Welcome!
I am a junior economist at the Bank of Italy. I work in the Financial Stability division, DG Economics, Statistics and Research.
My research interests are in Monetary Economics, Finance, and Artificial Intelligence.
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Education
Education
09/2020-06/2025 PhD in Economics, LUISS Guido Carli
Advisors: Francesco Lippi, Emanuele Tarantino
2017-2019 Master's degree in Economics and Finance (Summa cum laude), LUISS Guido Carli
Best Thesis Award
2014-2017 Bachelor's degree in Economia e Management (Summa cum laude), Luiss Guido Carli
Research
Research
Working papers
Working papers
"A Strucural Model for Corporate Liquidity"
Abstract: "I analyse the evolution of the distribution of liquidity across Italian limited liability companies. I document that the level of liquidity is stable over business cycles once the net short-run trade credit position is taken into account, and that firms react to fluctuations in economic conditions by adjusting their cash holdings and their net trade credit position. On average, the ratio of liquid to total assets is 15%. Building on these findings, I estimate a fixed-cost model of liquidity management to understand the impact of cash flow uncertainty, efficiency, and adjustment costs on firms' decisions. I use the estimated model to highlight the impact of these forces on the optimal liquidity management policy and the implications for the cross-sectional distribution." [Draft available upon request.]
"Algorithmic Pricing and Bank Lending" with F. Schivardi, E. Sette, and E. Tarantino.
Abstract: "Previous work shows that algorithmic pricing can lead to collusive equilibria in standard markets. We examine how this conclusion changes in credit markets, where adverse selection and moral hazard complicate pricing decisions. We estimate a structural model of the market of credit lines and then simulate the impact of the adoption of AI pricing algorithms on market outcomes. We find that AI generally increases prices also in these markets, but the relative increase strongly depends on the level of asymmetries. Additionally, we experiment with the robustness of the Q-learning algorithm as our application poses challenges to its learning process." [Draft available upon request.]
Works in progress
Works in progress
"Platform Design, Recommender Systems, and Polarization" with E. Calvano
"Global Value Chain Disruption and Firm Performance: A Natural Experiment" with P. Murro and V. Peruzzi
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