Tommaso Monacelli

Bocconi University - Department of Economics

Via Gobbi 5

Milan, 20136

Italy

SCHOLARLY PAPERS

34

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Scholarly Papers (34)

Monetary Policy and Exchange Rate Volatility in a Small Open Economy

UPF Economics and Business Working Paper 835
Number of pages: 39 Posted: 29 Nov 2005
Jordi Galí and Tommaso Monacelli
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Bocconi University - Department of Economics
Downloads 426 (118,183)
Citation 37

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Small open economy, optimal monetary policy, sticky prices, exchange rate peg, exchange rate volatility

Monetary Policy and Exchange Rate Volatility in a Small Open Economy

NBER Working Paper No. w8905
Number of pages: 45 Posted: 18 Apr 2002 Last Revised: 02 Nov 2022
Jordi Galí and Tommaso Monacelli
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Bocconi University - Department of Economics
Downloads 162 (313,410)
Citation 4

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Monetary Policy and Exchange Rate Volatility in a Small Open Economy

Number of pages: 47 Posted: 04 Jun 2002
Jordi Galí and Tommaso Monacelli
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Bocconi University - Department of Economics
Downloads 29 (829,790)
Citation 79
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Small open economy, optimal monetary policy, sticky prices, exchange rate peg, exchange rate volatility

2.

Fiscal Policy Rules and Regime (In)Stability: Evidence from the U.S.

IGIER Working Paper No. 282
Number of pages: 31 Posted: 14 Feb 2005
Carlo A. Favero and Tommaso Monacelli
Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 595 (79,527)
Citation 56

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Active and passive fiscal policy rule, Markov-switching estimation, monetary policy rule

3.

Housing Finance and Monetary Policy

ECB Working Paper No. 1069
Number of pages: 51 Posted: 18 Jul 2009
Alessandro Calza, Tommaso Monacelli and Livio Stracca
European Central Bank (ECB), Bocconi University - Department of Economics and European Central Bank (ECB)
Downloads 402 (127,672)
Citation 31

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Housing finance, mortgage markets, collateral constraint, monetary policy

4.

Monetary Policy in a Low Pass-Through Environment

Number of pages: 50 Posted: 28 Apr 2003
Tommaso Monacelli
Bocconi University - Department of Economics
Downloads 330 (158,608)
Citation 7

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deviations from the law of one price, policy trade-off, gains from commitment, exchange rate channel

5.
Downloads 277 (190,459)
Citation 4

Financial Markets and Unemployment

Paolo Baffi Centre Research Paper No. 2012-129, Marshall School of Business Working Paper No. FBE 01.13
Number of pages: 53 Posted: 26 Oct 2012
Tommaso Monacelli, Vincenzo Quadrini and Antonella Trigari
Bocconi University - Department of Economics, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Bocconi University - Department of Economics
Downloads 220 (238,034)
Citation 5

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limited enforcement, wage bargaining, unemployment, credit shocks

Financial Markets and Unemployment

NBER Working Paper No. w17389
Number of pages: 44 Posted: 21 Sep 2011 Last Revised: 08 Jul 2023
Tommaso Monacelli, Vincenzo Quadrini and Antonella Trigari
Bocconi University - Department of Economics, University of Southern California - Marshall School of Business - Finance and Business Economics Department and Bocconi University - Department of Economics
Downloads 57 (634,334)

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6.

Monetary-Fiscal Mix and Inflation Performance: Evidence from the U.S.

IGIER Working Paper No. 234
Number of pages: 28 Posted: 04 Jun 2003
Carlo A. Favero and Tommaso Monacelli
Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 247 (213,534)
Citation 20

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Monetary and Fiscal Policy Rules, Markov Switching, Inflation

Optimal Monetary Policy Rules, Asset Prices and Credit Frictions

IGIER Working Paper No. 279
Number of pages: 44 Posted: 03 Feb 2005
Ester Faia and Tommaso Monacelli
Goethe University Frankfurt and Bocconi University - Department of Economics
Downloads 203 (256,561)
Citation 12

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Optimal monetary policy rules, financial distortions, price stability, asset prices

Optimal Monetary Policy Rules, Asset Prices and Credit Frictions

Number of pages: 46 Posted: 25 May 2005
Ester Faia and Tommaso Monacelli
Goethe University Frankfurt and Bocconi University - Department of Economics
Downloads 13 (987,367)
Citation 11
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Optimal monetary policy rules, financial distortions, price stability, asset prices

