Leonardo Melosi

Federal Reserve Bank of Chicago

230 South LaSalle Street

Chicago, IL 60604

United States

SCHOLARLY PAPERS

23

DOWNLOADS
Rank 40,566

SSRN RANKINGS

Top 40,566

in Total Papers Downloads

2,684

TOTAL CITATIONS
Rank 1,382

SSRN RANKINGS

Top 1,382

in Total Papers Citations

276

Scholarly Papers (23)

1.
Downloads 358 (181,026)
Citation 52

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 215 (305,035)
Citation 3

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

Signaling Effects of Monetary Policy

FRB of Chicago Working Paper No. WP-2016-14
Number of pages: 50 Posted: 17 Nov 2016
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 91 (618,288)
Citation 1

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

Signaling Effects of Monetary Policy

FRB of Chicago Working Paper No. 2012-05
Number of pages: 59 Posted: 03 Nov 2012
Leonardo Melosi
Federal Reserve Bank of Chicago
Downloads 52 (846,441)
Citation 48

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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 263 (250,245)
Citation 52

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
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 143 (438,199)
Citation 2

Abstract:

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

Escaping the Great Recession

FRB of Chicago Working Paper No. 2014-17
Number of pages: 51 Posted: 14 Dec 2014
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 50 (862,736)

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

Escaping the Great Recession

FRB of Chicago Working Paper No. WP-2016-16
Number of pages: 48 Posted: 17 Nov 2016
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 44 (915,334)
Citation 40

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

Escaping the Great Recession

NBER Working Paper No. w20238
Number of pages: 64 Posted: 23 Jun 2014 Last Revised: 20 Apr 2023
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 25 (1,123,761)
Citation 2

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Escaping the Great Recession

CEPR Discussion Paper No. DP9643
Number of pages: 45 Posted: 17 Sep 2013
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 1 (1,391,422)
Citation 8
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Markov-switching DSGE, Monetary and fiscal policy interaction, shock-specific policy rules, Uncertainty, zero lower bound

3.
Downloads 225 (291,999)

Bad Jobs and Low Inflation

FRB of Chicago Working Paper No. 2020-09
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 224 (291,716)

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

Bad Jobs and Low Inflation

CEPR Discussion Paper No. DP13628
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 1 (1,391,422)
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4.

Estimating Nonlinear Heterogeneous Agents Models with Neural Networks

FRB of Chicago Working Paper No. 2022-26
Number of pages: 55 Posted: 17 Jun 2022
Hanno Kase, Leonardo Melosi and Matthias Rottner
University of Minnesota, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 215 (305,031)

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Machine learning, neural networks, Bayesian estimation, global solution, heterogeneous agents, nonlinearities, aggregate uncertainty, HANK model, zero lower bound

5.
Downloads 200 (326,525)
Citation 6

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
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 97 (593,027)

Abstract:

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

Constrained Discretion and Central Bank Transparency

FRB of Chicago Working Paper No. 2014-16
Number of pages: 55 Posted: 14 Dec 2014
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 42 (934,076)

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Macroeconomic Risks; Uncertainty; Policy trade-off; Welfare

Constrained Discretion and Central Bank Transparency

FRB of Chicago Working Paper No. WP-2016-15
Number of pages: 70 Posted: 17 Nov 2016
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 39 (963,710)
Citation 3

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

Constrained Discretion and Central Bank Transparency

NBER Working Paper No. w20566
Number of pages: 49 Posted: 14 Oct 2014 Last Revised: 13 Mar 2022
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 22 (1,163,436)
Citation 3

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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
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 130 (473,981)
Citation 7

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

Modeling the Evolution of Expectations and Uncertainty in General Equilibrium

FRB of Chicago Working Paper No. 2013-12
Number of pages: 55 Posted: 02 Nov 2013
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 55 (823,054)
Citation 3

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

7.

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 127 (481,175)
Citation 4

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

The Dire Effects of the Lack of Monetary and Fiscal Coordination

FRB of Chicago Working Paper No. WP-2017-19
Number of pages: 56 Posted: 07 Nov 2017
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 92 (613,985)

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

The Dire Effects of the Lack of Monetary and Fiscal Coordination

NBER Working Paper No. w23605
Number of pages: 49 Posted: 25 Jul 2017 Last Revised: 02 Jul 2023
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 33 (1,027,652)
Citation 32

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The Dire Effects of the Lack of Monetary and Fiscal Coordination

CEPR Discussion Paper No. DP12164
Number of pages: 51 Posted: 25 Jul 2017
Francesco Bianchi and Leonardo Melosi
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 1 (1,391,422)
Citation 6
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coordination, emergency budget, liquidity traps., Markov-switching models, Monetary and Öscal policies

9.

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

FRB of Chicago Working Paper No. WP 2020-13
Number of pages: 34 Posted: 19 May 2020 Last Revised: 16 Jun 2021
Francesco Bianchi, Renato Faccini and Leonardo Melosi
Johns Hopkins University, Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 124 (490,255)

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

10.
Downloads 111 (533,309)
Citation 22

Hitting the Elusive Inflation Target

Deutsche Bundesbank Discussion Paper No. 40/2021
Number of pages: 49 Posted: 23 Nov 2021
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Johns Hopkins University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 58 (801,103)

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

Hitting the Elusive Inflation Target

FRB of Chicago Working Paper No. WP-2019-7
Number of pages: 40 Posted: 22 Oct 2019 Last Revised: 29 Apr 2020
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Johns Hopkins University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 35 (1,005,671)

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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

