Details about Pierpaolo Benigno

Workplace:

Department Volkswirtschaftlehre (Department of Economics), Universität Bern (University of Berne), (more information at EDIRC)

Access statistics for papers by Pierpaolo Benigno.

Last updated 2023-10-07. Update your information in the RePEc Author Service.

Short-id: pbe203

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Working Papers

2023

1. Gibson's Paradox and the Natural Rate of Interest
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft (2023)
2. It's Baaack: The Surge in Inflation in the 2020s and the Return of the Non-Linear Phillips Curve
   CEPR Discussion Papers, C.E.P.R. Discussion Papers
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2023)
3. The ECB’s new inflation target from a short- and long-term perspective
   Working Papers, University of Antwerp, Faculty of Business and Economics
   See also Journal Article in Journal of Policy Modeling (2023)
4. The spectre of financial dominance in the eurozone
   Working Papers, University of Antwerp, Faculty of Business and Economics
   Also in wp.comunite, Department of Communication, University of Teramo (2022)

2022

5. Cryptocurrencies, Currency Competition, and The Impossible Trinity
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (23)
   Also in NBER Working Papers, National Bureau of Economic Research, Inc (2019) View citations (24)
   See also Journal Article in Journal of International Economics (2022)
   Chapter (2021)
6. Managing Monetary Policy Normalization
   Staff Reports, Federal Reserve Bank of New York
   Also in Staff Reports, Federal Reserve Bank of New York (2022)
   CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022)
7. Monetary Policy in a World of Cryptocurrencies
   Diskussionsschriften, Universitaet Bern, Departement Volkswirtschaft
   Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2022) View citations (16)
   EIEF Working Papers Series, Einaudi Institute for Economics and Finance (EIEF) (2019) View citations (16)
   See also Journal Article in Journal of the European Economic Association (2023)
8. Stagflation and fragmentation: The euro area at the crossroad
   wp.comunite, Department of Communication, University of Teramo
9. The Economics of Helicopter Money
   CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (2)
   Also in Working Papers, Sapienza University of Rome, DISS (2020) View citations (2)
   Working Papers CASMEF, Dipartimento di Economia e Finanza, LUISS Guido Carli (2020)
10. The European monetary policy responses during the pandemic crisis
    wp.comunite, Department of Communication, University of Teramo
    See also Journal Article in Open Economies Review (2022)

2021

11. Asymmetries in Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)
    See also Journal Article in European Economic Review (2021)
12. Financial Dominance in the Pandemic and Post-Pandemic European Economy
    Working Papers in Public Economics, University of Rome La Sapienza, Department of Economics and Law View citations (2)
13. Interest, Reserves and Prices
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
    Also in Staff Reports, Federal Reserve Bank of New York (2021)
14. The ECB's Asset Purchase Programme: Theory, effects, and risks
    Working Papers in Public Economics, University of Rome La Sapienza, Department of Economics and Law
    Also in wp.comunite, Department of Communication, University of Teramo (2020)
15. The ECB's policy measures during the COVID-19 crisis
    Working Papers in Public Economics, University of Rome La Sapienza, Department of Economics and Law View citations (2)
16. The implementation and the rationale of the new inflation target of the ECB
    Working Papers in Public Economics, University of Rome La Sapienza, Department of Economics and Law
17. Uncertainty and the Pandemic Shocks
    Working Papers in Public Economics, University of Rome La Sapienza, Department of Economics and Law View citations (3)
    Also in wp.comunite, Department of Communication, University of Teramo (2020) View citations (6)

2019

18. Inefficiency and Regulation of Private Liquidity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers

2018

19. Private Money Creation, Liquidity Crises, and Government Intervention
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article in Journal of Monetary Economics (2019)

2017

20. A Central Bank Theory of Price Level Determination
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (7)
    See also Journal Article in American Economic Journal: Macroeconomics (2020)
21. Non-Neutrality of Open Market Operations
    2017 Meeting Papers, Society for Economic Dynamics View citations (1)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2015) View citations (24)
    See also Journal Article in American Economic Journal: Macroeconomics (2020)
22. Overconfidence, Subjective Perception, and Pricing Behavior
    FRB Atlanta Working Paper, Federal Reserve Bank of Atlanta View citations (1)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2006)
    See also Journal Article in Journal of Economic Behavior & Organization (2019)

