Research

Working papers

2023 (updated, April 2025)

Data-driven Narratives and Monetary Policy
(w/ William Branch and Alex Grimaud)

A paper showing that monetary policy efficacy critically depends on how economic agents form and use data-driven causal narratives, with U.S. data (1960–2025) showing that demand-driven narratives have historically dominated.

Publications

Endogenously (Non-)Ricardian Beliefs
(w/ William Branch)

2026. International Economic Review, forthcoming.

Electricity Use of Automation or How to Tax Robots?
(w/ Michael Kuhn, Matthias Mistelbacher and Klaus Prettner)

2025. Scottish Journal of Political Economy, 73(1).

The Euro Area Government Spending Multiplier in Demand- and Supply-Driven Recessions (w/ Mario Di Serio, Matteo Fragetta and Giovanni Melina)

2024. Oxford Bulletin of Economics and Statistics, 86(6):1342-1372.

Does One Size Fit All in the Euro Area? Some Counterfactual Evidence.
(w/ Sergio Destefanis and Matteo Fragetta)

2024. Empirical Economics, 67(4):1615-1647.

Price Setting Frequency and the Phillips Curve (w/ Alex Grimaud)

2023. European Economic Review, 158:104535.

Automation, Stagnation, and the Implications of a Robot Tax (w/ Klaus Prettner)

2022. Macroeconomic Dynamics, 26(1):218-249.

Optimal Constrained Interest-Rate Rules under Heterogeneous Expectations

2021. Journal of Economic Behavior and Organization, 190:287-325.

The Government Spending Multiplier at the Zero Lower Bound: Evidence from the United States (w/ Mario Di Serio and Matteo Fragetta)

2020. Oxford Bulletin of Economics and Statistics, 82(6):1262-1294.

Do Heterogeneous Expectations Constitute a Challenge for Policy Interaction?

2018. Macroeconomic Dynamics, 22(8):2107-2140.

Heterogeneous Expectations, Optimal Monetary Policy and the Merit of Policy Inertia

2014. Journal of Money, Credit and Banking, 46(7):1535-1554.

Anticipation, Learning and Welfare: the Case of Distortionary Taxation (w/ Shoujian Zhang)

2014. Journal of Economic Dynamics and Control, 39(C):113-126.

Fiscal Foresight, Limited Information and the Effects of Government Spending Shocks (w/ Matteo Fragetta)

2014. Oxford Bulletin of Economics and Statistics, 76(5):667-692.

Other

Fostering a sustainable digital transformation (w/ Ana L. Abeliansky, David Bloom, Filippo Bontadini, Pedro Mazeda Gil, Michael Kuhn, Monika Moraliyska, Catarina Peralta and Klaus Prettner)

2023. VoxEU.

Heterogeneous Expectations, Taylor Rules and the Merit of Monetary Policy Inertia

2011. Dormant Working Paper.