Working Papers

News, Noise and Oil Price Swings
(with L. Moretti) [pdf]

On the Empricial (Ir)Relevance of the Zero Lower Bound Constraint
(with D. Debortoli and J. Galí) [.pdf]

The Effects of the ECB'S Asset Purchase Programme (with Alberto Musso) [.pdf] [Annexes]

The Effects of News Shocks and Monetary Policy
(with D. Korobilis, J. Tsoukalas and F. Zanetti) [.pdf]

News, Uncertainty and Economic Fluctuations (No News Is Good News)  (with Mario Forni and Luca Sala) [.pdf]

Reduced-Rank Time-Varying Vector Autregressions (with Joris de Wind) [.pdf]

Macroeconomic Shocks and the Business Cycle: Evidence from a Structural Factor Model (with Mario Forni) [.pdf]



Structural VARs and Non-invertible Macroeconomic Models (with Mario Forni and Luca Sala), forthcoming in Journal of Applied Econometrics  [.pdf]

Noisy News in Business Cycle (with Mario Forni, Marco Lippi and Luca Sala),  American Economic Journal: Macroeconomics  9(4):122-52, 2017. [.pdf]

Evolving Wage Cyclicality in Latin America (with Julian Messina), forthcoming in World Bank Economic Review [.pdf]

Loan Supply Shocks and the Business Cycle (with Alberto Musso), Journal of Applied Econometrics  vol. 32(4): 764-782, 2017. [.pdf]

Noise Bubbles (with Mario Forni, Marco Lippi and Luca Sala),  Economic Journal vol. 127(604): 1940-1976, 2017. [.pdf]

Business Cycle Fluctuations and the Distribution of Consumption (with Giacomo DeGiorgi),  Review of Economic Dynamics  vol. 23:19-41, 2017. [.pdf]

Government Spending Shocks in Open Economy VARs (with Mario Forni), Journal of International Economics vol. 99:68-84, 2016. [.pdf]

The Effects of Monetary Policy on Stock Market Bubbles: Some Evidence  (with Jordi Gali) American Economic Journal: Macroeconomics, vol. 7(1): 233-257, 2015. [.pdf]  [replication files]

Sufficient Information in Structural VARs (with Mario Forni)  Journal of Monetary Economics, vol. 66(C):124-136, 2014. [.pdf]

No News in Business Cycles (with Mario Forni and Luca Sala) Economic Journal, vol. 124(581):1168-1191, 2014. [.pdf]

Macroeconomic Forecasting and Structural Change (with Antonello D'Agostino and Domenico Giannone) Journal of Applied Econometrics, vol. 28(1) 82-101, 2013 [.pdf]

The Dynamic Effects of Monetary Policy: A Structural Factor Model Approach (with Mario Forni), Journal of Monetary Economics, vol. 57(2):203-213, 2010. [.pdf] [replication files]

Do Inflation Expectations Matter? The Great Moderation Revisited (with Fabio Canova), American Economic Journal: Macroeconomics, 2:183-205, 2010. [.pdf]

On the Sources of the Great Moderation (with Jordi Gali), American Economic Journal: Macroeconomics, 1(1):26-57, 2009. [.pdf] [replication files]

Structural Changes in the US Economy: Is There a Role for Monetary Policy?  (with Fabio Canova), Journal of Economic Dynamics and Control, 33(2):477-490, 2009. [.pdf] [replication files]

The Structural Dynamics of Output and Inflation: What Explains the Changes? (with Fabio Canova and Evi Pappa), Journal of Money Credit and Banking, vol. 40(2-3):369-388, 2008. [.pdf]

The Structural Dynamics of Output Growth and Inflation: Some International Evidence (with Fabio Canova and Evi Pappa), Economic Journal, C167-C191, 03, 2007. [.pdf]

Policy Matters. The Long-Run Effects of Aggregate Demand and  Mark Up Shocks on the Italian Unemployment Rate (with Barbara Pistoresi), Empirical Economics 29:209-226, 2004. [.pdf]

The Real Effects of a Monetary Policy Shock: A New VAR Identification Procedure, Rivista di Politica Economica, XII: 149-169, 1999. [.pdf]