Research

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.
→ Previously circulated as "The (unobservable) value of central bank's refinancing operations", ECB working paper, 2480, 2020.
→ Coverage: Centralbanking.com.

• 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.

→ Presentation by Mariassunta Giannetti at 2022 ECB Conference on Money Markets.
→ Previous version: ECB working paper (2022). 

• 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.
→ Column in VoxEu.org, SUERF policy brief.

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

→ Speeches: Philip Lane (ECB).

SELECTED PUBLICATIONS

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

→ Coverage: Coindesk.com, Bitcoin.com, Lockmeta.com, NPE-DGE Blog.
→ Speeches: Fabio Panetta (ECB).
→ Presentation by Frank Smets at CefES - JRC (European Commission).
→ Column in VoxEu.org, SUERF policy note, Entry in Nada Es Gratis.
→ Previous versions: Ghent University working paper (2023), ECB working paper (2022), CEPR working paper (2022). 

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

→ Coverage: European Parliament study, EIB investment report, Bank of England's staff blog, DIW/Ifo/Kiel/IWH/RWI report, Bank of Perù FSR, Bank of Finland Bulletin.
→ Speeches: Philip Lane (ECB. October 2022),  Christine Lagarde (ECB, November 2021,  March 2021, November 2020, September 2020), Fabio Panetta (ECB), François Villeroy de Galhau (Banque de France), Pablo Hernández de Cos (Banco de España),  Michael Saunders (Bank of England).
→ Column in VoxEu.org.

• 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.

→ Coverage: Forbes, Financial times, Bloomberg (December 2019), Bloomberg (November 2019), The Brookings blog, The Telegraph, Centralbanking.com, EconReporter, Euromoney, El Boletin, Bank of England's monetary policy report, and others.
→ Speeches: Philip Lane (ECB. 12/07/2023), Philip Lane (ECB. 11/10/2022), Michael Saunders (Bank of England), Gertjan Vlieghe (Bank of England), Isabel Schnabel (ECB), Philip Lane (ECB, 21/02/2020), Philip Lane (ECB, 11/02/2020), Dimitris Malliaropulos (Bank of Greece).
→ Video interviews: Kenneth Rogoff, Mariassunta Giannetti.
→ Column in VoxEu.org.

• 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.

WORK IN PROGRESS

• Burlon, L., Ferrari, A., Kho, S., Tushteva, N., "Deposit outflows and bank lending."

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. 

→ Coverage: VoxEU blog.
→ Speeches: Fabio Panetta (BdI, 2023), Fabio Panetta (ECB, 2022).
→ Article in Centralbanking.com, SUERF policy note.

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

→ Coverage: Erik Jones (2023).
→ Speeches: Philip Lane (ECB. October 2022).

• 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.

→ Coverage: European Economy report,  Japan Research Institute Research Report (September 2021, January 2021), Banque of Canada discussion paper,European Parliament In-Depth Analysis (June 2021, November 2020) , Deutscher Bundestag report, Economics Observatory's blog post, Bank of England's monetary policy report, Centralbanking.com, El Economista, and others.
→ Speeches: Silvana Tenreyro (Bank of England), Guy Debelle (Reserve Bank of Australia).

• 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.

→ Coverage: IZA Newsroom.

• 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., 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., "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.