Joined the department as a full-time professor in September 2012, coming from Universitat Pompeu Fabra. He has taught in numerous universities around the world and given professional courses at central banks, as well as holding consultancy positions with the Bank of England, the ECB, the Bank of Italy, the Bank of Spain and the IMF. His research interests are in quantitative macroeconomics, monetary economics, time series econometrics and forecasting, international business cycles, growth policies. He has held editorial positions with the European Economic Review and the Journal of Applied Econometrics. He is currently co-editor of the Journal of the European Economic Association and has participated in a number of international conferences. He has published over 70 articles in international journals and his graduate textbook, Methods for Applied Macroeconomic Research, was published in 2007 by Princeton University Press.
EducationM.A. 1992 Brown University, Providence, RI, USA.
Ph.D. 1988 Economics, University of Minnesota, Minneapolis, MN, USA.
M.A. 1982 Economics, University of Southern California, Los Angeles, CA.,USA.
Diploma 1981 Cinema and TV Production, Instituto Nazzareno, Carpi, Italy
Diploma 1980 Piano and Orchestra Direction, Conservatory of Music, Reggio Emilia, Italy.
Laurea (BA) 1980 Economics, University of Modena, Modena, Italy.
Academic Positions2015-Present Head of Training of the Florence School of Banking & Finance, European University Institute, Florence, Italy.
2013-2015 Pierre Werner Chair in Monetary Union, European University Institute, Florence, Italy.
2012-Present Professor of Econometrics, European University Institute, Florence, Italy.
2008-Present Director, Budapest Training School for Central Bankers, Hungary.
2010-2012 Associate researcher CREMed, Barcelona, Spain.
2005-2012 ICREA Research Professor, Universitat Pompeu Fabra, Barcelona, Spain.
2005-2012 Associate Research, CREI, Barcelona, Spain.
2008 Chair in Macroeconomics, University of Bern, Bern, Switzerland.
2003-2005 Research Professor, Igier-Bocconi, Milan, Italy.
1997-2003 Professor, Universitat Pompeu Fabra, Barcelona, Spain.
1996-2002 Part-Time Professor, University of Southampton, United Kingdom.
1995-1999 Professor, Università di Modena, Italy.
1994-1997 Visiting Professor, Universitat Pompeu Fabra, Barcelona, Spain.
1994-1995 Professor, University of Catania, Italy.
1991-1994 Associate Professor, Brown University, USA.
1991-1993 Associate Professor, European University Institute, Italy.
1990-1991 Visiting Assistant Professor, University of Rochester, USA.
1987-1990 Assistant Professor, Brown University, USA.
Professional Activities2014-Present Board of Directors, Florence School of Banking and Finance,
2013-Present Board of Directors, IAAE.
2009-Present Board of Directors, ESOBE.
2005-Present Scientific Board Member, EABCN.
2005-2008 Member of the Applied Macroeconomic Network (AMeN).
2002-2012 Member of European Dating Business Cycle Committee.
2003-2009 Member of the Advisory Committee, Hydra Macroeconomics Conference, Greece.
2001-2002 Member of the European Central Bank Monitoring Committee.
Areas of interestQuantitative Macroeconomics; Monetary Economics, Time Series Econometrics and Forecasting, International Business Cycles; Growth policies.
Refereed PublicationsP.1) A general algorithm for estimating structural VARs (with F. Perez-Forero), revision submitted to the Quantitative Economics.
P.2) Has the Euro-Mediterranean partnership changed Mediterranean business cycles? (with A Schlaepfer), forthcoming, Journal of Applied Econometrics.
P.3) Bridging DSGE Models and the Raw Data, Journal of Monetary Economics, 67, 1-15, 2014
P.4) Choosing the variables to estimate singular DSGE (with C. Matthes and F. Ferroni), Journal of Applied Econometrics, 29, 1099-1117, 2014
P.5) The Inns and Outs of Unemployment: A Conditional Analysis (with D. LÛpez-Salido and C. Michelacci), The Economic Journal, 123, 515-539, 2013
P.6) ClubMed? Cyclical áuctuations in the Mediterranean basin (with M. Ciccarelli), Journal of International Economics, 88, 162-175, 2012.
