Published  papers

•  The Macroeconomic Effects  of  EU regional  structural funds, forthcoming  Journal  of  the  European  Economic  Association. On-line appendix

•  FAQ: How do I estimate the output gap?, forthcoming Economic Journal 

• Should we trust cross sectional multiplier estimates? forthcoming, Journal of  Applied Econometrics. 

• Symbolic stationarization of  DSGE models , with K. Paulsen,  Journal of  Economic Dynamic and  Control, 154,104710,2023.  On-line  appendix

• Mind the gap! Dynamic stylized  facts and  structural  models (with F. Ferroni),  American Economic Journal: Macroeconomics, 14(4),  104-135, 2022.  On line  appendix. Replication files

• Dealing  with  misspecification  in  macroeconometric  models (with C. Matthes), Quantitative Economics, 12, 313-350, 2021. On-line appendix

•  A composite  likelihood approach for dynamic structural models (with C. Matthes), Economic Journal., 131, 2447-2477, 2021. On-line appendix

• Mending the  broken link: heterogenous  bank  lending  and  unconventional  monetary  policy ( with C. Altavilla and  M. Ciccarelli), Journal of Monetary Economics, 110, 81-98, 2020. 

•  Detecting and analyzing the effects of  time varying coefficients in DSGE models ( with F. Ferroni  and  C.Matthes),  International Economic Review, 61, 105-125, 2020.   On-line  appendix: Detecting and  analyzing the effects  of time varying coefficients  in DSGE models

• Are small scale VARs useful  for  business cycle  analysis? Revisiting  nonfundamentalness (with M. H. Sahneh). Journal of  the  European Economic Association,  16(4), 1069-1093, 2018.

•  Beggar-thy-neighbor? The International Effects of ECB's Unconventional Monetary Policies (with K Bluwstein). International Journal of Central Banking, 12(3), 69-121, 2016.

• A General Algorithm for Estimating Structural VARs (with F. Perez-Forero). Quantitative Economics, 6(2),309-358, 2015. 

• Has the Euro-Mediterranean Partnership changed Mediterranean Business Cycles? (with A. Schlaepfer).  Journal of Applied Econometrics, 30 (2), 241-262, 2015.    - Appendix 

•  Bridging DSGE Models and the Raw Data. Journal of Monetary Economics, 67, 1-15, 2014.

• Choosing the variables to estimate singular DSGE models (with F. Ferroni and C. Matthes). Journal of Applied Econometrics, 29, 1099-1117, 2014.  - Appendix , 

• Do Institutions and Culture matter for Business Cycles? (with S. Altug) , Open Economies Review, 25,(1) SI, 93-122, 2014. 

• The Ins and Outs of Unemployment: A Conditional Analysis (with D. López-Salido and C. Michelacci) .  The Economic Journal, 123, 515-539, 2013.

• Do Institutional Changes affect Business Cycles? Evidence from Europe (with M. Ciccarelli and E. Ortega). Journal of Economic Dynamics and Control, 36, 1520-1533, 2012.    Appendix ,  

• ClubMed? Cyclical Fluctuations in the Mediterranean Basin (with M. Ciccarelli) . Journal of International Economics, 88, 162-175, 2012. 

• The Dynamics of US Inflation: Can Monetary Policy explain the Changes? (with F. Ferroni). Journal of Econometrics, 167 (1), 47-60, 2011. 

• Business Cycle Measurement with Some Theory (with M. Paustian) . Journal of Monetary Economics, 48 (4), 345-361, 2011. 

• Fiscal Policy, Pricing Frictions and Monetary Accommodation (with E. Pappa). Economic Policy, 68, 555-598, 2011. 

• Does Money Matter in Shaping Domestic Business Cycles? An International Investigation (with T. Menz).  Journal of Money, Credit and Banking, 43 (4), 577-609, 2011. 

