Carlo Altavilla
Bio
Carlo Altavilla is Head of Monetary Analysis Division in the Directorate General Monetary Policy of the European Central Bank (ECB). He is a Research Fellow of the Centre for Economic Policy Research (CEPR). He holds a Ph.D. in Economics from the Catholic University of Leuven. In his role, Carlo oversees the assessment of bank and non-bank liquidity and funding conditions across the euro area, the assessment of macro-financial linkages, the functioning of the bank lending channel, and the calibration of standard and non-standard measures working through bank and non-bank intermediaries. He also chairs the task-force on banking analysis for monetary policy of the Monetary Policy Committee of the European System of Central Banks.
Research Interests
Monetary policy, Banking, Financial economics, Applied Econometrics.
Disclaimer: The views expressed in this website and in my research are my own and cannot be attributed to the European Central Bank or the Eurosystem.
Contact Information
Carlo Altavilla
Head of Monetary Analysis Division
DG Monetary Policy
European Central Bank
Sonnemannstrasse 20, 60314 - Frankfurt am Main (Germany)
Email: carlo.altavilla [at] ecb.europa.eu
https://www.ecb.europa.eu/pub/research/authors/profiles/carlo-altavilla.en.html
Recent working papers
o Determinants of bank performance: evidence from replicating portfolios
Altavilla C., Begenau J., Burlon L, Hünnekes F (2024), ECB WP No. 2937
o Anchoring QT: Liquidity, credit and monetary policy implementation
Altavilla C., Rostagno M., Schumacher J. (2023), CEPR Discussion Paper No. 18581
o Climate Risk, Bank Lending and Monetary Policy
Altavilla C., Boucinha M., Pagano M., Polo A. (2023), CEPR Discussion Paper No. 18541 [VoxEU Column]
o Banking Supervision, Monetary Policy and Risk-Taking: Big Data Evidence from 15 Credit Registers
Altavilla C., Boucinha M., Peydró JL, Smets F.R. (2020), ECB Working Paper No.2349 [also CEPR DP14288] (R&R at Journal of Finance )
o Loan guarantees, bank lending and credit risk reallocation
Altavilla C., Ellul A., Pagano M., Polo A., Vlassopoulos T. (2021), CEPR DP 16727 [Vox EU Column] (R&R at Journal of Financial Economics)
M. Rostagno, Altavilla C., G. Carboni, W. Lemke, R. Motto, A. Saint Guilhem (2021), ECB Working Paper Series No.2564 (R&R at Journal of Monetary Economics)
o Monetary and Macroprudential Policy Complementarities: evidence from European credit registers
Altavilla C., Laeven L., Peydró JL (2020), CEPR Discussion Paper 15539 (R&R at The Review of Economic Studies)
o Central Bank Liquidity Reallocation and Bank Lending: Evidence from the Tiering System
Altavilla C., Boucinha M, Burlon L., Giannetti M., Schumacher J. (2022), Swedish House of Finance Research Paper (R&R at Journal of Financial Economics)
o Supply or Demand: What Drives Fluctuations in the Bank Loan Market?
Altavilla C., Boucinha M., Bouscasse P. (2022), ECB Working Paper Series No.2646
Altavilla C., Lemke W., Linzert T., Tapking J., von Landesberger J. (2021), ECB Occasional Paper Series, No278
o Interbank rate uncertainty and bank lending
Altavilla C., Carboni G., Lenza M., Uhlig H. (2019), ECB Working Paper Series No. 2311 (R&R at American Economic Journal : Macro)
Book
Monetary Policy in Times of Crisis: A Tale of Two Decades of the European Central Bank
joint with M. Rostagno, G. Carboni, W. Lemke, R. Motto, A. Saint Guilhem, J. Yiangou (2021)
Oxford University Press
Publications - Journal Articles
o Macro and Micro of External Finance Premium and Monetary Policy Transmission
Altavilla C, Gürkaynak R., Quaedvlieg R. (2024), Journal of Monetary Economics (forthcoming) [ECB Working paper No 2934]
o The Great Lockdown: pandemic response policies and bank lending conditions
Altavilla C., Barbiero F., Boucinha M., Burlon L. (2023), European Economic Review, [also CEPR DP15298 ] VoxEU Column
o Is there a zero lower bound? The real effects of negative interest rates
Altavilla C., Burlon L., Holton S., Giannetti M., (2022) Journal of Financial Economics, Vol 144(3), pp. 885-907 [VoxEU Column]
Press coverage: Forbes, Financial times, Bloomberg (December 2019), Bloomberg (November 2019), The Brookings blog, The Telegraph, Centralbanking.com, EconReporter, Euromoney, El Boletin, Bank of England's monetary policy report.
