New Facts on Consumer Price Rigidity in the Euro Area
American Economic Journal: Macroeconomics (2024), Volume 16, Pages 386-431 (with Erwan Gautier, Cristina Conflitti, Riemer Faber, Brian Fabo, Ludmila Fadejeva, Valentin Jouvanceau, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Elisabeth Wieland, Helene Zimmer)
The Case for a Positive Inflation Target: Evidence from France, Germany and Italy
Journal of Monetary Economics (2022), Volume 132, Pages 140-153 (with Klaus Adam, Erwan Gautier and Henning Weber)
On the Perils of Stabilizing Prices when Agents are Learning
Journal of Monetary Economics (2020), Volume 115, Pages 339-353 (with Antonio Mele and Krisztina Molnar)
Heterogeneity and learning with complete markets
Economic Theory (2017), Volume 64, Pages 183–211
On the slope and the persistence of the Italian Phillips curve
International Journal of Central Banking (2015), Volume 11, Pages 157-197 (with Marianna Riggi)
featured in Panel remarks by Vitor Constancio, at the Jackson Hole Economic Symposium, Federal Reserve Bank of Kansas City, 29 August 2015.
Optimal monetary policy when agents are learning
European Economic Review (2014) Volume 66, Pages 39–62 (with Krisztina Molnar)
featured in Handbook of Monetary Economics, Chapter ”Inflation expectations, adaptive learning and optimal monetary policy”, edited by Frank Smets, Victor Gaspar and David Vestin.
Price stickiness in the euro area, in Research Handbook on Inflation, Guido Ascari and Riccardo Trezzi editors, Edward Elgar Publishing, 2025 (with Luca Dedola, Erwan Gautier and Chiara Osbat).
Monetary Shocks and Real Exchange Rate Dynamics, in Advances in Monetary Policy and Macroeconomics, Palgrave MacMillan, 2007 (with Daniela Federici).
Asset Pricing in New Keynesian Monetary Models, in Monetary Policy and Institutions, Luiss University Press, 2006 (with Francesco Sangiorgi).
ECB Economic Bulletin Articles, 3 (with Luca Dedola, Lukas Henkel, Christian Hoynck, Chiara Osbat).
ECB macroeconometric models for forecasting and policy analysis
ECB Occasional Paper No. 344, 2024, (Matteo Ciccarelli, Matthieu Darracq Pariès and Romanos Priftis editors, with Elena Angelini, Marta Bańbura, Nikola Bokan, Gabriel Fagan, José Emilio Gumiel, Antoine Kornprobst, Magdalena Lalik, Carlos Montes-Galdón, Georg Müller, Joan Paredes, Anders Warne, Srečko Zimic, Rodolfo Dinis Rigato, Hanno Kase, Iason Koutsoulis, Stella Brunotte, Sara Cocchi, Alessandro Giammaria, Marco Invernizzi, Eliott Von-Pine).
Micro price heterogeneity and optimal inflation
ECB Occasional Paper No. 322, 2023 (with Henning Weber).
Some implications of micro price-setting evidence for inflation dynamics and monetary transmission
ECB Occasional Paper No. 321, 2023 (with Luca Dedola, Erwan Gautier, Anton Nakov, Emanuel De Veirman, Lukas Henkel, Bruno Fagandini).
ECB Occasional Paper No. 319, 2023 (with Erwan Gautier, Peter Karadi, Juergen Amann, Cristina Conflitti, Riemer Faber, Brian Fabo, Ludmila Fadejeva, Catherine Fuss, Theodora Kosma, Valentin Jouvanceau, Fernando Martins, Jan-Oliver Menz, Teresa Messner, Pavlos Petroulas, Pau Roldan-Blanco, Fabio Rumler, Javier Sánchez Bachiller, Domingos Seward, Irina Stanga, Emmanuel de Veirman, Elisabeth Wieland, Ladislav Wintr, Jesse Wursten, Hélène Zimmer).
The ECB’s price stability framework: past experience, and current and future challenges
ECB Occasional Paper No. 269, 2021, Work stream on price stability objective.
Low Inflation in the Euro Area: Causes and Consequences
ECB Occasional Paper No. 181, 2017 (Matteo Ciccarelli and Chiara Osbat editors, with Elena Bobeica, Caroline Jardet, Marek Jarocinski, Caterina Mendicino, Alessandro Notarpietro, and Arnoud Stevens)
Optimal trend inflation, misallocation and the pass-through of labour costs to prices
ECB Working Paper No. 2761, 2022 (with Eliana Viviano).
The effects of big data on car insurance market: theory and evidence, with Marco Cosconati, 2019. Draft coming soon!
Abstract: We measure the effects of contracts that condition the insurance rates onthe driving habits recorded by telemonitoring devices–so-called telematic contracts–on the Italian auto insurance market. We employ a unique matched insurer-insuree panel datasetcontaining rich information on the contracts underwritten byallItalian companies andinformation on individual driving habits recorded by a major company. A rich set of pricevariations stemming from the changes over time in the structure of the telematic contractand across local markets allows us to demonstrate that i) low-risk types sort into the telematic contract and ii) price customization induces more attentive driving. Accepting to disclose private information is rewarded with an initial discount of 10% on the base premium, subsequently the discount varies from 1.3% to 14.3%, depending on the riskclass a driver is assigned to after been monitored; the difference in the accident probabil-ity between the least and most risky driver-category is about 50% of the mean accidentprobability. We propose an equilibrium model to interpret the underlying mechanisms and characterize a novel trade-off subsequent to the price discrimination made possible by Big data.
Fiscal Moral Hazard in a Monetary Union, 2018.
Abstract: We study how to optimally design debt rules in a monetary union when member governments have private information on how much they value current versus future consumption. We show that there is a trade-off between the benefit of giving national fiscal authorities flexibility to react to their own private information, and the cost that these authorities might pursue a lax fiscal policy whose cost is partly borne by the rest of the union. The optimal degree of flexibility depends on how different the preferences of governments can be. If the heterogeneity is sufficiently high, then private information is valuable enough to let governments run a country specific fiscal policy; in case of very heterogeneous countries, first best is incentive compatible. Only if the heterogeneity is low the importance of private information is so small compared to the severity of the free-rider problem that it is optimal to leave no flexibility at all.
Informational Effects of Monetary Policy
Bank of Italy Working Paper No. 982, 2014 (with Giuseppe Ferrero and Marcello Miccoli)
Rationality of Italian firms’ inflation expectations: any change during the crisis?, with Silvia Fabiani, 2012.
Adaptive Learning and Inflation Dynamics in a Flexible Price Model, 2010.
Monetary Policy with Heterogenous Expectations, 2007.