Patrizio Tirelli

Department of Economics and Management

Corso Strada Nuova, 65

27100 Pavia, 27100

Italy

http://https://sites.google.com/site/patriziotirellihomepage/

Università degli Studi di Milano-Bicocca - Center for European Studies (CefES)

U6 Building

Viale Piero e Alberto Pirelli, 22

Milano, 20126

Italy

  • Department of Economics and Management

SCHOLARLY PAPERS

38

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85

Scholarly Papers (38)

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1.

Monetary and Fiscal Policy Interactions Over the Cycle: Some Empirical Evidence

CESifo Working Paper Series No. 817
Number of pages: 40 Posted: 09 Jan 2003
Anton Muscatelli, Patrizio Tirelli and Carmine Trecroci
University of Glasgow - Department of Economics, Department of Economics and Management and University of Brescia
Downloads 551 (107,649)

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2.

Fiscal and Monetary Policy Interactions: Empirical Evidence and Optimal Policy Using a Structural New Keynesian Model

CESifo Working Paper Series No. 1060
Number of pages: 40 Posted: 01 Dec 2003
Anton Muscatelli, Patrizio Tirelli and Carmine Trecroci
University of Glasgow - Department of Economics, Department of Economics and Management and University of Brescia
Downloads 394 (160,557)
Citation 1

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3.

Fiscal and Monetary Policy Interactions in a New Keynesian Model with Liquidity Constraints

Number of pages: 41 Posted: 05 Feb 2006
Anton Muscatelli, Patrizio Tirelli and Carmine Trecroci
University of Glasgow - Department of Economics, Department of Economics and Management and University of Brescia
Downloads 299 (216,870)
Citation 6

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4.

Does Institutional Change Really Matter? Inflation Targets, Central Bank Reform and Interest Rate Policy in the OECD Countries

CESifo Working Paper Series No. 278
Number of pages: 50 Posted: 04 Apr 2001
Anton Muscatelli, Patrizio Tirelli and Carmine Trecroci
University of Glasgow - Department of Economics, Department of Economics and Management and University of Brescia
Downloads 297 (218,357)
Citation 1

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Monetary policy, inflation targets, central bank reform, reaction functions, interest rates

5.

Can Fiscal Policy Help Macroeconomic Stabilisation? Evidence from a New Keynesian Model with Liquidity Constraints

CESifo Working Paper Series No. 1171
Number of pages: 42 Posted: 22 Apr 2004
Anton Muscatelli, Patrizio Tirelli and Carmine Trecroci
University of Glasgow - Department of Economics, Department of Economics and Management and University of Brescia
Downloads 279 (233,095)
Citation 1

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6.

The Role of Fiscal Policy in a Monetary Union: Are National Automatic Stabilizers Effective?

CESifo Working Paper Series No. 1682
Number of pages: 55 Posted: 31 Mar 2006
Andrea Colciago, Anton Muscatelli, Tiziano Ropele and Patrizio Tirelli
De Nederlandsche Bank - Research Department, University of Glasgow - Department of Economics, Università degli Studi di Milano-Bicocca and Department of Economics and Management
Downloads 195 (330,572)
Citation 2

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7.

Disinflation and Inequality in a DSGE Monetary Model: A Welfare Analysis

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 305
Number of pages: 35 Posted: 28 Jul 2015
Maria Ferrara and Patrizio Tirelli
Università degli Studi di Milano-Bicocca and Department of Economics and Management
Downloads 175 (364,624)

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Disinflation, Inequality, Welfare, LAMP, Monetary Policy, Calvo Price Adjustment, Rotemberg Price Adjustment

8.

Limited Asset Market Participation, Income Inequality and Macroeconomic Volatility

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 261
Number of pages: 26 Posted: 18 Dec 2013
Giorgio Motta and Patrizio Tirelli
Lancaster University Management School and Department of Economics and Management
Downloads 173 (368,284)
Citation 6

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Limited Asset Market Participation, DSGE, Determinacy, Consumption Habits, Income In-

9.

PIIGS in the Euro Area. An Empirical DSGE Model

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 331
Number of pages: 54 Posted: 12 Mar 2016
Alice Albonico, Alessia Paccagnini and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS), University College Dublin (UCD) - Michael Smurfit Graduate School of Business and Department of Economics and Management
Downloads 157 (400,549)
Citation 1

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PIIGS, Euro crisis, two-country DSGE, Bayesian estimation

10.

