Selected publications and All publications
2024
The U.S. economic dynamics and inflation persistence: A regime-switching perspective (with E. Beqiraj and G. Ciccarone), Journal of the European Economic Association, forthcoming.
Structural reforms in the Italian National Recovery and Resilience Plan: A macroeconomic assessment of their potential effects (with P. D'Imperio, Sara D'Andrea, Silvia D'Andrea, M. Meacci), Journal of Policy Modelling, forthcoming
Optimal monetary policy and the time-dependent price and wage Phillips curves: An international comparison (with C. Serpieri), Journal of International Money and Finance, forthcoming
An integrated Bayesian-Principal Component approach to macroeconomic resilience (with E. Beqiraj, M. Di Pietro, C. Serpieri), Journal of Economic Studies, forthcoming
Guilt aversion and moral commitment: Eve versus Adam (with M. Dufwenberg, S. Papa, L. Razzolini), Journal of the Economic Science Association, forthcoming
Assessing the regional impacts of a multi‐hosting mega sport event (with S. Deriu, C. Socci, G. Ciccarone, L. Almonti), Metroeconomica, forthcoming
A stranger in a strange land: Promises and identity (with G. Charness, S. Papa), Games and Economic Behavior, 144: 13-28, 2024
The spectre of financial dominance in the eurozone (with P. Benigno, P. Canofari, M. Messori), Italian Economic Journal, 10: 59–80, 2024
2023
The ECB’s Asset Purchase Programme: Theory, effects, and risks (with P. Benigno, P. Canofari, M. Messori), Journal of Economic Surveys, 37(3): 890-914, 2023
The ECB’s new inflation target from a short- and long-term perspective (with P. Benigno, P. Canofari, M. Messori), Journal of Policy Modelling, 45(2): 286-304, 2023
Promises and partner-switch (with M. Dufwenberg, S. Papa), Journal of the Economic Science Association, 9: 77-89, 2023
Promises or agreements? Moral commitments in bilateral communication (with M. Dufwenberg, S. Papa, F. Passarelli), Economics Letters, vol. 222(C), 2023
Greenhouse gases mitigation: Global externalities and short-termism (with M. F. Behnaz, W. Semmler), Environment and Development Economics, 230-241, 2023
Sovereign debt crisis, fiscal consolidation, and active central bankers in a monetary union (with P. Canofari, M. Messori), BE Journal of Macroeconomics, 23(1): 151-180, 2023
L'economia politica del conflitto, il ritorno dell'inflazione e il nuovo salto generazionale (with G. Ciccarone), Rassegna Economica, 1/2023
2022
The fiscal response to the Italian COVID-19 crisis: A counterfactual analysis (with P, D'Imperio, F. Felici), Journal of Macroeconomics, 73, 103447, 2022
The European monetary policy responses during the pandemic crisis (with P. Benigno, P. Canofari, M. Messori), Open Economies Review, 33: 657-675, 2022
Limit pricing and entry game of renewable energy firms into the energy sector (with M. F. Behnaz, J. P. Braga, W. Semmler), Structural Change and Economic Dynamics, 61: 179-190, 2022
A Nash Equilibrium for differential games with moving-horizon strategies (with W. Semmler, E. Saltari), Computational Economics, 60, 1041-1054, 2022
Public provision of goods and services under cost uncertainty: The government’s bureaucratic organization (with S. Fedeli, M. Santoni), Mathematics, 10(1), 77, 2022
2021
“Whatever it takes”: A plea for active monetary policies in the EMU (with P. Canofari, M. Messori), Economics Letters, 208, 2021
Shocks in Europe, changes in uncertainty, and policies (with P. Benigno, P. Canofari, M. Messori), Journal of Economic Policy, 3: 339-356, 2021
[Book chapter] The effects of political short-termism on transitions induced by pollution regulations (with W. Semmler, E. Saltari) in Dynamic Analysis in Complex Economic Environments, Springer, 2021: 109-122.
