Integrating climate risk into the 2025 EU-wide stress test: the effects of climate risks for firms
joint with Aurora Abbondanza, Marianna Caccavaio, Davor Djekic, Valentina Gattinoni, Oana-Maria Georgescu, Aurea Ponte Marques (ECB)
ECB Macroprudential Bulletin - Article - No. 32, November 2025
The impact of capital requirements on bank capital
joint with Aurora Abbondanza, Aurea Marques (ECB) and Leila Travaglini (Columbia)
European Central Bank Working Paper, No. 3128, October 2025
The causal effect of inflation on financial stability, evidence from history
joint with James 't Hooft (ECB) and Lucas Ter Steege (Bundesbank)
European Central Bank Working Paper, No. 3108, September 2025
The cost channel of monetary policy: evidence from euro area firm-level survey data
joint with Annalisa Ferrando, Sofia Gori and Judit Rariga (ECB)
European Central Bank Working Paper, No. 3097, August 2025
Asymmetric information and the securitization of SME loans
joint with Margherita Bottero (Bank of Italy), Leonardo Gambacorta (BIS) and Steven Ongena (University of Zurich)
European Economic Review, August 2025
working paper draft available as CEPR discussion paper, No. 11785, January 2017
A strategic view on the economic and inflation environment in the euro area
ECB Strategy review Workstream 1: Changing economic and inflation environment
ECB OCCASIONAL PAPER SERIES - No. 371, June 2025
Fixed-rate versus adjustable-rate mortgages: evidence from euro-area banks
joint with Fulvia Fringuellotti (NY Fed) and Steven Ongena (University of Zurich)
European Economic Review, January 2024
working paper draft available as European Central Bank Working Paper, No. 2322, October 2019
The Shadow Value of Unconventional Monetary Policy
joint with Lorenzo Burlon (ECB), Nicola Pavanini (Tilburg University) and Tomas Jankauskas (NY Fed)
CEPR Discussion Paper, No. 2480, February 2022
ECB Strategy Review, Workstream on macroprudential policy, monetary policy and financial stability, September 2021
ECB Strategy Review, Workstream on the price stability objective, September 2021
Lower for longer – macroprudential policy issues arising from the low interest rate environment
Report of the Joint Task Force of ESRB Advisory Technical Committee (ATC), ESRB Advisory Scientific Committee (ASC), and ESCB Financial Stability Committee (FSC), June 2021
Foreign banks and the doom loop
joint with Jacopo Cimadomo (ECB), Nicolò Maffei-Faccioli (Norges Bank)
European Central Bank Working Paper, No. 2540, April 2021
Prospects for euro area bank lending margins in an extended low-for-longer interest rate environment
joint with Desislava Andreeva, Marco Belloni, Alberto Grassi, Jonas Mosthaf and Tamarah Shakir (ECB)
ECB Financial Stability Review, Issue 2, 2020
Potential impact of government loan guarantee schemes on bank losses
joint with Martin Bijsterbosch, Maciej Grodzicki, Julian Metzler, Aurea Ponte Marques (ECB)
ECB Financial Stability Review, Issue 1, 2020
Monetary policy and bank stability: the analytical toolbox reviewed
joint with Francesca Barbiero, David Marques-Ibanez, Alexander Popov, Costanza Rodriguez D’Acri and Thomas Vlassopoulos (ECB)
European Central Bank Occasional Paper, No. 2377, February 2020
The bank lending channel of conventional and unconventional monetary policy
joint with Andrea Nobili and Federico Signoretti (Bank of Italy)
Journal of Money, Credit and Banking, February 2021
working paper draft available as Bank of Italy Working Paper, No. 1094, December 2016
joint with Miguel Boucinha (ECB) and Bo Becker (Stockholm School of Economics)
Journal of Financial Intermediation, November 2020
working paper draft available as European Central Bank Working Paper, No. 2125, January 2018
Credit demand and supply: a two-way feedback relation
joint with Lucia Esposito (Bank of Italy)
Bank of Italy Working Paper, No. 1134, September 2017
Information externalities in the credit market and the spell of credit rationing
Sharing Information Loan Rejections: A Theoretical and Empirical Analysis
joint with Margherita Bottero and Gabriele Sene (Bank of Italy)
Journal of Financial Intermediation, Vol. 30, April 2017
working paper draft available as Bank of Italy Working Paper, No. 980, November 2014
An inquiry into the determinants of the profitability of Italian banks
joint with Alessandro Notarpietro and Stefano Siviero (Bank of Italy)
Bank of Italy Occasional Paper, No. 364, October 2016
Asymmetric Information in Securitizations: an Empirical Analysis
joint with Carmelo Salleo (ECB), Ginette Eramo (Bank of Italy) and Leonardo Gambacorta (BIS)
Journal of Monetary Economics, Vol. 71, April 2015
working paper draft available as Bank of Italy Working Paper, No. 796, February 2011, BIS Working Paper, No 341, March 2011
The Impact of the Sovereign Debt Crisis on the Activity of Italian Banks
joint with Tiziano Ropele, Gabriele Sene and Federico M. Signoretti (Bank of Italy)
Journal of Banking and Finance, Vol. 46, September 2014
working paper draft available as Bank of Italy Occasional Paper, No. 133, October 2012
The Procyclicality of Foreign Bank Lending: Evidence from the Global Financial Crisis
joint with Margherita Bottero (Bank of Italy)
Journal of International Economics, Vol. 92, April 2014
working paper draft available as Bank of Italy Working Paper, No. 926, July 2013
joint with Domenico J. Marchetti (Bank of Italy)
Bank of Italy Working Paper, No. 756, April 2010
Bank Profitability and Taxation
joint with Leonardo Gambacorta (BIS)
Journal of Banking and Finance, vol. 34, November 2010
working paper draft available as Bank of Italy Working Paper, No. 649, November 2007
Bank Profitability and the Business Cycle
joint with Leonardo Gambacorta (BIS)
Journal of Financial Stability, vol. 5, December 2009
working paper draft available as Bank of Italy Working Paper, No. 601, September 2006
Financial Sector Pro-Cyclicality: Lessons From The Crisis
joint with Fabio Panetta and Paolo Angelini (coordinators), Francesco Columba, Wanda Cornacchia, Antonio di Cesare, Andrea Pilati, Carmelo Salleo and Giovanni Santini (Bank of Italy)
Bank of Italy Occasional Paper, No. 44, April 2009
joint with Paolo Finaldi Russo and Paolo E. Mistrulli (Bank of Italy)
Bancaria, Vol. 63, No. 10, 2007
Incentives and Conflicts of Interest in Universal Banks
Bank of Italy Working Paper, No. 572, January 2006
Loan Maturity and Renegotiation: Evidence from the Lending Practices of Large and Small Banks
London School of Economics-FMG Working Papers, No. 588, February 2007
The incentive channel of monetary policy: quasi-experimental evidence from liquidity operations
joint with Carlo Altavilla, Miguel Boucinha (ECB) and Marco Di Maggio (Harvard Business School)
Presented at First annual RTF Workshop, Frankfurt, December 2018
The incentive channel of monetary policy: quasi-experimental evidence from liquidity operations
Credit Supply to Sovereigns and to the Private Sector: Is There Crowding Out?
joint with Meta Athik (Banka Slovenije), 2015
The Effects of the 3-year VLTROs on Lending Supply: an Analysis Based on Loan-level Data
joint with Marcello Bofondi and Nicola Pellegrini (Bank of Italy), 2014
Presented at workshops held at Banca d'Italia, 2014, and Banque de France, 2015