Claudio Morana

I am a Professor of Economics at the Department of Economics, Management and Statistics (DEMS) of the University of Milano‑Bicocca, and President and Director of the Rimini Center for Economic Analysis – Europe (RCEA‑Europe ETS). Born in Turin, I graduated in Economics from the University of Torino and received an MSc in Economics from the University of Glasgow and a PhD in Economics from the University of Aberdeen. Before joining the University of Milano‑Bicocca, I served as Assistant and then Associate Professor of Economics at the University of Piemonte Orientale (Novara), and previously as Lecturer at Heriot‑Watt University (Edinburgh) and the University of Aberdeen. I have been a Fulbright Research Scholar at Michigan State University, a Visiting Scholar at the Minda de Gunzburg Center for European Studies at Harvard University, a consultant for the European Central Bank, Director of the Center for European Studies (CefES‑DEMS), and Deputy Director of the Rimini Center for Economic Analysis (University of California–Riverside). I am a Fellow of the Center for Research on Pensions and Welfare Policies (CeRP, Collegio Carlo Alberto) and a member of the Euro Area Business Cycle Network (EABCN) and the Center for Interdisciplinary Studies in Economics, Psychology, and Social Sciences (CISEPS). I serve as Associate Editor of Environmetrics and sit on the Editorial Boards of the Open Journal of Statistics, Nordicum‑Mediterraneum, the Asia‑Pacific Journal of Mathematics, and Research in Globalization. My research spans macroeconomics, financial economics, climate‑change economics, and econometrics, with a focus on the macro‑finance interface and the dynamics of economic and financial cycles. I have published more than 90 articles in leading journals, including the Journal of Econometrics, Econometrics and Statistics, Journal of Empirical Finance, Journal of Banking and Finance, Journal of International Money and Finance, Journal of Economic Dynamics and Control, Economic Modelling, Computational Statistics and Data Analysis, International Journal of Forecasting, International Journal of Central Banking, Energy Economics, and the European Economic Review.

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The Rimini Center for Economic Analysis Europe at the University of Milano-Bicocca

The Rimini Center for Economic Analysis at the University of California, Riverside

New research:

Beyond Climate Risk: Measuring Climate Uncertainty and Its Macroeconomic and Financial Effects (with F.P. Mongelli). CefES-DEMS Working Paper, no. 581, August 2026.

Recent publications and research:

Extreme Weather in Europe: Determinants and Economic Impact (with M. Chauvet, M. Silva). European Economic Review, 2026.
Climate and Sustainable Energy Econometrics and Statistics (with J. Castle, J.I. Miller, and T. Proietti). Environmetrics, 2025.
Introduction to the Special Issue on Macroeconomic Regime Changes: Theory, Evidence, and Policy Challenges Ahead (with P. Benigno and P. Tirelli), European Economic Review, 2025.
Eurozone Economic Integration: Historical Developments and New Challenges Ahead (with F.C. Bagliano), European Economic Review, 2025.
Climate change risk pricing in the European stock market (with N. Cassola and E. Ossola). Applied Economics, 2025, 57(58), 10081–10103.
A new macro-financial condition index for the Euro Area. Econometrics and Statistics, 2024.
Euro area inflation and a new measure of core inflation. Research in Globalization, 2023.
Is climate change time-reversible? (with F. Giancaterini and A. Hecq). Econometrics, 2022 10(4), 36.
The risks of exiting too early the policy responses to the COVID-19 recession (with N. Cassola, P. De Grauwe, and P. Tirelli). Research in Globalization, 2022.
Climate change awareness: Empirical evidence for the European Union (with D. Baiardi). Energy Economics, 2021, 96
Regularized semiparametric estimation of high-dimensional dynamic conditional covariance matrices, Econometrics and Statistics, 2019, 12, 42-65.
Climate change implications for the catastrophe bonds market: An empirical analysis (with G. Sbrana). Economic Modelling, 2019, 81, 274-294.

My metrics and pages: Scopus - Google scholar - SSRN page - REPEC page

My social networks: Linkedin

Contact

Email: claudio.morana@unimib.it

Address: Piazza Ateneo Nuovo, 1 - Bd. U6 - Room 3084, 20126 Milano, Italy

Phone: +39 02 6448 3091

Fax: +39 02 6448 3085

... the master-economist must possess a rare combination of gifts. He/she must reach a high standard in several different directions and must combine talents not often found together. He/she must be mathematician, historian, statesman, philosopher – in some degree. He/she must understand symbols and speak in words. He/she must contemplate the particular in terms of the general, and touch abstract and concrete in the same flight of thought. He/she must study the present in the light of the past for the purposes of the future. No part of man's nature or his institutions must lie entirely outside his/her regard. He/she must be purposeful and disinterested in a simultaneous mood; as aloof and incorruptible as an artist, yet sometimes as near the earth as a politician. ... conspicuously historian and mathematician, a dealer in the particular and the general, the temporal and the eternal, at the same time. - John M. Keynes Essays In Biography (1933), p. 170 (slightly modified!)