Efrem Castelnuovo

University of Padua - Department of Economics

PhD

via Del Santo 33

Padova, 35123

Italy

  • University of Padua - Department of Economics

SCHOLARLY PAPERS

49

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303

Scholarly Papers (49)

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1.

Definition of Price Stability, Range and Point Inflation Targets: The Anchoring of Long-Term Inflation Expectations

Number of pages: 52 Posted: 22 Jan 2004
Efrem Castelnuovo, Sergio Nicoletti Altimari and Diego Rodriguez-Palenzuela
University of Padua - Department of Economics, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 930 (32,119)
Citation 1

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inflation expectations, credibility, nominal anchor, definition of price stability, inflation target

2.

Learning by Doing vs Learning by Researching in a Model of Climate Change Policy Analysis

Number of pages: 42 Posted: 16 Apr 2003
Marzio Galeotti, Efrem Castelnuovo, Gretel Gambarelli and Sergio Vergalli
University of Milan - Department of Environmental Science and Policy (ESP), University of Padua - Department of Economics, World Bank - Environment Department - Climate Change Unit and University of Brescia - Department of Economics
Downloads 340 (113,766)
Citation 1

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Climate Policy, Environmental Modeling, Integrated Assessment, Technical Change

3.

Uncertainty and Monetary Policy in Good and Bad Times

Downloads 333 (116,440)
Citation 40

Uncertainty and Monetary Policy in Good and Bad Times

Number of pages: 63 Posted: 05 May 2017 Last Revised: 18 Nov 2021
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and University of Verona - Department of Economics
Downloads 211 (184,266)
Citation 4

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Uncertainty and Monetary Policy in Good and Bad Times

Melbourne Institute Working Paper No. 9/17
Number of pages: 66 Posted: 23 Mar 2017
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and University of Verona - Department of Economics
Downloads 122 (292,575)
Citation 53

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Uncertainty shocks, nonlinear Smooth Transition Vector AutoRegressions, Generalized Impulse Response Functions, systematic monetary policy

Uncertainty and Monetary Policy in Good and Bad Times

Posted: 20 Sep 2017
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and University of Verona - Department of Economics

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uncertainty shocks, nonlinear Smooth Transition Vector AutoRegressions, Generalized Impulse Response Functions, systematic monetary policy

4.

Global Warming, Uncertainty and Endogenous Technical Change: Implications for Kyoto

Number of pages: 37 Posted: 11 Oct 2001
Efrem Castelnuovo, Michele Moretto and Sergio Vergalli
University of Padua - Department of Economics, University of Padua, Dep of Economics and Management and University of Brescia - Department of Economics
Downloads 285 (137,353)
Citation 1

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Climate change, endogenous technical change, uncertainty

5.

Economic Policy Uncertainty Spillovers in Booms and Busts

Downloads 253 (155,096)
Citation 22

Economic Policy Uncertainty Spillovers in Booms and Busts

Melbourne Institute Working Paper No. 13/17
Number of pages: 57 Posted: 24 May 2017
Giovanni Caggiano, Efrem Castelnuovo and Juan Manuel Figueres
Department of Economics, Monash University, University of Padua - Department of Economics and University of Padua - Department of Economics and Management
Downloads 199 (194,635)
Citation 17

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Economic policy uncertainty shocks, spillover effects, unemployment dynamics, Smooth Transition Vector AutoRegressions, recessions

Economic Policy Uncertainty Spillovers in Booms and Busts

Number of pages: 57 Posted: 22 Jul 2018
Giovanni Caggiano, Efrem Castelnuovo and Juan Manuel Figueres
Department of Economics, Monash University, University of Padua - Department of Economics and University of Padua - Department of Economics and Management
Downloads 30 (599,221)
Citation 2

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economic policy uncertainty shocks, spillover effects, unemployment dynamics, smooth transition vector autoregressions, recessions

Economic Policy Uncertainty Spillovers in Booms and Busts

CAMA Working Paper No. 27/2018
Number of pages: 58 Posted: 08 Jun 2018
Giovanni Caggiano, Efrem Castelnuovo and Juan Manuel Figueres
Department of Economics, Monash University, University of Padua - Department of Economics and University of Padua - Department of Economics and Management
Downloads 22 (656,299)
Citation 7

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Economic Policy Uncertainty Shocks, Spillover Effects, Unemployment Dynamics, Smooth Transition Vector Autoregressions, Recessions.

