He was a member of the U.S. Government Mission to Eastern Europe.

He is a member of Executive Board of Association for Comparative Economic Studies (ACES) and a member of the Advisory Council of CASE in Warsaw.  He served on the Advisory Board of the DRI-WEFA Group in Washington, D.C.

He serves on Editorial Boards of Comparative Economic Studies and Banks and Bank Systems. He is an Associate Editor of Emerging Markets Finance and Trade, a Regional Editor of Journal of Emerging Markets and a Guest Editor of Open Economies Review and Economic Systems.

Degrees and Certifications

Ph.D. in International Economics from the Karol Adamiecki University of Economics in Katowice, Poland

Masters in Economics from Karol Adamiecki University of Economics in Katowice, Poland

Research Interests & Grants

Professor Orlowski’s research concentrates on international financial markets, monetary policy regimes and their impact on macroeconomic and financial stability. He has been actively involved with the European Union’s eastern enlargement, particularly the design of monetary and financial integration strategies. He was instrumental in the implementation of the inflation targeting strategy in Poland and helped develop the analytical framework for macroeconomic analysis and inflation forecasting models. He served as project coordinator for the European Commission “Monetary and Exchange Rate Strategies Related to the Current European Union’s Enlargement Process”.

His current research interest focuses on modeling and assessing financial risk. He has worked with the European Commission Economic and Finance Committee on the post-crisis policy responses to extreme risks in financial markets.

Most recently, he received and managed a $45,000 grant award from the Chicago Mercantile Exchange (CME) Group Foundation for research on analyzing the volatility of financial futures and managing risk embedded in the futures’ behavior.

Honors, Awards & Fellowship

Shanghai University of Finance and Economics, School of Finance First Foreign Visiting Professor

European Commission DG ECFIN, Visiting Fellow

Yale University, Saybrook College, Associate Fellow

Kiel Institute Of World Economics, Visiting Research Fellow

Sacred Heart University Teaching Excellence Award

Sacred Heart University Faculty Research Awards (1994 and 2002)

John F. Welch College of Business Research Award

American Council on Education Fellowship

Exxon Award for Academic Excellence and University Service

Fulbright Fellowship

Outstanding Doctoral Dissertation Award


Professor Orlowski has authored books, chapters in edited volumes and numerous articles in academic journals on monetary policy, exchange rates, interest rates, and international financial markets volatility. His volume “Transition and Growth in Post-Communist Countries: The Ten-Year Experience”, E.Elgar Publishing Inc. was honored with the 2002 Choice Magazine Award for Outstanding Title of the Year.

Selected papers published in scientific journals:

Financial Crisis and Extreme Market Risks: Evidence from Europe” Review of Financial Economics, 21 (3), 2012

Extreme Risks in Financial Markets and Monetary Policies of the Euro-Candidates” (with H. Gabrisch) Comparative Economic Studies,  53 ( 4), 2011

“Stages of the 2007/2008 global financial crisis: Is there a “wandering asset-price bubble”?”, Economics E-journal, Discussion paper No. 2008-43

“Relative inflation-forecast as monetary policy target for convergence to the euro”, Journal of Policy Modeling, 30(6), 2008

“Advancing inflation targeting in Central Europe: Strategies, policy rules and empirical evidence”, Comparative Economic Studies 50(3), 2008

“Monetary convergence of the EU accession countries to the eurozone: A theoretical framework and policy implications”, Journal of Banking and Finance 29(1), 2005

Professor Orlowski’s publications can be viewed on SSRN and RePEc