Research Papers

Journal Publications

1. Monetary Policy Under Natural Disaster Shocks (2024), with Nikos Fatouros (University of Birmingham), Giovanni Melina (IMF) and Chris Papageorgiou (IMF). International Economic Review. [Download ] 

Other versions: IMF Working Paper 2022/067, International Monetary Fund [Download],  Banca d'Italia Working Paper 1443 [Download]

2. Macroeconomic Outcomes in Disaster-Prone Countries (2023), with Giovanni Melina (IMF) and Chris Papageorgiou (IMF). Journal of Development Economics,  Volume 161, March 2023. [Journal Article] 

Other versions: IMF Working Paper 19/217, International Monetary Fund [Download] 

Media coverage: Finance & Development, December 2019, pages 21-25.

3. Rare Disasters, the Natural Interest Rate and Monetary Policy (2022),  Oxford Bulletin of Economics and Statistics, Volume 84, Issue 3, June 2022, Pages 473-496. [Journal Article]

Other versions: Banca d'Italia Working Paper 1309 [Download]

4.  How Loose, How Tight? A Measure of Monetary and Fiscal Stance for the Euro Area (2021), with Nicoletta Batini (IMF), Giovanni Melina (IMF) and Stefania Villa (Banca d'Italia). Oxford Economic Papers, Volume 73, Issue 4, October 2021, Pages 1536–1556. [Journal Article] 

Other versions: Banca d'Italia Working Paper 1295 [Download], IMF Working Paper 20/86, International Monetary Fund [Download]

5. Sectoral Labor Mobility and Optimal Monetary Policy (2021), with Giovanni Melina (IMF). Macroeconomic Dynamics, Volume 27, Issue 1, 1-26 . [Journal Article ] 

Other versions: IMF Working Paper No. 17/40, International Monetary Fund [Download]

6. Monetary Policy and the Relative Price of Durable Goods (2018), with Giovanni Melina (IMF), Journal of Economic Dynamics and Control, Volume 86, 2018, Pages 1-48. [Journal Article] 

Other versions: IMF Working Paper 17/290, International Monetary Fund [Download], CESifo Working Paper [Download]

Working Papers

1. Monetary and Fiscal Policy Responses to Fossil Fuel Price Shocks, with Anna Bartocci, Pietro Cova, Alessandro Notarpietro and Massimiliano Pisani (Banca d'Italia). Revise&Resubmit at Energy Economics. Banca d'Italia Working Paper 1431 [Download]

2. Monetary Policy Tightening in Response to Uncertain Stagflationary Shocks: a Model-Based Analysis, with Anna Bartocci, Alessandro Notarpietro and Massimiliano Pisani (Banca d'Italia). Banca d'Italia Working Paper 1433 [Download]

3. Macroeconomic Effects of Growth-Enhancing Measures in the Euro Area, with Alessandro Notarpietro and Massimiliano Pisani (Banca d'Italia). Banca d'Italia Working Paper 1384 [Download]

4. Make-up Strategies and Exchange Rate Pass-Through in a Low Interest Rate Environment, with Pietro Cova, Alessandro Notarpietro and Massimiliano Pisani (Banca d'Italia). Banca d'Italia Working Paper 1398 [Download]

Work in progress

1. Natural Disasters and Unconventional Monetary Policy, with Alessandro Lin (Banca d'Italia) and Francesco Zanetti (University of Oxford).

2. Macroeconomic Effects of Growth-Enhancing Measures in an Open Economy: the Case of Italy, with Alessandro Notarpietro and Massimiliano Pisani (Banca d'Italia).

Policy Papers

1. Approaching the terminal rate and the way forward: a model based analysis, with Anna Bartocci, Martina Cecioni, Christian Hoynck, Alessandro Notarpietro and Andrea Papetti (Banca d'Italia), 2023. Banca d'Italia Occasional Papers (Questioni di Economia e Finanza) 791 [Download]

2. Policy Trade-Offs in Building Resilience to Natural Disasters, (with Leo Bonato, Giovanni Melina and Gonzalo Salinas), 2019. IMF Working Paper, Art. IV Staff Report 2018

3. Improving Governance: General Equilibrium Analysis Using a Macroeconomic Model (with Giovanni Melina), in "Review of 1997 Guidance Note on Governance - A Proposed Framework for Enhanced Fund Engagement”. Washington, DC: International Monetary Fund. Annex IV

4. Gabon Selected Issues: Measuring the Impact of Governance Reforms, 2019. Washington, DC: International Monetary Fund. [Download]