Prasanna Gai is Professor of Macroeconomics at the University of Auckland. His work applies ideas from network and game theory to understand the causes and consequences of financial crises. He is the author of Systemic Risk – the Dynamics of Modern Financial Systems (Oxford University Press, 2013) and Private Sector Involvement and International Financial Crises (with M. Chui, Oxford University Press, 2005).
Professor Gai is currently serving a four-year term on the Advisory Scientific Committee of the European Systemic Risk Board (ESRB). He was elected a Visiting Fellow of All Souls College, University of Oxford for the 2014-15 academic year, and was Special Adviser to Governor Mark Carney at the Bank of Canada between 2010-11.
Prior to his appointment at the University of Auckland, Profesor Gai was Professor of Economics at the Australian National University (2008-10). He was Senior Adviser at the Bank of England from 1994-2007, heading up its financial stability research between 2003-2007 and serving as editor of its Financial Stability Report. Whilst at the Bank of England and the Bank of Canada, Professor Gai spear-headed development of RAMSI and MFRAF, the top-down bank stress-testing models currently used by both institutions. He was also invited by Governor Allan Bollard to conduct a formal review of the monetary policy process at the Reserve Bank of New Zealand in 2011.
Professor Gai has been Visiting Fellow at the Isaac Newton Institute for Mathematical Sciences, University of Cambridge (2014-15), Academic Fellow of the Reserve Bank of New Zealand (2012), Visiting Research Adviser to the Monetary Authority of Singapore (2015-16), Visiting Fellow of the Hong Kong Institute of Monetary Research, and Visiting Senior Fellow at the Institute for New Economic Thinking (INET@Oxford). He is also a Senior Research Associate with the Risk Management Institute, National University of Singapore, and the Centre for Applied Macroeconomic Analysis, Australian National University.