2020
The rationale of in-group favoritism: An experimental test of three explanations (with G. Ciccarone, S. Papa), Games and Economic Behavior, 124: 554-568, 2020
Price and wage inflation persistence across countries and monetary regimes (with E. Beqiraj, M. Di Pietro), Journal of International Money and Finance,109, 2020
Bounded rationality and heterogeneous expectations: Euler vs. anticipated-utility approach (with E. Beqiraj, M. Di Pietro, C. Serpieri), Journal of Economics, 130: 249-273, 2020
An evaluation of alternative fiscal adjustment plans: The case of Italy (with N. Acocella, E. Beqiraj, M. Di Pietro, F. Felici), Journal of Policy Modelling, 42: 699-711, 2020
A stochastic estimated version of the Italian dynamic General Equilibrium Model (with N. Acocella, E. Beqiraj, M. Di Pietro, F. Di Dio, F. Felici, G. Alleva, B. Liseo), Economic Modelling, 92: 339-357, 2020
Correlates of (soft) skills of Italian undergraduate students (with S. Fedeli, M. Tancioni), Journal of Public Finance and Public Choice, 35: 107-140, 2020
[Book chapter] Resilience in regional business cycles across the Benelux (with E. Beqiraj, M. Di Pietro, C. Serpieri), Handbook on Regional Economic Resilience, edited by G. Bristow, Edward Elgar, 2020
2019
The sound of silence: A license to be selfish (with M. Dufwenberg, S. Papa), Economics Letters, 182: 68-70, 2019
Promises, expectations & causation (with M. Dufwenberg, S. Papa, F. Passarelli), Games and Economic Behavior, 113: 137-146, 2019
Beliefs formation and the puzzle of forward guidance power (with E. Beqiraj, M. Di Pietro), Journal of Macroeconomics, 60: 20-32, 2019
Rational vs. long-run forecasters: Optimal monetary policy and the role of inequality (with E. Beqiraj, C. Serpieri), Macroeconomic Dynamics, 23: 9-24, 2019
Macroeconomics, rationality, and institutions (with E. Dia), Journal of Macroeconomics, 50: 46-49, 2019
The effects of physical activity on social interactions: The case of trust and trustworthiness (with S. Papa), Journal of Sports Economics, 20: 50-71, 2019
Natural resources and environment preservation: Strategic substitutability vs. complementarity in global and local public good provision (with N. Acocella), International Review of Environmental and Resource Economics, 13: 2203-2274, 2019
Franco Modigliani: Il primo economista keynesiano contemporaneo (with G. Ciccarone), Economia Italiana, 3: 97-126, 2019
[Book] Principi di economia politica (with E. Saltari, R. Tilli), Carocci, Rome, 472 pp., 2019
2018
Public debt stabilization: The relevance of policymakers' time horizons (with M. Di Pietro, E. Saltari, W. Semmler), Public Choice, 177: 287-299, 2018
Optimal inflation targeting rule under positive hazard functions for price changes (with M. Di Pietro), Macroeconomic Dynamics, 22: 135-152, 2018
Current macroeconomic challenges (with E. Saltari), Macroeconomic Dynamics, 22: 1-3, 2018
Miscommunication in an investment game (with S. Papa), MEMOTEF Annals, 31-40, 2018
Il contributo di Modigliani al progetto di inflazione programmata e scambio politico-economico (with G. Ciccarone), Economia&Lavoro, 3: 109-122, 2018
[Book chapter] Resilience, contagion, and vulnerability to external financial crisis in CEE countries (with E. Beqiraj, M. Di Pietro, C. Serpieri) in Resilience, European Commission, JRC, Luxemburg: 46-54, 2018
2017
Intrinsic persistence of wage inflation in New Keynesian models of the business cycles (with M. Di Pietro), Journal of Money, Credit and Banking, 49: 1161-1195, 2017
Regime switches under policy uncertainty in monetary unions (with P. Canofari), European Journal of Political Economy, 47: 124-132, 2017
EMU stability: Direct and indirect risk sharing (with P. Canofari, M. Messori), Open Economies Review, 28: 847-862, 2017
I sindacati come attori della politica macroeconomica (with S. Papa), Economia&Lavoro, 51: 13-26, 2017
Conditional and unconditional other regarding preferences: A qualitative analysis (with S. Papa), MEMOTEF Annals, 47-57, 2017
[Book chapter] Public finance and the optimal inflation rate (with P. Tirelli) in Theoretical foundations of macroeconomic policy: Growth, productivity and public finance, G. Di Bartolomeo and E. Saltari (eds), Routledge, London, Chapter 6: 87-101, 2017
