Leonardo Melosi

Federal Reserve Bank of Chicago

230 South LaSalle Street

Chicago, IL 60604

United States

SCHOLARLY PAPERS

14

DOWNLOADS

648

SSRN CITATIONS

161

CROSSREF CITATIONS

155

Scholarly Papers (14)

1.
Downloads 146 (203,428)
Citation 24

Signaling Effects of Monetary Policy

PIER Working Paper No. 13-029
Number of pages: 56 Posted: 25 Jun 2013
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 90 (291,054)
Citation 4

Abstract:

Loading...

Bayesian econometrics, price puzzle, persistent real effects of nominal shocks, imperfect common knowledge, public signal, heterogeneous beliefs

Signaling Effects of Monetary Policy

FRB of Chicago Working Paper No. 2012-05
Number of pages: 59 Posted: 03 Nov 2012
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 32 (477,970)
Citation 21

Abstract:

Loading...

Higher-order expectations, imperfect common knowledge, Bayesian econometrics, persistent real effects of nominal shocks, Monetary Policy, Asymmetric and Private Information, Mechanism Design, Bayesian Analysis

Signaling Effects of Monetary Policy

FRB of Chicago Working Paper No. WP-2016-14
Number of pages: 50 Posted: 17 Nov 2016
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 24 (523,775)

Abstract:

Loading...

Disanchoring of inflation expectations, heterogeneous beliefs, endogenous signals, Bayesian VAR, Bayesian counterfactual analysis, Delphic effects of monetary policy

2.
Downloads 145 (204,587)
Citation 24

Escaping the Great Recession

Economic Research Initiatives at Duke (ERID) Working Paper No. 156
Number of pages: 51 Posted: 28 Sep 2013 Last Revised: 13 Mar 2015
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 99 (273,430)

Abstract:

Loading...

Policy uncertainty, zero lower bound, macroeconomic uncertainty, Markov-switching models, shock-specifi…c policy rules

Escaping the Great Recession

FRB of Chicago Working Paper No. 2014-17
Number of pages: 51 Posted: 14 Dec 2014
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 23 (530,096)

Abstract:

Loading...

Public Debt, Inflation, Zero Lower Bound, Uncertainty, Macroeconomic Instability, Policy Announcements

Escaping the Great Recession

FRB of Chicago Working Paper No. WP-2016-16
Number of pages: 48 Posted: 17 Nov 2016
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 12 (603,778)
Citation 26

Abstract:

Loading...

Monetary and fiscal policies, Policy uncertainty, zero lower bound, Markov-switching models, Bayesian methods

Escaping the Great Recession

NBER Working Paper No. w20238
Number of pages: 64 Posted: 23 Jun 2014
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 11 (610,812)
Citation 2

Abstract:

Loading...

Escaping the Great Recession

CEPR Discussion Paper No. DP9643
Number of pages: 45 Posted: 17 Sep 2013
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 0
Citation 1
  • Add to Cart

Abstract:

Loading...

Markov-switching DSGE, Monetary and fiscal policy interaction, shock-specific policy rules, Uncertainty, zero lower bound

Modeling the Evolution of Expectations and Uncertainty in General Equilibrium

Economic Research Initiatives at Duke (ERID) Working Paper No. 152, PIER Working Paper No. 13-042
Number of pages: 48 Posted: 08 Jun 2013 Last Revised: 13 Mar 2015
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 95 (280,972)
Citation 1

Abstract:

Loading...

Markov switching, general equilibrium models, uncertainty, Bayesian learning, rational expectations

Modeling the Evolution of Expectations and Uncertainty in General Equilibrium

FRB of Chicago Working Paper No. 2013-12
Number of pages: 55 Posted: 02 Nov 2013
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 20 (549,537)
Citation 3

Abstract:

Loading...

Markov switching, general equilibrium models, uncertainty, Bayesian learning, rational expectations, downside risk, rare disasters

Modeling the Evolution of Expectations and Uncertainty in General Equilibrium

International Economic Review, Vol. 57, Issue 2, pp. 717-756, 2016
Number of pages: 40 Posted: 29 Apr 2016
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 1 (694,756)
  • Add to Cart

Abstract:

Loading...

Constrained Discretion and Central Bank Transparency

Economic Research Initiatives at Duke (ERID) Working Paper No. 151, PIER Working Paper No. 13-041
Number of pages: 50 Posted: 08 Jun 2013 Last Revised: 13 Mar 2015
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 63 (358,939)

Abstract:

Loading...

Policy Announcements, Bayesian learning, reputation, macroeconomic risk, uncertainty, infl‡ation expectations, Markov-switching models, likelihood estimation

Constrained Discretion and Central Bank Transparency

FRB of Chicago Working Paper No. WP-2016-15
Number of pages: 70 Posted: 17 Nov 2016
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 13 (596,635)

Abstract:

Loading...

