I am a Postdoctoral Researcher at the Free University of Bozen-Bolzano. My research interests are in macroeconomics with a specific emphasis on the interplay between fiscal policy and monetary policy. I am currently interested in modelling the financing of climate change policies. I obtained my PhD in Economics in January 2024 from the Free University of Bozen-Bolzano. During my doctoral studies, I worked as an intern in the Monetary Policy and Analysis Division at the Deutsche Bundesbank.
Please find my Curriculum Vitae here.
Working Papers
Is Monetary Financing a Valuable Alternative to Debt Financing in Response to Fiscal Stimuli? (with Marco Lorusso and Francesco Ravazzolo)
In this paper we quantitatively evaluate an alternative way of public debt financing. Specifically, we develop and estimate a New Keynesian model to analyse the effects of a fiscal stimulus that is financed by money supply, and does not result in an increase in public debt. Through our impulse response analysis, we find a positive impact of monetary-financing on economic aggregates. However, the expansionary impact of monetary-financed fiscal shocks comes at a cost: an increase in inflation. The paper contributes to the literature by providing a quantitative counterfactual analysis of the use of money supply to finance fiscal stimuli.
Presented at: 10th ICEEE Congress (May 2023) , 16th Dynare Conference, 2nd Dolomiti Macro Meetings, IAAE Annual Conference, 28th CEF Conference (June - July 2022), the ICEA Taxation and Innovation Conference (online, February 2022), SIdE Summer School (July 2021).
The Heterogeneous Impact of Redistributive Policies on Labor Supply (with Aicha Kharazi and Francesco Ravazzolo)
In this paper, we provide new evidence on the inequalities arising from income taxation in the US, and their heterogeneous impact on labor supply. First, we develop a Real Business Cycle (RBC) model with two agents, which is solved using perturbation methods. Through impulse response functions, we show that an income tax shock affects negatively and differently the two agents, suggesting a heterogeneous response of labor supply. To validate these findings, we provide microeconomic evidence from the US Current Population Survey. Our analysis reveals that the bottom 10\% of the income distribution pays a higher tax percentage relative to their earned income compared to the top 10\%. Additionally, we find that the labor supply elasticity with respect to the income tax is positive. Subsequently, we extend our theoretical framework to include heterogeneous agents and present additional findings. Finally, local projection evidence supports the model results, suggesting that labor supply respond positively to income tax rate.
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Work in progress
Public Debt and Velocity (with Stefan Franz Schubert)
This work explores the relationship between the public debt-to-GDP ratio and the velocity of money zero maturity (MZM) in the United States. Our findings suggest that the public debt-to-GDP ratio Granger causes velocity from 1959Q1 to 2019Q4. To further investigate these findings, we analyse this relationship through the lens of a New Keynesian model with fiscal policy shocks. This analysis contributes to literature by introducing a determinant of money velocity, offering insights into the transmission mechanisms of fiscal policy shocks.
Presented at: 16th UNITO-Collegio Carlo Alberto PhD Workshop in Economics (November 2023) and Expectations in Dynamic Macroeconomic Models @TU Wien (poster session, August 2023).
On Distortionary Taxes and Fiscal Rules (this is an introductory chapter of my PhD thesis)