My research has focused on international financial markets, monetary policy regimes
and their impact on macroeconomic and financial stability. I have been actively involved
with the European Union's eastern enlargement, particularly the design of monetary
and financial integration strategies. My recent work involves modeling and assessing
financial risk, particularly in the aftermath of the global financial crisis. 

On September 11, 2014, Dr. Orlowski received a research grant of $25,000 from the Chicago
Mercantile Exchange Foundation to conduct research on the impact of commodity futures on
macroeconomic fundamentals. This grant will be matched with another $25,000 from Mr.
Richard M. Schaeffer, a member of the Sacred Heart University Board of Trustees, for a
total of $50,000. 

Popular Press


New DBA Offers Opportunity for Experienced Business Professionals, Sacred Heart University News Story (2013)


Doctorate of Business Administration Announced, Sacred Heart University News Story (2013)

Sacred Heart University’s John F. Welch College of Business is planning a doctorate of business...



Students Examine Connecticut’s Economic Slowdown, Sacred Heart University News Story (2013)

Guided by Professor Lucjan Orlowski, a group of Sacred Heart University students recently prepared and...



Economics Prof Shares History and Memories of Polish Solidarity Movement, Sacred Heart University News Story (2012)

Orlowski, who is a former Solidarity member, shared with those gathered how the Solidarność went...




From Pit to Electronic Trading: Impact on Price Volatility, WCOB Faculty Publications (2015)

This paper investigates the dynamics of price volatility and trading volume of 10-year U.S. Treasury...



Monetary Expansion and Bank Credit: A Lack of Spark, WCOB Faculty Publications (2015)

This paper aims to evaluate the effects of the Federal Reserve monetary expansion over thepast...



Integration of Central and Eastern European and the Euro-Area Financial Markets: Repercussions from the Global Financial Crisis (with Anna Tsibulina), WCOB Faculty Publications (2014)

We examine integration of financial markets and banking sectors in Central and Eastern Europe and...



Returns, Volatilities and Correlations Across Mature, Regional and Frontier Markets: Evidence from South Asia (with Abu S. Amin), Business Faculty Publications (2014)

Our study investigates returns and volatilities across three tiers of financial markets: mature, regional-dominant and...



Financial Crisis and Extreme Market Risks: Evidence From Europe, Business Faculty Publications (2012)

This study draws attention to the proliferation of extreme risks in financial markets prior to...




Transition and Growth in Post-Communist Countries: The Ten-Year Experience, Business Faculty Publications (2001)

This text documents the first ten years of economic transition in Central and Eastern Europe....



Trade and Payments in Central and Eastern Europe's Transforming Economies (with Dominick Salvatore, ed.), Business Faculty Publications (1997)

The economic transformation in Central and Eastern Europe has been one of the major systemic...


Contributions to Books


Monetary and Fiscal Policy in Poland During the EU Accession, Business Faculty Publications (2007)

The chapter reviews the experiences of Poland from the previous round of EU accession and...



Monetary-Policy Targeting in the Central European Transition Economies, Business Faculty Publications (2003)

This chapter examines the monetary-policy-targeting systems, in the second half of the 1990s (until 1998),...




Innovation in Treasury Futures: Examining Volatility Patterns Before and After the Shift From Open-Outcry to Electronic Trading (with Bluford Putnam), WCOB Faculty Publications (2012)

Key objectives: Identify major stages of transformation of U.S.10Y Treasury futures trading from open-outcry to...


Book Reviews


The Periphery of the Euro: Monetary and Exchange Rate Policy in CIS Countries (Book Review), Business Faculty Publications (2007)

Book review by Lucjan Orlowski.

Lombaerde, Philippe de and Philippe De Lombaerde. The Periphery of...