RESEARCH

PUBLICATIONS IN PEER-REWIED JOURNALS 

2025

[26] Glossy Green Banks: The Disconnect Between European Banks’ Sustainability Reporting and Lending Activities  Coauthors: M. Giannetti, M. Jasova, M. Loumioti  forthcoming Management Science

[25] Savings, Efficiency and the Nature of Bank Runs Coauthors:  A. Leonello, E. Panetti and D. Porcellacchia, Forthcoming Review of Finance

2024

[24] Twin Defaults and Capital Requirements (with K. Nikolov, J. Rubio-Ramirez, J. Suarez, and D. Supera). SSRN WP. CEPR WP, Forthcoming Journal of Finance

Columns on the paper: @ECB @VoxEU

[22] Systemic Risk and Monetary Policy: The Haircut Gap Channel of the Lender of Last Resort (with M. Jasova, Luc Laeven, Jose-Luis Peydro and D. Supera) CEPR WP The Review of Financial Studies, Volume 37, Issue 7, July 2024, Pages 2191–2243.

·         Winner of the 2021 Best Paper Award, MARC Conference

[21] ”Wall Street QE vs. Main Street Lending”: A Comment European Economic Review, Volume 161, January 2024, 104569.

2022

[20] Expectation-Driven Cycles and the Changing Dynamics of Unemployment (with A. D'Agostino and F. Puglisi) Journal of Money Credit and Banking, Volume 54, Issue 7 p. 2173-2191  ON LINE APPENDIX.

2021

[19] Policy Uncertainty, Lender of Last Resort and the Real Economy (with M. Jasova and D. Supera)  Journal of Monetary Economics, Volume 118, March 2021, Pages 381-398. 

2020

[18] Bank Capital in the Short and in the Long Run (with K. Nikolov, J. Suarez,  and D. Supera), Journal of Monetary Economics, Volume 115, November 2020, Pages 64-79 

2019

[17] Inflation Dynamics and Adaptive Expectations in an Estimated DSGE Model. (with Paolo, G, Iskraev, N. and Lansing K.) Journal of Macroeconomics, Volume 59, January 2019. Pages 258-277. 

2018

[16] Optimal Inflation with Corporate Taxation and Financial Constraints (with D. Finocchiaro, G. Lombardo and P.Weil), Journal of Monetary Economics, Volume 95, May 2018, Pages 18-31.

[15] Risk Shocks in a Small Open Economy: Business Cycle Dynamics in Canada ( with Y. Zhang) Economic Modelling, Volume 72, June 2018, Pages 391-409 

[14] Optimal Dynamic Capital Requirements (with K. Nikolov, J. Suarez,  and D. Supera), Journal of Money Credit and Banking. Volume 50, May 2018, Pages 1271-1297.  ON LINE APPENDIX.

2017

[13] Monetary Policy Shocks: We Got News! (with S. Gomes and N. Iskrev) Journal of Economic Dynamics and Control, Volume 74, January 2017, Pages 108–128. APPENDIX

[12] Expectations-Driven Cycles in the Housing Market (with Luisa Lambertini and Maria Teresa Punzi), Economic Modelling, Volume 60, January 2017, Pages 297-312.

2016

[11]Housing Collateral, Residential Investment and the Canadian Business Cycle (with I. Christensen, P. Corrigan and S. Nishiyama) February 2016, vol. 49 nr. 1, Canadian Journal  of Economics.  Also Bank of Canada wp 2009/26

[10] Financial Shocks, Comovement and Credit Frictions (with D.Finocchiaro), Economics Letters, Volume 143, June 2016, Pages 20–23.

2015

[9] Assessing Capital Regulation in a Macroeconomic Model with Three Layers of Defaults (with L. Clerc, S. Moyen, A. Derviz, K. Nikolov, L. Stracca,  J. Suarez,  and A.Vardoulakis) International Journal of Central Banking, June 2015, Pages 9-63. Discussion by Nobuhiro Kiyotaki

2014

[8] House Prices, Capital Inflows and Macroprudential Policy (with Maria Teresa Punzi), Journal of Banking and Finance, Volume 49, December 2014, Pages 337–355.

