Curriculum Vitae

CURRENT POSITION

Head of Bank Lending Conditions Section, Monetary Analysis Division, European Central Bank.

WORKING PAPERS

• Albertazzi, U., Burlon, L., Jankauskas, T., Pavanini, N., "The shadow value of unconventional monetary policy", CEPR discussion paper, DP17053, 2022 (Revise & Resubmit, Review of Economic Studies). 

• Altavilla, C., Boucinha, M., Burlon, L., Giannetti, M., Schumacher, J., "Central bank liquidity reallocation and bank lending: Evidence from the tiering system", Swedish House of Finance Research Paper, 22-17, 2023.

• Barbiero, F., Burlon, L., Dimou, M., Toczynski, J., "Targeted monetary policy, dual rates and bank risk taking", ECB working paper, 2682, 2022 (Revise & Resubmit, European Economic Review).

• Altavilla, C., Begenau, J., Burlon, L., Hünnekes, F., "Determinants of bank performance: evidence from replicating portfolios", ECB working paper, 2937, 2024.

SELECTED PUBLICATIONS

• Burlon, L., Muñoz, M.A., Smets, F., "The optimal quantity of CBDC in a bank-based economy", American Economic Journal: Macroeconomics, accepted.

• Altavilla, C., Barbiero, F., Boucinha, M., Burlon, L., "The great lockdown: pandemic response policies and bank lending conditions", European Economic Review, 2023, 156, 104478.

• Altavilla, C., Burlon, L., Giannetti, M., Holton, S., "Is there a zero lower bound? The effects of negative policy rates on banks and firms", Journal of Financial Economics,  2022, 144(3), pp. 885-907.

• Burlon, L., Notarpietro, A., Pisani, M., "Fiscal devaluation and labour markets frictions in a monetary union", Economic Modelling, 2021, 97, pp. 135‐156.

• Bartocci, A., Burlon, L., Notarpietro, A., Pisani, M., "Macroeconomic effects of non-standard monetary policy measures in the euro area: The role of corporate bond purchases", The Manchester School, 2021, 89, pp. 97-130.

• Burlon, L., D'Imperio, P., "Reliable real-time estimates of the euro-area output gap", Journal of Macroeconomics, 2020, 64, 103191.

• Burlon, L., Notarpietro, A., Pisani, M., "Macroeconomic effects of an open-ended asset purchase programme", Journal of Policy Modelling, 2019, 41(6), pp. 1144–1159.

• Burlon, L., Gerali, A., Notarpietro, A., Pisani, M., "Non-standard monetary policy measures, asset prices and macroprudential policy in a monetary union", Journal of International Money and Finance, 2018, 88, pp. 25–53.

• Burlon, L., Gerali, A., Notarpietro, A., Pisani, M., "Macroeconomic effectiveness of non-standard monetary policy and early exit. A model-based evaluation", International Finance, 2017, 20(2), pp. 155–173.

• Burlon, L., "Public expenditure distribution, voting, and growth", Journal of Public Economic Theory, 2017, 19(4), pp. 789–810.

EDUCATION

2011   PhD in Economic Analysis, Universitat Autònoma de Barcelona.

2008   Erasmus Mundus Master in Economics, Université de Paris I "Panthéon - Sorbonne" and Universitat Autònoma de Barcelona.

2007   "Diplôme Universitaire" in Mathematical Economics, Université de Paris I "Panthéon - Sorbonne."

2006   Bachelor (Laurea) in Economics, Università degli Studi di Roma II - "Tor Vergata."

PROFESSIONAL EXPERIENCE

• Head of Bank Lending Conditions Section, Monetary Analysis Division, European Central Bank, May 2023 - present.

• Lead Economist, Monetary Analysis Division, European Central Bank, July 2021 - May 2023.

• Senior Economist, Monetary Analysis Division, European Central Bank, January 2020 - June 2021.

• Economist, Monetary Analysis Division, European Central Bank, September 2018 - December 2019.

• Economist, Modelling and Forecasting Division, Bank of Italy, November 2013 - August 2018 (on leave).

• Research Fellow, Bank of Italy, September 2012 - October 2013.

• Postdoctoral Research Fellow, University of Barcelona, Fall 2011 - Fall 2012.

Visiting Positions

• Secondee (EWE), Monetary Policy Strategy Division, European Central Bank, June 2016 - August 2016.

• Temporary lecturer, Ljubljana Summer School, University of Ljubljana, July 2012.