Economic Policy Uncertainty Spillovers in Booms and Busts

Oxford Bulletin of Economics and Statistics, Vol. 82, Issue 1, pp. 125-155, 2020
Number of pages: 31 Posted: 02 Jun 2020
Giovanni Caggiano, Efrem Castelnuovo and Juan Manuel Figueres
Department of Economics, Monash University, University of Padua - Department of Economics and University of Padua - Department of Economics and Management
Downloads 2 (825,463)
Citation 5
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6.

Stock Market Conditions and Monetary Policy in an DSGE Model for the US

Number of pages: 68 Posted: 06 May 2010
Efrem Castelnuovo and Salvatore Nistico
University of Padua - Department of Economics and affiliation not provided to SSRN
Downloads 237 (165,257)
Citation 12

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stock prices, monetary policy, Bayesian estimation, wealth effects

7.

The Global Effects of Covid-19-induced Uncertainty

Downloads 234 (167,308)
Citation 9

The Global Effects of Covid-19-induced Uncertainty

Number of pages: 14 Posted: 09 Jun 2020
Giovanni Caggiano, Efrem Castelnuovo and Richard Kima
Department of Economics, Monash University, University of Padua - Department of Economics and Monash University - Department of Economics
Downloads 131 (277,270)
Citation 3

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Covid-19, Financial Uncertainty, Vector AutoRegressions, Global nancial cycle, World industrial production.

The Global Effects of COVID-19-Induced Uncertainty

CAMA Working Paper No. 50/2020
Number of pages: 13 Posted: 05 Jun 2020
Giovanni Caggiano, Efrem Castelnuovo and Richard Kima
Department of Economics, Monash University, University of Padua - Department of Economics and Monash University
Downloads 67 (428,468)
Citation 3

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COVID-19, Financial Uncertainty, Vector AutoRegressions, Global financial cycle, World industrial production

The Global Effects of COVID-19-Induced Uncertainty

Number of pages: 13 Posted: 14 May 2020
Giovanni Caggiano, Efrem Castelnuovo and Richard Kima
Department of Economics, Monash University, University of Padua - Department of Economics and Monash University - Department of Economics
Downloads 36 (563,647)
Citation 2

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Covid-19, financial uncertainty, vector autoregressions, global financial cycle, world industrial production

8.

The Price Puzzle: Fact or Artefact?

Bank of England Working Paper No. 288
Number of pages: 51 Posted: 26 Jan 2006
Efrem Castelnuovo and Paolo Surico
University of Padua - Department of Economics and London Business School - Department of Economics
Downloads 228 (171,505)
Citation 22

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Price Puzzle, DSGE model, Taylor principle, indeterminacy, SVARs

9.

What Does Monetary Policy Reveal About Central Bank's Preferences?

Number of pages: 28 Posted: 07 Feb 2002
Paolo Surico and Efrem Castelnuovo
London Business School - Department of Economics and University of Padua - Department of Economics
Downloads 219 (178,234)

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Central bank's preferences, calibration, inflation targeting, optimal monetary policy

10.

Model Uncertainty, Optimal Monetary Policy and the Preferences of the Fed

Downloads 205 (189,447)
Citation 13

Model Uncertainty, Optimal Monetary Policy and the Preferences of the Fed

Number of pages: 39 Posted: 12 Dec 2001
Paolo Surico and Efrem Castelnuovo
London Business School - Department of Economics and University of Padua - Department of Economics
Downloads 194 (199,160)

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Model uncertainty, interest rate smoothing, Fed policy preferences, optimal monetary policy

Model Uncertainty, Optimal Monetary Policy and the Preferences of the Fed

Number of pages: 22 Posted: 03 Apr 2004
Efrem Castelnuovo and Paolo Surico
University of Padua - Department of Economics and London Business School - Department of Economics
Downloads 11 (746,031)
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11.

Describing the Fed's Conduct with Taylor Rules: Is Interest Rate Smoothing Important?

Number of pages: 50 Posted: 19 Jun 2003
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 200 (193,906)

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Taylor rules, omitted variables, serial correlation, interest rate smoothing

12.

