CV
RESEARCH INTERESTS
Macroeconomics, Business cycle, Macro-Labor, Monetary Economics
EMPLOYMENT HISTORY
Deputy Head of Economic Outlook Division, Bank of Italy, Monetary Policy and Economic Outlook Directorate
Economic Outlook Division - 2024 – to present
Head of Inflation Analysis, Bank of Italy, Monetary Policy and Economic Outlook Directorate
Economic Outlook Division - 2020 – 2024
Senior Economist, Bank of Italy, Monetary Policy and Economic Outlook Directorate
Economic Outlook Division - 2011-2020
Research fellow, Bank of Italy, Monetary Policy and Economic Outlook Directorate
Economic Outlook Division 2010-2011
INTERNATIONAL GROUPS
2020 – present Eurosystem, member of the Working Group on Forecasting (WGF)
2020 – 2021 Eurosystem, coordinator of Inflation Expectations Expert Group (EGIE) for the European Central Bank Strategy Review
2018 – 2023 Eurosystem, member of the Price Setting Micro Data Analysis task force (PRISMA)
2015 – 2016 Eurosystem, member of the Wage Dynamics Network (WDN)
2011 – 2018 Eurosystem, regular participant to the Working Group on Forecasting (WGF)
OTHER RESPONSIBILITIES
2023 – 2024 - Coordinator of the Editorial Committee of the Bank of Italy Economic Bulletin
2023 – present - Membro della Commissione di sorveglianza dei prezzi, dl 14 gennaio 2023, n.5, Ministero delle Imprese e del Made in Italy
2020-2023 - Member of the Forecasting Committee of the Bank of Italy.
2019-2023 - Coordinator, Istat-Bank of Italy group Fondamenta Microeconomiche dell’Inflazione.
2018- 2021 - Editorial committee for the Bank of Italy Working Paper series, (deputy Editor).
2019-2020 - member of the Bank of Italy Recruiting Committee on the US (ASSA, San Diego) and European Job market (EJM, Rotterdam).
2018-2019 - member of the Bank of Italy Recruiting Committee on the US (ASSA, Atlanta) and European Job market (EJM, Naples).
EDUCATION
2005 – 2009 PhD in Economics, University of Rome La Sapienza – supervisor G. Ciccarone
2008 Massachusetts Institute of Technology, Visiting Student - Department of Economics - Cambridge MA (USA), under the supervision of Olivier J. Blanchard
2000 – 2005 Laurea (B.A.) in Economics (cum laude), University of Rome La Sapienza – supervisor D. Tosato
RESEARCH EXPERIENCES
2019 Visiting Scientist, Massachusetts Institute of Technology - Cambridge MA (USA)
2010 Visiting Scholar, International Monetary Fund - Research Department – Washington DC (USA)
2009 – 2010 Research Fellow, LUISS Guido Carli – Rome, Italy
PUBLICATIONS (in refereed journals)
1. Lombardi, Marco J., Marianna Riggi and Eliana Viviano (2023), Bargaining power and the Phillips curve: a micro-macro analysis, Journal of the European Economic Association, Volume 21, Issue 5, Pages 1905-1943.
2. Nucci, Francesco and Marianna Riggi (2018), Labor force participation, wage rigidities, and inflation, Journal of Macroeconomics, Volume 55, Pages 274-292.
3. Riggi, Marianna (2019), Capital destruction, jobless recoveries and the discipline device role of unemployment, Macroeconomic Dynamics, Volume 23, Issue 2, Pages 590-624.
4. Riggi, Marianna and Fabrizio Venditti (2015), The time varying effect of oil price shocks on euro area exports, Journal of Economic Dynamics and Control, Volume 59, Pages 75-94.
5. Riggi, Marianna and Sergio Santoro (2015), On the slope and the persistence of the Italian Phillips curve, International Journal of Central Banking, Volume 11, Issue 2, Pages 157-197.
6. Riggi, Marianna and Fabrizio Venditti (2015), Failing to forecast low inflation and Phillips curve instability: a euro area perspective, International Finance, Volume 18, Issue 1, Pages 47-68.
7. Nucci, Francesco and Marianna Riggi (2013), Performance Pay and Changes in U.S. Labor Market Dynamics, Journal of Economic Dynamics and Control, Volume 37, Issue 12, Pages 2796-2813.
8. Blanchard, Olivier J. and Marianna Riggi (2013), Why are the 2000s so different from the 1970s? A structural interpretation of changes in the macroeconomic effects of oil prices, Journal of the European Economic Association, Volume 11, Issue 5, Pages 1032-1052.
