Details about Massimiliano Pisani

Access statistics for papers by Massimiliano Pisani.

Last updated 2023-02-27. Update your information in the RePEc Author Service.

Short-id: ppi119

Working Papers

2023

1. Make-up strategies and exchange rate pass-through in a low-interest-rate environment
   Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area
   Also in Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2022)

2022

2. Macroeconomic effects of growth-enhancing measures in the euro area
   Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area
3. Monetary policy in the open economy with digital currencies
   Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area
4. “Green†fiscal policy measures and non-standard monetary policy in the euro area
   Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (3)

2021

5. Monetary-fiscal policy interactions in the euro area
   Occasional Paper Series, European Central Bank View citations (1)
6. Policy mix during a pandemic crisis: a review of the debate on monetary and fiscal responses and the legacy for the future
   Questioni di Economia e Finanza (Occasional Papers), Bank of Italy, Economic Research and International Relations Area
   See also Chapter (2022)
7. Review of macroeconomic modelling in the Eurosystem: current practices and scope for improvement
   Occasional Paper Series, European Central Bank
8. Revisiting monetary policy objectives and strategies: international experience and challenges from the ELB
   Questioni di Economia e Finanza (Occasional Papers), Bank of Italy, Economic Research and International Relations Area View citations (2)
9. The ECB’s price stability framework: past experience, and current and future challenges
   Occasional Paper Series, European Central Bank View citations (7)

2020

10. Macroeconomic Effects of Tariffs Shocks: The Role of the Effective Lower Bound and the Labour Market
    Research Technical Papers, Central Bank of Ireland View citations (3)
    Also in Working Paper Series, European Central Bank (2020) View citations (3)
    See also Journal Article in Journal of International Money and Finance (2022)
11. Monetary policy strategies in the New Normal: a model-based analysis for the euro area
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (9)
    See also Journal Article in Journal of Macroeconomics (2021)
12. Protectionism and the effective lower bound in the euro area
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (1)
13. The COVID-19 shock and a fiscal-monetary policy mix in a monetary union
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (7)
    See also Chapter (2022)

2019

14. Fiscal devaluation and labour market frictions in a monetary union
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (1)
    See also Journal Article in Economic Modelling (2021)
15. Non-standard monetary policy measures in the new normal
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (5)

2018

16. Exchange rate pass-through into euro area inflation. An estimated structural model
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (6)
17. Labour tax reforms, cross-country coordination and the monetary policy stance in the euro area: A structural model-based approach
    Research Technical Papers, Central Bank of Ireland View citations (23)
    Also in Working Paper Series, European Central Bank (2018) View citations (25)
    See also Journal Article in International Journal of Central Banking (2018)
18. Macroeconomic effects of an open-ended Asset Purchase Programme
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (4)
    See also Journal Article in Journal of Policy Modeling (2019)
19. What will Brexit mean for the British and euro-area economies? A model-based assessment of trade regimes
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (10)

2017

20. Macroeconomic effects of non-standard monetary policy measures in the euro area: the role of corporate bond purchases
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (10)
    See also Journal Article in Manchester School (2021)
21. Public investment and monetary policy stance in the euro area
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (7)
22. Secular stagnation, R&D, public investment and monetary policy: a global-model perspective
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (12)
    See also Journal Article in Macroeconomic Dynamics (2021)

2016

23. EAGLE-FLI - A macroeconomic model of banking and financial interdependence in the euro area
    Working Papers, Banco de Portugal, Economics and Research Department View citations (5)
    Also in EcoMod2016, EcoMod (2016) View citations (6)
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2016) View citations (5)
    Working Paper Series, European Central Bank (2016) View citations (7)
    See also Journal Article in Economic Modelling (2018)
24. Global macroeconomic effects of exiting from unconventional monetary policy
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (1)
25. Macroeconomic effectiveness of non-standard monetary policy and early exit. A model-based evaluation
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (4)
    See also Journal Article in International Finance (2017)
26. Non-standard monetary policy, asset prices and macroprudential policy in a monetary union
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (11)
    See also Journal Article in Journal of International Money and Finance (2018)

2015

27. Comparing fiscal multipliers across models and countries in Europe
    Working Paper Series, European Central Bank View citations (38)
    Also in Working Paper Research, National Bank of Belgium (2015) View citations (40)
28. Domestic and international macroeconomic effects of the Eurosystem expanded asset purchase programme
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (22)
29. Every cloud has a silver lining. The sovereign crisis and Italian potential output
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (4)
30. Inflation, financial conditions and non-standard monetary policy in a monetary union. A model-based evaluation
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (16)
31. Medium-term forecasting of euro-area macroeconomic variables with DSGE and BVARX models
    Questioni di Economia e Finanza (Occasional Papers), Bank of Italy, Economic Research and International Relations Area
32. Structural reforms and zero lower bound in a monetary union
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (23)

2014

33. Fiscal devaluation in the euro area: a model-based analysis
    Working Papers, Banco de Portugal, Economics and Research Department View citations (9)
    Also in Working Paper Series, European Central Bank (2014) View citations (9)
    See also Journal Article in Economic Modelling (2016)
34. Foreign exchange reserve diversification and the "exorbitant privilege"
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (7)
35. Macroeconomic effects of simultaneous implementation of reforms after the crisis
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (8)
36. The effects of the crisis on production potential and household spending in Italy
    Workshop and Conferences, Bank of Italy, Economic Research and International Relations Area