Policy announcement, Bayesian learning, reputation, forward guidance, macroeco-nomic risk, uncertainty, inflation expectations, Markov-switching models, likelihood estimation

Constrained Discretion and Central Bank Transparency

FRB of Chicago Working Paper No. 2014-16
Number of pages: 55 Posted: 14 Dec 2014
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 11 (610,812)

Abstract:

Loading...

Macroeconomic Risks; Uncertainty; Policy trade-off; Welfare

Constrained Discretion and Central Bank Transparency

NBER Working Paper No. w20566
Number of pages: 49 Posted: 14 Oct 2014
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 6 (646,506)
Citation 1

Abstract:

Loading...

5.

Dormant Shocks and Fiscal Virtue

Economic Research Initiatives at Duke (ERID) Working Paper No. 150, PIER Working Paper No. 13-032
Number of pages: 44 Posted: 07 Jun 2013 Last Revised: 12 Aug 2013
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 43 (420,321)
Citation 1

Abstract:

Loading...

Fiscal Policy, Monetary Policy, Agents’ beliefs, Markov-switching models, Bayesian learning, Infl‡ation

6.

A Likelihood Analysis of Models with Information Frictions

PIER Working Paper No. 09-009
Number of pages: 48 Posted: 27 Feb 2009
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 34 (457,116)
Citation 2

Abstract:

Loading...

Imperfect common knowledge, rational inattention, Bayesian econometrics, real effects of nominal shocks, VAR identification

7.

Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis

FRB of Chicago Working Paper No. WP-2016-7
Number of pages: 89 Posted: 22 Jun 2016
Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago - Economic Research Department, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 32 (466,128)
Citation 4

Abstract:

Loading...

Monetary policy, Business cycles, Great Recession, Counterfactual policy analysis

8.

Methods for Computing Marginal Data Densities from the Gibbs Output

Number of pages: 56 Posted: 09 Feb 2012
Cristina Fuentes-Albero and Leonardo Melosi
Federal Reserve Board and Federal Reserve Bank of Chicago
Downloads 14 (567,290)
Citation 1

Abstract:

Loading...

Marginal likelihood, Gibbs Sampler, time series econometrics, Bayesian econometrics, reciprocal importance sampling

The Dire Effects of the Lack of Monetary and Fiscal Coordination

NBER Working Paper No. w23605
Number of pages: 49 Posted: 25 Jul 2017
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 7 (639,339)

Abstract:

Loading...

The Dire Effects of the Lack of Monetary and Fiscal Coordination

FRB of Chicago Working Paper No. WP-2017-19
Number of pages: 56 Posted: 07 Nov 2017
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 5 (653,950)

Abstract:

Loading...

Monetary and fiscal policies, coordination, emergency budget, Markov-switching models, liquidity traps

The Dire Effects of the Lack of Monetary and Fiscal Coordination

CEPR Discussion Paper No. DP12164
Number of pages: 51 Posted: 25 Jul 2017
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 0
  • Add to Cart

Abstract:

Loading...

coordination, emergency budget, liquidity traps., Markov-switching models, Monetary and Öscal policies

10.

The Limits of Forward Guidance

FRB of Chicago Working Paper No. WP-2019-3
Number of pages: 43 Posted: 16 Apr 2019 Last Revised: 02 May 2019
Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 7 (612,454)
Citation 1

Abstract:

Loading...

monetary policy, forward guidance puzzle, central bank communication, business cycles, risk management

11.

Fiscal Stimulus with Learning-by-Doing

FRB of Chicago Working Paper No. WP-2018-9
Number of pages: 59 Posted: 28 Jun 2018 Last Revised: 21 Feb 2019
Antonello dAlessandro, Giulio Fella and Leonardo Melosi
Bank of Italy, Queen Mary, University of London and Federal Reserve Bank of Chicago
Downloads 5 (625,831)

Abstract:

Loading...

Fiscal policy transmission, consumption, real wage

12.

The Limits of Forward Guidance

CEPR Discussion Paper No. DP13612
Number of pages: 45 Posted: 27 Mar 2019
Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Chicago
Downloads 1 (661,987)
  • Add to Cart

Abstract:

Loading...

business cycles, central bank communication, forward guidance puzzle, monetary policy, Risk management

13.

Bad Jobs and Low Inflation

CEPR Discussion Paper No. DP13628
Number of pages: 35 Posted: 01 Apr 2019
Renato Faccini and Leonardo Melosi
Queen Mary, University of London and Federal Reserve Bank of Chicago
Downloads 0 (678,994)
  • Add to Cart

Abstract:

Loading...

Cyclical Misallocation, Job Ladder, labor productivity, Phillips curve

14.

Pigouvian Cycles

CEPR Discussion Paper No. DP13370
Number of pages: 69 Posted: 11 Dec 2018 Last Revised: 08 Apr 2019
Renato Faccini and Leonardo Melosi
Queen Mary, University of London and Federal Reserve Bank of Chicago
Downloads 0 (678,994)
  • Add to Cart

Abstract:

Loading...

Bayesian estimation, employment gap, Identification of shocks, labor market trends, noise shocks, TFP news, the Great Recession