9. Riggi, Marianna and Massimiliano Tancioni (2010), Nominal vs Real Wage Rigidities in New Keynesian Models with Hiring Costs: a Bayesian Evaluation, Journal of Economic Dynamics and Control Volume 34, Issue 7, Pages 1305-1324.
10. Riggi, Marianna (2010), Nominal and Real Wage Rigidities in New Keynesian Models: a Critical Survey, Journal of Economic Surveys Volume 24, Issue 3, Pages 539– 572.
11. Riggi, Marianna (2011), Wage Rigidities in New Keynesian Models. Theoretical Relevance and Empirical Effects, Rivista Italiana degli Economisti, a. XVI, n. 1, Pages 185-190
CURRENT WORKING PAPERS
1. Francesco Corsello and Marianna Riggi (2023), “Inflation is not equal for all: the heterogeneous effects of energy shocks” Temi di discussione (Bank of Italy Working Papers) 1429.
2. Ioana Duca, José Manuel Montero, Marianna Riggi and Roberta Zizza (2017) "I will survive. Pricing strategies of financially distressed firms", European Central Bank WP 2164 and Temi di discussione (Bank of Italy Working Papers) 1106 revised and resubmitted to Journal of Money Credit and Banking
3. Antonio Conti, Elisa Guglielminetti, Marianna Riggi (2019) "Labour productivity and the wageless recovery", Temi di discussione (Bank of Italy Working Papers) 1257
OCCASIONAL PAPERS AND POLICY WRITINGS
1. Marianna Riggi and Alex Tagliabracci, (2022) "Price rigidities, input costs, and inflation expectations: understanding firms' pricing decisions from micro data," Questioni di Economia e Finanza (Bank of Italy Occasional Papers) 733
2. Stefano Neri, Guido Bulligan, Sara Cecchetti, Francesco Corsello, Andrea Papetti, Marianna Riggi, Concetta Rondinelli and Alex Tagliabracci, (2022) "On the anchoring of inflation expectations in the euro area", Questioni di Economia e Finanza (Bank of Italy Occasional Papers) 712
3. Baumann Ursel, Matthieu Darracq Paries, Thomas Westermann, Marianna Riggi, Elena Bobeica, Aidan Meyler, Benjamin Böninghausen et al (2021) “Inflation expectations and their role in Eurosystem forecasting”, ECB Strategy Review, Occasional Paper Series, n. 264.
4. Marco Bottone, Cristina Conflitti, Marianna Riggi and Alex Tagliabracci, (2021) "Firms' inflation expectations and pricing strategies during Covid-19", Questioni di Economia e Finanza (Bank of Italy Occasional Papers) 619
5. Sara Cecchetti, Davide Fantino, Alessandro Notarpietro, Marianna Riggi, Alex Tagliabracci, Andrea Tiseno and Roberta Zizza (2021) "Inflation expectations in the euro area: indicators, analyses and models used at Banca d’Italia", Questioni di Economia e Finanza (Bank of Italy Occasional Papers) 612
6. Riggi Marianna and Fabrizio Venditti (2014) "Surprise! Euro area inflation has fallen!", Questioni di Economia e Finanza (Bank of Italy Occasional Papers) 237
7. Marcello Miccoli, Marianna Riggi, Lisa Rodano and Laura Sigalotti (2017) "A composite index of inflation tendencies in the euro area", Questioni di Economia e Finanza (Bank of Italy Occasional Papers) 395
8. Riggi, Marianna (2009) “The Great Moderation and the Rise in Wage Inequality and Individual Uncertainty,” WP Report for the VI European Research Framework Programme 2008-2009: - Inequality: mechanism, effects and policies-
EDITORIALS
1. Inflation is not equal for all (joint with Francesco Corsello), Vox Research-based policy analysis and commentary from leading economists, November 2023.
2. Firms’ inflation expectations and pricing strategies during Covid-19 (joint with Marco Bottone, Cristina Conflitti and Alex Tagliabracci), Vox Research-based policy analysis and commentary from leading economists, 30 June 2021.
3. Understanding the Phillips curve through the lens of workers' bargaining power and business cycle fluctuations (joint with Marco J. Lombardi and Eliana Viviano), Vox Research-based policy analysis and commentary from leading economists, 22 December 2020.
4. The wage-employment nexus: a tale of persistence (joint with Antonio M. Conti and Elisa Guglielminetti), Vox Research-based policy analysis and commentary from leading economists, 13 February 2020.