P.7) Do Institutional Changes a§ect Business Cycles? Evidence from Europe (with M. Ciccarelli and E. Ortega), Journal of Economic Dynamics and Control, 36, 1520-1533, 2012
P.8) The Dynamics of U.S. Ináation: Can Monetary Policy Explain the Changes?, (with F. Ferroni), Journal of Econometrics, 167, 47-60, 2011
P.9) Fiscal Policy, Pricing Frictions and Monetary Policy Accommodation (with E. Pappa), Economic Policy, 68, 555-598, 2011.
P.10) Business cycle measurement with some theory (with M. Paustian), Journal of Monetary Economics, 48, 345-361, 2011.
P.11) Does Money have a Role in Shaping Domestic Business Cycles. An International Investigation (with T. Menz), Journal of Money Credit and Banking, 43(4), 577-609, 2011.
P.12) Multiple Filtering Devices for the Estimation of Cyclical DSGE Models (with F. Ferroni), Quantitative Economics, 2, 73-98, 2011.
P.13) The E§ects of Technology Shocks on Hours and Output: A Robustness Analysis (with D. LÛpez-Salido and C. Michelacci), Journal of Applied Econometrics, 25(5),755-773, 2010.
P.14) Do Expectations Matter? The Great Moderation Revisited (with L. Gambetti), American Economic Journal: Macroeconomics, 2(3), 183-205, 2010.
P.15) Japanís Lost Decade: Does Money have a role? (with T. Menz), Journal of the Japanese and International Economy, 24(2), 178-195, 2010.
P.16) Estimating Multi-country VAR Models (with M. Ciccarelli), International Economic Review, 50(3), 2009, 929-961.
P.17) Back to Square One: IdentiÖcation Issues in DSGE Models (with L. Sala), Journal of Monetary Economics, 56(4), 2009, 431-449.
P.18) What Explains the Great Moderation in the U.S?: A Structural Analysis, Journal of the European Economic Association, 7(4), 2009, 697-721.
P.19) Structural Changes in the US Economy: Is there a Role for Monetary Policy? (with L. Gambetti), Journal of Economic Dynamics and Control, 33(2), 2009, 477-490.
P.20) The Structural Dynamics of U.S. Output and Ináation: What Explains the Changes? (with L. Gambetti and E. Pappa), Journal of Money, Credit and Banking, 40(2-3), 2008, 369-388.
P.21) Price Di§erentials in Monetary Unions: The Role of Fiscal Shocks (with E. Pappa), The Economic Journal, 117(520), 2007, 713-737.
P.22) Similarities and Convergence of G-7 Cycles (with M. Ciccarelli and E. Ortega), Journal of Monetary Economics, 54(3), 2007, 850-878.
P.23) The Structural Dynamics of Output Growth and Ináation: Some International Evidence (with L. Gambetti and E. Pappa), The Economic Journal, 117(519), 2007, C167-C191.
P.24) G-7 Ináation Forecasts: Random Walk, Phillips Curve or What Else? Macroeconomic Dynamics, 11(1), 2007, 1-30.
P.25) The Elusive Costs and the Immaterial Gains of Fiscal Constraints (with E. Pappa), Journal of Public Economics, 90(8), 2006, 1391-1414.
P.26) The Transmission of US Shocks to Latin America, Journal of Applied Econometrics, 20(2), 2005, 229-251.
P.27) Does it Cost to be Virtuous? The Macroeconomic E§ects of Fiscal Constraints (with E. Pappa), in Clarida, R., Frankel, J., Giavazzi, F. and K. West (eds.) NBER International Seminar on Macroeconomics, 11065, 2005, National Bureau of Economic Research.
P.28) Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model (with M. Ciccarelli), Journal of Econometrics, 120(2), 2004, 327-359.
P.29) Testing for Convergence Clubs in Income per Capita: A Predictive Density Approach, International Economic Review, 45(1), 2004, 49-77.
