Research
by topic
by topic
NEW: "The economic impact of European capital market integration" with Fabrizio Venditti, Michele Caivano, Pietro Cova and Kevin Pallara. Questioni di Economia e Finanza (Occasional Papers) 957, 2025, Bank of Italy, Economic Research and International Relations Area.
NEW: "The macroeconomic effects of import tariffs on the euro area: a model-based assessment" with Anna Bartocci, Alessandro Cantelmo, Pietro Cova and Alessandro Notarpietro, Questioni di Economia e Finanza (Occasional Papers) 960, 2025, Bank of Italy, Economic Research and International Relations Area.
Monetary policy
"The macroeconomic effects of reducing a central bank monetary policy portfolio: a model-based evaluation" with Anna Bartocci and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1472, 2024, Bank of Italy, Economic Research and International Relations Area.
"What caused the post-pandemic inflation in Italy? An application of Bernanke and Blanchard (2023)" with Alex Tagliabracci, Questioni di Economia e Finanza (Occasional Papers) 851, 2024, Bank of Italy, Economic Research and International Relations Area.
"Monetary policy tightening in response to uncertain stagflationary shocks: a model-based analysis" with Anna Bartocci, Alessandro Cantelmo and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1433, 2023, Bank of Italy, Economic Research and International Relations Area.
"Make-up strategies and exchange rate pass-through in a low-interest-rate environment" with Alessandro Cantelmo, Pietro Cova and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1398, 2022, Bank of Italy, Economic Research and International Relations Area.
"Monetary policy in the open economy with digital currencies" with Pietro Cova, Alessandro Notarpietro and Patrizio Pagano. Temi di discussione (Economic working papers) 1366, 2022, Bank of Italy, Economic Research and International Relations Area. International Finance (R&R).
"Revisiting monetary policy objectives and strategies: international experience and challenges from the ELB" with Martina Cecioni, Adriana Grasso and Alessandro Notarpietro. Questioni di Economia e Finanza (Occasional Papers) 660, 2021, Bank of Italy, Economic Research and International Relations Area.
"The ECB’s price stability framework: past experience, and current and future challenges" with Martina Cecioni, Günter Coenen, Rafael Gerke, Hervé Le Bihan, Roberto Motto, Pablo Aguilar, Viktors Ajevskis, Sebastian Giesen, Ugo Albertazzi, Niels Gilbert and Alexander Al-Haschimi, Occasional Papers Series 269, 2021, European Central Bank.
"Monetary policy strategies in the new normal: a model-based analysis for the euro area" with Fabio Busetti, Stefano Neri and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1308, 2020, Bank of Italy, Economic Research and International Relations Area. Published in: Journal of Macroeconomics, Elsevier, vol. 70(C), 2021.
"Non-standard monetary policy measures in the new normal" with Anna Bartocci and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1251, 2019, Bank of Italy, Economic Research and International Relations Area. Published in: International Finance, Wiley Blackwell, vol. 26(1), pages 19-35, April.
"Macroeconomic effects of an open-ended Asset Purchase Programme" with Lorenzo Burlon and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1185, 2018, Bank of Italy, Economic Research and International Relations Area. Published in: Journal of Policy Modeling, Elsevier, vol. 41(6), pages 1144-1159, 2019.
"Exchange rate pass-through into euro area inflation. An estimated structural model" with Lorenzo Burlon and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1192, 2018, Bank of Italy, Economic Research and International Relations Area.
"Macroeconomic effects of non-standard monetary policy measures in the euro area: the role of corporate bond purchases" with Anna Bartocci, Lorenzo Burlon and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1136, 2017, Bank of Italy, Economic Research and International Relations Area. Published in: Manchester School, University of Manchester, vol. 89(S1), pages 97-130, September.
"Non-standard monetary policy, asset prices and macroprudential policy in a monetary union" with Lorenzo Burlon, Andrea Gerali and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1089, 2016, Bank of Italy, Economic Research and International Relations Area. Published in: Journal of International Money and Finance, Elsevier, vol. 88(C), pages 25-53.
