Work in progress
"Transactional demand for central bank digital currency", with Zamora-Perez, A. (under review at Management Science) [ECB Research Bulletin, video] [CEPR VoxEU Column] [SUERF Policy Brief]
"Money demand by non-financial corporations", (under review at International Journal of Central Banking)
"Learning probability of default and stress testing", with Scaglioni, S., ECB Working Paper Series (forthcoming 2026) (being submitted)
"Diagnosing parameter instability and stablecoins", ECB Working Paper Series (in preparation, 2027)
"Credit line drawdowns and bank liquidity", with Dautovic, E., Reghezza, A. and Zochowski, D.
"A new measure of systemic liquidity risk", with Morelli, G., Pugliese, V. and Santucci de Magistris, P.
"Systemic liquidity: insights from an agent–based model", with Basurto, A. and Halaj, G.
"A multilayer network model of the banking sector", with Scaglioni, S. and Kok, C.
Analyses*
[4] "Technical data on the financial stability impact of the digital euro", with ECB colleagues, 2025 [Slides]
[3] "2025 Stress test of EU banks", with EBA, ECB and ESRB colleagues, 2025
[2] "Use of cash by companies in the euro area", with ECB colleagues, 2022
[1] "2021 Stress test of EU banks", with EBA, ECB and ESRB colleagues, 2021
*and multiple reports for institutional clients and traders of Intesa Sanpaolo (paywalled)
Refereed publications
[4] "Temporal networks and financial contagion" with Franch, F. and Vouldis, A., Journal of Financial Stability, 2023 [Web appendix] [Anime] [ECB WP]
[3] "Unit root test combination via random forests", with Ollech, D. and Webel, K., Contributions to Statistics, 2022 [WP]
[2] "Finite sample forecast properties and window length under breaks in cointegrated systems", Advances in Econometrics, 2021 [Web appendix] [Granger Centre DP]
[1] "Cross-border effects of prudential regulation: evidence from the euro area", with Franch, F. and Zochowski, D., Journal of Financial Stability, 2020 [ECB WP] [BIS Paper Chapter]