P.30) The Properties of Equity Premium and the Risk Free-Rate: An Investigation across Time and Countries (with G. de NicolÛ), IMF sta§ papers, 50(2), 2003, 222-249.
P.31) On the Sources of Business Cycles in the G-7 (with G. de NicolÛ), Journal of International Economics, 59(1), 2003, 77-100.
P.32) Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africaís Underdevelopment (with G. Bertocchi), European Economic Review, 46(10), 2002, 1851-1871.
P.33) Monetary Disturbances Matter for Business Fluctuations in the G-7 (with G. de NicolÛ), Journal of Monetary Economics, 49(6), 2002, 1131-1159.
P.34) Inequality and Convergence in Europeís Regions: Reconsidering European Regional Policies (with M. Boldrin), Economic Policy, 16(32), 2001, 207-252.
P.35) Stock Returns, Term Structure, Ináation, and Real Activity: An International Perspective (with G. De NicolÛ), Macroeconomic Dynamics, 4(3), 2000, 343-372.
P.36) The Macroeconomic E§ects of German UniÖcation: Real Adjustments and the Welfare State (with M. Ravn), Review of Economic Dynamics, 3(3), 2000, 423-460.
P.37) Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points?, Economic Journal, 109(452), 1999, 126-150.
P.38) Sources and Propagation of International Output Cycles: Common Shocks or Transmission? (with J. Marrinan), Journal of International Economics, 46(1), 1998, 133-166.
P.39) Detrending and Business Cycle Facts, Journal of Monetary Economics, 41(3), 1998, 475-512.
P.40) Detrending and Business Cycle Facts, A Userís Guide, Journal of Monetary Economics, 41(3), 1998, 533-540.
P.41) International Business Cycles, Financial Markets and Household Production (with A. Ubide), Journal of Economic Dynamics and Control, 22(4), 1998, 545-572.
P.42) International Consumption Risk Sharing (with M. Ravn), International Economic Review, 37(3), 1996, 574-601.
P.43) Three Tests for the Existence of Cycles in Time Series, Ricerche Economiche, 50(2), 1996, 135-162.
P.44) Reconciling the Term Structure of Interest Rates with the Consumption-based ICAP Model (with J. Marrinan), Journal of Economic Dynamics and Control, 20(4), 1996, 709-750.
P.45) Are Seasonal Patterns Constant Over Time? A Test for Seasonal Stability (with B. Hansen), Journal of Business and Economic Statistics, 13(3), 1995, 237-252.
P.46) Stock Returns and Real Activity: A Structural Approach, (with G. De NicolÛ), European Economic Review, 39(5), 1995, 981-1015.
P.47) Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies, International Economic Review, 36(2), 1995, 477-501.
P.48) Predicting Excess Returns in Financial Markets (with J. Marrinan), European Economic Review, 39(1), 1995, 35-69.
P.49) Statistical Inference in Calibrated Models, Journal of Applied Econometrics, 9(1), 1994, S123-S144.
P.50) Changes in Seasonal Patterns: Are they Cyclical? (with E. Ghysels), Journal of Economic Dynamics and Control, 18(6), 1994, 1143-1171.
P.51) Detrending and Turning Points, European Economic Review, 38(3-4), 1994, 614-623.
P.52) Were Financial Crises Predictable?, Journal of Money, Credit and Banking, 26(1), 1994, 102-124.
P.53) ProÖts, Risk, and Uncertainty in Foreign Exchange Markets (with J. Marrinan), Journal of Monetary Economics, 32(2), 1993, 259-286.
P.54) Trade Interdependence and the International Business Cycle (with H. Dellas), Journal of International Economics, 34(1-2), 1993, 23-47.
P.55) Modelling and Forecasting Exchange Rates with a Bayesian Time-varying Coefficient Model, Journal of Economic Dynamics and Control, 17(1-2), 1993, 233-261.
P.56) Forecasting Time Series with Common Seasonal Patterns, Journal of Econometrics, 55(1-2), 1993, 173-200.