[7] Financial and Economic Downturns in OECD Countries (with Markus Haavio and Maria Teresa Punzi) Applied Economics Letters, Vol. 21(6), 2014, Pages 407-412.

[6] Heterogeneous Firms and the Impact of Government Policy on Welfare and Informality  (with M. Prado) Economics Letters, Volume 124, Issue 1, July 2014, Pages 151-156

2013

[5] Leaning Against Boom-Bust Cycles in Credit and Housing Prices: Monetary and Macroprudential Policy  (with Luisa Lambertini and Maria Teresa Punzi), Journal of Economic Dynamics and Control, Volume 37, Issue 8, August 2013, Pages 1500–1522. 

[4] Expectations-Driven Cycles in the Housing Market: Evidence from Survey Data (with Luisa Lambertini and Maria Teresa Punzi) Journal of Financial Stability, Vol. 9(4), December 2013, Pages 518-529.

[3] House Prices, Credit Growth, and Excess Volatility: Implications for Monetary and Macroprudential Policy (with Paolo Gelain and Kevin Lansing), International Journal of Central Banking, Volume 9, Number 2, June 2013, Pages 219-276.

[2] Price-level Targeting Rules and Financial Shocks: the Case of Canada (with A. Dib and Y. Zhang), Economic Modelling, Volume 30, January 2013, Pages 941–953.

2012

[1] On the Amplification Role of Collateral Constraints  Economics Letters,  Volume 117, Issue 2, November 2012, Pages 429–435.

Mind the gap: credit dynamics in the euro area (with P. Di Casola, G. Nicoletti, A. Skoblar), THE ECB BLOG,  January 2026.

More uncertainty, less lending: how US policy affects firm financing in Europe (with A. Allayioti, G. Bozzelli, P. Di Casola, A. Skoblar, S. Velasco), THE ECB BLOG,  October 2025.

Banks Lose – someone gains: Households’ unequal exposure to financial distress (with Lukas Nord and M. Peruffo), ECB RESEARCH BULLETTIN, October 2024.

Green Lending: do banks walk the talk? (with M. Giannetti, M. Jasova, M. Loumioti), The ECB  BLOG, December 2023. 

Monetary Policy, Macroprudential Policy and Financial Stability (with L. Laeven and A. Maddaloni), Discussion Paper 2647, European Central Bank, 2022.

Monetary and Macroprudential policies: trade-offs and interactions (with L. Laeven and A. Maddaloni), Research Bulletin Article, nr.92 European Central Bank, 2022.

On the Interaction between Monetary and Macroprudential Policies (with A. Martin and A. Van der Ghote), Discussion Paper 2527, European Central Bank, 2021.

How Much Capital Should Bank Hold? (with K. Nikolov, J. Rubio-Ramirez, J. Suarez,  and D. Supera)  Research Bulletin Article, nr. 80, European Central Bank, 2021.

Benefits and costs of liquidity regulation (with Marie Hoerova, Glenn Schepens, Kalin Nikolov and Skander Van den Heuvel), Discussion Paper 2169, European Central Bank, 2018.

Capital Regulation: Lessons from a Macroeconomic Model (with C. Mendicino and D. Supera) In: Achieving Financial Stability Challenges to Prudential Regulation, 2017 chapter 10, pages 121-131 World Schientific Publishing Co.

Low Inflation in the Euro Area: Causes and Consequences, Occazional Paper 181, January 2017.  Final report of the ESCB expert group studying the causes of Low Inflation. https://www.ecb.europa.eu/pub/economic-research/research-networks/html/researcher_lift.en.html

The Crisis, Ten Years After: Lessons Learnt for Monetary and Financial Research (with Beyer, A. Coeuré, B.),  ECONOMIE ET STATISTIQUE / ECONOMICS AND STATISTICS N° 494-495-496, 2017.

Literature Review on Integration of Regulatory Capital and Liquidity Instruments, Working Papers of the Basel Committee on Banking Supervision 30, March 2016.

Capital requirements in a model for the SSM area with three layers of default (with Colciago, A., Fahr, S. , Hurtado, S., Mendicino, C., Nikolov, K., Supera, D.) Macroprudential Bulletin, European Central Bank, vol. 1 ,2016.