o Credit supply and demand in unconventional times
Altavilla C., Boucinha M., Holton S., Ongena S. (2021) Journal of Money Credit & Banking Vol.53, pp.2071-2098
o Asset Purchase Programmes and Financial Markets: evidence from the Euro Area
Altavilla C., Carboni G., Motto R. (2021) International Journal of Central Banking, Vol. 17 (4), pp 1-48
o Mending the broken link: heterogeneous bank lending and monetary policy pass-through
Altavilla C., Canova F., and Ciccarelli M. (2020) Journal of Monetary Economics , Vol .110, April 2020, Pages 81-98
o Measuring Euro Area Monetary Policy
Altavilla C., Brugnolini L., Gürkaynak R., Motto R., Ragusa G., (2019) Journal of Monetary Economics , Vol.108, Pages 162-179
EA-MPD DATASET - The Euro Area Monetary Policy Event-Study Database; Replication codes
VoxEU Column I (EA-MPD), VoxEU Column II (Analysis)
o Loan supply, credit markets and the euro area financial crisis
Altavilla C., M. Darracq, Nicoletti G., (2019) Journal of Banking and Finance ,Volume 109, Dec. 2019, 105658
o Monetary Policy and Bank Profitability in a low interest rate environment
Altavilla C., Boucinha M., J-L Peydro’ (2018) Economic Policy, Volume 33, Issue 96, Pages 531–586.
o The Low Frequency Effects of Macroeconomic News on Government Bond Yields
Altavilla C., Giannone D., Modugno M. (2017) Journal of Monetary Economics, Volume 92, December 2017, Pages 31-46.
o Anchoring the yield curve using survey expectations
Altavilla C., Giacomini R. and Ragusa G. (2017) Journal of Applied Econometrics, Vol.32 (6), pp.1055–1205
o Bank Exposures and Sovereign Stress Transmission
Altavilla C., Pagano M., Simonelli S. (2017) Review of Finance, Vol. 21(6), pp. 2103–2139, lead article
o The effectiveness of nonstandard monetary policy measures: evidence from survey data
Altavilla, C., and D. Giannone (2017) Journal of Applied Econometrics, vol. 32 (5), pp.952–964
o The financial and macroeconomic effects of OMT announcements
Altavilla C., Giannone D., Lenza M. (2016) International Journal of Central Banking, vol. 12(3), pages 29-57
o Bond returns and market expectations
Altavilla C., R. Giacomini and R. Costantini, (2014) Journal of Financial Econometrics, 12 (4): 708-729.
o Asymmetric Effects of National-based Active Labour Market Policies
Altavilla C. and Caroleo F.E. (2013), Regional Studies, vol. 47(9), pages 1482-1506.
o Non-linear dynamics of real wages over the business cycle
Altavilla C. and Vinci C.P. (2011), Journal of Applied Economics, Vol. XIV, No.1, pp. 81-99
o Evaluating the Effect of Monetary Policy on Unemployment with Alternative Inflation Forecasts
Altavilla C. and Ciccarelli M. (2010), Economic Modelling, Vol.27, pp.237-253
o Non-Linearities in the Relation between the Exchange Rate and its Fundamentals
Altavilla C. and De Grauwe P (2010) International Journal of Finance and Economics, Vol. 15, Issue 1, pp. 1-21
o Forecasting and Combining Competing Models of Exchange Rate Determination
Altavilla C. and De Grauwe P (2010) Applied Economics vol. 42, pp. 3455-80
o The Effects of Monetary Policy on Unemployment Dynamics under Model Uncertainty: Evidence from the US and the Euro Area
Altavilla C. and M. Ciccarelli (2009) Journal of Money, Credit and Banking, Vol.41, Issue 7; pp.1265-1300
o The (UN-)Stable Relationship between Exchange Rate and Fundamental
Altavilla C. (2008) Applied Economics Letters, 15:7, pp.539-544
o Social Learning in Market Games
Altavilla C., Luini L., Sbriglia P. (2006) Journal of Economic Behavior and Organization, Vol 61, Issue 4, pp.632-652
o Do central banks act asymmetrically? Empirical evidence from the ECB and the Bank of England
Altavilla C. and Landolfo L. (2005) Applied Economics, Vol. 37, No. 5, pp. 507 – 519.
o Cross-country Asymmetries in Monetary Policy Transmission: evidence from EMU members
Altavilla C. and Landolfo L. (2005) International Review of Applied Economics, Vol.19, No.1, pp.87-106.
o Do EMU members Share the same Business Cycle?
Altavilla C. (2004) Journal of Common Market Studies, vol.42, No 5, pp.869-896.
o Assessing Monetary Rule Performance across EMU Countries
Altavilla C. (2003) International Journal of Finance and Economics, vol.8, No.2, pp.131-151.