"Global macroeconomic effects of exiting from unconventional monetary policy" with Pietro Cova and Patrizio Pagano. Temi di discussione (Economic working papers) 1078, 2016, Bank of Italy, Economic Research and International Relations Area.
"Macroeconomic effectiveness of non-standard monetary policy and early exit. A model-based evaluation" with Lorenzo Burlon, Andrea Gerali and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1074, 2016, Bank of Italy, Economic Research and International Relations Area. Published in: International Finance, Wiley Blackwell, vol. 20(2), pages 155-173, June.
"Domestic and international macroeconomic effects of the Eurosystem expanded asset purchase programme" with Pietro Cova and Patrizio Pagano. Temi di discussione (Economic working papers) 1036, 2015, Bank of Italy, Economic Research and International Relations Area. Published in IMF Economic Review, Palgrave Macmillan, International Monetary Fund, vol. 67(2), pages 315-348, June, 2019.
Fiscal policy
"Monetary and fiscal policy responses to fossil fuel price shocks"with Anna Bartocci, Alessandro Cantelmo, Pietro Cova and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1431, 2023, Bank of Italy, Economic Research and International Relations Area. Published in: Energy Economics, Elsevier, vol. 136(C), 2024.
"Macroeconomic effects of growth-enhancing measures in the euro area" with Alessandro Cantelmo and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1384, 2022, Bank of Italy, Economic Research and International Relations Area.
"Monetary-fiscal policy interactions in the euro area" with Xavier Debrun, Klaus Masuch, Giuseppe Ferrero, Isabel Vansteenkiste, Marien Ferdinandusse, Leopold von Thadden, Sebastian Hauptmeier, Mario Alloza, Chloé Derouen, Krzyszto Bańkowski. Occasional Paper Series 273, 2021, European Central Bank.
"Fiscal devaluation and labour market frictions in a monetary union" with Lorenzo Burlon and Alessandro Notarpietro, Temi di discussione (Economic working papers) 1241, 2019, Bank of Italy, Economic Research and International Relations Area. Published in: Economic Modelling, Elsevier, vol. 97(C), pages 135-156, 2021.
"Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-based Approach" with Lorenzo Forni. IMF Working Papers 2013/269, International Monetary Fund. Published as: "Sovereign restructuring vs. fiscal adjustment in a monetary union: macroeconomic effects from model-based simulations", Macroeconomic Dynamics, Cambridge University Press, vol. 22(2) 2018, pages 470-500, March.
"Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: a structural model-based approach" with Pascal Jacquinot and Matija Lozej. Working Paper Series 2127, 2018. European Central Bank. Published in: International Journal of Central Banking, vol. 14(3), pages 65-140, June.
"Public investment and monetary policy stance in the euro area" with Lorenzo Burlon, Alberto Locarno and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1150, 2017, Bank of Italy, Economic Research and International Relations Area.
"Secular stagnation, R&D, public investment and monetary policy: a global-model perspective" with Pietro Cova, Patrizio Pagano and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1156, 2017, Bank of Italy, Economic Research and International Relations Area. Published in: Macroeconomic Dynamics, Cambridge University Press, vol. 25(5), 2021, pages 1267-1287, July.
"Fiscal devaluation in the euro area: a model-based analysis" with Sandra Gomes and Pascal Jacquinot. Working Paper Series 1725, 2014, European Central Bank. Published in: Economic Modelling, Elsevier, vol. 52(PA), pages 58-70, 2016.
"Comparing fiscal multipliers across models and countries in Europe" with Juha Kilponen, Sebastian Schmidt, Vesna Corbo, Tibor Hledik, Josef Hollmayr, Samuel Hurtado, Paulo Júlio, Dmitry Kulikov, Matthieu Lemoine, Matija Lozej, Henrik Lundvall, José R. Maria, Brian Micallef, Dimitris Papageorgiou, Jakub Rysanek, Dimitrios Sideris, Carlos Thomas and Gregory De Walque. Working Paper Series 1760, 2015, European Central Bank. Published in: International Journal of Central Banking, vol. 15(3), 2015, pages 285-320, September.