Subprime Mortgages and Banking in a DSGE Model

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 366
Number of pages: 40 Posted: 23 Jun 2017
Martino Ricci and Patrizio Tirelli
European Central Bank (ECB) and Department of Economics and Management
Downloads 156 (402,787)
Citation 1

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Housing, Mortgage Default, Subprime Risk, DSGE

11.

Optimal Public Debt Consolidation with Distributional Conflicts

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 350
Number of pages: 26 Posted: 07 Oct 2016
Roberta Cardani, Lorenzo Menna and Patrizio Tirelli
European Union - JRC-Ispra, European Commision, Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) and Department of Economics and Management
Downloads 156 (402,787)

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Fiscal Consolidation, Limited Asset Market Participation, Ramsey Fiscal Policy

12.

A Simple and Flexible Alternative to the Stability and Growth Pact Deficit Ceilings: Is it at Hand?

CESifo Working Paper Series No. 1006
Number of pages: 26 Posted: 21 Aug 2003
Anton Muscatelli, Piergiovanna Natale and Patrizio Tirelli
University of Glasgow - Department of Economics, Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS) and Department of Economics and Management
Downloads 143 (432,445)
Citation 4

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13.

Who Killed Business Dynamism in the U.S.?

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 494
Number of pages: 63 Posted: 23 Mar 2022 Last Revised: 11 Aug 2022
Bianca Barbaro, Giorgio Massari and Patrizio Tirelli
University of Milano-Bicocca, University of Pavia - Department of Economics and Management and Department of Economics and Management
Downloads 138 (444,887)

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rm entry rate, endogenous rm dynamics, productivity, business cycle, Bayesian estimation, DSGE.

14.

Fiscal Multipliers and Informality

IMF Working Paper No. 2022/082
Number of pages: 73 Posted: 24 May 2022
Emilio Colombo, Davide Furceri, Pietro Pizzuto and Patrizio Tirelli
Catholic University of the Sacred Heart of Milan, International Monetary Fund (IMF), University of Palermo - d/SEAS and Department of Economics and Management
Downloads 127 (475,402)
Citation 1

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Fiscal multiplier, local projection methods, informality, DSGE model, TANK model., high-informality country, role of informality, unofficial multiplier, government spending shock, investment goods producer, shadow economy variable, depreciation rate, Fiscal multipliers, Informal economy, Consumption, Global

15.

Shadow Economies at Times of Banking Crises: Empirics and Theory

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 234
Number of pages: 41 Posted: 19 Jul 2013 Last Revised: 21 Jul 2013
Emilio Colombo, Luisanna Onnis and Patrizio Tirelli
Catholic University of the Sacred Heart of Milan, Università degli Studi di Milano-Bicocca - Center for Interdisciplinary Studies in Economics, Psychology & Social Sciences (CISEPS) and Department of Economics and Management
Downloads 121 (493,726)
Citation 3

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Financial crises, shadow economy, DSGE models

16.

Debunking the Myth of Southern Profligacy. A DSGE Analysis of Business Cycles in the EMU's Big Four

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 373
Number of pages: 36 Posted: 07 Nov 2017 Last Revised: 20 Dec 2018
Alice Albonico, Roberta Cardani and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS), European Union - JRC-Ispra, European Commision and Department of Economics and Management
Downloads 118 (503,240)

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Asymmetric Euro Crisis, Two-Country DSGE, Bayesian Estimation

17.

Optimal Inflation to Reduce Inequality

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 353
Number of pages: 33 Posted: 07 Nov 2016
Lorenzo Menna and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) and Department of Economics and Management
Downloads 116 (509,778)
Citation 5

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Inflation, monetary and fiscal policy, Ramsey plan, inequality

18.

Estimating a DSGE Model with Limited Asset Market Participation for the Euro Area

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 286
Number of pages: 48 Posted: 20 Nov 2014
Alice Albonico, Alessia Paccagnini and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS), University College Dublin (UCD) - Michael Smurfit Graduate School of Business and Department of Economics and Management
Downloads 113 (519,935)
Citation 6

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DSGE, Limited Asset Market Participation, Bayesian Estimation, Euro Area, Business Cycle

19.

The Equity Premium in a DSGE Model with Limited Asset Market Participation

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 275
Number of pages: 30 Posted: 18 Jun 2014
Lorenzo Menna and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) and Department of Economics and Management
Downloads 106 (545,286)
Citation 5

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asset pricing, equity premium, limited asset market participation, business cycle, DSGE, sticky prices

20.