• Visiting scholar, Research Division at the Federal Reserve Bank of St. Louis, April 2012.

OTHER REFEREED PUBLICATIONS AND PAPERS

• Boucinha, M., Burlon, L., Corsi, M., Della Valle, G. , Eisenschmidt, J., Marmara, I., Pool, S., Schumacher, J. Vergote, O. , “Two-tier system for remunerating excess reserve holdings”, Occasional papers of the ECB, n. 302, 2022. 

• Adalid, R., Álvarez-Blázquez, A., Assenmacher, K., Burlon, L., Dimou, M., López-Quiles, C., Martín Fuentes, N., Meller, B., Muñoz, M. A., Radulova, P., Rodriguez d'Acri, C., Shakir, T., Šílová, G. Soons, O., Ventula Veghazy, A. , “Central bank digital currency and bank intermediation: Exploring different approaches for assessing the effects of a digital euro on euro area banks”, Occasional papers of the ECB, n. 293, 2022. 

• Barbiero, F., Boucinha, M., Burlon, L., "TLTRO III and bank lending conditions", ECB Economic Bulletin article, n. 6, 2021.

• Altavilla, C.,  Lemke, W., Linzert, T., Tapking, J., von Landesberger, J., "Assessing the efficacy, efficiency and potential side effects of the ECB’s monetary policy instruments since 2014", coordinator/penholder in ECB staff report for the monetary policy strategy review 2020-21, Occasional papers of the ECB, n. 278, 2021.

• Boucinha, M., Burlon, L., "Negative rates and the transmission of monetary policy", ECB Economic Bulletin article, n. 3, 2020.

• Altavilla, C., Boucinha, M., Burlon, L., "The Economic Consequences of Negative Interest Rates", CESifo Forum, vol. 21(01), pages 13-17, April 2020.

• Barbiero, F., Burlon, L., "The new series of quarterly targeted longer-term refinancing operations: impact on funding costs and transmission", Box 1 in ECB Economic Bulletin article, n. 1, 2020.

• Burlon, L., Dimou, M., Drahonsky, A.-C., Köhler-Ulbrich, P., "What does the bank lending survey tell us about credit conditions for euro area firms?", ECB Economic Bulletin article, n. 8, 2019.

• Bulligan, G., Burlon, L., Delle Monache, D., Silvestrini, A., "Real and financial cycles: Estimates with unobserved component models for the Italian economy", Statistical Methods & Applications, 2019, 28(3), pp. 541‐569.

• Burlon, L., Notarpietro, A., Pisani, M., "Exchange rate pass-through into euro area inflation. An estimated structural model", Working papers of the Bank of Italy, n. 1192, 2018.

• Rünstler, G., et al., "Real and financial cycles in EU countries: Stylised facts and modelling implications", WGEM Team on Real and Financial Cycles, Occasional papers of the ECB, n. 205, 2018.

• Burlon, L., Locarno, A., Notarpietro, A., Pisani, M., "Public investment and monetary policy stance in the euro area", Working papers of the Bank of Italy, n. 1150, 2017.

• Burlon, L., Fantino, D., Nobili, A., Sene, G., "The quantity of corporate credit rationing with matched bank-firm data", Working papers of the Bank of Italy, n. 1058, 2016.

• Burlon, L., Vilalta-Bufí, M., "A new look at technical progress and early retirement", IZA Journal of Labor Policy, 2016, 5:5.

• Burlon, L., Emiliozzi, S., Notarpietro, A., Pisani, M., "Medium-term forecasting of euro-area macroeconomic variables with DSGE and BVARX models", Occasional papers of the Bank of Italy, n. 257, 2015.

• Burlon, L., Gerali, A., Notarpietro, A., Pisani, M., "Inflation, financial conditions, and non-standard monetary policy in a monetary union. A model-based evaluation", Working papers of the Bank of Italy, n. 1015, 2015.

• Burlon, L., "Ownership networks and aggregate volatility", Working papers of the Bank of Italy, n. 1004, 2015.

• Burlon, L., "How do aggregate fluctuations depend on the network structure of the economy?", Working Papers in Economics of the University of Barcelona, n. 278, 2012.

PROFESSIONAL ACTIVITIES

Research

• Scientific Committee, SAEe 2023.

• Member of the MPC Task Force on Banking Analysis for Monetary Policy, November 2018 - present.

• Organizing committee, ECB's DG Monetary Policy seminar series, September 2021 - May 2023.

• Member of Bank of Italy's Working Group on "Estimating Italy's potential output" (Workstream on structural reforms), December 2017 - August 2018.