• Multiple Filtering Devices for the Estimation of Cyclical DSGE Models (with F. Ferroni). Quantitative Economics, 2 (1), 73-98, 2011.    Appendix 

• Do Expectations Matter? The Great Moderation Revisited (with L. Gambetti) . American Economic Journal, 2 (3), 183-205, 2010. 

• The Effects of Technology Shocks on Hours and Output: A Robustness Analysis (with D. López-Salido and C. Michelacci).   Journal of Applied Econometrics, 25 (5), 755-773, 2010.    WP version (extended)  November 2006, revised February 2008.

• Japan’s Lost Decade: Does Money have a Role? (with T. Menz) . Journal of the Japanese and International Economies, 24 (2), 178-195, 2010. 

• Comment to "Weak Instruments Robust Tests in GMM and the New Keynesian Phillips Curve" by F. Kleibergen and S. Mavroeidis . Journal of Business and Economic Statistics, 27 (3), 311-315, 2009. 

• How Much Structure in Empirical Models?  In Palgrave Handbook of Applied Econometrics, edited by T. Mills and K. Patterson , vol. 2, pp. 68-97, 2009.

• Estimating Multi-country VAR Models (with M. Ciccarelli).International Economic Review, 50 (3), 929-961, 2009.

• Replication codes 

• Back to Square One: Identification Issues in DSGE Models (with L. Sala). Journal of Monetary Economics, 56 (4), 431-449, 2009.   WP version (extended)  May 2005, revised February 2008.

• What Explains the Great Moderation in the US? A Structural Analysis . Journal of the European Economic Association, 7 (4), 697-721, 2009. 

• Structural Changes in the US Economy: Is there a Role for Monetary Policy? (with L. Gambetti) . Journal of Economic Dynamics and Control, 33 (2), 477-490, 2009. 

• The Structural Dynamics of U.S. Output and Inflation: What Explains the Changes? (with L. Gambetti and E. Pappa).Journal of Money, Credit and Banking, 40 (2-3), 369-388, 2008.    Appendix

• Price Differentials in Monetary Unions: The Role of Fiscal Shocks (with E. Pappa). The Economic Journal, 117 (520), 713-737, 2007.   Former working paper (Appendix)

• Monetary Policy in the Euro Area: Lessons from 5 Years of ECB and Implications for Turkey (with C. Favero) in Macroeconomic Polices for Accession Countries, edited by E. Basci, S. Togan and J. Vonhagen, p. 79-129, 2007. 

• Similarities and Convergence in G-7 Cycles (with M. Ciccarelli and E. Ortega). Journal of Monetary Economics, 54 (3), 850-878, 2007. 

• The Structural Dynamics of Output Growth and Inflation: Some International Evidence (with L. Gambetti and E. Pappa). The Economic Journal, 117 (519), C167-C191, 2007. 

• G-7 Inflation Forecasts: Random Walk, Phillips Curve or What Else? Macroeconomic Dynamics, 11 (1), 1-30, 2007. 

• The Elusive Costs and the Immaterial Gains of Fiscal Constraints (wih E. Pappa) .Journal of Public Economics, 90 (8), 1391-1414, 2006. 

• The Transmission of US Shocks to Latin America . Journal of Applied Econometrics, 20 (2), 229-251, 2005 

• Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints (with E. Pappa). NBER International Seminar in Macroeconomics, 11065, 327-370, 2005. 

• Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model (with M. Ciccarelli). Journal of Econometrics, 120 (2), 327-359, 2004. 

• Testing for Convergence Clubs in Income per Capita: A Predictive Density Approach. International Economic Review, 45 (1), 49-77, 2004. 

• The Properties of Equity Premium and the Risk Free-Rate: An Investigation across Time and Countries (with G. de Nicoló). IMF Staff Papers, 20 (2), 222-249, 2003. 

• On the Sources of Business Cycles in the G-7 (with G. de Nicoló). Journal of International Economics, 59 (1), 77-100, 2003. 

• Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment (with G. Bertocchi). European Economic Review, 46 (10), 1851-1871, 2002. 