"The macroeconomics of fiscal consolidations in a monetary union: the case of Italy" with Lorenzo Forni and Andrea Gerali. Temi di discussione (Economic working papers) 747, 2010, Bank of Italy, Economic Research and International Relations Area. Published as: "The macroeconomics of fiscal consolidations in euro area countries", Journal of Economic Dynamics and Control, Elsevier, vol. 34(9), 2010, pages 1791-1812, September.
Structural reforms
"Structural reforms and zero lower bound in a monetary union" with Andrea Gerali and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1002, 2015, Bank of Italy, Economic Research and International Relations Area. Published as: "Structural Reforms, Investment and Zero Lower Bound in a Monetary Union", Manchester School, University of Manchester, vol. 83, pages 120-139, September.
"Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment" with Sandra Gomes, Pascal Jacquinot and Matthias Mohr. Working Paper Series 1323, 2011, European Central Bank. Published in: International Finance, Wiley Blackwell, vol. 16(1), pages 23-44, February, 2013.
"Macroeconomic effects of greater competition in the service sector: the case of Italy" with Lorenzo Forni and Andrea Gerali. Temi di discussione (Economic working papers) 706, 2009, Bank of Italy, Economic Research and International Relations Area. Published in: Macroeconomic Dynamics, Cambridge University Press, vol. 14(5), pages 677-708, November, 2010.
Pandemic
"Policy mix during a pandemic crisis: a review of the debate on monetary and fiscal responses and the legacy for the future" with Giuseppe Ferrero and Martino Tasso. Questioni di Economia e Finanza (Occasional Papers) 623, 2021, Bank of Italy, Economic Research and International Relations Area. Published in: L. Paganetto (ed.) Economic Challenges for Europe After the Pandemic.
"The COVID-19 shock and a fiscal-monetary policy mix in a monetary union" with Anna Bartocci and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1313, 2020, Bank of Italy, Economic Research and International Relations Area. Published in: L. Paganetto (ed.) Economic Challenges for Europe After the Pandemic, forthcoming.
Energy
"Macroeconomic and environmental effects of portfolio decarbonisation strategies" with Anna Bartocci, Pietro Cova, Valerio Nispi Landi and Andrea Papetti. Questioni di Economia e Finanza (Occasional Papers) 874, 2024, Bank of Italy, Economic Research and International Relations Area.
""Green" fiscal policy measures and non-standard monetary policy in the euro area" with Anna Bartocci and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1377, 2022, Bank of Italy, Economic Research and International Relations Area. Published in: Economic Modelling, Elsevier, vol. 136(C), 2024.
"Macroeconomic effects of precautionary demand for oil" with Alessio Anzuini and Patrizio Pagano. Temi di discussione (Economic working papers) 918, 2013, Bank of Italy, Economic Research and International Relations Area. Published in: Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 30(6), pages 968-986, September, 2015.
"“Green” fuel tax on private transportation services and subsidies to electric energy. A model-based assessment for the main European countries" with Anna Bartocci. Published in: Energy Economics, Elsevier, vol. 40(S1), 2013, pages 32-57.
"Euro area and global oil shocks: an empirical model-based analysis" with Lorenzo Forni, Andrea Gerali and Alessandro Notarpietro. Temi di discussione (Economic working papers) 873, 2012, Bank of Italy, Economic Research and International Relations Area. Published in: Journal of Macroeconomics, Elsevier, vol. 46(C), pages 295-314, 2015.
"Oil supply news in a VAR: Information from financial markets" with Alessio Anzuini and Patrizio Pagano. Temi di discussione (Economic working papers) 632, 2007, Bank of Italy, Economic Research and International Relations Area.
"Risk-Adjusted Forecasts of Oil Prices" with Patrizio Pagano. Temi di discussione (Economic working papers) 585, 2006, Bank of Italy, Economic Research and International Relations Area. Published in: The B.E. Journal of Macroeconomics, De Gruyter, vol. 9(1), pages 1-28, June, 2009.