• Member of WGEM Expert Team on "Links between real and financial cycles," February 2016 - August 2017.

• Organizing committee, Bank of Italy's seminar series, January 2017 - August 2018.

• Editorial committee, Working paper series of the Bank of Italy (Temi di discussione), July 2014 - December 2016.

• Organizing committee, Workshop on "Unconventional Monetary Policy: Effectiveness and Risks," Bank of Italy, October 21, 2016.

• Organizing committee, IV Internal Workshop of the Bank of Italy's Economic Outlook and Monetary Policy Directorate, Bank of Italy, March 29-30, 2016.

• Referee for Review of Financial Studies, American Economic Journal: Macroeconomics, Economic Journal, Theoretical Economics, Journal of International Money and Finance, Journal of Money, Credit and Banking, Journal of Banking & Finance, Economic Modelling, Internal Journal of Central Banking, Oxford Bulletin of Economics and Statistics, Empirical Economics, Economic Inquiry, Journal of Macroeconomics, SERIEs, IZA Journal of Labor Policy, Working paper series of the Bank of Italy (Temi di discussione), Working paper series of the Swiss National Bank, Working paper series of the Czech National Bank, Working paper series of the Bank of Lithuania, Singapore Economic Review and Emerging Markets Finance and Trade.

Administration

• Supervision of interns/PhD trainees: Paolo D'Imperio (Bank of Italy, Fall 2017 - Spring 2018), Jan Toczynski (European Central Bank, Fall 2020 - Summer 2021), Beniamino Pisicoli (European Central Bank, Fall 2021 - Winter 2022).

• Selection committee, ECB's DG Monetary Policy traineeship campaign, Fall 2020 - Winter 2021.

• Selection committee, Bank of Italy's research fellowships for economists, Fall 2016 - Spring 2018.

• Selection committee, Bank of Italy's internships for young economists, Spring 2016, Spring 2017.

Policy

• Member of ECB's TLTRO Task Force, April 2019 - present.

• Member of ECB's contact group on CBDC, February 2021 - May 2023.

• Member of ECB's Bank Lending Survey (BLS) Group, September 2018 - present.

• Contributor to ECB's QMA (Quarterly assessment of monetary developments and their implications for price stability): December 2018 - May 2023.

• Contributor to the remarks by Bank of Italy's Governor Ignazio Visco to the panel discussion "The Real Effects of Disrupted Credit: Evidence from the Global Financial Crisis" held at the BIS on 24 June 2018.

• Contributor to Bank of Italy's Annual Report for 2016 (3 boxes) and for 2017 (1 box).

• Contributor to MPC Expert Group on the inclusion of non-standard measures in the BMPE, August 2016 - November 2016.

• Briefing notes for the participation of the Governor to the Governing Council of the ECB, Responsible for the Modelling and Forecasting Division, January - August 2015, January - March 2016, March - June 2017, March - June 2018.

• Briefing notes for the Board of Directors of the Bank of Italy, Responsible for the Modelling and Forecasting Division, October - December 2015, October - December 2017.

• Preparation of the materials for the Q&A sessions of the Governor, Responsible for the Modelling and Forecasting Division, October - December 2015, October - December 2017.

• Forecasting reports for the Modelling and Forecasting Division, November 2016 - December 2016.

PRESENTATIONS AT SEMINARS, CONFERENCES, AND WORKSHOPS

(* for discussion, ** for both presentation and discussion)

2023 Seminar at Banco de España; 2023 ECB Conference on Monetary Policy: bridging science and practice, European Central Bank (*); 9th Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy, Bank of Croatia (*).

2022 Conference on "Monetary Policy in Exceptional Times: The Pandemic Experience and Current Challenges", Banca d'Italia, Rome; 8th Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy, Bank of Greece (*); Workshop on "The European Union: Past & Future", University of Antwerp; Seminar at IMF.

2021   Seminar at ECB's DGMF seminar series; International Conference on Household Finance, Deutsche Bundesbank (*).

2020   XIX Workshop on Macroeconomic Dynamics: Theory and Applications, Rome; 4th Annual Workshop of the ESCB Research Cluster on Monetary Economics, Deutsche Bundesbank; 23rd Central Bank Macro Modelling Workshop, Norges Bank; RCC1 mini-workshop, ECB; 7th Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy, Central Bank of Ireland (*).