[Book chapter] Financial crises, limited-asset market participation, and banks' balance sheet constraints (with E. Beqiraj , M. Di Pietro) in Theoretical foundations of macroeconomic policy: Growth, productivity and public finance, G. Di Bartolomeo and E. Saltari (eds), Routledge, London, Chapter 4: 57-67, 2017
[Book] Theoretical foundations of macroeconomic policy: Growth, productivity and public finance (with E. Saltari, editors), Routledge, London, 205 pp., 2017
2016
Optimal monetary policy in a New Keynesian model with heterogeneous expectations (with B. Giannini and M. Di Pietro), Journal of Economic Dynamics & Control, 73: 373-387, 2016
Trust and reciprocity: Extensions and robustness of triadic design (with S. Papa), Experimental Economics, 19: 100-115, 2016
Does collective meditation foster trust and trustworthiness in an investment game? (with S. Papa), International Review of Economics, 63: 379-392, 2016
Some determinants of trust formation and pro social behaviours in investment games. An experimental study (with S. Papa), Studies in Microeconomics, Sage, 4: 1-14, 2016
[Book] Macroeconomic paradigms and economic policy (with N. Acocella, A. Hughes Hallett), Cambridge University Press, 339 pp., 2016
2015
The comeback of inflation as an optimal public finance tool (with N. Acocella, P. Tirelli), International Journal of Central Banking, 11: 43-70, 2015
US trend inflation reinterpreted: The role of fiscal policies and time-varying nominal rigidities (with N. Acocella, P. Tirelli), Macroeconomic Dynamics, 19: 1294-1308, 2015
Strategic interactions and contagion effects under monetary unions (with P. Canofari, G. Piersanti), World Economy, 38: 1618-1629, 2015
Interlocking directorates and concentration in the Italian insurance market (with P. Canofari), Journal of Industry, Competition and Trade, Springer, 15: 351-362, 2015
2014
Trend inflation, the labor market wedge, and the non-vertical Phillips curve (with N. Acocella, P. Tirelli), Journal of Policy Modelling, 36: 1022-1035, 2014
Announcement wars as an equilibrium selection device (with N. Acocella, A. Hughes Hallett, P. Piacquadio), Oxford Economic Papers, 66: 325-347, 2014
Optimal degree of union centralization, Studies in Microeconomics, Sage, 2: 201-211, 2014
Theory and practice of contagion in monetary unions: Domino effects in EU Mediterranean countries (with P. Canofari, G. Piersanti), International Advances in Economic Research, Springer, 20: 259-267, 2014
Oil price fluctuations and their impact on Ghana economic growth: A DSGE approach (with E. A Bondzie, G. O. Fosu), International Journal of Academic Research in Business and Social Sciences, 4: 217-242, 2014
[Book chapter] Sviluppo e ambiente di alcuni possibili conflitti (with N. Acocella), in Le categorie geografiche di Giorgio Spinelli, Pàtron Editore, Bologna: 41-52, 2014
2013
Trend inflation as a workers’ discipline device (with N. Acocella, P. Tirelli), Empirica, 40: 215-235, 2013
The costs of social pacts (with N. Acocella), Bulletin of Economic Research, 65: 238-255, 2013
2012
A general theory of controllability and expectations anchoring for small-open economies (with N. Acocella, A. Hughes Hallett), Journal of International Money and Finance, 31: 397-411, 2012
Inflation targets and endogenous wage markups in a New Keynesian model (with N. Acocella, P. Tirelli), Journal of Macroeconomics, 34: 391-403, 2012
Expectations dynamics: Policy, announcements and limits to dynamic inconsistency (with N. Acocella, A. Hughes Hallett), Studies in Nonlinear Dynamics & Econometrics, BE Press Journals, 16, 2012
[Book chapter] Central banks and economic policy after the crisis: What have we learned? (with N. Acocella, A. Hughes-Hallett) in Survey of international finance, H.K Baker, L.A. Riddick (eds), Oxford University Press, Chapter 5: 158-181, 2012
[Book] The theory of economic policy in a strategic context (with N. Acocella, A. Hughes Hallett), Cambridge University Press, 351 pp., 2012
2011
Tinbergen controllability and n-player LQ-games (with N. Acocella, A. Hughes-Hallett), Journal of Macroeconomics, 32: 55-67, 2011
Monetary policy, rule-of-thumb consumers and external habits: A G7 comparison (with L. Rossi, M. Tancioni), Applied Economics, 21: 2721-2738, 2011
Fiscal and monetary interaction under monetary policy uncertainty (with F. Giuli), European Journal of Political Economy, 27: 369-375, 2011