8.
Downloads 208 (251,445)
Citation 1

Bewley Banks

Number of pages: 71 Posted: 03 Dec 2020 Last Revised: 16 May 2023
Rustam Jamilov and Tommaso Monacelli
All Souls College and Bocconi University - Department of Economics
Downloads 208 (250,829)

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business cycles, heterogeneous financial intermediaries, bank market power, banking crises

Bewley Banks

CEPR Discussion Paper No. DP15428
Number of pages: 71 Posted: 02 Dec 2020
Rustam Jamilov and Tommaso Monacelli
All Souls College and Bocconi University - Department of Economics
Downloads 0
Citation 1
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Fiscal Policy, Wealth Effects, and Markups

NBER Working Paper No. w14584
Number of pages: 56 Posted: 29 Dec 2008 Last Revised: 07 Nov 2022
Tommaso Monacelli and Roberto Perotti
Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 129 (377,213)
Citation 1

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Fiscal Policy, Wealth Effects and Markups

CEPR Discussion Paper No. DP7099
Posted: 17 Feb 2009
Tommaso Monacelli and Roberto Perotti
Bocconi University - Department of Economics and Bocconi University - Department of Economics

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Government spending, markup, private consumption, wealth effect

10.

Commitment, Discretion and Fixed Exchange Rates in an Open Economy

IGIER Working Paper No. 233
Number of pages: 32 Posted: 26 May 2003
Tommaso Monacelli
Bocconi University - Department of Economics
Downloads 117 (404,398)
Citation 2

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Optimal monetary policy, commitment, discretion, fixed exchange rates

11.

Optimal Monetary and Fiscal Policy in a Currency Union

IGIER Working Paper No. 300
Number of pages: 40 Posted: 19 Dec 2005
Tommaso Monacelli and Jordi Galí
Bocconi University - Department of Economics and Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI)
Downloads 104 (440,365)

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monetary union, sticky prices, countercyclical policy, inflation differentials

Ramsey Monetary Policy and International Relative Prices

Number of pages: 57 Posted: 09 Jun 2004
Tommaso Monacelli and Ester Faia
Bocconi University - Department of Economics and Goethe University Frankfurt
Downloads 89 (492,242)
Citation 3

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optimal monetary policy, Ramsey planner, Nash equilibrium, cooperation, sticky prices, imperfect competition

Ramsey Monetary Policy and International Relative Prices

Number of pages: 45 Posted: 11 Jun 2004
Ester Faia and Tommaso Monacelli
Goethe University Frankfurt and Bocconi University - Department of Economics
Downloads 13 (987,367)
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Optimal monetary policy, Ramsey planner, Nash equilibrium, cooperation, sticky prices, imperfect competition

13.

How Institutions Shape the Distributive Impact of Macroeconomic Shocks: A DSGE Analysis

Number of pages: 51 Posted: 10 Aug 2012
Rudiger Ahrend, Charlotte Moeser and Tommaso Monacelli
Centre for Entrepreneurship, SMEs, Regions and Cities, OECD and Bocconi University - Department of Economics
Downloads 99 (455,542)

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DSGE, heterogeneous agents, credit frictions, shocks, income distribution, institutions

14.
Downloads 77 (532,254)
Citation 125

Optimal Monetary and Fiscal Policy in a Currency Union

NBER Working Paper No. w11815
Number of pages: 40 Posted: 19 Feb 2006 Last Revised: 15 Oct 2022
Jordi Galí and Tommaso Monacelli
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Bocconi University - Department of Economics
Downloads 57 (634,334)
Citation 10

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Optimal Monetary and Fiscal Policy in a Currency Union

CEPR Discussion Paper No. 5374
Number of pages: 42 Posted: 20 Feb 2006
Jordi Galí and Tommaso Monacelli
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Bocconi University - Department of Economics
Downloads 20 (913,926)
Citation 27
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Monetary union, sticky prices, countercyclical policy, inflation differentials

Real Interest Rates and Productivity in Small Open Economies

Banque de France Working Paper No. 704
Number of pages: 54 Posted: 31 Dec 2018
Tommaso Monacelli, Luca Sala and Daniele Siena
Bocconi University - Department of Economics, University of Bocconi - Innocenzo Gasparini Institute for Economic Research (IGIER) and Banque de France
Downloads 73 (555,632)