2019   3rd Annual Workshop of the ESCB Research Cluster on Monetary Economics, Bank of England; Bank of Finland and CEPR Joint Conference on "Monetary Economics and Reality," Helsinki; IDEA Inaugural Lecture, Universitat Autònoma de Barcelona; Barcelona GSE Summer Forum "Financial shocks, channels, and macro outcomes," Barcelona; Joint CEMLA-ECB-FRBNY-BCRP Conference on Financial Intermediation, Credit and Monetary Policy, Lima; 6th Research Workshop of the MPC Task Force on Banking Analysis for Monetary Policy, Banque de France (*).

2018   2nd Annual Workshop of the ESCB Research Cluster on Monetary Economics, Rome (*); XXXIII Annual Congress of the European Economic Association (EEA), Cologne; Joint ECB and Central Bank of Ireland Workshop "Macroprudential policy: from research to implementation," Dublin (*); Public Finance Workshop, Bank of Slovenia, Ljubljana.

2017   Workshop on "Aggregate and Distributive Effects of Unconventional Monetary Policies," Gerzensee, Switzerland (*); Workshop on "Macroeconomic Effects of Policy Announcements," Central Bank of Ireland, Dublin (**); Seminar at Banco de España; V Internal Workshop of Bank of Italy's Economic Outlook and Monetary Policy Directorate, Rome (*).

2016   XV Workshop on Macroeconomic Dynamics: Theory and Applications, Rome (*); 5th International Conference in Memory of Carlo Giannini "Recent developments in econometric methodologies," Bergamo; FinMap Policy Clinic 2016, Rome (*); Seminar at European Central Bank; Seminar at Bank of Italy.

2015   XL Simposio de la Asociación Española de Economía, Girona; Joint BOE, ECB, CEPR and CFM conference on "Credit Dynamics and the Macroeconomy," Bank of England; Workshop on "Low inflation and its implications for monetary policy," Bank of Italy; XXVI SED Annual Meeting, Warsaw; NetSci 2015 Satellite "Netconomics," Zaragoza (*); IZA/RIETI Workshop on "Changing Demographics and the Labor Market," Tokyo (**).

2014      Central Bank Macroeconomic Modeling Workshop "New Directions for Policy Modeling," Rome (*); ECB-CBRT joint conference on "Assessing the macroeconomic implications of financial and production networks," Izmir; Barcelona GSE Summer Forum "Firms in the Global Economy," Barcelona GSE and ESADE, Barcelona; XVII World Congress of the International Economic Association (IEA), Dead Sea; "Rete della ricerca socio-economica," ISTAT (*).

2013      XII Workshop on Macroeconomic Dynamics: Theory and Applications, University of Bologna and SAIS Europe - The Johns Hopkins University, Bologna; Stats in Paris - Statistics and Econometrics of Networks, ENSAE ParisTech, Paris; Seminar at University of St Andrews; 54th Annual Conference of the Italian Economic Association (SIE), Bologna; XXVIII Annual Congress of the European Economic Association (EEA), Gothenburg; XII Conference on Research on Economic Theory & Econometrics (CRETE), AUEB, Naxos; Seminar at Bank of Italy; Seminar at University of Barcelona; INET Worshop on "Interlinkages and Systemic Risk," Ancona (**); IV International Workshop on Social Network Analysis (ARS 13), Rome; Network Workshop, Izmir University of Economics.

2012      XXXVII Simposio de la Asociación Española de Economía, Vigo; XXVII Annual Congress of the European Economic Association (EEA), Malaga; Cantabria Nobel Campus - Macroeconomics Workshop, Santander; Seminar at University of Vigo; Seminar at Bank of Italy.

2011      XXXVI Simposio de la Asociación Española de Economía, Málaga; Annual Meeting of ASSET, CEFAGE-UE, University of Evora; Internal Workshop on Dynamic General Equilibrium, CREB, University of Barcelona; X Conference on Research in Economic Theory and Econometrics (CRETE), AUEB, Milos; XI Doctoral Workshop in Economic Theory and Econometrics (MOOD), EIEF, Rome; IDEA20 Conference, Universitat Autònoma de Barcelona; Annual Graz-Udine Summer Workshop, CEPET, Udine; Workshop on Advances in Business Cycles and Economic Growth Analysis, RCEA, Rimini; Seminars at University of Barcelona, Bank of Italy, University of Alicante, Public University of Navarra, Navarra Center for International Development (University of Navarra), University of Rovira i Virgili; VI PhD Presentation Meeting of the Royal Economic Society, City University of London.