Who are the working poors? (with A. Di Bartolomeo, M. Pedaci), EM Journal of Applied Economics, 30: 1-13, 2011
[Book chapter] Organisational issues in the provision of global public goods (with N. Acocella) in International public goods, N. Acocella (ed), Sapienza University Press, Rome: 29-44, 2011
2010
Policy games, policy neutrality and Tinbergen controllability (with N. Acocella, A. Hughes-Hallett), Journal of Macroeconomics, 32: 55-67, 2010
Fiscal policy under balanced budget and indeterminacy: A New Keynesian perspective (with M. Manzo), Scottish Journal of Economic Policy, 57: 455-472, 2010
The old and the new theory of economic policy (with N. Acocella, A. Hughes Hallett), International Journal of Public Policy, 6: 154-165, 2010
Is there any scope for corporatism in macroeconomic policies? (with N. Acocella, W. Pauwels), Empirica, 37: 403-424, 2010
Convergenza di interessi, conflitto e coordinamento nella fornitura di beni pubblici (with N. Acocella), Politica Economica, 26, 389-408, 2010
2009
Conflict of interests, (implicit) coalitions and Nash policy games (with N. Acocella, P. Piacquadio), Economics Letters, 105: 303-305, 2009
The macroeconomics of social pacts (with N. Acocella, P. Tirelli), Journal of Economic Behavior & Organization, 72: 202-213, 2009
Policy uncertainty, symbiosis, and the optimal fiscal and monetary conservativeness (with F. Giuli, M. Manzo), Empirica, 36: 446-474, 2009
2008
The emerging new theory of economic policy (with N. Acocella), International Economics, 61: 135-150, 2008
Labor market regimes and the effects of monetary policy (with N. Acocella, D.A. Hibbs), Journal of Macroeconomics, 30: 134-156, 2008
Fiscal-monetary policy coordination and debt management: A two-stage analysis (with D. Di Gioacchino), Empirica, 35: 433-448, 2008
Existence and policy effectiveness in feedback Nash LQ-games (with N. Acocella), Ratio Mathematica, 18: 1-8, 2008
[Book chapter] Towards a new theory of economic policy: Continuity and innovation (with N. Acocella) in Quantitative economic policy: Theory and applications, R. Neck, C. Richter, P. Mooslechner (eds), Physica-Verlag, Heildelberg and New York: 15-34, 2008
[Book chapter] Models of endogenous coalition formation between fiscal and monetary authorities in the presence of a monetary union (with B. van Aarle, J. Engwerda, T. Michalak, J. Plasmans) in Quantitative economic policy: Theory and applications, R. Neck, C. Richter, P. Mooslechner (eds), Physica-Verlag, Heildelberg and New York: 103-136, 2008
[Book chapter] Interest groups and the monetary policy management in Trends in monetary policy issues, A.V. Tavidze (ed), Nova Science, New York: 25-52, 2008
[Book chapter] Economia della cortesia (with A. Bianchi, M. De Nicola, P. Di Giovanni, S. Papa, O. Trio), Carocci, Rome, 167 pp., 2008
2007
Dynamic controllability with overlapping targets (with N. Acocella, A. Hughes-Hallett), Macroeconomic Dynamics, 11: 202-213, 2007
Unions, fiscal policy and central bank transparency (with G. Ciccarone, E. Marchetti), The Manchester School, 75: 617-633, 2007
The debates on Rignano’s inheritance tax proposal (with G. Erreygers), History of Political Economy, 18: 605-638, 2007
Efficacy of monetary policy and limited asset market participation (with L. Rossi), International Journal of Economic Theory, 3: 213-218, 2007
Fiscal leadership and coordination in the EMU (with N. Acocella, P. Tirelli), Open Economies Review, 18: 281-289, 2007
Monetary conservatism and fiscal coordination in a monetary union (with N. Acocella, P. Tirelli), Economics Letters, 94: 56-63, 2007
Heterogeneous consumers, demand regimes, monetary policy and equilibrium determinacy (with L. Rossi), Rivista Italiana di Politica Economica, 9-10: 111-141, 2007
Is corporatism feasible? (with N. Acocella), Metroeconomica, 58: 340-359, 2007
Interest group and the monetary policy management, Journal of Current Issues in Finance, Business and Economics,1: 71-89, 2007
[Book chapter] From first- to second-generation social pacts (with N. Acocella, P. Tirelli) in Social pacts, employment and growth: Essay in honor of Ezio Tarantelli, N. Acocella, R. Leoni (eds), Physica-Verlag, Heildelberg and New York: 239-251, 2007