International economics
"Protectionism and the effective lower bound in the euro area" with Pietro Cova and Alessandro Notarpietro. Temi di discussione (Economic working papers) 1286, 2020, Bank of Italy, Economic Research and International Relations Area.
"Macroeconomic effects of tariffs shocks: the role of the effective lower bound and the labour market" with Pascal Jacquinot and Matija Lozej. Working Paper Series 2434, 2020, European Central Bank. Published in: Journal of International Money and Finance, Elsevier, vol. 120(C), 2022.
"What will Brexit mean for the British and euro-area economies? A model-based assessment of trade regimes" with Filippo Vergara Caffarelli. Temi di discussione (Economic working papers) 1163, 2018, Bank of Italy, Economic Research and International Relations Area.
"Domestic and international macroeconomic effects of the Eurosystem expanded asset purchase programme" with Pietro Cova and Patrizio Pagano. Temi di discussione (Economic working papers) 1036, Bank of Italy, Economic Research and International Relations Area. Published as: "Foreign exchange reserve diversification and the "exorbitant privilege": global macroeconomic effects", in Journal of International Money and Finance, Elsevier, vol. 67(C), pages 82-101, 2016.
"New Shocks and Asset Price Volatility in General Equilibrium" with Akito Matsumoto, Pietro Cova and Alessandro Rebucci. IMF Working Papers 2011/110, International Monetary Fund. Published in: Journal of Economic Dynamics and Control, Elsevier, vol. 35(12), pages 2132-2149, 2011.
"Global Imbalances: The Role of Emerging Asia" with Pietro Cova and Alessandro Rebucci. IMF Working Papers 2009/064, International Monetary Fund. Published in: Review of International Economics, Wiley Blackwell, vol. 17(4), pages 716-733, September, 2009.
"Global Imbalances: The Role of Non-Tradabletotal Factor Productivity in Advanced Economies" with Nicoletta Batini, Pietro Cova and Alessandro Rebucci. IMF Working Papers 2009/063, International Monetary Fund. Published as: "Productivity and global imbalances: the role of nontradable total factor productivity in advanced economies", IMF Staff Papers, Palgrave Macmillan, vol. 55(2), pages 312-325, June, 2008.
Large-scale DSGE models
"Review of macroeconomic modelling in the Eurosystem: current practices and scope for improvement" with Matthieu Darracq Pariès, Alessandro Notarpietro, Juha Kilponen, Niki Papadopoulou, Srečko Zimic, Pierre Aldama, Geert Langenus, Luis Julian Alvarez, Matthieu Lemoine and Elena Angelini. Occasional Paper Series 267, 2021, European Central Bank.
"EAGLE-FLI. A macroeconomic model of banking and financial interdependence in the euro area" with Nikola Bokan, Andrea Gerali, Sandra Gomes and Pascal Jacquinot. Temi di discussione (Economic working papers) 1064, 2016, Bank of Italy, Economic Research and International Relations Area. Published in: Economic Modelling, Elsevier, vol. 69(C), pages 249-280. See also: Working Papers w201610, 2016, Banco de Portugal, Economics and Research Department; Working Paper Series 1923, 2016, European Central Bank.
"Medium-term forecasting of euro-area macroeconomic variables with DSGE and BVARX models" with Lorenzo Burlon, Simone Emiliozzi and Alessandro Notarpietro.Questioni di Economia e Finanza (Occasional Papers) 257, 2015, Bank of Italy, Economic Research and International Relations Area.
"The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area" with Pascal Jacquinot Pascal and Sandra Gomes. Working Paper Series 1195, 2010, European Central Bank. Published in: Economic Modelling, Elsevier, vol. 29(5), pages 1686-1714, 2012.
"Potential output in DSGE models" with Igor Vetlov, Tibor Hlédik, Magnus Jonsson and Henrik Kucsera. Working Paper Series 1351, 2011, European Central Bank.