Informality and the Labor Market Effects of Financial Crises

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 392
Number of pages: 53 Posted: 26 Nov 2018
Emilio Colombo, Lorenzo Menna and Patrizio Tirelli
Catholic University of the Sacred Heart of Milan, Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) and Department of Economics and Management
Downloads 105 (549,094)
Citation 17

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Financial crises, Informal Economy, labor market frictions, endogenous participation

21.

Endogenous Productivity Dynamics in a Two-Sector Business Cycle Model

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 434
Number of pages: 71 Posted: 26 Feb 2020
Piersanti Fabio Massimo and Patrizio Tirelli
Bank of Italy and Department of Economics and Management
Downloads 103 (556,909)

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Productivity shocks, Investment shocks, relative price of investment, DSGE model, Firms entry, Firms exit

22.

Disinflation, Inequality and Welfare in a TANK Model

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 402 (2019)
Number of pages: 37 Posted: 19 Feb 2019
Maria Ferrara and Patrizio Tirelli
Università degli Studi di Napoli “Parthenope” and Department of Economics and Management
Downloads 97 (580,354)
Citation 2

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Firms Pricing, Disinfiation, Inequality, Welfare Economics

23.

Risk Premiums, Nominal Rigidities and Limited Asset Market Participation

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 388
Number of pages: 35 Posted: 06 Nov 2018
Lorenzo Menna and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) and Department of Economics and Management
Downloads 95 (588,208)
Citation 1

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: asset pricing, equity premium, limited asset market participa- tion, business cycle, DSGE, sticky prices.

24.

Forbearance vs Foreclosure in a General Equilibrium Model

Downloads 93 (596,257)
Citation 1

Forbearance vs Foreclosure in a General Equilibrium Model

ECB Working Paper No. 2021/2531
Number of pages: 67 Posted: 19 Mar 2021
Bianca Barbaro and Patrizio Tirelli
University of Milano-Bicocca and Department of Economics and Management
Downloads 70 (714,668)
Citation 1

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Forbearance vs Foreclosure in a General Equilibrium Model

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 516
Number of pages: 40 Posted: 24 Apr 2023
Bianca Barbaro and Patrizio Tirelli
University of Milano-Bicocca and Department of Economics and Management
Downloads 23 (1,134,865)

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Non-Performing Loans, DSGE Model, Financial Frictions, Quantitative Easing, Firms Entry

25.

In Search of the Euro Area Fiscal Stance

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 324
Number of pages: 47 Posted: 01 Feb 2016
Alice Albonico, Alessia Paccagnini and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS), University College Dublin (UCD) - Michael Smurfit Graduate School of Business and Department of Economics and Management
Downloads 93 (596,257)
Citation 3

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DSGE, Limited Asset Market Participation, Bayesian Estimation, Euro Area, Business Cycle, Monetary Policy, Fiscal Policy

26.

Can a DSGE Model Explain a Costly Disinflation?

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 306
Number of pages: 16 Posted: 06 Aug 2015
Maria Ferrara and Patrizio Tirelli
Università degli Studi di Milano-Bicocca and Department of Economics and Management
Downloads 93 (596,257)

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Disinflation, Rotemberg price adjustment, Monetary Policy

27.

Monetary Conservatism and Fiscal Coordination in a Monetary Union

Number of pages: 8 Posted: 13 Feb 2006
Giovanni Di Bartolomeo, Nicola Acocella and Patrizio Tirelli
Sapienza University of Rome, Department of Economics and Law, Sapienza University of Rome - Department of Methods and Models for Economics, Territory and Finance (MEMOTEF) and Department of Economics and Management
Downloads 91 (604,348)
Citation 2

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28.

The Optimal Policy Mix to Achieve Public Debt Consolidation

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 356
Number of pages: 19 Posted: 05 Jan 2017
Roberta Cardani, Lorenzo Menna and Patrizio Tirelli
European Union - JRC-Ispra, European Commision, Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) and Department of Economics and Management
Downloads 90 (608,373)
Citation 2

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Fiscal Consolidation, Limited Asset Market Participation, Ramsey Fiscal Policy

29.

Limited Asset Market Participation and the Euro Area Crisis. An Empirical DSGE Model

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 391
Number of pages: 39 Posted: 26 Nov 2018
Alice Albonico, Alessia Paccagnini and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS), University College Dublin (UCD) - Michael Smurfit Graduate School of Business and Department of Economics and Management
Downloads 85 (630,219)
Citation 4

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DSGE, Limited Asset Market Participation, Bayesian Estimation, Euro Area, Business Cycle

30.