[Book chapter] E' tempo di riformare le istituzioni europee per favorire la crescita (with N. Acocella) in Sviluppo dualistico e mezzogiorni d'Europa, R. Realfonzo, C. Vita (eds), FrancoAngeli, Milan: 32-65, 2007
2006
Controllability in policy games: Policy neutrality and the theory of economic policy revisited (with N. Acocella, A. Hughes-Hallett), Computational Economics, 28: 91-112, 2006
Macroeconomic stabilization policies in the EMU: Spillovers, asymmetries and institutions (with B. van Aarle, J. Engwerda, T. Michalak, J. Plasmans), Scottish Journal of Political Economy, 53: 461-483, 2006
The issue of instability in a simple policy game between the central bank and a representative union (with W. Pauwels), Public Choice, 126: 275-298, 2006
Tinbergen and Theil meet Nash: Controllability in policy games (with N. Acocella), Economics Letters, 90: 213-218, 2006
Staying together or breaking apart: Policy-makers' endogenous coalitions in the European Monetary Union (with B. van Aarle, J. Engwerda, J. Plasmans), Computers & Operations Research, 33: 438-463, 2006
European economic institutions: Stability or growth oriented? (with N. Acocella), Acta Oeconomica, 57: 35-65, 2006
L’evoluzione dei patti sociali in una prospettiva analitica (with N. Acocella, S. Papa), Quaderni di Rassegna Sindacale, 4: 189-210, 2006
[Book chapter] Interest group and the monetary policy management in International finance and monetary policy, G.P. Severov (ed), Nova Science, New York: 1-27, 2006
[Book] Dynamic modeling of monetary and fiscal cooperation among nations (with B. van Aarle, J. Engwerda, T. Michalak, J. Plasmans), Springer, Berlin, 335 pp., 2006
2005
Unions’ inflation aversion and international competitiveness, Journal of Policy Modeling, 27: 137-142, 2005
Le istituzioni economiche europee sono orientate alla stabilità o alla crescita? (with N. Acocella), Studi e Note di Economia, 1: 59-89, 2005
2004
Central banks and information provided to the private sector (with E. Marchetti), BNL Quarterly Review, 230: 265-297, 2004
Is a conservative central banker a (perfect) substitute for wage coordination? (with N. Acocella), Empirica, 31: 281-294, 2004
Non-neutrality of monetary policy in policy games (with N. Acocella), European Journal of Political Economy, 20: 695-707, 2004
Policymakers coalitions and the stabilization policies in the EMU (with B. van Aarle, J. Engwerda, J. Plasmans), Journal of Economics, 82: 1-24, 2004
[Book chapter] Monetary policy regimes with hybrid output gaps and inflation rates with application to EU-accession countries (with B. van Aarle, B. Merlevede, J. Plasmans) in Kwantitatief bekeken - Liber Amicorum Prof. dr. Robert Van Straelen, S. Késenne (ed), Garant, Louvain: 135-176, 2004
2003
Wage and public expenditure setting in a monetary union (with N. Acocella), Zagreb International Review of Economics and Business, 6: 1-16, 2003
When can monetary policy affect real variables? (with N. Acocella), ICFAI Journal of Monetary Policy, 1: 7-29, 2003
[Book chapter] Coalitional behavior in an open-loop LQ-differential game for the EMU (with B. van Aarle, J. Engwerda, J. Plasmans) in Modelling and control of economic systems, R. Neck (ed), Elsevier, Oxford: 87-92, 2003
2002
Monetary and fiscal policy design in the EMU using a dynamic game approach: An overview (with B. van Aarle, J. Engwerda, J. Plasmans), Open Economies Review, 13: 321-340, 2002
Coalitions and dynamic interactions between fiscal and monetary authorities in the EMU (with B. van Aarle, J. Engwerda, J. Plasmans), IFO Economic Studies, 2: 207-229, 2002
Sindacati, non neutralità della moneta e giochi di politica economica (with N. Acocella), Moneta e Credito, 219: 263-277, 2002
[Book chapter] Partisanship and fiscal policy coordination in a monetary union (with N. Acocella) in Income distribution, unemployment and growth, R. Balducci, S. Staffolani (eds), ESI, Napoli: 247-260, 2002
[Book chapter] Monetary unions: The policy coordination issue (with B. van Aarle, J. Engwerda, J. Plasmans) in Applied simulation and modeling, L. Umbertini (ed), ACTA Press, Anaheim: 19-24, 2002
[Book chapter] Calmfors and Driffill's hump-shaped relationship: A different view in Income distribution, unemployment and growth, R. Balducci, S. Staffolani (eds), ESI, Napoli: 261-280, 2002