2016

23. Designing Central Banks for Inflation Stability
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (8)
24. Dynamic Debt Deleveraging and Optimal Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (4)
    Also in 2015 Meeting Papers, Society for Economic Dynamics (2015) View citations (2)
    NBER Working Papers, National Bureau of Economic Research, Inc (2014) View citations (44)
    See also Journal Article in American Economic Journal: Macroeconomics (2020)
25. Private Money Creation and Equilibrium Liquidity
    CEPR Discussion Papers, C.E.P.R. Discussion Papers
26. Private Money and Equilibrium Liquidity
    2016 Meeting Papers, Society for Economic Dynamics

2013

27. Safe Assets, Liquidity and Monetary Policy
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (6)
    See also Journal Article in American Economic Journal: Macroeconomics (2017)

2012

28. Debt Deleveraging and The Exchange Rate
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (25)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2012) View citations (6)
    See also Journal Article in Journal of International Economics (2014)

2011

29. Monetary Policy, Doubts and Asset Prices
    2011 Meeting Papers, Society for Economic Dynamics
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (6)
    EIEF Working Papers Series, Einaudi Institute for Economics and Finance (EIEF) (2010) View citations (7)
    See also Journal Article in Journal of Monetary Economics (2014)
30. Risk, Monetary Policy and the Exchange Rate
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (24)
    See also Journal Article in NBER Macroeconomics Annual (2012)
    Chapter (2011)
31. Second Order Approximation of Dynamic Models with Time-Varying Risk
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (1)
    Also in FMG Discussion Papers, Financial Markets Group (2011)
    CEP Discussion Papers, Centre for Economic Performance, LSE (2010) View citations (11)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (14)
    EIEF Working Papers Series, Einaudi Institute for Economics and Finance (EIEF) (2010) View citations (15)
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2011)
    See also Journal Article in Journal of Economic Dynamics and Control (2013)
32. Unemployment and productivity in the long run: The role of macroeconomic volatility
    wp.comunite, Department of Communication, University of Teramo View citations (4)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2010) View citations (9)
    NBER Working Papers, National Bureau of Economic Research, Inc (2010) View citations (10)
    Working Papers, Department of the Treasury, Ministry of the Economy and of Finance View citations (4)
    IMF Working Papers, International Monetary Fund (2010) View citations (9)
    See also Journal Article in The Review of Economics and Statistics (2015)

2010

33. Globalization, Pass-Through and Inflation Dynamic
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    Also in IMES Discussion Paper Series, Institute for Monetary and Economic Studies, Bank of Japan (2010) View citations (12)
    Kiel Working Papers, Kiel Institute for the World Economy (IfW Kiel) (2010) View citations (13)
    See also Journal Article in International Journal of Central Banking (2016)
34. The Inflation-Output Trade-off with Downward Wage Rigidities
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (5)
    Also in EIEF Working Papers Series, Einaudi Institute for Economics and Finance (EIEF) (2010) View citations (4)
    See also Journal Article in American Economic Review (2011)

2009

35. International Portfolio Allocation under Model Uncertainty
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (30)
    See also Journal Article in American Economic Journal: Macroeconomics (2012)
36. New-Keynesian Economics: An AS-AD View
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    See also Journal Article in Research in Economics (2015)
37. The Inflation-Unemployment Trade-off at Low Inflation
    IMF Working Papers, International Monetary Fund View citations (7)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2008) View citations (6)

2008

38. Implementing international monetary cooperation through inflation targeting
    LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library View citations (11)
    See also Journal Article in Macroeconomic Dynamics (2008)

2007

39. Portfolio Choices with Near Rational Agents: A Solution of Some International-Finance Puzzles
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (3)

2006

40. Are Valuation Effects Desirable from a Global Perspective?
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (10)
    See also Journal Article in Journal of Development Economics (2009)
41. Linear-Quadratic Approximation of Optimal Policy Problems
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (84)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (55)
    See also Journal Article in Journal of Economic Theory (2012)
42. Optimal Inflation Targeting Under Alternative Fiscal Regimes
    Working Papers Central Bank of Chile, Central Bank of Chile View citations (18)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2006) View citations (25)
    See also Chapter (2007)

