Research areas

Behavioural (macro)economics; monetary economics, central banking; international macroeconomics, financial crises; experimental economics; inequality; complexity and heterogeneity.

Qualifications

Lic. rer. pol. (University of Basel)
MSc & PhD (LSE)

Biography

Timo Henckel is Associate Professor of Economics, Research Fellow in the Centre for Applied Macroeconomic Analysis (CAMA), and Chair of CAMA's Reserve Bank of Australia Shadow Board. His research spans the fields of behavioural economics, monetary economics, international macroeconomics, experimental economics, inequality, complexity and heterogeneity. He has theoretically, empirically and experimentally studied the determinants of bounded rationality and the effects of such behaviour on inflation and macroeconomic policy. Timo’s work has appeared in leading journals including Experimental Economics, Oxford Economic Papers and Journal of Macroeconomics. He has also provided media commentary and written numerous policy briefs for various stakeholders including on infrastructure policy, financial crises, and asset price bubbles and central banking.

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Grants

2018 Senior Fellow of Higher Education Academy (SFHEA) 

2017 ANU Media & Outreach Award, Op-Ed Writer of the Year, https://theconversation.com/what-economics-has-to-say-about-housing-bubbles-74925 https://twitter.com/ConversationEDU/status/925565567028699137

2009 ANU Media & Outreach Award, Best New Talent for global financial crisis commentary

Publications

Selected Publications

• Henckel, T, Menzies, G, and Zizzo, D, 2025, 'The straw that breaks the camel's back: inferential expectations and sudden belief changes', Oxford Review of Economic Policy, vol. 41, 426-451.
• Garratt, A, Henckel, T, Vahey, S, 2023, 'Empirically-transformed linear opinion pools', International Journal of Forecasting, vol. 39, 2, pp. 736-753.
• Henckel, T, Menzies, G, Moffatt, P and Zizzo, 2022, 'Belief adjustment: a double hurdle model and experimental evidence', Experimental Evidence, vol. 25, 1, pp. 26-67.
• Henckel, T, Menzies, G, Moffatt, P et al 2019, 'Three dimensions of central bank credibility and inferential expectations: The Euro zone', Journal of Macroeconomics, vol. 60, pp. 294-308.
• Cohen, S, Henckel, T, Menzies, G et al 2019, 'Switching cost models as hypothesis tests', Economics Letters, Vol. 175, pp. 32-35.
• McKibbin, W and Henckel, T, 2017, 'The economics of infrastructure in a globalized world: Issues, lessons and future challenges', Journal of Infrastructure, Policy and Development, vol. 1, no. 2, pp. 254-271.
• Henckel, T, ed., 2012, Sustaining Development and Growth in East Asia, Routledge, Taylor & Francis Group, UK.
• Henckel, T, Menzies, G, Prokhovnick, N and Zizzo, D, 2011, 'Barro-Gordon revisited: Reputational equilibria with inferential expectations', Economics Letters, vol. 112, no. (2011), pp. 144-147.
• Henckel, T 2010, 'Monopolistic Unions, Brainard Uncertainty, and Optimal Monetary Policy', Oxford Economic Papers, vol. 62, pp. 307-322.

Research engagement

Chair, The Australian National University’s RBA Shadow Board

Director of Behavioural Macroeconomics and Complexity research program, Centre for Applied Macroeconomic Analysis

Editor, the Economic Record 

Examples of media pieces:

The Conversation

Analysts say RBA interest rate cut looking likely tomorrow following coronavirus havoc, News.com.au March 2, 2020.

Housing Bubble Week: A Philosophy of Bubbles, The Jolly Swagman, 19 May 2019,

Can behavioural economics really change habits?, In The Black, 1 April 2018.

RBA seems only sure bet on Cup day, SBS, 6 November 2017. 

Four ways an Australian housing bubble could burst, illustrated, ABC News, 1 May 2017.

Teaching

Teaching Awards:

Citation for Outstanding Contributions to Student Learning, Universities Australia, 2021

Vice Chancellor’s Award for Teaching Excellence, Australian National University, 2020

CBE Award for Teaching Excellence, College of Business and Economics, Australian National University, 2019

Current Teaching:

ECON1102 (Macroeconomics 1)
ECON7074 (Macroeconomic Analysis)

Other Teaching:

Executive training, including for the Treasury and the Department of Prime Minister & Cabinet