Leonardo Melosi

Federal Reserve Bank of Chicago

230 South LaSalle Street

Chicago, IL 60604

United States

SCHOLARLY PAPERS

22

DOWNLOADS
Rank 44,042

SSRN RANKINGS

Top 44,042

in Total Papers Downloads

2,087

SSRN CITATIONS
Rank 1,569

SSRN RANKINGS

Top 1,569

in Total Papers Citations

890

CROSSREF CITATIONS

150

Scholarly Papers (22)

1.
Downloads 260 (215,950)
Citation 97

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 130 (399,851)
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 80 (562,691)
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 50 (721,638)
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 231 (242,449)
Citation 69

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 130 (399,851)
Citation 1

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 43 (770,272)

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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 35 (832,519)
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 23 (942,199)
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 0
Citation 8
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Markov-switching DSGE, Monetary and fiscal policy interaction, shock-specific policy rules, Uncertainty, zero lower bound

3.

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 208 (267,640)

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

4.
Downloads 177 (309,354)

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 177 (309,026)

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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
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5.
Downloads 171 (318,900)
Citation 14

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 86 (537,844)

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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 35 (832,519)

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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 32 (858,033)
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 18 (994,393)
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 121 (422,603)
Citation 6

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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 43 (770,272)
Citation 3

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

7.

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 109 (455,080)

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

8.
Downloads 90 (517,645)
Citation 21

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 45 (755,744)

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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 32 (858,033)

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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 13 (1,048,586)
Citation 14

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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 0
Citation 1
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Asymmetric monetary policy, de ationary bias, de ationary spiral, framework review, target range

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 56 (684,119)

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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 31 (866,736)
Citation 22

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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 0
Citation 6
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coordination, emergency budget, liquidity traps., Markov-switching models, Monetary and Öscal policies

10.

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 70 (599,489)
Citation 4

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

11.

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 70 (599,489)
Citation 4

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

12.
Downloads 64 (628,350)
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 40 (793,042)

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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 16 (1,015,900)

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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 8 (1,099,460)

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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
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Citation 1
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Contact Tracing, COVID-19, Epidemics, externality, infection chain, lockdown, Quarantine, SIR-macro model, Testing

13.

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 62 (638,420)
Citation 48

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

14.

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 61 (643,596)

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15.

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 57 (665,100)
Citation 3

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

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 52 (708,635)

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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 0
Citation 3
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COVID, emergency budget, Fiscal policy, monetary policy, shock specific rule

17.

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 Banks - Federal Reserve Bank of Boston, Federal Reserve Bank of Chicago and Federal Reserve Bank of Chicago
Downloads 50 (705,902)

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

18.

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 38 (787,229)
Citation 16

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

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 35 (809,983)

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Fiscal policy transmission, consumption, real wage

20.

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 30 (850,622)

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

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 1 (1,113,708)
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business cycles, central bank communication, forward guidance puzzle, monetary policy, Risk management

22.

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 0 (1,122,226)
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Bayesian estimation, employment gap, Identification of shocks, labor market trends, noise shocks, TFP news, the Great Recession