2005

43. Long-Run Determinants of Inflation Differentials in a Monetary Union
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (42)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2005) View citations (42)
44. Optimal Taxation in an RBC Model: A Linear-Quadratic Approach
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (8)
    Also in CEPR Discussion Papers, C.E.P.R. Discussion Papers (2004) View citations (6)
    See also Journal Article in Journal of Economic Dynamics and Control (2006)

2004

45. Designing Target Rules for International Monetary Policy Cooperation
    CEP Discussion Papers, Centre for Economic Performance, LSE View citations (14)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2004) View citations (4)
46. Inflation Stabilization and Welfare: The Case of a Distorted Steady State
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (44)
    Also in 2004 Meeting Papers, Society for Economic Dynamics (2004) View citations (50)
    See also Journal Article in Journal of the European Economic Association (2005)
47. Optimal Stabilization Policy When Wages and Prices are Sticky: The Case of a Distorted Steady State
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (21)
    Also in NBER Working Papers, National Bureau of Economic Research, Inc (2004) View citations (25)
    See also Journal Article in Proceedings (2005)
48. Optimal monetary and fiscal policy: a linear-quadratic approach
    Working Paper Series, European Central Bank View citations (120)
    Also in International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2004) View citations (67)
    NBER Working Papers, National Bureau of Economic Research, Inc (2003) View citations (235)
    See also Journal Article in Proceedings (2003)
    Chapter (2004)

2003

49. Designing targeting rules for international monetary policy cooperation
    Working Paper Series, European Central Bank View citations (55)
    See also Journal Article in Journal of Monetary Economics (2006)
50. Interest Rate Rules for Fixed Exchange Rate Regimes
    Boston College Working Papers in Economics, Boston College Department of Economics View citations (26)
    See also Journal Article in Journal of Economic Dynamics and Control (2007)

2002

51. Implementing Monetary Cooperation Through Inflation Targeting
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (40)
52. Inflation persistence and optimal monetary policy in the Euro Area
    Working Papers, Banco de España View citations (54)
    Also in Working Paper Series, European Central Bank (2002) View citations (60)
    International Finance Discussion Papers, Board of Governors of the Federal Reserve System (U.S.) (2002) View citations (43)
    See also Journal Article in Journal of Money, Credit and Banking (2006)

2001

53. High Public Debt in Currency Crises: Fundamentals versus Signalling Effects
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    See also Journal Article in Journal of International Money and Finance (2004)
54. How is the Debt Managed? Learning from Fiscal Stabilizations
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (3)
    Also in Working Papers, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University View citations (25)
    See also Journal Article in Scandinavian Journal of Economics (2002)
55. Monetary Policy Rules and the Exchange Rate
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (89)
56. Optimal Monetary Policy in a Currency Area
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (112)
    See also Journal Article in Journal of International Economics (2004)
57. Price Stability as a Nash Equilibrium in Monetary Open-Economy Models
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (35)
58. Price Stability with Imperfect Financial Integration
    CEPR Discussion Papers, C.E.P.R. Discussion Papers View citations (217)
    See also Journal Article in Journal of Money, Credit and Banking (2009)

1997

59. Managing the Public Debt in Fiscal Stabilizations: The Evidence
    NBER Working Papers, National Bureau of Economic Research, Inc View citations (17)
    Also in Working Papers, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University View citations (11)

Journal Articles

2023

1. Monetary Policy in a World of Cryptocurrencies
   Journal of the European Economic Association, 2023, 21, (4), 1363-1396 View citations (1)
   See also Working Paper (2022)
2. The ECB’s new inflation target from a short- and long-term perspective
   Journal of Policy Modeling, 2023, 45, (2), 286-304
   See also Working Paper (2023)

2022

3. Cryptocurrencies, currency competition, and the impossible trinity
   Journal of International Economics, 2022, 136, (C) View citations (12)
   See also Working Paper (2022)
   Chapter (2021)
4. The European Monetary Policy Responses During the Pandemic Crisis
   Open Economies Review, 2022, 33, (4), 657-675
   See also Working Paper (2022)

