NEW Working Paper
Nonlinearities with de-anchored inflation expectations, with Mirela Miescu (Lancaster University) and Stefano Fasani (Lancaster University) - SSRN Working Paper, (Revise & Resubmit International Economic Review).
Belief Distortions and Uncertainty about Inflation, with Giuseppe Pagano Giorgianni (Sapienza University), Valeria Patella (Sapienza University), Lorenza Rossi (Lancaster University) - SSRN Working Paper, Slides, submitted
Patent Pending or Patent Granted? How Green Innovation News Shapes the Economy, with Aikaterini Delligiani
Labour Share Decline and Productivity Slowdown: A Micro-Macro Analysis of the Spain Economy, (2023). with Francesca Crucitti
This paper uses firm-level data to empirically investigate the relative contribution of the declining relative price of investments, the increasing automation, and the rising price markups on the labour share decline and productivity slowdown witnessed in the last 20 years inSpain’s manufacturing sector. The results point to automation and markups as important drivers of both phenomena. Remarkably, differently from what found for the US economy (Baqaee and Farhi (2020)), in the Spain economy the TFP slowdown was mainly driven by an increase in the dispersion in the markups caused by the entry of small and unproductive firms. A theoretical model characterized by firm heterogeneity, endogenous markups distribution, and borrowing constrained firms, parsimoniously accounts for the empirical findings.
What Drives Downside Risk? Asymmetries in Shocks vs. Economic Transmission, with Domenico Giannone (International Monetary Fund), Lorenza Rossi (Lancaster University) (coming soon)