2013

37. Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-based Approach
    IMF Working Papers, International Monetary Fund View citations (5)
38. Macroeconomic effects of precautionary demand for oil
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (3)
    See also Journal Article in Journal of Applied Econometrics (2015)
39. Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (12)

2012

40. Banks� balance sheets and the macroeconomy in the Bank of Italy Quarterly Model
    Questioni di Economia e Finanza (Occasional Papers), Bank of Italy, Economic Research and International Relations Area View citations (1)
41. Competitiveness and external imbalances within the euro area
    Occasional Paper Series, European Central Bank View citations (12)
42. Euro area and global oil shocks: an empirical model-based analysis
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (12)

2011

43. Macroeconomic Effects of China's Fiscal Stimulus
    IDB Publications (Working Papers), Inter-American Development Bank View citations (6)
    Also in Research Department Publications, Inter-American Development Bank, Research Department (2010) View citations (14)
44. New Shocks and Asset Price Volatility in General Equilibrium
    IMF Working Papers, International Monetary Fund View citations (3)
    Also in Research Department Publications, Inter-American Development Bank, Research Department (2011) View citations (12)
    IDB Publications (Working Papers), Inter-American Development Bank (2011) View citations (11)
    See also Journal Article in Journal of Economic Dynamics and Control (2011)
45. Potential Output in DSGE Models
    Bank of Lithuania Working Paper Series, Bank of Lithuania View citations (46)
    Also in Working Paper Series, European Central Bank (2011) View citations (37)
46. Structural reforms and macroeconomic performance in the euro area countries: a model-based assessment
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (31)
    Also in Working Papers, Banco de Portugal, Economics and Research Department (2011) View citations (31)
    Working Paper Series, European Central Bank (2011) View citations (50)
    See also Journal Article in International Finance (2013)

2010

47. The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area
    Working Papers, Banco de Portugal, Economics and Research Department View citations (83)
    Also in Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2010) View citations (86)
    Working Paper Series, European Central Bank (2010) View citations (87)
    See also Journal Article in Economic Modelling (2012)
48. The macroeconomics of fiscal consolidations in a monetary union: the case of Italy
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (15)
    Also in 2008 Meeting Papers, Society for Economic Dynamics (2008)

2009

49. Global Imbalances: The Role of Emerging Asia
    IMF Working Papers, International Monetary Fund View citations (21)
    See also Journal Article in Review of International Economics (2009)
50. Global Imbalances: The Role of Non-Tradabletotal Factor Productivity in Advanced Economies
    IMF Working Papers, International Monetary Fund View citations (7)
51. Macroeconomic effects of greater competition in the service sector: the case of Italy
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (8)
    See also Journal Article in Macroeconomic Dynamics (2010)
52. Risk-adjusted forecasts of oil prices
    Working Paper Series, European Central Bank View citations (22)
    Also in Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area (2006) View citations (9)
    See also Journal Article in The B.E. Journal of Macroeconomics (2009)

2008

53. New Shocks, Exchange Rates and Equity Prices
    IMF Working Papers, International Monetary Fund View citations (6)
54. Real exchange rate volatility and disconnect: an empirical investigation
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (6)

2007

55. Oil supply news in a VAR: Information from financial markets
    Temi di discussione (Economic working papers), Bank of Italy, Economic Research and International Relations Area View citations (15)

2006

56. Nominal Rigidities in an Estimated Two Country
    Computing in Economics and Finance 2006, Society for Computational Economics View citations (4)

2002

57. Exchange Rate Arrangements in EU Accession Countries: What Are the Options?
    CEP Occasional Papers, Centre for Economic Performance, LSE View citations (3)
    Also in LSE Research Online Documents on Economics, London School of Economics and Political Science, LSE Library (2002)

Journal Articles

2022

1. Macroeconomic effects of tariffs shocks: The role of the effective lower bound and the labour market
   Journal of International Money and Finance, 2022, 120, (C)
   See also Working Paper (2020)

2021

2. Fiscal devaluation and labor market frictions in a monetary union
   Economic Modelling, 2021, 97, (C), 135-156 View citations (2)
   See also Working Paper (2019)
3. Macroeconomic Effects of Non‐Standard Monetary Policy Measures in the Euro Area: The Role of Corporate Bond Purchases
   Manchester School, 2021, 89, (S1), 97-130 View citations (3)
   See also Working Paper (2017)
4. Monetary policy strategies in the New Normal: A model-based analysis for the euro area
   Journal of Macroeconomics, 2021, 70, (C) View citations (7)
   See also Working Paper (2020)
5. SECULAR STAGNATION, R&D, PUBLIC INVESTMENT, AND MONETARY POLICY: A GLOBAL-MODEL PERSPECTIVE
   Macroeconomic Dynamics, 2021, 25, (5), 1267-1287 View citations (4)
   See also Working Paper (2017)

