Francesco Zanetti


Research Papers




Agreed and Disagreed Uncertainty, with Luca Gambetti, Dimitris Korobilis and John D. Tsoukalas.


Search Complementarities, Aggregate Fluctuations and Fiscal Policy, with Jesus Fernandez-Villaverde, Federico Mandelman, and Yang Yu, R&R Review of Economic Studies, (old version, February 2021).


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





Testing the Effectiveness of Unconventional Monetary Policy in Japan and the United States, with Daisuke Ikeda, Shangshang Li, and Sophocles Mavroeidis, American Economic Journal: Macroeconomics, (old version, May 2021), conditionally accepted.


State Dependence of Fiscal Multipliers: the Source of Fluctuations Matters, with Mishel Ghassibe, Journal of Monetary Economics, 132 (November 2022): 1-23 (lead article). (old version, December 2020). 2023 Journal of Monetary Economics Best Paper Award conferred biannually by the Editors.


News Shocks under Financial Frictions, with Christoph Gortz, and John Tsoukalas, American Economic Journal: Macroeconomics, 14 (October 2022): 210-243.


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. (old version, August 2018; Appendix)


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.