Research

Working Papers

Do reforms aimed at reducing time to graduation work? Evidence from the Italian higher education system, with S. Nocito and R. Saggio

The Divergent Dynamics of Labor Market Power in Europe, with Federico J. Díez and Ippei Shibata, IMF Working Paper 22/247

International Trade Spillovers from Domestic COVID-19 Lockdowns, with S. Aiyar, A. Mohommad, and A. Presbitero, IMF Working Paper 22/120 (Under Revision)

Published Papers

Investing in Friends: The Role of Geopolitical Alignment in FDI Flows, (Ungated pdf) with S. Aiyar and A. Presbitero, European Journal of Political Economy, 2024

Earnings Dynamics and Labor Market Reforms: the Italian Case, (Appendix, replication code) with E. Hoffmann and L. Pistaferri, Quantitative Economics, 2022

Who Creates New Firms when Local Opportunities Arise?,  (Ungated pdf), with S. Bernstein, E. Colonnelli, and T. McQuade, Journal of Financial Economics, 2022

Heterogeneity and Persistence in Returns to Wealth (Ungated pdf) , with A. Fagereng, L. Guiso, and L. Pistaferri, Econometrica, 2020

Employment Time and the Cyclicality of Earnings Growth (Online Appendix)  (Ungated pdf), with E. Hoffmann, Journal of Public Economics , 2019 

Heterogeneity in Returns to Wealth and the Measurement of Wealth Inequality, with A. Fagereng, L. Guiso, and L. Pistaferri, American Economic Review P&P, 2016 

Reports, Policy Work, and Book Chapters

Report on monetary policy tools, strategy and communication , Part of the ECB Monetary policy Strategy Assessment 2025, contributed with many, ECB Occasional Paper Series No 372, June 2025

The transmission of monetary policy: from mortgage rates to consumption, with M. Dossche, A. Hannon, D. Henricot, O. Kouvavas, Article for the ECB Economic Bulletin, Issue 4/2025

Monetary policy transmission: from mortgage rates to consumption, with P. Bautista, M. Dossche, A. Hannon, D. Henricot, O. Kouvavas, L. Zimmermann, ECB Blog, May 28, 2025 

Interest rate risk exposures of non-financial corporates and households, Implications for monetary policy transmission and financial stability, contributed with many, CGFS Paper 70, November 2024

Money and credit dynamics in the euro area and a comparison with the United States, with R.  Adalid, L. Kazarian, S. Scopel, part of the ECB Economic Bulletin, Issue 6/2024

Geopolitics and the Cost of FDI Fragmentation,  with J. Ahn, S.Aiyar, A. Habib, A. Presbitero (2023), in Aiyar, S, A Presbitero and M Ruta (eds),  Geoeconomic Fragmentation: The Economic Risks from a Fractured World Economy CEPR Press, Paris & London 

Geoeconomic Fragmentation and Foreign Direct Investment,  with J. Ahn, B. Carton, A. Habib, D. Muir, A. Presbitero, April World Economic Outlook Ch 4, 2023

Regional Disparities in Europe, with R.  Balakrishnan, L. Rabier, C. H. Ebeke, M. Firat , IMF Working Paper 2022/198

G-20 Surveillance Note,  with M. Benatiya Andaloussi, L. Christiansen, E. Bang, S. Chan, B. Zhou, Group of Twenty Finance Ministers and Central Bank Governors' Meetings, July 15-16, 2022, Bali, Indonesia

Minimizing Scarring from the Pandemic,  with M. Benatiya Andaloussi, L. Christiansen, A. Habib, E. Bang, C. Fizzarotti, C. Wang, IMF G20 Background Note, 2022

Global Trade and Value Chains in the Pandemic,  with T. Lan, A. Mohommad, A. Presbitero, G. Sher, April World Economic Outlook Ch 4, 2022

European Labor Markets and the COVID-19 Pandemic: Fallout and the Path Ahead,  with S. Ando, R. Balakrishnan, B. Gruss, J. Hallaert, L. Jirasavetakul, K. Kirabaeva, N. Klein, A. Lariau, L. Liu, H. Qu and A. Solovyeva, IMF Departmental Paper, 2022

Boosting Productivity in the Aftermath of COVID-19,  with L. Christiansen, A. Habib, M. MacDonald, M. Tsaroucha and B. Zou, IMF G20 Background Note, 2021

Euro Area Policies: 2020 Article IV Consultation Staff Report , IMF, 2020

A European Minimum Wage: Implications for Poverty and Macroeconomic Imbalances, with E. Detragiache, C. H. Ebeke, L. F. Jirasavetakul, K. Kirabaeva, F. Misch, H. Woo Park, Y. Shi , IMF Working Paper 20/59

Iceland: 2019 Article IV Consultation Staff Report , IMF, 2019

Euro Area Policies: 2019 Article IV Consultation Staff Report , IMF, 2019

Strengthening the Euro Area : The Role of National Structural Reforms in Building Resilience, with J. C Bluedorn, S. Aiyar, R. A Duval, D. Furceri, D. Garcia-Macia, Y. Ji, H. Qu, J. Siminitz, A. Zdzienicka, IMF Staff Discussion Note 19/05

Work In Progress : Improving Youth Labor Market Outcomes in Emerging Market and Developing Economies with J. Ahn, Z. An, J. C Bluedorn, G. Ciminelli, Z. Koczan, D. Muhaj and P. Neidlinger, IMF Staff Discussion Note 19/02

Family Ties in Licensed Professions in Italy with M. Pellizzari (coordinator), G. Basso, Andrea Catania, Giovanna Labartino, and Paola Monti,  A report of the Fondazione Rodolfo Debenedetti, 2011

Other Research in Progress/Forever WPs

Inventors’ Mobility and R&D Spillovers Across Firms, with P. Tebaldi (Current version: August 2014)  (on SSRN) 

Entrepreneurs’ Wealth and Firm Dynamics