Working Papers

New Works

Bad News, Good News: Coverage and Response Asymmetries (with Nicol˛ Maffei-Faccioli and Sarah Zoi [.pdf]

Macroeconomic Uncertainty  and Vector Autoregressions (with Mario Forni and Luca Sala) [.pdf]

Information Cycles and Asymmetric Fluctuations [.pdf]

Common Components Structural VARs (CC-SVAR) (with Mario Forni, Marco Lippi and Luca Sala) [.pdf]

Life-Cycle Inequality: the Blacks and Whites Differential (with Giacomo De Giorgi and Costanza Naguib) [.pdf]

Noisy Monetary Policy
(with Tatjana Dahlhaus) [.pdf]
Asymmetric Effects of Monetary Policy Easing and Tightening (with Davide Debortoli, Mario Forni and Luca Sala) [.pdf]

Not-So-New Works

The Asymmetric Effects of News through Uncertainty (with Mario Forni and Luca Sala) [.pdf]

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

Old Works

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

Fiscal Foresight and the Effects of Government Spending (with Mario Forni) [.pdf]

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

Technology Shocks and the Response of Hours Worked: Time-Varying Dynamics Matter [.pdf]


The Effects of the ECB's Asset Purchase Programme (with Alberto Musso) [.pdf] [Annexes] forthcoming in European Economic Review.

Shocks, Information and Structural VARs [.pdf] forthcoming in Oxford Research Encyclopedia of Economics and Finance, Oxford University Press.

Structural Vector Autoregressive Models [.pdf], Oxford Research Encyclopedia of Economics and Finance, Oxford University Press, August 2020.

On the Empricial (Ir)Relevance of the Zero Lower Bound Constraint (with D. Debortoli and J. GalÝ) [.pdf] NBER Macroeconomics Annual 2019, 2020.

Has the U.S. Wage Phillips Curve Flattened? A Semi-Structural Exploration
(with Jordi Gali) [.pdf] in G. Castex J. Gali and D. Saravia (eds.), 2020, Changing Inflation Dynamics, Evolving Monetary Policy, Central Bank of Chile.

Structural VARs and Non-invertible Macroeconomic Models (with Mario Forni and Luca Sala), Journal of Applied Econometrics, 34(2): 221-246, 2019. [.pdf]

Evolving Wage Cyclicality in Latin America (with Julian Messina), The World Bank Economic Review, 32(3) 709-726, 2018. [.pdf]

Noisy News in Business Cycle (with Mario Forni, Marco Lippi and Luca Sala),  American Economic Journal: Macroeconomics, 9(4):122-52, 2017. [.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, 127(604): 1940-1976, 2017. [.pdf]

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

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

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

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

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

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

The Dynamic Effects of Monetary Policy: A Structural Factor Model Approach (with Mario Forni), Journal of Monetary Economics, 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, 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]