2019

6. Comparing Fiscal Consolidation Multipliers across Models in Europe
   International Journal of Central Banking, 2019, 15, (3), 285-320 View citations (15)
7. Domestic and International Effects of the Eurosystem Expanded Asset Purchase Programme: A Structural Model-Based Analysis
   IMF Economic Review, 2019, 67, (2), 315-348 View citations (7)
8. Macroeconomic effects of an open-ended asset purchase programme
   Journal of Policy Modeling, 2019, 41, (6), 1144-1159 View citations (6)
   See also Working Paper (2018)

2018

9. EAGLE-FLI: A macroeconomic model of banking and financial interdependence in the euro area
   Economic Modelling, 2018, 69, (C), 249-280 View citations (11)
   See also Working Paper (2016)
10. Labor Tax Reforms, Cross-Country Coordination, and the Monetary Policy Stance in the Euro Area: A Structural Model-Based Approach
    International Journal of Central Banking, 2018, 14, (3), 65-140 View citations (21)
    See also Working Paper (2018)
11. Non-standard monetary policy, asset prices and macroprudential policy in a monetary union
    Journal of International Money and Finance, 2018, 88, (C), 25-53 View citations (17)
    See also Working Paper (2016)
12. SOVEREIGN RESTRUCTURING VS. FISCAL ADJUSTMENT IN A MONETARY UNION: MACROECONOMIC EFFECTS FROM MODEL-BASED SIMULATIONS
    Macroeconomic Dynamics, 2018, 22, (2), 470-500 View citations (7)
13. The sovereign crisis and Italy’s potential output
    Journal of Policy Modeling, 2018, 40, (2), 418-433 View citations (4)

2017

14. Macroeconomic effectiveness of non-standard monetary policy and early exit. A model-based evaluation
    International Finance, 2017, 20, (2), 155-173 View citations (8)
    See also Working Paper (2016)

2016

15. Fiscal devaluation in the euro area: A model-based analysis
    Economic Modelling, 2016, 52, (PA), 58-70 View citations (37)
    See also Working Paper (2014)
16. Foreign exchange reserve diversification and the “exorbitant privilege”: Global macroeconomic effects
    Journal of International Money and Finance, 2016, 67, (C), 82-101
17. Macroeconomic Effects of Simultaneous Implementation of Reforms
    International Finance, 2016, 19, (1), 42-65 View citations (2)

2015

18. Euro area, oil and global shocks: An empirical model-based analysis
    Journal of Macroeconomics, 2015, 46, (C), 295-314 View citations (16)
19. Macroeconomic Effects of Precautionary Demand for Oil
    Journal of Applied Econometrics, 2015, 30, (6), 968-986 View citations (23)
    See also Working Paper (2013)
20. Structural Reforms, Investment and Zero Lower Bound in a Monetary Union
    Manchester School, 2015, 83, 120-139 View citations (19)

2013

21. Structural Reforms and Macroeconomic Performance in the Euro Area Countries: A Model-Based Assessment
    International Finance, 2013, 16, (1), 23-44 View citations (68)
    See also Working Paper (2011)
22. “Green” fuel tax on private transportation services and subsidies to electric energy. A model-based assessment for the main European countries
    Energy Economics, 2013, 40, (S1), S32-S57 View citations (17)

2012

23. The EAGLE. A model for policy analysis of macroeconomic interdependence in the euro area
    Economic Modelling, 2012, 29, (5), 1686-1714 View citations (153)
    See also Working Paper (2010)

2011

24. Financial Openness and Macroeconomic Instability in Emerging Market Economies
    Open Economies Review, 2011, 22, (3), 501-532 View citations (5)
25. News shocks and asset price volatility in general equilibrium
    Journal of Economic Dynamics and Control, 2011, 35, (12), 2132-2149 View citations (12)
    See also Working Paper (2011)

2010

26. MACROECONOMIC EFFECTS OF GREATER COMPETITION IN THE SERVICE SECTOR: THE CASE OF ITALY
    Macroeconomic Dynamics, 2010, 14, (5), 677-708 View citations (54)
    See also Working Paper (2009)
27. The macroeconomics of fiscal consolidations in euro area countries
    Journal of Economic Dynamics and Control, 2010, 34, (9), 1791-1812 View citations (76)

2009

28. Global Imbalances: The Role of Emerging Asia
    Review of International Economics, 2009, 17, (4), 716-733 View citations (23)
    See also Working Paper (2009)
29. Risk-Adjusted Forecasts of Oil Prices
    The B.E. Journal of Macroeconomics, 2009, 9, (1), 1-28 View citations (19)
    See also Working Paper (2009)

2008

30. Productivity and Global Imbalances: The Role of Nontradable Total Factor Productivity in Advanced Economies
    IMF Staff Papers, 2008, 55, (2), 312-325 View citations (18)

Chapters

2022

1. Covid-19 Shock and Fiscal-Monetary Policy Mix in a Monetary Union
   Springer
   See also Working Paper (2020)
2. Policy Mix During a Pandemic Crisis: A Review of the Debate on Monetary and Fiscal Responses and the Legacy for the Future
   Springer
   See also Working Paper (2021)