Emission Trading Restrictions with Endogenous Technological Change

FEEM Working Paper No. 43.00
Number of pages: 18 Posted: 25 Sep 2000
Paolo Buonanno, Carlo Carraro, Efrem Castelnuovo and Marzio Galeotti
Fondazione Eni Enrico Mattei (FEEM), Milan, Ca' Foscari University of Venice, University of Padua - Department of Economics and University of Milan - Department of Environmental Science and Policy (ESP)
Downloads 185 (207,953)
Citation 6

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Climate policy, environmental modelling, integrated

13.

Monetary Policy, Inflation Expectations and the Price Puzzle

Number of pages: 38 Posted: 28 Nov 2009
Efrem Castelnuovo and Paolo Surico
University of Padua - Department of Economics and London Business School - Department of Economics
Downloads 166 (228,157)
Citation 22

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SVARs, price puzzle, sticky price model, Taylor principle, passive policy

14.

Estimating Regime-Switching Taylor Rules with Trend Inflation

Number of pages: 43 Posted: 16 Sep 2008
Efrem Castelnuovo, Luciano G. Greco and Davide Raggi
University of Padua - Department of Economics, University of Padua - Department of Economics and University of Bologna - Department of Economics
Downloads 150 (248,346)

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active and passive Taylor rules, trend inflation, inflation gap persistence, Markov-switching models

15.

Google It Up! A Google Trends-Based Uncertainty Index for the United States and Australia

Downloads 149 (249,607)
Citation 20

Google It Up! A Google Trends-Based Uncertainty Index for the United States and Australia

Melbourne Institute Working Paper No. 27/17
Number of pages: 25 Posted: 10 Oct 2017
Efrem Castelnuovo and Trung Duc Tran
University of Padua - Department of Economics and University of Melbourne - Department of Economics
Downloads 105 (325,616)
Citation 20

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Google Trends Uncertainty indices, uncertainty shocks, unemployment dynamics, VAR analysis

Google it Up! A Google Trends-Based Uncertainty Index for the United States and Australia

Number of pages: 24 Posted: 21 Nov 2017
Efrem Castelnuovo and Trung Duc Tran
University of Padua - Department of Economics and University of Melbourne - Department of Economics
Downloads 44 (522,016)

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Google Trends Uncertainty Indices, Uncertainty Shocks, Unemployment Dynamics, VAR Analysis

16.

Economic Policy Uncertainty and Unemployment in the United States: A Nonlinear Approach

Downloads 131 (276,216)
Citation 47

Economic Policy Uncertainty and Unemployment in the United States: A Nonlinear Approach

Melbourne Institute Working Paper No. 2/17
Number of pages: 19 Posted: 17 Jan 2017
Giovanni Caggiano, Efrem Castelnuovo and Juan Manuel Figueres
Department of Economics, Monash University, University of Padua - Department of Economics and University of Padua - Department of Economics and Management
Downloads 80 (387,467)

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Economic policy uncertainty shocks, unemployment dynamics, Smooth Transition Vector AutoRegressions, recessions, expansions

Economic Policy Uncertainty and Unemployment in the United States: A Nonlinear Approach

Number of pages: 20 Posted: 09 Aug 2018
Giovanni Caggiano, Efrem Castelnuovo and Juan Manuel Figueres
Department of Economics, Monash University, University of Padua - Department of Economics and University of Padua - Department of Economics and Management
Downloads 51 (489,970)
Citation 37

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economic policy uncertainty shocks, unemployment dynamics, Smooth Transition Vector AutoRegressions, recessions, expansions

17.

Monetary Policy Switch, the Taylor Curve, and the Great Moderation

Number of pages: 29 Posted: 02 Feb 2006
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 131 (276,216)
Citation 2

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Taylor principle, Taylor curve, new Keynesian model, indeterminacy, persistence

18.

Estimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound

Downloads 117 (300,022)
Citation 54

Estimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound

Number of pages: 57 Posted: 07 Feb 2017 Last Revised: 18 Nov 2021
Giovanni Caggiano, Efrem Castelnuovo and Giovanni Pellegrino
Department of Economics, Monash University, University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 59 (457,575)

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uncertainty shocks, nonlinear structural vector autoregressions, interacted VAR, generalized impulse response functions, zero lower bound

Estimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound

Melbourne Institute Working Paper No. 1/17
Number of pages: 56 Posted: 17 Jan 2017
Giovanni Caggiano, Efrem Castelnuovo and Giovanni Pellegrino
Department of Economics, Monash University, University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 39 (547,278)
Citation 4

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Uncertainty shocks, Nonlinear Structural Vector AutoRegressions, Interacted VAR, Generalized Impulse Response Functions, Zero Lower Bound

Estimating the Real Effects of Uncertainty Shocks at the Zero Lower Bound

Number of pages: 57 Posted: 20 Sep 2017
Giovanni Caggiano, Efrem Castelnuovo and Giovanni Pellegrino
Department of Economics, Monash University, University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 19 (679,738)
Citation 41

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uncertainty shocks, nonlinear structural vector auto regressions, interacted VAR, generalized impulse response functions, zero lower bound

19.

Global Uncertainty

Downloads 115 (303,769)
Citation 7

Global Uncertainty

Number of pages: 60 Posted: 19 Feb 2021
Giovanni Caggiano and Efrem Castelnuovo
Department of Economics, Monash University and University of Padua - Department of Economics
Downloads 63 (442,649)

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Global uncertainty

CAMA Working Paper No. 21/2021
Number of pages: 59 Posted: 16 Feb 2021
Giovanni Caggiano and Efrem Castelnuovo
Department of Economics, Monash University and University of Padua - Department of Economics
Downloads 38 (552,644)
Citation 7

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Global Financial Uncertainty, dynamic hierarchical factor model, structural VAR, world output loss, global finance uncertainty multiplier.

Global Uncertainty

Number of pages: 60 Posted: 16 Feb 2021 Last Revised: 18 Nov 2021
Giovanni Caggiano and Efrem Castelnuovo
Department of Economics, Monash University and University of Padua - Department of Economics
Downloads 14 (720,351)

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20.

Domestic and Global Uncertainty: A Survey and Some New Results

Downloads 115 (303,769)
Citation 15

Domestic and Global Uncertainty: A Survey and Some New Results

CAMA Working Paper No. 75/2019
Number of pages: 46 Posted: 10 Oct 2019
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 52 (485,695)
Citation 9

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uncertainty, uncertainty shocks, spillovers, global financial uncertainty, world business cycle

Domestic and Global Uncertainty: A Survey and Some New Results

Number of pages: 46 Posted: 23 Oct 2019
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 43 (526,852)

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uncertainty, uncertainty shocks, spillovers, global financial uncertainty, world business cycle

Domestic and Global Uncertainty: A Survey and Some New Results

Melbourne Institute Working Paper No. 13/19
Number of pages: 47 Posted: 08 Nov 2019
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 20 (671,788)
Citation 7

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uncertainty, uncertainty shocks, spillovers, global financial uncertainty, world business cycle

21.

What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers

Downloads 115 (303,769)

What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers

CAMA Working Paper No. 59/2018
Number of pages: 25 Posted: 19 Nov 2018
Efrem Castelnuovo and Guay C. Lim
University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 57 (465,495)

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What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers

Number of pages: 25 Posted: 21 Feb 2019
Efrem Castelnuovo and Guay C. Lim
University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 57 (465,495)

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fiscal multipliers, business cycle, fiscal spending taxes, monetary policy

What Do We Know About the Macroeconomic Effects of Fiscal Policy? A Brief Survey of the Literature on Fiscal Multipliers

Australian Economic Review, Vol. 52, Issue 1, pp. 78-93, 2019
Number of pages: 16 Posted: 06 Mar 2019
Efrem Castelnuovo and Guay Lim
University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 1 (838,783)
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22.

Uncertainty and Monetary Policy During Extreme Events

Downloads 107 (319,396)
Citation 3

Uncertainty and Monetary Policy During Extreme Events

CAMA Working Paper No. 80/2020
Number of pages: 76 Posted: 03 Sep 2020
Giovanni Pellegrino, Efrem Castelnuovo and Giovanni Caggiano
Aarhus University, University of Padua - Department of Economics and Department of Economics, Monash University
Downloads 86 (370,736)
Citation 4

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Uncertainty shock, nonlinear IVAR, nonlinear DSGE framework, minimum-distance estimation, great recession, Covid-19

Uncertainty and Monetary Policy During Extreme Events

Number of pages: 75 Posted: 25 Sep 2020
Giovanni Pellegrino, Efrem Castelnuovo and Giovanni Caggiano
Aarhus University, University of Padua - Department of Economics and Department of Economics, Monash University
Downloads 21 (664,025)

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house price prediction, machine learning, genetic algorithm, spatial aggregation

23.

