Research

Research Interests

Macroeconomics, Inflation Dynamics, DSGE models, Monetary and Fiscal policy, Limited Asset Market Participation, Bayesian estimation.

Publications

The (Ir)Relevance of Rule-of-Thumb Consumers for U.S. Business Cycle Fluctuations, with G. Ascari and Q. Haque. Forthcoming on Journal of Money, Credit and Banking.

The public debt multiplier, with G. Ascari and A. Gobbi.  Journal of Economic Dynamics and Control, vol. 132, November 2021.

Financial crises and sudden stops: Was the European monetary union crisis different?, with P. Tirelli. Economic Modelling, vol. 93, December 2020, pages 13-26. Previously circulated as PIIGS in the Euro Area. An Empirical DSGE Model . Appendix

Comparing post-crisis dynamics across Euro Area countries with the Global Multi-country model, with L. Calès, R. Cardani, O. Croitorov, F. Ferroni, M. Giovannini, S. Hohberger, B. Pataracchia, F. Pericoli, R. Raciborski, M. Ratto, W. Roeger and L.Vogel. Economic Modelling, vol. 81(C), September 2019, pages 242-273. Previously circulated as The Global Multi-Country Model (GM): an Estimated DSGE Model for the Euro Area Countries.

Limited Asset Market Participation and the Euro Area Crisis. An Empirical DSGE Model, with A. Paccagnini and P. Tirelli. Economic Inquiry, Volume 57, Issue 3, July 2019, pages 1302-1323. Previously circulated as Estimating a DSGE with Limited Asset Market Participation for the Euro Area.

Great Recession, Slow Recovery and Muted Fiscal Policies in the US, with A. Paccagnini and P. Tirelli. Journal of Economic Dynamics and Control, Volume 81, August 2017, Pages 140-161.

Inflation bias and markup shocks in a LAMP model with strategic interaction of monetary and fiscal policy, with L. Rossi. Journal of Macroeconomics, Volume 52, June 2017, Pages 39-55.

In Search of the Euro Area Fiscal Stance, with A. Paccagnini and P. Tirelli. Journal of Empirical Finance, Volume 39 (Part B), December 2016, Pages 254-264.

Policy Games, Distributional Conflicts and the Optimal Inflation, with L. Rossi. Macroeconomic Dynamics, Volume 19, Issue 06, September 2015, pp 1261-1293. Appendix (not for publication)

Capital Maintenance and Depreciation over the Business Cycle, with S. Kalyvitis and E. Pappa. Journal of Economic Dynamics and Control, Volume 39, February 2014, Pages 273-286.

Working papers

Monetary Policy in the Euro Area: An Assessment, with G. Ascari and Q. Haque (Apr 2024).

Fiscal Multipliers in a Permanent Liquidity Trap, with G. Ascari and A. Gobbi (Feb 2024).

Debunking the Myth of Southern Profligacy. A DSGE Analysis of Business Cycles in the EMU's Big Four, with R. Cardani and P. Tirelli (Nov 2017), Working Papers 373, University of Milano-Bicocca, Department of Economics, Management and Statistics.

Estimating a DSGE with Limited Asset Market Participation for the Euro Area, with A. Paccagnini and P. Tirelli (Nov 2014), Working Papers 286, University of Milano-Bicocca, Department of Economics, Management and Statistics. Appendix

Revisiting the `Productivity-Hours Puzzle' in the RBC Paradigm: The Role of Investment Adjustment Costs, with S. Kalyvitis and E. Pappa (Jan 2012), Quaderni di Dipartimento 164, ISSN: 2279-7807, University of Pavia, Department of Economics and Quantitative Methods.