Leonardo Melosi

Federal Reserve Bank of Chicago

230 South LaSalle Street

Chicago, IL 60604

United States

SCHOLARLY PAPERS

20

DOWNLOADS

978

SSRN CITATIONS
Rank 1,973

SSRN RANKINGS

Top 1,973

in Total Papers Citations

509

CROSSREF CITATIONS

152

Scholarly Papers (20)

1.
Downloads 170 (223,678)
Citation 58

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 92 (355,281)
Citation 3

Abstract:

Loading...

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

Signaling Effects of Monetary Policy

Number of pages: 50 Posted: 17 Nov 2016
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 46 (512,706)
Citation 1

Abstract:

Loading...

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

Signaling Effects of Monetary Policy

Number of pages: 59 Posted: 03 Nov 2012
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 32 (587,025)
Citation 48

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

2.
Downloads 164 (230,575)
Citation 48

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 108 (319,346)
Citation 1

Abstract:

Loading...

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

Escaping the Great Recession

Number of pages: 51 Posted: 14 Dec 2014
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 26 (626,611)

Abstract:

Loading...

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

Escaping the Great Recession

Number of pages: 48 Posted: 17 Nov 2016
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 17 (695,689)
Citation 40

Abstract:

Loading...

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

Escaping the Great Recession

Number of pages: 64 Posted: 23 Jun 2014 Last Revised: 20 Oct 2021
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 13 (729,088)
Citation 2

Abstract:

Loading...

Escaping the Great Recession

Number of pages: 45 Posted: 17 Sep 2013
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 0
Citation 8
  • 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 99 (338,846)
Citation 4

Abstract:

Loading...

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

Modeling the Evolution of Expectations and Uncertainty in General Equilibrium

Number of pages: 55 Posted: 02 Nov 2013
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 21 (664,234)
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 (839,074)
Citation 3
  • Add to Cart

Abstract:

Loading...

4.
Downloads 98 (338,554)
Citation 13

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 64 (439,173)

Abstract:

Loading...

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

Constrained Discretion and Central Bank Transparency

Number of pages: 70 Posted: 17 Nov 2016
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 15 (712,100)
Citation 3

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

Number of pages: 55 Posted: 14 Dec 2014
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 13 (729,088)

Abstract:

Loading...

Macroeconomic Risks; Uncertainty; Policy trade-off; Welfare

Constrained Discretion and Central Bank Transparency

Number of pages: 49 Posted: 14 Oct 2014 Last Revised: 12 Sep 2021
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 6 (789,247)
Citation 3

Abstract:

Loading...

5.

Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength

Number of pages: 34 Posted: 19 May 2020 Last Revised: 16 Jun 2021
Francesco Bianchi, Renato Faccini and Leonardo Melosi
Duke University, Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 79 (392,282)

Abstract:

Loading...

emergency budget, Monetary policy, fiscal policy, shock specific rule, Covid-19

6.

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 47 (498,916)
Citation 4

Abstract:

Loading...

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

Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength

Number of pages: 48 Posted: 12 May 2020 Last Revised: 07 Oct 2021
Francesco Bianchi, Renato Faccini and Leonardo Melosi
Duke University, Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 39 (558,198)

Abstract:

Loading...

Monetary and Fiscal Policies in Times of Large Debt: Unity is Strength

Number of pages: 40 Posted: 20 May 2020 Last Revised: 09 Nov 2021
Francesco Bianchi, Renato Faccini and Leonardo Melosi
Duke University, Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 0
Citation 3
  • Add to Cart

Abstract:

Loading...

COVID, emergency budget, Fiscal policy, monetary policy, shock specific rule

8.
Downloads 37 (551,164)

Bad Jobs and Low Inflation

Number of pages: 59 Posted: 04 May 2020 Last Revised: 18 Feb 2021
Renato Faccini and Leonardo Melosi
Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 37 (563,836)

Abstract:

Loading...

Missing inflation, job ladder, cyclical misallocation, labor market slack, Phillips curve

Bad Jobs and Low Inflation

Number of pages: 61 Posted: 01 Apr 2019 Last Revised: 11 Feb 2021
Renato Faccini and Leonardo Melosi
Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 0
  • Add to Cart

Abstract:

Loading...

9.

Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis

Number of pages: 89 Posted: 22 Jun 2016
University of Notre Dame, Federal Reserve Bank of Chicago - Economic Research Department, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 37 (545,961)
Citation 31

Abstract:

Loading...

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

10.

Strengthening the Fomc's Framework in View of the Effective Lower Bound and Some Considerations Related to Time-Inconsistent Strategies

Number of pages: 42 Posted: 02 Sep 2020
Federal Reserve Bank of New York, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 36 (551,164)

Abstract:

Loading...

11.

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 35 (556,409)
Citation 2

Abstract:

Loading...