NBER Working Paper No. w26279
Number of pages: 50 Posted: 18 Sep 2019 Last Revised: 22 Apr 2023
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Johns Hopkins University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 17 (1,230,815)
Citation 21

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Hitting the Elusive Inflation Target

CEPR Discussion Paper No. DP14161
Number of pages: 51 Posted: 04 Dec 2019 Last Revised: 22 Sep 2021
Francesco Bianchi, Leonardo Melosi and Matthias Rottner
Johns Hopkins University, Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 1 (1,391,422)
Citation 1
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Asymmetric monetary policy, de ationary bias, de ationary spiral, framework review, target range

11.
Downloads 106 (551,861)
Citation 1

Pandemic Recessions and Contact Tracing

FRB of Chicago Working Paper No. 2020-31
Number of pages: 58 Posted: 20 Nov 2020
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 52 (846,441)

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

Pandemic Recessions and Contact Tracing

Deutsche Bundesbank Discussion Paper No. 34/2021
Number of pages: 61 Posted: 18 Oct 2021
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 34 (1,016,556)

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

Pandemic Recessions and Contact Tracing

FRB of Chicago Working Paper No. WP-2020-31
Number of pages: 58 Posted: 14 Jun 2021
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 18 (1,217,167)

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

Pandemic Recessions and Contact Tracing

CEPR Discussion Paper No. DP15482
Number of pages: 64 Posted: 02 Dec 2020 Last Revised: 04 Feb 2022
Leonardo Melosi and Matthias Rottner
Federal Reserve Bank of Chicago and Deutsche Bundesbank - Research Centre
Downloads 2 (1,382,447)
Citation 1
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Contact Tracing, COVID-19, Epidemics, externality, infection chain, lockdown, Quarantine, SIR-macro model, Testing

12.

Identification Using Higher-Order Moments Restrictions

FRB of Chicago Working Paper No. 2023-28
Number of pages: 57 Posted: 21 Aug 2023
affiliation not provided to SSRN, Federal Reserve Bank of Boston, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 93 (603,334)

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Shock identification, skewness, kurtosis, VAR, sign restrictions, shocks to government bonds spreads, monetary shocks, Euro Area

13.

The Chicago Fed DSGE Model: Version 2

FRB of Chicago Working Paper No. 2023-36
Number of pages: 63 Posted: 07 Oct 2023
University of Notre Dame, Federal Reserve Bank of Chicago, Federal Reserve Bank of Chicago - Economic Research Department and Federal Reserve Bank of Chicago
Downloads 85 (637,798)

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New Keynesian model, DSGE models, Covid-19, pandemic, Survey of Professional Forecasters, business cycles, forecasting, policy analysis

14.

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
Johns Hopkins University and Federal Reserve Bank of Chicago
Downloads 79 (665,737)
Citation 4

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

15.

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

FEDS Working Paper No. 2020-67
Number of pages: 42 Posted: 02 Sep 2020
Brown University, Board of Governors of the Federal Reserve System, Federal Reserve Bank of Chicago and Board of Governors of the Federal Reserve System
Downloads 69 (717,893)

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16.

Forward Guidance and Macroeconomic Outcomes Since the Financial Crisis

FRB of Chicago Working Paper No. WP-2016-7
Number of pages: 89 Posted: 22 Jun 2016
University of Notre Dame, Federal Reserve Bank of Chicago - Economic Research Department, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 69 (717,893)
Citation 60

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

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

NBER Working Paper No. w27112
Number of pages: 34 Posted: 12 May 2020 Last Revised: 07 Aug 2022
Francesco Bianchi, Renato Faccini and Leonardo Melosi
Johns Hopkins University, Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 61 (780,232)

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

CEPR Discussion Paper No. DP14720
Number of pages: 40 Posted: 20 May 2020 Last Revised: 09 Nov 2021
Francesco Bianchi, Renato Faccini and Leonardo Melosi
Johns Hopkins University, Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 2 (1,382,447)
Citation 3
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COVID, emergency budget, Fiscal policy, monetary policy, shock specific rule

18.

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 60 (772,346)
Citation 3

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

19.

Fiscal Stimulus with Learning-by-Doing

FRB of Chicago Working Paper No. WP-2018-9
Number of pages: 59 Posted: 28 Jun 2018 Last Revised: 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 47 (868,487)

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Fiscal policy transmission, consumption, real wage

20.

The Limits of Forward Guidance

FRB of Chicago Working Paper No. WP-2019-3
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 44 (894,167)
Citation 16

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

21.

The Limits of Forward Guidance

CEPR Discussion Paper No. DP13612
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 15 (1,215,149)
Citation 5
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business cycles, central bank communication, forward guidance puzzle, monetary policy, Risk management

22.

Higher-Order Moment Inequality Restrictions for SVARs

FRB of Boston Working Paper No. 25-3
Number of pages: 73 Posted: 07 Apr 2025
Philippe Andrade, Filippo Ferroni and Leonardo Melosi
Federal Reserve Bank of Boston, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 10 (1,269,786)

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shock identification, skewness, kurtosis, sign restrictions, monetary policy, sovereign risk, geopolitical risk

23.

Pigouvian Cycles

CEPR Discussion Paper No. DP13370
Number of pages: 69 Posted: 11 Dec 2018 Last Revised: 08 Apr 2019
Renato Faccini and Leonardo Melosi
Danmarks Nationalbank and Federal Reserve Bank of Chicago
Downloads 10 (1,269,786)
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Bayesian estimation, employment gap, Identification of shocks, labor market trends, noise shocks, TFP news, the Great Recession