2010      XXXV Simposio de la Asociación Española de Economía, Universidad Autónoma de Madrid; Annual Meeting of ASSET, University of Alicante; II Conference on Recent Developments in Macroeconomics, ZEW and University of Mannheim; II Eurasia Business and Economics Society Conference, IERA, Istanbul; III Doctoral Meeting of Montpellier, Université de Montpellier 1 (**); XV Spring Meeting of Young Economists, CEPS/INSTEAD and University of Luxembourg (**); Seminar at Toulouse School of Economics; XVII ENTER Jamboree, Toulouse School of Economics.

2009      VIII Workshop on Macroeconomic Dynamics: Theory and Applications, Università di Pavia; XIV Workshop on Dynamic Macroeconomics, RGEA - Universidade de Vigo; XXI Villa Mondragone International Economic Seminar, CEIS Economia - Tor Vergata Foundation, Rome; III My PhD International Conference, Friedrich Ebert Foundation, Bratislava; I Eurasia Business and Economics Society Conference, Kadir Has Universitesi, Istanbul; II Doctoral Meeting of Montpellier, Université de Montpellier 1 (**); XVI ENTER Jamboree, University College of London (**).

PARTICIPATION IN RESEARCH PROJECTS

2011-2014   Research Project 2009SGR-1051, Generalitat de Catalunya, Spain.

2011-2012   Research Project ECO2009-06953, Ministerio de Ciencia e Innovación, Spain.

AWARDS

Louis-André Gérard-Varet Prize (best paper by a young economist) at the Annual Meeting of ASSET, 2010.

Urrutia Elejalde Foundation Award for Excellence in Doctoral Studies, 2010.

Best Paper Award at the III Doctoral Meeting of Montpellier, 2010.

SCHOLARSHIPS

2009-2011   Scholarship FI-B, Generalitat de Catalunya, Spain.

2008-2009   Scholarship PIF, Universitat Autònoma de Barcelona, Spain.

2007-2008   Consortium Scholarship, Université de Paris I "Panthéon - Sorbonne", France.

2005-2006   Scholarship of merit, Università degli Studi di Roma II - "Tor Vergata", Italy.

2004-2005   Scholarship of merit, Università degli Studi di Roma II - "Tor Vergata", Italy.

2003-2004   Scholarship of merit, Università degli Studi di Roma II - "Tor Vergata", Italy.

TEACHING EXPERIENCE

Ad-Hoc Lectures

• Monetary policy transmission mechanisms, European Central Bank, March 2020.

• Monetary analysis at the ECB, European Central Bank, December 2018.

• DSGE models and their use for policy analysis, Bank of Italy, March 2016.

• Economics in action - Life of a central banker, Lancaster University Economics Society, March 2015.

Temporary Lecturer at University of Ljubljana, Slovenia (Summer 2012)

• Macroeconomics I (Undergraduate) at the Ljubljana Summer School.

Lecturer at University of Barcelona, Spain (Fall 2011)

• Macroeconomics I (Graduate) for the Doctoral Program in Economics.

• Macroeconomics (Undergraduate).

Teaching Assistant at Universitat Autònoma de Barcelona, Spain (Spring 2008 - Spring 2011)

• Econometrics II (Undergraduate), Prof. Riste Gjorgjiev.

• Advanced Macroeconomics (Undergraduate), Prof. Valeri Sorolla.

• Introduction to Economics (Undergraduate), Prof. Muriel Casals and Prof. Antonio Miralles.

• Macroeconomics I (Undergraduate), Prof. Evi Pappa.

• Introduction to Economics (Undergraduate), Prof. Muriel Casals.

• Macroeconomics II (Undergraduate), Prof. Stefano Trento.

• Introduction to Economics (Undergraduate), Prof. Carmen Bevià.

• Optimization (Undergraduate), Prof. María del Mar Gómez Pujalte.

• Macroeconomic Theory (Undergraduate), Prof. Javier Vázquez Grenno.

LANGUAGES

Italian (Native), English (Fluent), Spanish (Fluent), Catalan (Basic), French (Basic), German (Basic), Greek (Basic).

SOFTWARE SKILLS

Matlab (incl. Dynare and IRIS), Stata, R (incl. Igraph), Gretl, Eviews, UCINET, Pajek, Latex (incl. Beamer).

PERSONAL INFORMATION

Date of Birth: October, 8th 1984.

Place of Birth: Gemona del Friuli (Italy).

Citizenship: Italian.

Marital status: Cohabiting, one child.