P.57) Price Smoothing Policies: A Welfare Analysis, Journal of Monetary Economics, 30(2), 1992, 255-275.
P.58) An Alternative Approach to Modelling and Forecasting Seasonal Time Series, Journal of Business and Economic Statistics, 10(1), 1992, 97-108.
P.59) An Empirical Analysis of Ex Ante ProÖts from Forward Speculation in Foreign Exchange Markets, Review of Economics and Statistics, 73(3), 1991, 489-496.
P.60) The Sources of Financial Crisis: Pre- and Post-Fed Evidence, International Economic Review, 32(3), 1991, 689-713.
P.61) The Time-Series Properties of the Risk Premium in the Yen/Dollar Exchange Market (with T. Ito), Journal of Applied Econometrics, 6(2), 1991, 125-142.
Editorial Duties2012-Present Editor, Journal of Applied Econometrics.
2008-2013 Editor, Journal of the European Economic Association.
1998-2002 Associate Editor, European Economic Review.
1997-2000 Associate Editor, Journal of Applied Econometrics.
1997-2000 Associate Editor, Investigationes Economicas.
1996-2000 Associate Editor, Macroeconomic Dynamics.
1994-1998 Editor, Journal of Forecasting.
BooksB.1) DSGE Models in Macroeconomics: Estimation, Evaluation, and New Developments (editor), Advances in Econometrics, volume 28, Emerald Publisher, 2012.
B.2) Methods for Applied Macroeconomic Research, Princeton University Press, 2007.
B.3) Monitoring the European Central Bank, 4, CEPR, 2002 (with D. Begg, P. De Grauwe, A. Fatas, P. Lane), with update December 2002.
Articles in BooksB.4) Panel VAR models: a survey (with M. Ciccarelli), in T. B. Fomby, L. Kilian, A. Murphy (ed.) VAR Models in Macroeconomics ó New Developments and Applications: Essays in Honor of Christopher A. Sims (Advances in Econometrics, Volume 32), Emerald Group Publishing Limited, 2013, 205-246
B.5) How Much Structure in Empirical Models, in T. Mills and K. Patterson (eds.) Palgrave Handobook of Applied Econometrics, 2009, 30-65.
B.6) What VAR tell us about DSGE Models (with J. Pina) in Diebolt, C. and Kyrtsou, C. New Trends In Macroeconomic, Springer Verlag, 2005.
B.7) Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey (with C. Favero), 2005, in Bacsi, E., Togan, S., and Von Hagen, J. (eds.) Macroeconomic Policies for EU Accession.
B.8) Regional Policies and EU Enlargement (with M. Boldrin) in B. Funck and L. Pizzauti (eds.) EU Policies and Accession Countries, 2003, World Bank
B.9) Regional Economic Convergence: Is European Regional Policy Worth Keeping? (with M. Boldrin), in H. Van Hagen (ed.) Regionalism in Europe: Geometries and Strategies after 2000, 2001, Kluwer Academic Press.
B.10) Testing Calibrated General Equilibrium Models (with E. Ortega), in R. Mariano, T. Schuerman and M. Weeks, Inference Using Simulation Techniques, Cambridge University Press, 1999.
B.11) VAR Models: SpeciÖcation, Estimation, Inference and Forecasting, in The Handbook of Applied Econometrics, volume 1, edited by H. Pesaran and M. Wickens, London: Basic Blackwell,1995.
B.12) The Economics of Vector Autoregressions, in Macroeconometrics: Tensions and Prospects, edited by K. Hoover, Amsterdam, Kluwer Publishers, 1995, 30-69 (with comment).
B.13) Evaluating a RBC Model (with A. Pagan and M. Finn), in C. Hargreaves (ed.), Nonstationary Time Series Analysis and Cointegration, Oxford University Press, 1994, 225-255.
B.14) Calibration: A New Method for Statistical Inference?, in Ricerche Quantitative per la Politica Economica, Bank of Italy, SADIBA, 1994, 613-641 (in Italian).