Research

Journal articles

2026
Money Markets, Collateral and Monetary Policy With M. Hoerova, C. Rogers and H. Uhlig Review of Economic Studies
2026
Inflation, Households, and Central Banks around the World With F. D'Acunto, D. Sandri and M. Weber Journal of Monetary Economics, 103996
2026
FOMC Announcements and Household Expectations With M. Lombardi and J. Schuffels Oxford Bulletin of Economics and Statistics
2025
A Global Survey of Household Perceptions and Expectations With F. D'Acunto, D. Sandri and M. Weber BIS Quarterly Review, September
2024
Fintech vs Bank Credit: How Do They React to Monetary Policy? With G. Cornelli, L. Gambacorta and C. Manea Economics Letters, Vol 234
2021
Credit Subsidies With I. Correia, P. Teles and O. Tristani Journal of Monetary Economics 118, pp 2–14
2019
(Un)conventional Policy and the Zero Lower Bound With O. Tristani Journal of Economic Dynamics and Control, Vol 106
2015
Corporate Debt Structure and the Financial Crisis With H. Uhlig Journal of Money, Credit and Banking 47(8), pp 1571–1598
2013
Optimal Monetary Policy in a Model of the Credit Channel With O. Tristani Economic Journal 123(571), pp 906–931
2011
Monetary Policy and the Financing of Firms With P. Teles and O. Tristani American Economic Journal: Macroeconomics 3(4), pp 112–142
2011
Bank Finance versus Bond Finance With H. Uhlig Journal of Money, Credit and Banking 43(7), pp 1395–1418
2011
Credit and the Natural Rate of Interest With O. Tristani Journal of Money, Credit and Banking 43(2–3), pp 407–440
2005
Does Trade Openness Matter for Aggregate Instability? With Z. Liu Journal of Economic Dynamics and Control 29(7), pp 1165–1192
2003
The Optimal Mix of Taxes on Money, Consumption, and Income With P. Teles Journal of Monetary Economics 50(4), pp 871–887
1999
Growth and Employment Effects of Tax Reforms in Europe With W. Roeger Oxford Economic Papers 51, pp 200–222

Working papers

2026
Will AI Help or Hurt Work and the Economy? What People Around the World Expect With C. Bruschi, F. D'Acunto, D. Sandri and M. Weber CEPR Discussion Paper No 21994
2025
Big Tech Credit and the Macroeconomy With C. Manea and L. Gambacorta Revise and resubmit, Review of Economic Studies
2025
The Asymmetric and Heterogeneous Pass-Through of Input Prices to Firms' Expectations and Decisions With M. Lombardi and G. Mangiante BIS Working Papers No 1305 · CEPR Discussion Paper No 20835
2024
Monetary Policy in the News: Communication Pass-Through and Inflation Expectations With A. Maurin, A. Mijakovic and D. Sandri BIS Working Papers No 1231 · CEPR Discussion Paper No 19748
2024
Fiscal Stimulus Plans and Households' Expectations With M. Lombardi and A. Pierres-Tejada BIS Working Papers No 1238
2023
Monetary Policy Frameworks away from the ELB With B. Mojon, D. Rees and D. Sandri BIS Working Papers No 1156
2023
Big Techs and the Credit Channel of Monetary Policy With C. Manea and L. Gambacorta BIS Working Papers No 1088
2021
A Global Database on Central Banks' Monetary Responses to Covid-19 With C. Cantu, P. Cavallino and J. Yetman BIS Working Papers No 934
2016
The ECB's Asset Purchase Programme: An Early Assessment With P. Andrade, J. Breckenfelder, P. Karadi and O. Tristani ECB Discussion Paper No 1
2002
Openness and Equilibrium Determinacy under Interest Rate Rules With Z. Liu ECB Working Paper No 173 · Emory University Working Paper No 0310
2000
The Optimal Inflation Tax when Taxes are Costly to Collect Sole author ECB Working Paper No 38
2000
Can Indeterminacy Explain the Short-Run Non-Neutrality of Money? Sole author ECB Working Paper No 32
1998
The Transmission of Monetary Policy in Israel Sole author IMF Working Paper No 98/114

Policy papers

Aug 2026
Energy Shocks and Inflation: Challenges for Monetary Policy With R. Banerjee, M. Lombardi and G. Lombardo BIS Bulletin No 131
Sep 2025
A Global Survey of Household Perceptions and Expectations With F. D'Acunto, D. Sandri and M. Weber BIS Quarterly Review
Jun 2025
Household Perceptions and Expectations in the Wake of the Inflation Surge: Survey Evidence With J. Yetman and D. Sandri BIS Bulletin No 104
Dec 2023
The Contribution of Monetary Policy to Disinflation With P. Amatyakul, M. Lombardi, B. Mojon and D. Rees BIS Bulletin No 82
Feb 2023
Private Debt, Monetary Policy Tightening and Aggregate Demand With M. Ampudia, E. Kharroubi and C. Manea BIS Bulletin No 70
Sep 2022
Inflation Indicators amid High Uncertainty With M. Lombardi and D. Rees BIS Bulletin No 60
Jul 2022
Hard or Soft Landing? With F. Boissay and E. Kharroubi BIS Bulletin No 59
May 2022
Rising Household Inflation Expectations: What Are the Communication Challenges for Central Banks? With T. Goel, D. Igan and R. Moessner BIS Bulletin No 55
May 2022
Are Major Advanced Economies on the Verge of a Wage-Price Spiral? With F. Boissay, D. Igan, A. Pierres Tejada and D. Rees BIS Bulletin No 53
2020
Central Banks' Response to Covid-19 in Advanced Economies With P. Cavallino BIS Bulletin No 21
Apr 2019
What Is the Macroeconomic Impact of Changing Money Market Conditions? With M. Hoerova and H. Uhlig ECB Research Bulletin No 57
2013
Corporate Finance and Economic Activity in the Euro Area: Structural Issues Report 2013 With D. Rodriguez-Palenzuela et al. ECB Occasional Paper Series No 151
2013
(Un)conventional Policy and the Zero Lower Bound With O. Tristani ECB Research Early Briefs
2011
Credit Risk and the Zero Lower Bound on Interest Rates With O. Tristani ECB Research Bulletin No 15
2010
Financial Conditions and Monetary Policy With O. Tristani ECB Research Bulletin No 9

VoxEU columns

Jan 2024
Monetary Policy in the News: The FOMC's Media Coverage and Inflation Expectations With A. Maurin, A. Mijakovic and D. Sandri VoxEU column
May 2019
The Macroeconomic Consequences of Impaired Money Markets With M. Hoerova and H. Uhlig VoxEU column

Chapters and discussions

2022
Discussion of: Central Bank Independence Sole author Economic Policy 37(112), pp 691–694
2010
The Role of Financial Conditions for Monetary Policy With O. Tristani In Enhancing Monetary Analysis, eds. L. Papademos and J. Stark, Chapter 4, Annex I
2004
Comments on “Exchange Rate Policies on the Last Stretch” With V. Gaspar In Monetary Strategies for Joining the Euro, eds. G. Szapary and J. von Hagen