2021

5. Asymmetries in monetary policy
   European Economic Review, 2021, 140, (C) View citations (4)
   See also Working Paper (2021)
6. Shocks in Europe, changes in uncertainty, and policies
   Politica economica, 2021, (3), 339-356

2020

7. A Central Bank Theory of Price Level Determination
   American Economic Journal: Macroeconomics, 2020, 12, (3), 258-83 View citations (12)
   See also Working Paper (2017)
8. Dynamic Debt Deleveraging and Optimal Monetary Policy
   American Economic Journal: Macroeconomics, 2020, 12, (2), 310-50 View citations (12)
   See also Working Paper (2016)
9. Non-neutrality of Open-Market Operations
   American Economic Journal: Macroeconomics, 2020, 12, (3), 175-226 View citations (10)
   See also Working Paper (2017)

2019

10. Overconfidence, subjective perception and pricing behavior
    Journal of Economic Behavior & Organization, 2019, 164, (C), 107-132 View citations (6)
    See also Working Paper (2017)
11. Private money creation, liquidity crises, and government interventions
    Journal of Monetary Economics, 2019, 106, (C), 42-58 View citations (9)
    See also Working Paper (2018)

2017

12. Safe Assets, Liquidity, and Monetary Policy
    American Economic Journal: Macroeconomics, 2017, 9, (2), 182-227 View citations (16)
    See also Working Paper (2013)

2016

13. Globalization, Pass-Through, and Inflation Dynamics
    International Journal of Central Banking, 2016, 12, (4), 263-306 View citations (21)
    See also Working Paper (2010)

2015

14. New-Keynesian economics: An AS–AD view
    Research in Economics, 2015, 69, (4), 503-524 View citations (7)
    See also Working Paper (2009)
15. Unemployment and Productivity in the Long Run: The Role of Macroeconomic Volatility
    The Review of Economics and Statistics, 2015, 97, (3), 698-709 View citations (39)
    See also Working Paper (2011)

2014

16. Debt deleveraging and the exchange rate
    Journal of International Economics, 2014, 93, (1), 1-16 View citations (45)
    See also Working Paper (2012)
17. Monetary policy, doubts and asset prices
    Journal of Monetary Economics, 2014, 64, (C), 85-98 View citations (41)
    See also Working Paper (2011)

2013

18. Second-order approximation of dynamic models with time-varying risk
    Journal of Economic Dynamics and Control, 2013, 37, (7), 1231-1247 View citations (18)
    See also Working Paper (2011)

2012

19. International Portfolio Allocation under Model Uncertainty
    American Economic Journal: Macroeconomics, 2012, 4, (1), 144-89 View citations (34)
    See also Working Paper (2009)
20. Linear-quadratic approximation of optimal policy problems
    Journal of Economic Theory, 2012, 147, (1), 1-42 View citations (116)
    See also Working Paper (2006)
21. Risk, Monetary Policy, and the Exchange Rate
    NBER Macroeconomics Annual, 2012, 26, (1), 247 - 309 View citations (55)
    See also Working Paper (2011)
    Chapter (2011)

2011

22. Inflation Differentials in a Currency Area: Facts, Explanations and Policy
    Open Economies Review, 2011, 22, (2), 189-233 View citations (31)
23. The Inflation-Output Trade-Off with Downward Wage Rigidities
    American Economic Review, 2011, 101, (4), 1436-66 View citations (80)
    See also Working Paper (2010)

2009

24. Are valuation effects desirable from a global perspective?
    Journal of Development Economics, 2009, 89, (2), 170-180 View citations (9)
    See also Working Paper (2006)
25. Price Stability with Imperfect Financial Integration
    Journal of Money, Credit and Banking, 2009, 41, (s1), 121-149 View citations (222)
    Also in Journal of Money, Credit and Banking, 2009, 41, (s1), 121-149 (2009) View citations (67)
    Proceedings, 2008 (2008) View citations (7)
    See also Working Paper (2001)

