Francesco Zanetti


Research Papers




Search Complementarities, Aggregate Fluctuations and Fiscal Policy, with Jesus Fernandez-Villaverde, Federico Mandelman, and Yang Yu, R&R, (old version).


State Dependence of Fiscal Multipliers: the Source of Fluctuations Matters, with Mishel Ghassibe, R&R.


Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States, with Daisuke Ikeda, Shangshang Li, and Sophocles Mavroeidis, R&R.


Imperfect Information, Heterogeneous Demand Shocks, and Inflation Dynamics, with Tatsushi Okuda and Tomohiro Tsuruga.





News Shocks under Financial Frictions, with Christoph Gortz, and John Tsoukalas, American Economic Journal: Macroeconomics, forthcoming.


Monetary Policy, Firm Heterogeneity, and Product Variety, with Masashige Hamano, European Economic Review, forthcoming.


The “Matthew Effect” and Market Concentration: Search Complementarities and Monopsony Power, with Jesus Fernandez-Villaverde, Federico Mandelman, and Yang Yu, Journal of Monetary Economics 121 (July 2021): 62-90.


State Dependence in Labor Market Fluctuations, with Carlo Pizzinelli and Kostantinos Theodoridis, International Economic Review 61 (August 2020): 1027-1072 (lead article).  On-line Appendix. (Earlier draft, Appendix, August 2018)


Changing Macroeconomic Dynamics at the Zero Lower Bound, with Philip Liu, Haroon Mumtaz and Konstantinos Theodoridis, Journal of Business & Economic Statistics 37 (July 2019): 391-404.


On Quality and Variety Bias in Aggregate Prices, with Masashige Hamano, Journal of Money, Credit, and Banking 50 (September 2018): 1343-1363.


Endogenous Product Turnover and Macroeconomic Dynamics, with Masashige Hamano, Review of Economic Dynamics 26 (October 2017): 263-279.


Financial Shocks, Job Destruction Shocks and Labor Market Fluctuations, Macroeconomic Dynamics 23 (April 2019): 1137-1165.


Optimal Monetary Policy and Fiscal Policy Interaction in a non-Ricardian Economy, with Massimiliano Rigon. International Journal of Central Banking 14 (June 2018): 389-436.


News and Labor Market Dynamics in the Data and in Matching Models, with Konstantinos Theodoridis, Canadian Journal of Economics 49 (August 2016): 906-930.


Optimal Inflation Weights in the Euro Area, with Daniela Bragoli and Massimiliano Rigon, International Journal of Central Banking 12 (June 2016): 357-383.


The Effect of Labor and Financial Frictions on Aggregate Fluctuations, with Haroon Mumtaz, Macroeconomic Dynamics 20 (January 2016): 313-341.


Labor Market Dynamics: a Time-varying Analysis, with Haroon Mumtaz, Oxford Bulletin of Economics and Statistics 77 (June 2015): 319-338 (lead article).


Factor Adjustment Costs: a Structural Investigation, with Haroon Mumtaz, Journal of Economic Dynamics and Control 51 (February 2015): 341-355.


Housing and Relative Risk Aversion, Economics Letters 123 (April 2014): 23-25.


Flexible Prices, Labor Market Frictions and the Response of Employment to Technology Shocks, with Federico Mandelman, Labour Economics 26 (January 2014): 94-102.


The Impact of the Volatility of Monetary Policy Shocks, with Haroon Mumtaz, Journal of Money, Credit, and Banking 45 (June 2013): 535-558 (lead article).


Wage Rigidities in an Estimated DSGE Model of the UK Labor Market, with Renato Faccini and Steve Millard, Manchester School 81 (September 2013): 66-99.


Labor Markets and the Friedman Rule, Central Bank Review 13 (May 2013): 59-78.


The Laffer Curve in a Frictional Labor Market, The B.E. Journal of Macroeconomics 12 (September 2012): Issue 1.


Neutral Technology Shocks and the Dynamics of Labor Input: Results from an Agnostic Identification, with Haroon Mumtaz, International Economic Review 53 (February 2012): 235-254. Appendix (pdf).


Banking and the Role of Money in the Business Cycle, Journal of Macroeconomics 34 (March 2012): 87-94.


Labor Policy Instruments and the Cyclical Behavior of Vacancies and Unemployment, Economica 78 (October 2011): 779–787.


Labor Market Institutions and Aggregate Fluctuations in a Search and Matching Model, European Economic Review 55 (June 2011): 644-658.


Labor Market Reform and Price Stability: an Application to the Euro Area, with Carlos Thomas, Journal of Monetary Economics 56 (September 2009): 885-899.


Effects of Product and Labor Market Regulation on Macroeconomic Outcomes, Journal of Macroeconomics 31 (June 2009): 320-332.


Labor and Investment Frictions in a Real Business Cycle Model, Journal of Economic Dynamics and Control 32 (October 2008): 3294-3314.


The Advantage of Tying One’s Hands: Revisited, with Mirco Soffritti, International Journal of Finance and Economics 13 (April 2008): 135-149.


A Non-Walrasian Labor Market in a Monetary Model of the Business Cycle, Journal of Economic Dynamics and Control 31 (July 2007): 2413-2437.


Labor Market Frictions, Indeterminacy and Interest Rate Rules, Journal of Money, Credit, and Banking 38 (October 2006): 1959-1969.


Labor Market Frictions into Staggered Wage Contracts, Economics Bulletin 13 (October 2006): 1-7.





The Effect of News Shocks and Monetary Policy, with Christoph Gortz, Luca Gambetti, Dimitiris Korobilis, and John D. Tsoukalas, Advances in Econometrics, Volume in honor of Fabio Canova.


Vintage Article: The Effect of Monetary Policy Shocks in the United Kingdom: an External Instruments Approach, with Christoph Gortz, John Tsoukalas, and Wei Li, Macroeconomic Dynamics, vintage article, forthcoming.


Labour Market and Monetary Policy Reforms in the UK: a Structural Interpretation of the Implications, (eds, Chadha, J, Chrystal, A, Pearlman, J, Smith, P and Wright, S), The Causes and Consequences of the Long UK Expansion: 1992 to 2007, Cambridge University Press, 2016.


Prototype, Micro-founded, DSGE Models in Scilab, CCBS Technical Handbooks Series n. 3, June 2010.


Estimating General Equilibrium Models: an Application with Labor Market Frictions, with Federico Mandelman, CCBS Technical Handbooks Series n. 1, October 2008.