Publications & policy work

Refereed publications:

• Central banks’ corporate asset purchase programmes and risk-taking by bond funds in the aftermath of market stress, (with Raffaele Gallo, Antonio Ilari and Dario Portioli),  Journal of Financial Stability, 72, 101261, 2024;

• The role of banks' technology adoption during the pandemic (with Ilaria Supino and Edoardo Rainone), Journal of Financial Stability, 71, 101230, 2024. Voxeu column here;

• Crypto-Asset Markets: Structure, Recent Developments and Policy Considerations (with Giorgio Abate and Raffaele Gallo), International Economics, 76(3), 2023, 311-344;

• How effective is an incremental ACE in addressing the debt bias? Evidence from corporate tax returns, (with Antonella Caiumi), International Journal of Tax and Finance, 27(6), 2020, 1485 - 1519 (previous version: European Commision Taxation Papers No. 72 - 2018);

• Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model - (with Jonas E. Arias, Guido Ascari and Efrem Castelnuovo), International Journal of Central Banking, 16(3), 2020, 51-94;

• The taxation of savings: the Italian system and international comparison ( with Giovanna Messina, Elena Pisano, Ernesto Zangari and Giacomo Ricotti), Economia Pubblica, 1, 2020, 7-54;

• Entry and Subcontracting in Public Procurement Auctions - (with Francesco Decarolis), Management Science, 61(12), 2015, 2945 - 2962;

• Inflation persistence, price indexation and optimal simple interest rate rules - (with Guido Ascari), The Manchaster School, 83, 2015, 1-30;

• The long-run optimal degree of indexation in new Keynesian models with price staggering à la Calvo - (with Guido Ascari), Economics Bulletin, 30(1), 2010, 482-493;

• Optimal Simple Rules and the Lower Bound on the Nominal Interest Rate in the Christiano-Eichenbaum-Evans model of the U.S. Business Cycle - (with Guido Ascari) Portuguese Economic Journal, 6, 2007, 117-131.

Working papers:

• The effect of bank monitoring on loan repayment, (with Fulvia Fringuellotti), Federal Reserve Bank of New York Staff Reports n. 923, 2020. Blogpost on Liberty Street Economics: Does Bank Monitoring Affect Loan Repayments?, 2022;

Policy work:

• CBDC and the banking system (with S. Auer, G. Ferrero, A. Ilari, F. Palazzo, E. Rainone), Bank of Italy Occasional Papers, n. 829, 2024; In the press: Il Sole 24 Ore, MilanoFinanza (in Italian)

• Crypto, tokens and DeFi: navigating the regulatory landscape (with Denise Garcia Ocampo and Luca Cusmano), FSI Insights, n. 49, 2023, May;

• Vulnerability Analysis of the Italian Banking System (with Anna Rendina and Paolo Bisio), in Financial Stability Report, 2, 2022;

• Lessons learned from the collapse of Archegos: policy and financial stability implications (with Arianna Miglietta, Federico Calogero Nucera, Onofrio Panzarino and Carmine Porello), Notes on Financial Stability and Supervision, n. 26, 2021;

• Central bank digital currencies: financial stability implications (with various co-authors), Bank for International Settlements, Innovation Hub Publications, September 2021;

• Areas of reform of the MMF regulatory framework: an overview and potential options, (with Arianna Miglietta and Luca Zucchelli), Notes on Financial Stability and Supervision, n. 25, 2021;

• Identifying the adoption of technological innovations among financial intermediaries, (with Alessandro Scognamiglio), case study in Towards monitoring financial innovation in central bank statistics, Bank for International Settlements, Irving Fisher Committee Report n. 12, May 2020;

• Fintech credit: a critical review of the empirical literature, (with Ilaria Supino), Bank of Italy Occasional Papers, n. 549, 2020; 

• Stablecoins and financial stability, in Financial Stability Report, 2, 2019;

• 21st century cash: Central banking, technological innovation and digital currencies, Opening Keynote Address by Fabio Panetta, Deputy Governor of the Bank of Italy, at SUERF/BAFFI CAREFIN Centre Conference "Do we need central bank digital currency? Economics, Technology and Institutions", 2018;

• Liquidity transformation and financial stability: evidence from the cash management of open-end Italian mutual funds (with G. Guazzarotti) Working Papers of the Bank of Italy, n. 1113, 2017. Blogpost on Liberty Street Economics: Post-Crisis Financial Regulation: Experiences from Both Sides of the Atlantic, 2019;

• Price dispersion and consumer inattention: evidence from the market of bank accounts Working Papers of the Bank of Italy, n. 1082, 2016. In the press: La Stampa, La Repubblica (in Italian);

• The Private Placement Market for Firm Debt Financing (with Giovanni Guazzarotti), Bank of Italy Occasional Papers, n. 262, 2015. In the press: MilanoFinanza (in Italian);

• Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation - Comment - (with Jonas E. Arias, Guido Ascari and Efrem Castelnuovo), International Finance Discussion Papers n.1127, Board of Governors of the Federal Reserve System (U.S.), 2015.