Research
New papers
"The transmission of energy price shocks in the euro area", February 2024
“Post-pandemic euro-area inflation: energy shocks and monetary policy", February 2023
Publications
“Long-term inflation expectations and monetary policy in the euro area before the pandemic”, European Economic Review 154, 104426, 2023
“Monetary policy strategies in the New Normal: a model-based analysis for the euro area”, Journal of Macroeconomics, 70, 103366, 2021 (with F. Busetti, A. Notarpietro and M. Pisani)
“Anchored or de-anchored? That is the question”, European Journal of Political Economy, 69, 102031, 2021 (with F. Corsello and A. Tagliabracci)
“Disinflationary shocks and inflation target uncertainty”, Economics Letters, 181, 77-80, 2019 (with T. Ropele)
“On secular stagnation and low interest rates: demography matters”, International Finance, 22(3), 1-17, 2019 (with G. Ferrero and M. Gross)
“Natural rates across the Atlantic”, Journal of Macroeconomics, 62 (103019), 1-16, 2019 (with Andrea Gerali)
“Inflation surprises and inflation expectations in the euro area”, Applied Economics, 51, 651-662, 2019 (with M. Miccoli)
“Collateral constraints, the zero lower bound, and the debt-deflation mechanism”, Economics Letters, 174, 144-148, 2019 (with A. Notarpietro)
“The non-standard monetary policy measures of the ECB: motivations, effectiveness and risks”, Kredit und Kapital, 51, 513-560, 2018 (with S. Siviero)
“Financial Intermediation and Monetary and Macroprudential Policies”, in Macroprudential Policy and Practice, P. Mizen, M. Rubio and P. Turner eds., Cambridge University Press, 2018
“The Interaction between capital requirements and monetary policy”, Journal of Money, Credit and Banking, 46, 1073-1112, 2014 (with P. Angelini and F. Panetta)
“The impact of the sovereign debt crisis on bank lending rates in the euro area”, Rivista bancaria, 70, 41-72, 2014
“Imperfect information, real time data and monetary policy in the euro area”, The Economic Journal, 122, 651-674, 2011 (with T. Ropele)
“Financial intermediation and the real economy: implications for monetary and macroprudential policies”, in “The ESRB at 1”, The European Money and Finance Forum, 2011
“Housing, mortgage credit and economic activity: are the U.S. and the euro area different?” Journal of Banking and Finance, 35, 3019-3041, 2011 (with A. Musso and L. Stracca)
“Pro-cyclicality of capital regulation: is it a problem? How to fix it?”, in An Ocean Apart? Comparing Transatlantic Responses to the Financial Crisis, J. Pisani-Ferry, A. Posen and F. Saccomanni eds., Bruegel e Peterson Institute for International Economics, 2011 (with P. Angelini, A. Enria, F. Panetta and M. Quagliariello)
Comments on “The drivers of housing cycles in Spain” by O. Aspachs-Bracons and P. Rabanal, Journal of the Spanish Economic Association, 1, 131-134, 2011
“Credit and banking in a DSGE model of the euro area”, Journal of Money, Credit and Banking, 42, 107-141, 2010 (with A. Gerali, L. Sessa and F. M. Signoretti)
“Housing market spillovers: evidence from an estimated DSGE model”, American Economic Journal: Macroeconomics, 2, 125-164, 2010 (with M. Iacoviello)
“The transmission of monetary policy shocks from the U.S. to the euro area”, International Finance 13, 55-78, 2010 (with A. Nobili)
“Information variables for monetary policy in a small structural model of the euro area”, Journal of Monetary Economics, 54 1256-1270, 2007 (with F. Lippi)
“What does a technology shock do? A VAR analysis with model-based sign restrictions”, Journal of Monetary Economics, 54, 512-549, 2007 (with L. Dedola)
“The effects of fiscal policy in Italy: Evidence from a VAR model”, European Journal of Political Economy, 23 707-733, 2007 (with R. Giordano, S. Momigliano and R. Perotti)
Working papers
“Low inflation and monetary policy in the euro area”, Banca d’Italia Discussion Paper, No. 1019, 2015 (with A. M. Conti and A. Nobili)
“The macroeconomic effects of the sovereign debt crisis in the euro area”, Banca d’Italia Discussion Paper, No. 1007, 2015 (with T. Ropele)
“The monetary transmission mechanism in the euro area: has it changed and why?”, Banca d’Italia Discussion Paper, No. 808, 2011 (with M. Cecioni)
“Monetary policy and stock prices: theory and evidence”, Banca d’Italia Discussion Paper, No. 513, 2004
“Assessing the effects of monetary and fiscal policy”, Banca d’Italia Discussion Paper, No. 425, 2001