Research

Working papers

2018 (updated, December 2023)

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

A paper on multiple equilibria featuring both Ricardian and non-Ricardian outcomes impact inflation dynamics. Bayesian model estimates suggest: 1970’s and 2021-22 are periods of non-Ricardian beliefs and inflation. Disinflation is a self-fulfilling and temporary escape from a non-Ricardian belief equilibrium.

2011

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

The paper shows that policy inertia is an effective tool to safeguard the economy against local explosiveness in a model with heterogeneous expectations.

Publications

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.