Yield Curve and Financial Uncertainty: Evidence Based on Us Data

Downloads 101 (331,901)
Citation 3

Yield Curve and Financial Uncertainty: Evidence Based on Us Data

Number of pages: 23 Posted: 10 Jul 2019 Last Revised: 18 Nov 2021
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 81 (384,585)
Citation 1

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financial uncertainty shocks, yield curve, local projections, inflation dynamics, output growth

Yield Curve and Financial Uncertainty: Evidence Based on US Data

CAMA Working Paper No. 38/2019
Number of pages: 21 Posted: 14 Jun 2019
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 20 (671,788)
Citation 2

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financial uncertainty shocks, yield curve, local projections, inflation dynamics, output growth

Yield Curve and Financial Uncertainty: Evidence Based on US Data

Australian Economic Review, Vol. 52, Issue 3, pp. 323-335, 2019
Number of pages: 13 Posted: 24 Mar 2020
Efrem Castelnuovo
University of Padua - Department of Economics
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24.

Uncertainty Shocks and Unemployment Dynamics in U.S. Recessions

Melbourne Institute Working Paper No. 12/14
Number of pages: 60 Posted: 16 May 2014
Giovanni Caggiano, Efrem Castelnuovo and Nicolas Groshenny
Department of Economics, Monash University, University of Padua - Department of Economics and Reserve Bank of New Zealand
Downloads 97 (340,681)
Citation 45

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Uncertainty shocks, unemployment dynamics, Smooth Transition Vector-AutoRegressions, recessions

25.

Estimating Fiscal Multipliers: News from a Nonlinear World

Melbourne Institute Working Paper No. 26/14
Number of pages: 71 Posted: 20 Dec 2014
Giovanni Caggiano, Efrem Castelnuovo, Gabriela Nodari and Valentina Colombo
Department of Economics, Monash University, University of Padua - Department of Economics, University of Verona - Department of Economics and University of Padua - Department of Economics and Management
Downloads 81 (380,846)
Citation 14

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Fiscal news, fiscal foresight, fiscal spending multiplier, Smooth Transition Vector-AutoRegressions, extreme events

26.

Squeezing the Interest Rate Smoothing Weight with a Hybrid Expectations Model

Number of pages: 41 Posted: 27 Feb 2003
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 79 (386,426)
Citation 7

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Central Banker, Interest Rate Smoothing, Rational Expectations, Hybrid Phillips Curve, Hybrid IS Curve

27.

Financial uncertainty and real activity: The good, the bad, and the ugly

Downloads 66 (426,483)
Citation 7

Financial uncertainty and real activity: The good, the bad, and the ugly

CAMA Working Paper No. 67/2020
Number of pages: 32 Posted: 10 Jul 2020
Giovanni Caggiano, Efrem Castelnuovo, Richard Kima and Silvia Delrio
Department of Economics, Monash University, University of Padua - Department of Economics, Monash University - Department of Economics and Bank of Italy
Downloads 37 (557,999)
Citation 7

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uncertainty shocks, finance-uncertainty multiplier, set-identification, VAR, financial frictions, COVID-19

Financial Uncertainty and Real Activity: The Good, the Bad, and the Ugly

Number of pages: 31 Posted: 28 Jul 2020
Giovanni Caggiano, Efrem Castelnuovo, Silvia Delrio and Richard Kima
Department of Economics, Monash University, University of Padua - Department of Economics, Bank of Italy and Monash University - Department of Economics
Downloads 29 (605,768)

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28.

Liquidity Traps and Large-Scale Financial Crises

Melbourne Institute Working Paper No. 32/16
Number of pages: 61 Posted: 13 Oct 2016
Giovanni Caggiano, Efrem Castelnuovo, Olivier Damette, Antoine Parent and Giovanni Pellegrino
Department of Economics, Monash University, University of Padua - Department of Economics, University Paris-Est Créteil (UPEC), Sciences Po Lyon and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 62 (440,275)

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Keynesian Liquidity Trap, Threshold VAR, Monetary and Financial Cliometrics, Great Depression, Great Recession

29.