2008

26. Exchange rate determination under interest rate rules
    Journal of International Money and Finance, 2008, 27, (6), 971-993 View citations (65)
27. IMPLEMENTING INTERNATIONAL MONETARY COOPERATION THROUGH INFLATION TARGETING
    Macroeconomic Dynamics, 2008, 12, (S1), 45-59 View citations (18)
    See also Working Paper (2008)

2007

28. Interest rate rules for fixed exchange rate regimes
    Journal of Economic Dynamics and Control, 2007, 31, (7), 2196-2211 View citations (65)
    See also Working Paper (2003)

2006

29. Comment on "How important are nontradable goods prices as sources of cyclical fluctuations in real exchange rates?" by Ariel Burstein, Martin Eichenbaum and Sergio Rebelo
    Japan and the World Economy, 2006, 18, (3), 254-260
30. Designing targeting rules for international monetary policy cooperation
    Journal of Monetary Economics, 2006, 53, (3), 473-506 View citations (216)
    See also Working Paper (2003)
31. Inflation Persistence and Optimal Monetary Policy in the Euro Area
    Journal of Money, Credit and Banking, 2006, 38, (3), 587-614 View citations (100)
    See also Working Paper (2002)
32. Optimal taxation in an RBC model: A linear-quadratic approach
    Journal of Economic Dynamics and Control, 2006, 30, (9-10), 1445-1489 View citations (56)
    See also Working Paper (2005)

2005

33. Fiscal Externalities and Optimal Taxation in an Economic Community [with Comments]
    NBER International Seminar on Macroeconomics, 2005, 2005, (1), 207 - 259
34. Inflation Stabilization And Welfare: The Case Of A Distorted Steady State
    Journal of the European Economic Association, 2005, 3, (6), 1185-1236 View citations (317)
    See also Working Paper (2004)
35. Optimal stabilization policy when wages and prices are sticky: the case of a distorted steady state
    Proceedings, 2005, 127-180 View citations (13)
    See also Working Paper (2004)

2004

36. High public debt in currency crises: fundamentals versus signaling effects
    Journal of International Money and Finance, 2004, 23, (2), 165-188 View citations (17)
    See also Working Paper (2001)
37. Optimal monetary policy in a currency area
    Journal of International Economics, 2004, 63, (2), 293-320 View citations (445)
    See also Working Paper (2001)

2003

38. Optimal monetary and fiscal policy: a linear-quadratic approach
    Proceedings, 2003 View citations (81)
    See also Chapter (2004)
    Working Paper (2004)
39. Price Stability in Open Economies
    Review of Economic Studies, 2003, 70, (4), 743-764 View citations (354)

2002

40. A simple approach to international monetary policy coordination
    Journal of International Economics, 2002, 57, (1), 177-196 View citations (54)
41. How is the Debt Managed? Learning from Fiscal Stabilizations
    Scandinavian Journal of Economics, 2002, 104, (3), 443-469 View citations (14)
    See also Working Paper (2001)

Chapters

2021

1. Cryptocurrencies, Currency Competition, and the Impossible Trinity
   A chapter in NBER International Seminar on Macroeconomics 2021, 2021
   See also Working Paper (2022)
   Journal Article in Journal of International Economics (2022)

2011

2. Risk, Monetary Policy and the Exchange Rate
   A chapter in NBER Macroeconomics Annual 2011, Volume 26, 2011, pp 247-309 View citations (22)
   See also Working Paper (2011)
   Journal Article in NBER Macroeconomics Annual (2012)

2007

3. Optimal Inflation Targeting under Alternative Fiscal Regimes
   Chapter 3 in Monetary Policy under Inflation Targeting, 2007, vol. 11, pp 037-075 View citations (10)
   See also Working Paper (2006)

2005

4. Comment on "Fiscal Externalities and Optimal Taxation in an Economic Community"
   A chapter in NBER International Seminar on Macroeconomics 2005, 2005, pp 251-257 View citations (1)

2004

5. Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach
   A chapter in NBER Macroeconomics Annual 2003, Volume 18, 2004, pp 271-364 View citations (76)
   See also Journal Article in Proceedings (2003)
   Working Paper (2004)