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

The Dire Effects of the Lack of Monetary and Fiscal Coordination

Number of pages: 56 Posted: 07 Nov 2017
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 21 (664,234)

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

Number of pages: 49 Posted: 25 Jul 2017 Last Revised: 02 Jul 2021
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 8 (771,993)

Abstract:

Loading...

The Dire Effects of the Lack of Monetary and Fiscal Coordination

Number of pages: 51 Posted: 25 Jul 2017
Francesco Bianchi and Leonardo Melosi
Duke University and Federal Reserve Bank of Chicago
Downloads 0
Citation 6
  • Add to Cart

Abstract:

Loading...

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

Pandemic Recessions and Contact Tracing

Number of pages: 58 Posted: 20 Nov 2020
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 26 (626,611)

Abstract:

Loading...

Contact tracing, testing, COVID-19, infection chain, pandemic, lockdown, SIR

Pandemic Recessions and Contact Tracing

Number of pages: 1 Posted: 18 Oct 2021
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 2 (825,714)

Abstract:

Loading...

Contact tracing, testing, quarantine, externality, infection chain, lockdown, epidemics, SIR-macro model, COVID-19

Pandemic Recessions and Contact Tracing

Number of pages: 63 Posted: 02 Dec 2020 Last Revised: 31 Mar 2021
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 0
  • Add to Cart

Abstract:

Loading...

Pandemic Recessions and Contact Tracing

Number of pages: 58 Posted: 14 Jun 2021
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 0

Abstract:

Loading...

Contact tracing, testing, COVID-19, infection chain, pandemic, lockdown, SIR, macro model, heterogeneous agent model

14.
Downloads 24 (622,568)
Citation 3

Hitting the Elusive Inflation Target

Number of pages: 40 Posted: 22 Oct 2019 Last Revised: 29 Apr 2020
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Duke University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 13 (729,088)

Abstract:

Loading...

Deflationary bias, asymmetric rules, opportunistic reflation, welfare, natural rate, zero lower bound, disanchoring of inflation expectations, inflation targeting, liquidity traps, macroeconomic uncertainty

Hitting the Elusive Inflation Target

Number of pages: 50 Posted: 18 Sep 2019 Last Revised: 19 Nov 2021
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Duke University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 10 (754,750)

Abstract:

Loading...

Hitting the Elusive Inflation Target

Number of pages: 49 Posted: 23 Nov 2021
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Duke University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 1 (839,074)

Abstract:

Loading...

Asymmetric monetary policy, deflationary bias, deflationary spiral, target range, framework review

Hitting the Elusive Inflation Target

Number of pages: 51 Posted: 04 Dec 2019 Last Revised: 22 Sep 2021
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Duke University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 0
Citation 1
  • Add to Cart

Abstract:

Loading...

Asymmetric monetary policy, de ationary bias, de ationary spiral, framework review, target range

15.

Methods for Computing Marginal Data Densities from the Gibbs Output

Number of pages: 56 Posted: 09 Feb 2012
Cristina Fuentes-Albero and Leonardo Melosi
Board of Governors of the Federal Reserve System and Federal Reserve Bank of Chicago
Downloads 15 (687,094)
Citation 3

Abstract:

Loading...

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

16.

The Limits of Forward Guidance

Number of pages: 43 Posted: 16 Apr 2019 Last Revised: 29 Apr 2020
University of Notre Dame, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Chicago
Downloads 12 (710,564)
Citation 8

Abstract:

Loading...

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

17.

Fiscal Stimulus with Learning-by-Doing

Number of pages: 59 Posted: 28 Jun 2018 Last Revised: 29 Apr 2020
Antonello dAlessandro, Giulio Fella and Leonardo Melosi
Bank of Italy, Queen Mary, University of London and Federal Reserve Bank of Chicago
Downloads 6 (757,971)

Abstract:

Loading...

Fiscal policy transmission, consumption, real wage

18.

The Limits of Forward Guidance

Number of pages: 45 Posted: 27 Mar 2019
University of Notre Dame, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Chicago
Downloads 1 (802,241)
  • Add to Cart

Abstract:

Loading...

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

19.

Fiscal Stimulus with Learning‐By‐Doing

International Economic Review, Vol. 60, Issue 3, pp. 1413-1432, 2019
Number of pages: 20 Posted: 22 May 2020
Antonello D'Alessandro, Giulio Fella and Leonardo Melosi
Bank of Italy, Queen Mary, University of London and Federal Reserve Bank of Chicago
Downloads 0 (819,510)
  • Add to Cart

Abstract:

Loading...

20.

Pigouvian Cycles

Number of pages: 69 Posted: 11 Dec 2018 Last Revised: 08 Apr 2019
Renato Faccini and Leonardo Melosi
Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 0 (819,510)
  • Add to Cart

Abstract:

Loading...

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