Refereed Publications

How Destructive is Innovation?, with Chang-Tai Hsieh & Peter Klenow, Econometrica, 87(5), 1507–1541, September 2019

Replication files: link to zip folder

Coverage: NBER Digest, Chicago Booth Review, Financial Times, Bloomberg

Household Wealth and Resilience to Financial Shocks in Italy, International Journal of Central Banking, 17(3), 241-272, September 2021

IMF WP version: IMF Working Paper 18/196.

Macroprudential Policy with Liquidity Panics, with Alonso Villacorta, The Review of Financial Studies, 36(5), 2046–2090, May 2023 

ESRB WP version: ESRB Working Paper No. 2

Runner-up of the Ieke van den Burg Prize for Research on Systemic Risk (2016), European Central Bank

Tracing Productivity Growth Channels in the UK, with Julia Korosteleva, Research Policy, 54(1), January 2025   

IMF WP version: IMF Working Paper 21/273.

Industrial Policies for Innovation: A Cost-Benefit Framework, with Alexandre Sollaci,  IMF Economic Review, July 2025

IMF WP version: IMF Working Paper 24/176.

Coverage: Faculti Interview, SUERF policy brief, New York Times, Financial Times, The Guardian, El País

Working Papers

The Financing of Ideas and the Great Deviation, IMF Working Paper 17/176, under revision for the Journal of Monetary Economics

Awarded the Kauffman Dissertation Fellowship (2014), Ewing Marion Kauffman Foundation

The Stabilizing Role of Net Foreign Asset Returns, with Gustavo Adler, IMF Working Paper 18/79

Corporate Financing of Innovation and the Medium-Run Cycle

Sean Buckley Memorial Award for the Best Second-Year Paper (2013), Economics Department, Stanford University

Technological and Economic Decoupling in the Cyber Era, with Rishi Goyal, IMF Working Paper 20/257

Coverage: Financial Times, IMF Finance & Development Magazine, IMF Research Perspectives, Journal of International Affairs, CSFI panel (video)

Industrial Policy in China: Quantification and Impact on Misallocation, with Siddharth Kothari and Yifan Tao, IMF Working Paper 2025/155 

Coverage: The Economist, Financial Times (I), Financial Times (II)

Fiscal Rules and Fiscal Councils: Recent Trends and Performance during the COVID-19 Pandemic, with Hamid R. Davoodi, Paul Elger, Alexandra Fotiou, Xuehui Han, Andresa Lagerborg, W. Raphael Lam, and Paulo Medas, IMF Working Paper 22/11

Dataset and visualization tool: Fiscal Rules Dataset; Coverage: IMF Blog

The Effects of Inflation on Public Finances, IMF Working Paper 2023/093

Coverage: Financial Times, Bloomberg, El País 

Public Debt Dynamics During the Climate Transition, with  W. Raphael Lam and Anh Dinh Minh Nguyen, IMF Working Paper 2024/071

Coverage: Financial Times, El País 

Has the Phillips Curve Become Steeper?, with Anil Ari and Shruti Mishra, IMF Working Paper 2023/100 

Coverage: Central Banking.

The Insolvency Regime for Large Enterprises in Italy: An Economic and Legal Assessment, with Nazim Belhocine and José Garrido, IMF Working Paper 18/218 

The Measurement of External Accounts, with Gustavo Adler and Signe Krogstrup, IMF Working Paper 19/132

Identifying Service Market Reform Priorities in Italy, with Nazim Belhocine, IMF Working Paper 20/39

Labor Costs and Corporate Investment in Italy, IMF Working Paper 20/38

From Wood to Coal May Well Be from Malthus to Solow, with Egemen Eren

International Financial Integration and the Exchange Rate Disconnect, with Gustavo Adler and Igor Cesarec

Policy Contributions

October 2024 Fiscal Monitor, Chapter 1, "Putting a Lid on Public Debt", IMF, 2024

China: 2024 Article IV Consultation Staff Report, IMF, 2024

Broadening the Gains from Generative AI: The Role of Fiscal Policies, IMF Staff Discussion Note 2024/002

April 2024 Fiscal Monitor, Chapter 2, "Expanding Frontiers: Fiscal Policies for Innovation and Technology Diffusion", IMF, 2024

Blog: "Industrial Policy is Not a Magic Cure for Slow Growth"; TV interview: "Canada CTV - Taking Stock"

A Revenue Mobilization Strategy for China, with Sebastian Beer, China: 2023 Article IV Consultation, Selected Issues Paper, IMF, 2024

Coverage: The Economist

Local Government Finances after COVID and the Real Estate Slump, with Yingyuan Chen and Henry Hoyle, China: 2023 Article IV Consultation, Selected Issues Paper, IMF, 2024

China: 2023 Article IV Consultation Staff Report, IMF, 2024

October 2023 Fiscal Monitor, Chapter 1, "Climate Crossroads: Fiscal Policies in a Warming World", IMF, 2023

April 2023 Fiscal Monitor, Chapter 2, "Inflation and Disinflation: What Role for Fiscal Policy?", IMF, 2023

Costa Rica: Technical Assistance Report - Upgrading the Rule-Based Fiscal Framework, IMF Country Report 23/97

April 2022 Fiscal Monitor, Chapter 1, "Fiscal Policy from Pandemic to War", IMF, 2022

United Kingdom: 2021 Article IV Consultation Staff Report, IMF, 2022

United Kingdom: 2020 Article IV Consultation Staff Report, IMF, 2020

EU Climate Mitigation Policy, IMF Departmental Paper 20/13

Sectoral Policies for Climate Change Mitigation in the EU, IMF Departmental Paper 20/14

Italy: 2020 Article IV Consultation Staff Report, IMF, 2020

Euro Area Policies: 2019 Article IV Consultation Staff Report, IMF, 2019

Strengthening the Euro Area: The Role of National Structural Reforms in Building Resilience, IMF Staff Discussion Note 19/05

Italy: 2018 Article IV Consultation Staff Report, IMF, 2019

The External Balance Assessment Methodology: 2018 Update, IMF Working Paper 19/65

2018 Refinements to the External Balance Assessment Methodology, Technical Supplement, IMF, 2018

2017 External Sector Report, IMF, 2017 

2015 Refinements to the External Balance Assessment (EBA) Methodology, Technical Background Note, IMF, 2017

Non-Refereed Publications

An Open-Economy Neoclassical Growth Model with a Two-Party System, with Pau Roldan & Peter Zorn, Addenda Review, 3, Spring 2012.