The Domestic and the International Effects of Deleveraging in the Financial and non-financial sectors (with F. Canova, L. Coutinho, E. Pappa, M.T. Punzi and D. Supera), EC report, 2015.

House Prices Expectations, ECB-Research Bulletin 21, 2014.

The 3D Model: a Framework to Assess Capital Regulation (with L. Clerc, S. Moyen, A. Derviz, K. Nikolov, L. Stracca,  J. Suarez,  and A.Vardoulakis), Economic Bulletin, Banco de Portugal, June 2014.

Macroprudential capital tools: assessing their rationale and effectiveness (with L. Clerc, S. Moyen, A. Derviz, K. Nikolov, L. Stracca, J. Suarez,  and A.Vardoulakis),  Financial Stability Review, Banque de France, April 2014.

Confidence and economic activity: the case of Portugal (with M.T.Punzi),  Economic Bulletin, BdP, Winter 2013.

Financial shocks and the macroeconomy: heterogeneity and non-linearities (with A. D’Agostino, M. Cervena, M. Ciccarelli, P. Guarda, M. Haavio, K.Hubrich, P. Jeanfils, E. Ortega, M. Valderrama, M. Valentinyiné),  Working Group in Econometric Modelling, ECB Occassional Paper Series, 143, January 2013.

Boom-Boom-bust Cycles and Stabilization Policy (with M.T.Punzi), December 2011, Conference volume BoK-BIS Conference on Macroprudential Regulation and Policy.

Stabilization Policy and Boom-Bust Cycles - Monetary and Macro-Prudential Rules, (with M.T.Punzi),  Economic Bulletin, BdP, Summer 2011.

Housing Market and Macroeconomic Boom-Bust Cycles (with M.T.Punzi), Moneda y Crédito, vol. 230, 2010. ISSN:0026-959X. 

Financial Frictions in NCBs Macroeconomic Models (with M. Jonsson, A. Locarno P. McAdam and C.Thomas),  Working Group in Econometric Modelling, ECB Report, 2010.

Monetary Policy Expectations and Boom-Bust Cycles in the Housing Market, Economic Bulletin, BdP, Spring 2009.

The Role of Collateral Contraints in the Transmission of Shocks,  Monetary Policy Briefing Box, BdP, Spring 2009.

Financial Market Imperfections, Business Cycle Fluctuations and Economic Growth, The Economics Institute for Research EFI, ISBN: 91-7258-705-9. 2006.

Falling Natural Rates, Rising Housing Price Volatility and the Optimal Inflation Target, by Klaus Adam, Oliver Pfaeuti and Timo Reinelt-- Qatar Centre for Global Banking & Finance Annual Conference: Challenges facing central banks in the 2020s, May 2021.

Monetary Easing, Leveraged Payouts and Lack of Investment by Viral V. Acharya and Guillaume Plantin -- Conference on Advances in Monetary Economics, IMF, July 2020.

How does the Interaction of Macroprudential and Monetary Policy Affect Cross-Border Lending? by Elod Takats (BIS) and Judit Temesvary (FRB) -- 7th Research Workshop, MPC Task Force on Banking Analysisi, February 2020.

The Forced Safety Effect: How Higher Capital Requirements Can Increase Bank Lending? by Saleem Bahaj (BOE and CFM) and Frederic Malherbe (LBS and CEPR) -- 21th Annual DNB Research Conference, November 2018.

Expectation-Driven Cycles: Time-Varying Effects (with A. D'Agostino) Working Paper Series 1776, European Central Bank, 2015.

CAN CONSUMER CONFIDENCE PROVIDE INDEPENDENT INFORMATION ON CONSUMPTION SPENDING?  EVIDENCE FROM EURO AREA COUNTRIES (with A. D'Agostino), 2015 ESM, wp 2.

CREDIT FRICTIONS, HOUSING PRICES, AND MONETARY POLICY RULES (with Andrea Pescatori). 2008. 

CREDIT MARKET AND MACROECONOMIC VOLATILITY, European Central Bank, wp 743, 2007.

FINANCIAL LIBERALIZATION, BANK CRISES AND GROWTH: ASSESSING THE LINKS (with Alessandra Bonfiglioli). Working paper 567, Stockholm School of Economics, 2004.