5. The oil price and the macroeconomy: What's going on? (joint with Olivier Blanchard), Vox Research-based policy analysis and commentary from leading economists, 7 December 2009.
ARTICLES IN BOOKS
1. Riggi, Marianna e Francesco Vona (2009) “L’evoluzione della distribuzione del reddito e la crisi attuale,” in F.R. Pizzuti (a cura di), La Crisi e lo Stato Sociale, BULGARINI, Firenze, 2009.
2. Riggi, Marianna (2007) “La Strategia Europea per l’Occupazione,” in F.R. Pizzuti (a cura di), Rapporto sullo stato sociale- 2007, UTET, Torino, 2007.
3. Pisano, Elena e Marianna Riggi (2007) “Il sistema degli ammortizzatori sociali,” in F.R. Pizzuti (a cura di), Rapporto sullo stato sociale- 2007, UTET, Torino, 2007.
REFEREEING ACTIVITY
Journal of Applied Econometrics, Journal of the European Economic Association, Journal of Money Credit and Banking, Journal of International Economics, European Economic Review, Journal of Macroeconomics, Macroeconomic Dynamics, Emerging Markets Finance and Trade.
ORGANIZED CONFERENCES
1. November 2022: Bank of Italy conference “Inflation expectations in modern macro: theory and empirics” (organizing committee: M. Riggi, T. Ropele, A. Tagliabracci).
2. September 2018: Seventh BI-CEPR Conference on Money, Banking and Finance “Low inflation, low wage dynamics: implications for monetary and financial stability” (organizing committee: M. Ellison, G. Ferrero, T. Monacelli, M. Riggi, E.Viviano).
3. October 2016: Bank of Italy conference “Unconventional Monetary Policy: Effectiveness and risks” (organizing committee: U. Albertazzi, L. Burlon, S. Cecchetti and M. Riggi)
TEACHING EXPERIENCE
Lecturer:
2012-2013: Global Economic Challenges, Luiss Guido Carli.
2007: Microeconomics, University of Rome “la Sapienza”, Economics Faculty.
Teaching assistant:
2009-2010: Monetary Economics, Economics Department, University of Rome “la Sapienza”, Prof. Giuseppe Ciccarone.
2009: Economic Policy, Economics Department, University of Rome “la Sapienza”, Prof. Maurizio Franzini.
2006-2007: Monetary Economics, Economics Department, University of Rome “la Sapienza”, prof. Giuseppe Ciccarone.
AWARDS AND FELLOWSHIPS
Prize for the “Best Italian PhD Thesis in Economics- 2010”. (Italian Economic Association).
Research Fellowship for Economists -2010 Bank of Italy.
Research Fellowship, Luiss Guido Carli, Department of Economics November, 2009.
Research fellowship, University of Rome “la Sapienza”, Department of Economics, 2008-2010.
Research Grant for the project “Inequality: mechanism, effects and policies”, VI European Research Framework Programme: “Citiziens and Governance in a Knowledge-Based Society”. My research was on the following issue: “Labor and capital share dynamics in Europe and in the U.S. An investigation of determinants and connections with macroeconomic volatility”, November 2008 - January 2009.
“Fausto Vicarelli” Award (Einaudi Institute for Economics and Finance) for the best Italian Graduate Thesis in Economics-2006, September 2006.
PhD in Economics, scholarship, University of Rome, “la Sapienza”, 2005-2008.
Nominated as representative student of University of Rome “La Sapienza”, for participation in the “European student conference”, on the theme “Unity and diversity in Europe. The question of identity”, Universiteit van Amsterdam 27-30 of October 2004.
OTHER COURSES
August 2008: Lindau (Germany). Nominated for participation in the “Nobel Laureate Meetings: young economists meet the Economics Laureates.”
June 17-24 2007: Siena (Italy). CRISS, the inter-University Research Centre on the Welfare State and the European Research Team of the INEQ project. Summer school: Inequality: Mechanisms, Effects and Policies.
April 12-13 2007: Ispra (Italy). Euro-area Economy Modelling Centre of the European Commission (Directorate General Joint Research Centre) Global Sensitivity Analysis for Macroeconomic Models-Course. Methods of global sensitivity analysis and their application to Dynamic Stochastic General Equilibrium macroeconomic models. Teacher: Prof. Michel Juillard
September 5 – 11 1999: Scuola Normale Superiore di Pisa (Italy). Admission by competitive selection. Attendance of the lectures by Prof. Franco Modigliani “La teoria del ciclo vitale del risparmio e la crisi della sicurezza sociale