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World Interest Rates, Financial Frictions, Firms' Heterogeneity, Small Open Economies

Real Interest Rates and Productivity in Small Open Economies

CEPR Discussion Paper No. DP12808
Number of pages: 54 Posted: 26 Mar 2018
Tommaso Monacelli, Luca Sala and Daniele Siena
Bocconi University - Department of Economics, University of Bocconi - Innocenzo Gasparini Institute for Economic Research (IGIER) and Banque de France
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16.
Downloads 60 (607,257)
Citation 62

Unemployment Fiscal Multipliers

NBER Working Paper No. w15931
Number of pages: 53 Posted: 26 Apr 2010 Last Revised: 14 Jul 2023
Tommaso Monacelli, Roberto Perotti and Antonella Trigari
Bocconi University - Department of Economics, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 58 (628,861)

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Unemployment Fiscal Multipliers

CEPR Discussion Paper No. DP7728
Number of pages: 55 Posted: 17 Mar 2010
Tommaso Monacelli, Roberto Perotti and Antonella Trigari
Bocconi University - Department of Economics, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 2 (1,087,388)
Citation 8
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fiscal policy, labor market, unemployment

17.

Optimal Monetary Policy with Collateralized Household Debt and Borrowing Constraints

NBER Working Paper No. w12470
Number of pages: 53 Posted: 30 Aug 2006 Last Revised: 30 Jul 2022
Tommaso Monacelli
Bocconi University - Department of Economics
Downloads 52 (649,711)
Citation 6

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Understanding the Gains from Wage Flexibility: The Exchange Rate Connection

NBER Working Paper No. w22489
Number of pages: 38 Posted: 08 Aug 2016 Last Revised: 14 Jun 2023
Jordi Galí and Tommaso Monacelli
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Bocconi University - Department of Economics
Downloads 33 (796,289)
Citation 5

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Understanding the Gains from Wage Flexibility: The Exchange Rate Connection

CEPR Discussion Paper No. DP9806
Number of pages: 55 Posted: 02 Jun 2014
Jordi Galí and Tommaso Monacelli
Universitat Pompeu Fabra - Centre de Recerca en Economia Internacional (CREI) and Bocconi University - Department of Economics
Downloads 1 (1,096,342)
Citation 9
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currency unions, exchange rate policy, exchange rate regime, monetary policy rules., New Keynesian model, nominal rigidities, stabilization policies, stabilization policy, sticky wages

19.

Is Government Spending at the Zero Lower Bound Desirable?

NBER Working Paper No. w20687
Number of pages: 54 Posted: 24 Nov 2014 Last Revised: 12 Jul 2023
Florin Bilbiie, Tommaso Monacelli and Roberto Perotti
Université Paris I Panthéon-Sorbonne, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 30 (797,574)

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20.

Optimal Monetary Policy in a Small Open Economy with Home Bias

CEPR Discussion Paper No. 5522
Number of pages: 35 Posted: 14 Jun 2006
Ester Faia and Tommaso Monacelli
Goethe University Frankfurt and Bocconi University - Department of Economics
Downloads 23 (856,699)
Citation 14
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Optimal monetary policy, Ramsey planner, home bias, sticky prices

21.

Monetary-Fiscal Mix and Inflation Performance: Evidence from the Us

Number of pages: 30 Posted: 17 Jun 2003
Carlo A. Favero and Tommaso Monacelli
Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 23 (856,699)
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Monetary and fiscal policy rules, Markov switching, inflation

22.

New Keynesian Models, Durable Goods and Collateral Constraints

CEPR Discussion Paper No. 5916
Number of pages: 47 Posted: 29 Dec 2006
Tommaso Monacelli
Bocconi University - Department of Economics
Downloads 19 (894,143)
Citation 8
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Durable goods, sticky prices, collateral constraint

23.

Fiscal Policy in Europe: A Helicopter View

NBER Working Paper No. w28117
Number of pages: 21 Posted: 23 Nov 2020 Last Revised: 30 Apr 2023
Florin Bilbiie, Tommaso Monacelli and Roberto Perotti
University of Lausanne, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 14 (943,296)

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Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?