Uncertainty and Monetary Policy in Good and Bad Times: A Replication of the VAR Investigation by Bloom (2009)

Downloads 51 (481,775)
Citation 4

Uncertainty and Monetary Policy in Good and Bad Times: A Replication of the VAR Investigation by Bloom (2009)

CAMA Working Paper No. 74/2020
Number of pages: 16 Posted: 17 Aug 2020
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and Reserve Bank of Australia
Downloads 29 (605,768)
Citation 1

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Uncertainty shocks, nonlinear Smooth Transition Vector AutoRegressions, Generalized Impulse Response Functions, systematic monetary policy

Uncertainty and Monetary Policy in Good and Bad Times: A Replication of the VAR Investigation by Bloom (2009)

Number of pages: 15 Posted: 25 Aug 2020
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and Reserve Bank of Australia
Downloads 22 (656,299)
Citation 2

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uncertainty shocks, nonlinear smooth transition Vector AutoRegressions, generalized impulse response functions, systematic monetary policy

30.

Are Fiscal Multipliers Estimated with Proxy-SVARs Robust?

Downloads 51 (481,775)
Citation 2

Are Fiscal Multipliers Estimated with Proxy-SVARs Robust?

Quaderni - Working Paper DSE N° 1151, 2020
Number of pages: 47 Posted: 12 Aug 2020
Giovanni Angelini, Giovanni Caggiano, Efrem Castelnuovo and Luca Fanelli
University of Bologna - School of Economics, Management, and Statistics, Department of Economics, Monash University, University of Padua - Department of Economics and Universita di Bologna
Downloads 16 (703,613)

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fiscal multipliers, fiscal policy, identification, instruments, structural vector auto-regressions

Are Fiscal Multipliers Estimated with Proxy-SVARs Robust?

Number of pages: 45 Posted: 14 Jan 2021
Giovanni Angelini, Giovanni Caggiano, Efrem Castelnuovo and Luca Fanelli
University of Bologna - School of Economics, Management, and Statistics, Department of Economics, Monash University, University of Padua - Department of Economics and Universita di Bologna
Downloads 13 (728,841)

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Are Fiscal Multipliers Estimated with Proxy-SVARs Robust?

CAMA Working Paper No. 69/2020
Number of pages: 41 Posted: 21 Jul 2020
Giovanni Angelini, Giovanni Caggiano, Efrem Castelnuovo and Luca Fanelli
University of Bologna - School of Economics, Management, and Statistics, Department of Economics, Monash University, University of Padua - Department of Economics and Universita di Bologna
Downloads 11 (746,031)

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Fiscal multipliers, fiscal policy, identification, instruments, structural vector autoregressions

Are Fiscal Multipliers Estimated with Proxy-SVARs Robust?

Number of pages: 40 Posted: 28 Jul 2020
Giovanni Angelini, Giovanni Caggiano, Efrem Castelnuovo and Luca Fanelli
University of Bologna - School of Economics, Management, and Statistics, Department of Economics, Monash University, University of Padua - Department of Economics and Universita di Bologna
Downloads 11 (746,031)
Citation 2

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31.

Uncertainty-Dependent Effects of Monetary Policy Shocks: A New Keynesian Interpretation

Downloads 51 (481,775)
Citation 26

Uncertainty-Dependent Effects of Monetary Policy Shocks: A New Keynesian Interpretation

Melbourne Institute Working Paper No. 02/18
Number of pages: 57 Posted: 05 Mar 2018
Efrem Castelnuovo and Giovanni Pellegrino
University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 35 (569,264)
Citation 23

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Monetary policy shocks, uncertainty, Threshold VAR, medium scale DSGE framework, minimum-distance estimation

Uncertainty-Dependent Effects of Monetary Policy Shocks: A New Keynesian Interpretation

Number of pages: 57 Posted: 22 Feb 2018
Efrem Castelnuovo and Giovanni Pellegrino
University of Padua - Department of Economics and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
Downloads 16 (703,613)
Citation 1

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monetary policy shocks, uncertainty, Threshold VAR, medium scale DSGE framework, minimum-distance estimation

32.

