Skip to main content
School of Business and Management

Dr Povilas Lastauskas


Assistant Professor in Applied Macroeconomic Analysis Department of Business Analytics and Applied Economics

Room Number: FB4.25I, Francis Bancroft Building, Mile End Campus


Povilas holds MPhil and PhD degrees from the University of Cambridge (Trinity College and Faculty of Economics) and a diploma in Advanced Studies Program in International Economic Policy Research from Kiel Institute for the World Economy. Prior to joining the Queen Mary University of London, he held a permanent directorship position at the Center for Excellence in Finance and Economic Research at the Bank of Lithuania. Povilas initiated economics education reform in Lithuania by creating a novel undergraduate degree (Quantitative Economics) and contributing to the PhD program’s overhaul. In addition, he co-founded Baltic Economic Association, served on the ECB’s monetary policy review working group, and acted as an expert in OECD missions. Before central banking, Povilas was a director of studies in economics and economics lecturer at a few colleges at the University of Cambridge.

Povilas attracted large research grants funded by the governments of Poland and Lithuania, the European Social Fund, and European Economic Area (EEA) States (Iceland and Liechtenstein) and Norway. Povilas’ research explores the impacts of globalization, trade shocks, sanctions and policies on firms, households and aggregate economies. He is particularly interested in quantifying the spillover effects of economic policies. More information is available at

Postgraduate Teaching

BUSM028 Multinationals and Global Business



Key publications in refereed journals:

  • Lastauskas, Povilas. Lockdown, employment adjustment, and financial frictions // Small Business Economics. 2022, vol. 58, p. 919-942. DOI: 10.1007/s11187-021-00496-3.
  • Lastauskas, Povilas; Stakėnas, Julius. Labor market reforms and the monetary policy environment // European Economic Review. 2020, vol. 128, 103509. DOI: 10.1016/j.euroecorev.2020.103509.
  • Araujo, Juliana D.; Lastauskas, Povilas; Papageorgiou, Chris. Evolution of bilateral capital flows to developing countries at intensive and extensive margins // Journal of Money, Credit and Banking. 2017, Vol. 49, No. 7, p. 1517-1554. DOI: 10.1111/jmcb.12423.

Other publications in refereed journals:

  • Lastauskas, Povilas; Stakėnas, Julius. Dancing alone or together: the dynamic effects of independent and common monetary policies // Essays in honor of M. Hashem Pesaran: prediction and macro modeling/ Chudik, A., Hsiao, C. and Timmermann, A. (ed.). 2022. (Advances in Econometrics, ISSN 0731-9053 ; vol. 43A). DOI: 10.1108/S0731-90532021000043A011.
  • Lastauskas, Povilas; Stakėnas, Julius. Labour market institutions in open economy: Sectoral reallocations, aggregate adjustments, and spillovers // Review of International Economics. 2020, vol. 28, iss. 3, p. 814-845. DOI: 10.1111/roie.12472.
  • Constantinescu, Mihnea; Lastauskas, Povilas. The knotty interplay between credit and housing // The Quarterly Review of Economics and Finance. 2018, vol. 70, p. 241-266. DOI: 10.1016/j.qref.2018.05.013.
  • Lastauskas, Povilas; Stakėnas, Julius. Openness and structural labor market reforms: ex ante counterfactuals // Contemporary Economic Policy. 2018, vol. 36, no 4, p. 723-757. DOI: 10.1111/coep.12280.
  • Lastauskas, Povilas; Stakėnas, Julius. Structural labour market reforms in the EU-15: single-country vs. coordinated counterfactuals // Structural Change and Economic Dynamics. 2018, vol. 44, p. 88-99. DOI: 10.1016/j.strueco.2017.11.001.

Policy reports:

  • Lastauskas, Povilas. Heterogeneity and convergence in EU28: 25 years after Maastricht // The decade of catching-up: the case of the EU and Asia: conference logbook on the sixth conference of the Magyar Nemzeti Bank’s.
  • Budapest : Magyar Nemzeti Bank. 2019, p. 59-68. (Lamfalussy Lectures Conference series). Online access:
  • Work stream on globalisation (co-ordinator). 2021. "The implications of globalisation for the ECB monetary policy strategy," Occasional Paper Series 263, European Central Bank. Online access:
  • Lastauskas, Povilas. Roadmap for the Implementation of the Recommendations of the OECD Report. Report can be accessed at:, roadmap: 


I am interested in hearing from potential doctoral students who would like to conduct quantitative (empirical and/or theoretical) research in international macroeconomics and trade.

I am especially interested in hearing about projects making use of granular data of firms, industries, and households to explore their adaptation to economic policies and shocks.

From a more aggregate perspective, I am interested in the relationship between fiscal and monetary policy, the quantification of spillover effects, and the economics of sanctions.

Public Engagement

I have been a Principal Investigator or Co-Investigator on numerous projects funded by research councils, funding agencies, and governments. My key contributions involved new datasets and empirical and theoretical results about labour market reforms, monetary policy uncertainty, global spillovers, and the economic effects of sanctions.

I have contributed to the flagship Bank of Lithuania semi-annual review, Lithuanian Economic Review, focusing on the labour market reforms description. I have also contributed to the European Central Bank (ECB) level taskforce on Structural reforms. That work has culminated in a joint report. Most recently, I have actively participated in the ECB Monetary Policy Strategy review by contributing to the final document and doing coordination work.

I have also acted as an expert for the independent evaluation study of the Lithuanian Government Strategic Analysis Centre (examining its analytical capacity, structure within the institutional setup, and the supply and demand of analytical skills, especially policy evaluation practices). I was in charge of recommendations and clear roadmaps to implement changes that would strengthen analytical skills in the public sector (report). Previously, I acted as an expert on the OECD-led project team undertaking an independent evaluation study of the Fiscal institution in Lithuania (assessment of its performance by examining its analytical capacity, independence, accountability and visibility).

My research was communicated in numerous outlets, including:

Comunale, Mariarosaria; Dainauskas, Justas; Lastauskas, Povilas. How does trade adjust to global disruptions? The role of supply chain habits // IMF Research Perspectives: Fall 21/Winter 22. Washington DC: International Monetary Fund, 2022. ISBN 9798400200649. ISSN 2708-3535. 2022, vol. 24, no. 2, p. 15-18. Access:

Comunale, Mariarosaria; Dainauskas, Justas; Lastauskas, Povilas. Helping to predict trade flows at a time of global crisis // LSE Research for the World. London: London School of Economics and Political Science. 2021. Access:

Comunale, Mariarosaria; Dainauskas, Justas; Lastauskas, Povilas. Supply chains and trade flows volatility in the face of global shocks // London: Centre for Economic Policy Research (CEPR). 2021. Access:

Lastauskas, Povilas; Nguyen, Dinh Minh Anh. US monetary policy uncertainty drives global business cycles // LSE Business Review. London: London School of Economics and Political Science. 2021. Access:

Lastauskas, Povilas; Nguyen, Dinh Minh Anh. US monetary policy uncertainty drives global business cycles // LSE USAPP: LSE Phelan United States Centre. 2021. Access:

Lithuanian paper examines interplay between European housing and credit. 2017. Access online:

Bank of Lithuania paper explores spillovers of US policy uncertainty. 2021. Access online:


Nomination of Global Innovations for Lithuania (for new BSc Quantitative Economics programme), Global Lithuanian Leaders

Best new studies program, boosting university’s international standing (for a BSc Quantitative Economics programme), Vilnius University, Lithuania


Best International Research Project, Vilnius University, 2022

Bank of Lithuania Inaugural Research Prize, 2021

Back to top