CEPR Discussion Paper No. DP6231
Number of pages: 61 Posted: 22 May 2008
Alessandro Calza, Tommaso Monacelli and Livio Stracca
European Central Bank (ECB), Bocconi University - Department of Economics and European Central Bank (ECB)
Downloads 9 (1,028,289)
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Collateral constraint, house prices, monetary policy, mortgage markets

Mortgage Markets, Collateral Constraints, and Monetary Policy: Do Institutional Factors Matter?

CFS Working Paper No. 2007/10
Posted: 08 Mar 2007
Alessandro Calza, Tommaso Monacelli and Livio Stracca
European Central Bank (ECB), Bocconi University - Department of Economics and European Central Bank (ECB)

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House Prices, Mortgage Markets, Collateral Constraint, Monetary Policy

25.

Public Debt and Redistribution with Borrowing Constraints

CEPR Discussion Paper No. DP9088
Number of pages: 42 Posted: 28 Sep 2012
Florin Ovidiu Bilbiie, Tommaso Monacelli and Roberto Perotti
University of Oxford, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 4 (1,030,614)
Citation 12
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borrowing constraint, public debt, redistribution, tax cuts

26.

Redistribution and the Multiplier

CEPR Discussion Paper No. DP8641
Number of pages: 35 Posted: 24 Nov 2011
Tommaso Monacelli and Roberto Perotti
Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 3 (1,037,177)
Citation 3
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27.

Is Monetary Policy in an Open Economy Fundamentally Different?

CEPR Discussion Paper No. DP9087
Number of pages: 25 Posted: 28 Sep 2012
Tommaso Monacelli
Bocconi University - Department of Economics
Downloads 2 (1,044,124)
Citation 3
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consumption imports, exchange rate, imported inputs, monetary policy, openness, trade

28.

Fiscal Policy in Europe: A Helicopter View

CEPR Discussion Paper No. DP15382
Number of pages: 22 Posted: 03 Nov 2020
Florin Ovidiu Bilbiie, Tommaso Monacelli and Roberto Perotti
University of Oxford, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 1 (1,051,885)
Citation 1
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29.

Deleverage and Financial Fragility

CEPR Discussion Paper No. DP10531
Number of pages: 42 Posted: 09 Apr 2015
Marco Maffezzoli and Tommaso Monacelli
Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 1 (1,051,885)
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aggregate fluctuations, deleverage, financial fragility, nonlinearities

30.

Is Government Spending at the Zero Lower Bound Desirable?

CEPR Discussion Paper No. DP10210
Number of pages: 57 Posted: 21 Oct 2014
Florin Ovidiu Bilbiie, Tommaso Monacelli and Roberto Perotti
University of Oxford, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 1 (1,051,885)
Citation 3
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government spending multiplier, welfare, zero lower bound

31.

HBANK: Monetary Policy with Heterogeneous Banks

CEPR Discussion Paper No. DP17129
Number of pages: 68 Posted: 29 Mar 2022
Marco Bellifemine, Rustam Jamilov and Tommaso Monacelli
London School of Economics & Political Science (LSE), All Souls College and Bocconi University - Department of Economics
Downloads 0 (1,060,808)
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Bank Heterogeneity, Financial Intermediation, market power, monetary policy

32.

Monetary Policy with Heterogeneous Risk

CEPR Discussion Paper No. DP17080
Number of pages: 64 Posted: 29 Mar 2022
Tommaso Monacelli and Roberto Colarieti
Bocconi University - Department of Economics and Bocconi University
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aggregate demand, Heteroskedasticity, monetary policy, precautionary savings

33.

Stabilization vs. Redistribution: the Optimal Monetary-Fiscal Mix

CEPR Discussion Paper No. DP15199
Number of pages: 44 Posted: 12 Sep 2020 Last Revised: 14 Jul 2021
Florin Ovidiu Bilbiie, Tommaso Monacelli and Roberto Perotti
University of Oxford, Bocconi University - Department of Economics and Bocconi University - Department of Economics
Downloads 0 (1,060,808)
Citation 1
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34.

The Inherent Benefit of Monetary Unions

CEPR Discussion Paper No. DP11416
Number of pages: 58 Posted: 01 Aug 2016
Dominik Groll and Tommaso Monacelli
Kiel Institute for the World Economy and Bocconi University - Department of Economics
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commitment, discretion, flexible exchange rates, monetary union, nominal rigidities., welfare losses