Gimme a Break! Identification and Estimation of the Macroeconomic Effects of Monetary Policy Shocks in the U.S.

Melbourne Institute Working Paper No. 31/16
Number of pages: 45 Posted: 12 Oct 2016
Emanuele Bacchiocchi, Efrem Castelnuovo and Luca Fanelli
Università degli Studi di Milano, University of Padua - Department of Economics and Universita di Bologna
Downloads 50 (485,931)
Citation 5

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structural break, recursive and non-recursive VARs, identification, monetary policy shocks, impulse responses

33.

Testing the Structural Interpretation of the Price Puzzle with a Cost Channel Model

Number of pages: 37 Posted: 27 Nov 2009
Efrem Castelnuovo
University of Padua - Department of Economics
Downloads 50 (485,931)
Citation 21

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cost channel, inflation dynamics, price puzzle, trend inflation

34.

Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model

Melbourne Institute Working Paper No. 9/18
Number of pages: 35 Posted: 06 Jul 2018
Jonas E Arias, Guido Ascari, Nicola Branzoli and Efrem Castelnuovo
Board of Governors of the Federal Reserve System, University of Pavia, Bank of Italy and University of Padua - Department of Economics
Downloads 33 (567,057)
Citation 1

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trend inflation, determinacy, monetary policy

35.

Policy Rules, Regime Switches, and Trend Inflation: An Empirical Investigation for the U.S.

Number of pages: 35 Posted: 23 Sep 2010
Efrem Castelnuovo, Luciano G. Greco and Davide Raggi
University of Padua - Department of Economics, University of Padua - Department of Economics and University of Bologna - Department of Economics
Downloads 33 (567,057)
Citation 5

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Policy switches, heteroskedasticity, trend inflation, inflation gap persistence, Markov-Switching models

36.

Monetary Policy Indeterminacy and Identification Failures in the U.S.: Results from a Robust Test

Melbourne Institute Working Paper No. 18/14
Number of pages: 60 Posted: 09 Aug 2014
Efrem Castelnuovo and Luca Fanelli
University of Padua - Department of Economics and Universita di Bologna
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Citation 4

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Confidence set, determinacy, identification failures, indeterminacy, misspecification, new-Keynesian business cycle model, VAR system

37.

Risk Management-Driven Policy Rate Gap

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Citation 10

Risk Management-Driven Policy Rate Gap

Number of pages: 16 Posted: 01 Oct 2018
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and Reserve Bank of Australia
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Citation 8

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risk management-driven policy rate gap, uncertainty, monetary policy, Taylor rules, real-time data

Risk Management-Driven Policy Rate Gap

Melbourne Institute Working Paper No. 10/18
Number of pages: 17 Posted: 08 Aug 2018 Last Revised: 05 Dec 2018
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and Reserve Bank of Australia
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Risk management-driven policy rate gap, uncertainty, monetary policy, Taylor rules, real-time data

Risk Management-Driven Policy Rate Gap

CAMA Working Paper No. 34/2018
Number of pages: 16 Posted: 26 Jul 2018
Giovanni Caggiano, Efrem Castelnuovo and Gabriela Nodari
Department of Economics, Monash University, University of Padua - Department of Economics and Reserve Bank of Australia
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Risk management-driven policy rate gap, uncertainty, monetary policy, Taylor rules, real-time data

38.

Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model

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Citation 3

Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model

Number of pages: 34 Posted: 28 Jun 2017
Jonas E Arias, Guido Ascari, Nicola Branzoli and Efrem Castelnuovo
Board of Governors of the Federal Reserve System, University of Pavia, Bank of Italy and University of Padua - Department of Economics
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Positive Trend Inflation and Determinacy in a Medium-Sized New Keynesian Model

Number of pages: 35 Posted: 24 Aug 2018
Jonas E Arias, Guido Ascari, Nicola Branzoli and Efrem Castelnuovo
Board of Governors of the Federal Reserve System, University of Pavia, Bank of Italy and University of Padua - Department of Economics
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Citation 3

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trend inflation, determinacy, monetary policy

39.

Why Does Risk Matter More in Recessions than in Expansions?