The Risks of Exiting Too Early the Policy Responses to the COVID-19 Recession

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 484
Number of pages: 13 Posted: 19 Nov 2021
Nuno Cassola, Paul De Grauwe, Paul De Grauwe, Claudio Morana and Patrizio Tirelli
University of Milan Bicocca - CefES, London School of Economics & Political Science (LSE)CESifo (Center for Economic Studies and Ifo Institute for Economic Research), Università di Milano Bicocca and Department of Economics and Management
Downloads 79 (657,677)

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31.

The Comeback of Inflation as an Optimal Public Finance Tool

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 263
Number of pages: 22 Posted: 18 Dec 2013
Giovanni Di Bartolomeo, Patrizio Tirelli and Nicola Acocella
University of Teramo, Department of Economics and Management and Sapienza University of Rome - Department of Methods and Models for Economics, Territory and Finance (MEMOTEF)
Downloads 69 (708,841)
Citation 6

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trend in‡ation, monetary and fiscal policy, Ramsey plan

32.

Fiscal Consolidations: Can We Reap the Gain and Escape the Pain?

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 283
Number of pages: 34 Posted: 14 Oct 2014
Maria Ferrara and Patrizio Tirelli
Università degli Studi di Milano-Bicocca and Department of Economics and Management
Downloads 68 (714,292)
Citation 4

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Fiscal Consolidation, DSGE modelling, Rule of Thumb Consumers, Fiscal Policy, Monetary Policy, Zero Lower Bound

33.

Money Targeting, Heterogeneous Agents and Dynamic Instability

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 257
Number of pages: 37 Posted: 16 Oct 2013
Giorgio Motta and Patrizio Tirelli
Lancaster University Management School and Department of Economics and Management
Downloads 64 (737,388)

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Rule of Thumb Consumers, DSGE, Determinacy, Lim- ited Asset Market Participation, Money Targeting

34.

Limited Asset Market Participation and the Optimal Fiscal and Monetary Policies

University of Milan Bicocca Department of Economics, Management and Statistics Working Paper No. 284
Number of pages: 28 Posted: 15 Oct 2014
Lorenzo Menna and Patrizio Tirelli
Università degli Studi di Milano-Bicocca - Department of Economics, Management and Statistics (DEMS) and Department of Economics and Management
Downloads 56 (788,563)

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trend in‡ation, monetary and …scal policy, Ramsey plan, Limited Asset Market Participation

35.

Whither Liquidity Shocks? Implications for R* and Monetary Policy

Downloads 32 (997,356)

Whither Liquidity Shocks? Implications for R* and Monetary Policy

Number of pages: 48 Posted: 28 Mar 2024
Patrizio Tirelli, Giorgio Massari and Luca Portoghese
Department of Economics and Management, University of Pavia - Department of Economics and Management and University of Pavia
Downloads 21 (1,161,964)

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natural rate of interest, DSGE models, liquidity shocks, flight-to-quality, financial frictions

Whither Liquidity Shocks? Implications for R* and Monetary Policy

Number of pages: 47 Posted: 21 Sep 2024
Patrizio Tirelli, Giorgio Massari and Luca Portoghese
Department of Economics and Management, University of Pavia - Department of Economics and Management and University of Pavia
Downloads 11 (1,294,876)

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Natural rate of interest, DSGE models, liquidity shocks, flight-to-quality, financial frictions

36.

Can Fast Productivity Growth Get Along with Falling Entry Rates?1

Number of pages: 47 Posted: 25 Apr 2022
Patrizio Tirelli and Piersanti Fabio Massimo
Department of Economics and Management and Bank of Italy
Downloads 30 (1,018,535)

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Investment-specific technological change, relative price of in-
vestment goods, Firms entry

37.

Getting Ready for the Next Pandemic: Supply-Side Policies to Escape the Health-vs-Economy Dilemma

Number of pages: 27 Posted: 15 May 2024
Luca Portoghese and Patrizio Tirelli
University of Pavia and Department of Economics and Management
Downloads 8 (1,275,303)

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Pandemic shock, lockdown, supply side policies, macroeconomic stabilisation, online retail trade

38.

Getting Ready for the Next Pandemic: Can We Stabilize the Economy While a Lockdown is in Place?

Number of pages: 33 Posted: 28 Mar 2025
Luca Portoghese and Patrizio Tirelli
University of Pavia and Department of Economics and Management
Downloads 2 (1,310,071)

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Pandemic shock, lockdown, supply side policies, macroeconomic stabilisation, online retail trade