• Monetary Disturbances Matter for Business Fluctuations in the G-7 (with G. de Nicoló). Journal of Monetary Economics, 49 (6), 1131-1159, 2002. 

• Inequality and Convergence in Europe's Regions: Reconsidering European Regional Policies (with M. Boldrin). Economic Policy, 13 (32), 207-253, 2001. 

• Stock Returns, Term Structure, Inflation, and Real Activity. An International Perspective (with G. de Nicoló). Macroeconomic Dynamics, 4 (3), 343-372, 2000. 

• The Macroeconomic Effects of German Unification: Real Adjustments and the Welfare State (with M. Ravn). Review of Economic Dynamics, 3 (3), 423-460, 2000.

• Does Retrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points? Economic Journal, 109 (452), 126-150, 1999. 

• Sources and Propagation of International Output Cycles: Common Shocks or Transmission? (with J. Marrinan). Journal of International Economics, 46 (1), 133-166, 1998. 

• Detrending and Business Cycle Facts. Journal of Monetary Economics, 41 (3), 475-512, 1998. 

• Detrending and Business Cycle Facts: A User's Guide. Journal of Monetary Economics, 41 (3), 533-540, 1998. 

• International Business Cycles, Financial Markets and Household Production (with A. Ubide). Journal of Economic Dynamics and Control, 22 (4), 545-572, 1998. 

• International Consumption Risk Sharing (with M. Ravn). International Economic Review, 37 (3), 574-601, 1996. 

• Three Tests for the Existence of Cycles in Time Series. Ricerche Economiche, 50 (2), 135-162, 1996. 

• Reconciling the Term Structure of Interest Rates with the Consumption-based ICAP Model (with J. Marrinan). Journal of Economic Dynamics and Control, 20 (4), 709-750, 1996. 

• Stock Returns and Real Activity: A Structural Approach (with G. de Nicoló). European Economic Review, 39 (5), 981-1015, 1995. 

• Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies. International Economic Review, 36 (2), 477-501, 1995. 

• Predicting Excess Returns in Financial Markets (with J. Marrinan). European Economic Review, 39 (1), 35-69, 1995. 

• Statistical Inference in Calibrated Models. Journal of Applied Econometrics, 9 (1), S123-S144, 1994. 

• Changes in Seasonal Patterns: Are they Cyclical? (with E. Ghysels). Journal of Economic Dynamics and Control, 18 (6), 1143-1171, 1994. 

• Detrending and Turning Points. European Economic Review, 38 (3-4), 614-623, 1994. 

• Were Financial Crises Predictable?. Journal of Money, Credit and Banking, 26 (1), 102-124, 1994. 

• Profits, Risk, and Uncertainty in Foreign Exchange Markets (with J. Marrinan). Journal of Monetary Economics, 32 (2), 259-286, 1993. 

• Trade Interdependence and the International Business Cycle(with H. Dellas). Journal of International Economics, 34 (1-2), 23-47, 1993. 

• Modelling and Forecasting Exchange Rates with a Bayesian Time-varying Coefficient Model. Journal of Economic Dynamics and Control, 17 (1-2), 233-261, 1993. 

• Forecasting Time Series with Common Seasonal Patterns. Journal of Econometrics, 55 (1-2), 173-200, 1993. 

• Price Smoothing Policies: A Welfare Analysis. Journal of Monetary Economics, 30 (2), 255-275, 1992. 

• An Empirical Analysis of Ex Ante Profits from Forward Speculation in Foreign Exchange Markets. Review of Economics and Statistics, 73 (3), 489-496, 1991. 

• The Sources of Financial Crisis: Pre- and Post-Fed Evidence. International Economic Review, 32 (3), 689-713, 1991. 

• The Time-Series Properties of the Risk Premium in the Yen/Dollar Exchange Market (with T. Ito). Journal of Applied Econometrics, 6 (2), 125-142, 1991.