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Why Does Risk Matter More in Recessions than in Expansions?

Number of pages: 43 Posted: 12 Oct 2021
Martin M. Andreasen, Martin M. Andreasen, Giovanni Caggiano, Giovanni Pellegrino and Efrem Castelnuovo
Aarhus UniversityCREATES, Aarhus University, Department of Economics, Monash University, Aarhus University and University of Padua - Department of Economics
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New Keynesian model, nonlinear SVAR, non-recursive identification, state-dependent uncertainty shock, risky steady state

40.

Liquidity Traps and Large-Scale Financial Crisis

Number of pages: 57 Posted: 24 Jul 2018
Giovanni Caggiano, Efrem Castelnuovo, Olivier Damette, Antoine Parent and Giovanni Pellegrino
Department of Economics, Monash University, University of Padua - Department of Economics, University Paris-Est Créteil (UPEC), Sciences Po Lyon and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
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Keynesian liquidity trap, Threshold-VAR, monetary and financial cliometrics, Great Depression, Great Recession

41.

What Does Monetary Policy Reveal About a Central Bank's Preferences?

Number of pages: 25 Posted: 26 Nov 2003
Efrem Castelnuovo and Paolo Surico
University of Padua - Department of Economics and London Business School - Department of Economics
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42.

Modest Macroeconomic Effects of Monetary Policy Shocks During the Great Moderation: An Alternative Interpretation

Melbourne Institute Working Paper No. 30/16
Number of pages: 35 Posted: 12 Oct 2016
Efrem Castelnuovo
University of Padua - Department of Economics
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Citation 2

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Monetary policy shocks, Cholesky identification, VARs, Dynamic Stochastic General Equilibrium models, Monte Carlo simulations

43.

Taylor Rules and Interest Rate Smoothing in the Euro Area

Manchester School, Vol. 75, No. 1, pp. 1-16, January 2007
Number of pages: 16 Posted: 03 Jan 2007
Efrem Castelnuovo
University of Padua - Department of Economics
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Citation 3
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44.

Monetary Policy, Trend Inflation and the Great Moderation: An Alternative Interpretation - Comment

Number of pages: 23 Posted: 31 May 2017
Jonas Arias, Guido Ascari, Nicola Branzoli and Efrem Castelnuovo
Federal Reserve Bank of Philadelphia, University of Pavia, Bank of Italy and University of Padua - Department of Economics
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Trend inflation, determinacy, and monetary policy

45.

Uncertainty and Monetary Policy During the Great Recession

Number of pages: 77 Posted: 06 Apr 2021
Giovanni Pellegrino, Efrem Castelnuovo and Giovanni Caggiano
Aarhus University, University of Padua - Department of Economics and Department of Economics, Monash University
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46.

A Short Review of the Recent Literature on Uncertainty

Australian Economic Review, Vol. 50, Issue 1, pp. 68-78, 2017
Number of pages: 11 Posted: 24 Mar 2020
Efrem Castelnuovo, Guay Lim and Giovanni Pellegrino
University of Padua - Department of Economics, University of Melbourne - Melbourne Institute: Applied Economic & Social Research and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
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Citation 5
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47.

Macroeconomic Policies in a Low Interest Rate Environment: Back to Keynes?

Australian Economic Review, Vol. 51, Issue 1, pp. 70-86, 2018
Number of pages: 17 Posted: 02 Mar 2018
Efrem Castelnuovo, Guay Lim and Giovanni Pellegrino
University of Padua - Department of Economics, University of Melbourne - Melbourne Institute: Applied Economic & Social Research and University of Melbourne - Melbourne Institute: Applied Economic & Social Research
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48.

Testing the Structural Interpretation of the Price Puzzle with a Cost‐Channel Model

Oxford Bulletin of Economics and Statistics, Vol. 74, Issue 3, pp. 425-452, 2012
Number of pages: 28 Posted: 03 May 2012
Efrem Castelnuovo
University of Padua - Department of Economics
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49.

What Does a Monetary Policy Shock Do? An International Analysis with Multiple Filters

Oxford Bulletin of Economics and Statistics, Vol. 75, Issue 5, pp. 759-784, 2013
Number of pages: 26 Posted: 17 Aug 2013
Efrem Castelnuovo
University of Padua - Department of Economics
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