Professor of Economics, Bocconi University

Co-Editor Journal of International Economics

Fellow IGIER Bocconi and CEPR

2026 Duisenberg Fellow, European Central Bank

My Google Scholar page

My editorials on lavoce.info (in italian)

My book (in italian) Il Prezzo delle Mele , EGEA

An accessible detour on inflation 

                                                        What's news

• New: Tariffs, Uncertainty, and the Exchange Rate (August2026), with A. Merendino, presented at the 2nd EP PEGI Conference. Tariff shocks - identified via a narrative-dominance approach - transmit as negative AD shocks and depreciate the US real exchange rate, against the textbook prediction.  
  
  

• New "Supply Chain Uncertainty, Energy Prices and Inflation" (revised version April 2026), with Alfonso Merendino.
  Online Appendix  Energy price shocks pass-through to inflation  much more strongly in states of high supply chain uncertainty. We provide empirical evidence for the US and the EU. We build a NK model with imperfect information, signal extraction and firms' Bayesian learning to rationalize the evidence.
  
  

• New Thoroughly revised version of "Tariffs and Monetary Policy", November 2025. The effect of tariff shocks in a small open economy NK model depend crucially on the underlying monetary policy regime. A  canonical CPI-inflation targeting regime bears large welfare costs.
  
  

• Revised version of "HBANK: Monetary Policy with Heterogeneous Banks" (with M. Bellifemine and R. Jamilov), September 2025.
  
  

• My keynote Goodhart lecture "Triple Shock, One Global Economy" for the Money Macro Finance Society at U. of Reading - 8 September 2025 (slides)
  
  

• The Conduct of ECB Monetary Policy Under International Uncertainty (June 2025), paper written for the EU Parliament Monetary Dialogue series, co-authored with L. Bottazzi, C. Favero, R. Fernandez Fuertes, F. Giavazzi, V. Guerrieri, G. Lorenzoni. 

• Euro Area Risk amid US Protectionism (March 2025), paper written for the EU Parliament Monetary Dialogue series, co-authored with L. Bottazzi, C. Favero, R. Fernandez Fuertes, F. Giavazzi, V. Guerrieri, G. Lorenzoni.