Research & Policy Work

Publications

• DSGE Nash: a toolkit to solve Nash Games in Macro Models (joint with Massimo Ferrari Minesso), Journal of Economic Dynamics and Control, Volume 178, 2025, 105143 [Replication code].
  Working paper version(s): ECB WP No 2678, Banque de France WP No. 884.
  Media coverage: SUERF policy brief.
• Does one (unconventional) size fit all? Effects of the ECB's unconventional monetary policies on the euro area economies, European Economic Review, 2024, 103617 .
  Working paper version: Banque de France WP No. 829 .
  Media coverage: SUERF policy brief .
• Euro area monetary policy effects. Does the shape of the yield curve matter? (with Florens Odendahl, Adrian Penalver, Barbara Rossi, Giulia Sestieri), Journal of Monetary Economics, 2024, 103617 .
  Working paper version: Banque de France WP No. 912 .
• The Volatility of Capital Flows in Emerging Markets: Measures and Determinants (joint with Swarnali Ahmed Hannan ), Journal of International Money and Finance, Volume 145, July 2024, 103095 .
  Working paper version: IMF Working Paper No. 17/41.
  Media coverage: Central Banking .
• The International impact of a fragile EMU (joint with Demosthenes Ioannou and Livio Stracca), European Economic Review, Volume 161, January 2024 .
  Working paper version(s): ECB WP No 2459, Banque de France WP No. 795.
  Media coverage: VoxEU.
• No country is an island. International cooperation and climate change (joint with Massimo Ferrari Minesso), Journal of International Economics, Volume 145, November 2023 [Replication code].
  Working paper version(s): ECB WP No. 2568, Banque de France WP No. 815 .
  Media coverage: SUERF policy brief .
• LSIs' exposure to climate-related risks: an approach to assess physical risks, International Journal of Central Banking, vol. 19(1), pages 1-54, March 2023 .
  Working paper version(s): ECB WP No. 2517 .
• Do words hurt more than actions? The impact of trade tensions on financial markets (joint with Massimo Ferrari Minesso and Frederik Kurcz), Journal of Applied Econometrics. 2022; 1–22 .
  Working paper version(s): ECB WP No 2490 , Banque de France WP No. 802 .
  Media coverage: French Finance Ministry .

Working Papers

• Commitment vs Credibility: Macro Effects of Climate Policy Uncertainty Concerns (with Fulvia Marotta and Jasper de Winter), DNB WP 840 .
  Media coverage: SUERF policy brief .
• Managing the transition to central bank digital currency (with Katrin Assenmacher, Massimo Ferrari Minesso and Arnaud Mehl), ECB WP No 2907 , DNB WP 803 .
  Media coverage: VoxEU .
• The CO₂ content of ECB's TLTROIII and its greening (with Chiara Colesanti Senni and Jens van ’t Klooster), Grantham Research Institute, LSE, WP 31 May 2023 , DNB Working Paper n. 792 .
  Media coverage: SUERF policy brief .

Policy Work

• DNB Analysis (2025), "Uncertainty and climate policy in the Netherlands: measure and economic effects" (with F. Marotta and J. de Winter), May, https://www.dnb.nl/publicaties/publicaties-onderzoek/analyse/uncertainty-and-climate-policy-in-the-netherlands-measure-and-economic-effects/
• BdF Blog (2023), "Wage indexation to prices and inflation expectation anchoring" (with C. Grosse Steffen and G. Smagghue), Post n. 335, Banque de France, Paris, https://www.banque-france.fr/en/publications-and-statistics/publications/wage-indexation-prices-and-inflation-expectation-anchoring
• BdF Blog (2021), "Monetary policy, fragmentation risks and the euro" (with K. Istrefi and U. Szczerbowicz), Post n. 237, Banque de France, Paris, https://www.banque-france.fr/en/publications-and-statistics/publications/monetary-policy-fragmentation-risks-and-euro
• BdF Blog (2021), "Why can sovereign and corporate borrowers in some countries borrow at negative rates?" (with S. Herbert and A. Penalver), Post n. 212, Banque de France, Paris, https://www.banque-france.fr/en/publications-and-statistics/publications/why-can-sovereign-and-corporate-borrowers-some-countries
• ECB Occasional Paper (2019), “Understanding low wage growth in the euro area and European countries”, September, European Central Bank, Frankfurt am Main, Germany, https://www.ecb.europa.eu/pub/pdf/scpops/ecb.op232~4b89088255.en.pdf
• ECB (2019), “The International Role of the Euro”, June, European Central Bank, Frankfurt am Main, Germany, https://www.ecb.europa.eu/pub/ire/html/ecb.ire201906~f0da2b823e.en.html
• IMF Board Paper (2016), “Capital Flows - Review of Experience with the Institutional View”, International Monetary Fund, Washington D.C., USA, https://www.imf.org/en/Publications/Policy-Papers/Issues/2017/01/13/PP5081-Capital-Flows-Review-of-Experience-with-the-Institutional-View