Papers

Publications

Did COVID-19 induce a reallocation wave?, Accepted at Economica

with Agostino Consolo. 

Task content and job losses in the Great Lockdown, Industrial and Labor Relations Review (2023).

Preprint published in COVID Economics, 35, 7 July 2020. 

Monetary Policy, Market Power, and SMEs, American Economic Association Papers and Proceedings (2023).

with Annalisa Ferrando, Peter McAdam and Xavier Vives.

Working Papers

Product market structure and monetary policy: evidence from the Euro Area, ECB Working Paper No. 2632 (2021); with Annalisa Ferrando, Peter McAdam and Xavier Vives.

Hours of work polarization?, ECB Working Paper No. 2324 (2019); with Athene Laws and Antonio Dias Da Silva. 

Breaking the Shackles: Zombie Firms, Weak Banks and Depressed Restructuring in Europe, ECB Working Paper No. 2240 (2019); with Dan Andrews. Also see VoxEU column and older OECD WP version.

Coverage: Bloomberg, Bloomberg View, Die Welt, WEFORUM, Wall Street Italia, Executive Board Member Isabel Schnabel, Executive Board Member Yves Mersch, Central Banking

Internal Devaluations in Currency Unions: The Role of Trade Costs and Taxes, ECB Working Paper No. 2047 (2017).

Coverage: Central Banking

The Spillovers of Unconventional Monetary Policy: Evidence from VLTROs and OMT, with Jihad Dagher and Camelia Minoiu (IMF), work in progress.

Invoicing, Exchange Rates, and Currency Unions, work in progress.

Policy Papers

Digitalisation

The digital economy and the euro area, Economic Bulletin Articles, European Central Bank, vol 8 (2020); with Robert Anderton, Valerie Jarvis, Vincent Labhard, Ieva Rubene, and Lara Vivian.

Virtually everywhere? Digitalisation and the euro area and EU economies, ECB Occasional Paper No 244 (2020); with Robert Anderton, Valerie Jarvis, Vincent Labhard, Julian Morgan and Lara Vivian. A shorter version also published as The digital economy and the euro area, ECB Bulletin, Issue 8/2020.

Monetary policy

Climate change and monetary policy in the euro area, ECB Occasional Paper No 271 (2021), prepared for the ECB Strategy Review, with colleagues of the Work stream on climate change.

Digitalisation: channels, impacts and implications for monetary policy in the euro area, ECB Occasional Paper No 266 (2021), prepared for the ECB Strategy Review, with colleagues of the Work stream on digitalisation.

The Distribution of Excess Liquidity in the Euro Area, ECB Occasional Paper No 200 (2017); with Luca Baldo, Benoît Hallinger, Caspar Helmus, Niko Herrala, Débora Martins, Felix Mohing, Marc Resinek, Olivier Vergote, Benoît Usciati and Yizhou Wang.

Other

COVID-19 and other pandemics: a literature review for economists, Bank of Greece Economic Bulletin (2020); with Sofia Anyfantaki, Hiona Balfoussia, Dimitra Dimitropoulou, Heather Gibson, Dimitris Papageorgiou, Anastasia Theofilakou and Melina Vasardani.

Coverage: President Lagarde ECB Watchers Speech, Reuters Breakingviews, Corriere Comunicazioni.

Economic structures 20 years into the euro, ECB Occasional Paper No 224 (2019); with David Sondermann, Agostino Consolo, Vanessa Gunnella, Gerrit Koester, Kyriacos Lambrias, Paloma Lopez-Garcia, Carolin Nerlich, Filippos Petroulakis, Lorena Saiz and Roberta Serafini.

Concentration, market power and dynamism in the euro area, ECB Discussion Paper (2019); with Maria Cavalleri, Alice Eliet, Peter McAdam, Ana Soares and Isabel Vansteenkiste (ECB).  Also see VoxEU column.

Resting Papers

Labor Supply and Bequest Taxation: Behavioral Responses of Future Inheritance Givers.

Crime and Unemployment Insurance in the Great Recession.

Discussions

ESCB Taskforce on Banking, Sep 2022, The Visible Hand when Revenues Stop: Evidence from Loan and Stock Markets during COVID-19 (Koulischer, Pierret and Steri).

BIS-IMF-OECD conference on "Weak Productivity: the Role of Financial Factors and Policies", Jan 2018, session on Financial Frictions and Within-Firm Performance.

Banque de France - ESCB Research Cluster 2 Annual Workshop, Nov 2018, Allocative Efficiency and Finance (Linarello, Petrella and Sette).