Massimiliano Pisani

Bank of Italy

Via Nazionale 91

Rome, 00184

Italy

SCHOLARLY PAPERS

43

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Top 21,126

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2,867

SSRN CITATIONS
Rank 753

SSRN RANKINGS

Top 753

in Total Papers Citations

695

CROSSREF CITATIONS

734

Scholarly Papers (43)

1.

Risk-Adjusted Forecasts of Oil Prices

Bank of Italy Economic Research Paper No. 585, ECB Working Paper No. 999
Number of pages: 38 Posted: 12 May 2006
Patrizio Pagano and Massimiliano Pisani
Bank of Italy and Bank of Italy
Downloads 266 (140,040)
Citation 30

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Oil, Forecasting, Futures

2.

Macroeconomic Effects of China’s Fiscal Stimulus

IDB Working Paper No. 72
Number of pages: 28 Posted: 25 Apr 2011
Pietro Cova, Massimiliano Pisani and Alessandro Rebucci
Bank of Italy, Bank of Italy and Johns Hopkins University - Carey Business School
Downloads 219 (169,210)
Citation 7

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3.
Downloads 167 (215,842)
Citation 2

New Shocks, Exchange Rates and Equity Prices

IMF Working Paper No. 08/284
Number of pages: 38 Posted: 18 Dec 2008
Akito Matsumoto, Pietro Cova, Massimiliano Pisani and Alessandro Rebucci
International Monetary Fund (IMF), Bank of Italy, Bank of Italy and Johns Hopkins University - Carey Business School
Downloads 85 (355,675)

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Working Paper

News Shocks and Asset Price Volatility in General Equilibrium

IDB Working Paper No. IDB-WP-252
Number of pages: 38 Posted: 15 Aug 2011
Akito Matsumoto, Pietro Cova, Massimiliano Pisani and Alessandro Rebucci
International Monetary Fund (IMF), Bank of Italy, Bank of Italy and Johns Hopkins University - Carey Business School
Downloads 45 (493,327)
Citation 2

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New Shocks and Asset Price Volatility in General Equilibrium

IMF Working Paper No. 11/110
Number of pages: 35 Posted: 20 May 2011
Akito Matsumoto, Pietro Cova, Massimiliano Pisani and Alessandro Rebucci
International Monetary Fund (IMF), Bank of Italy, Bank of Italy and Johns Hopkins University - Carey Business School
Downloads 37 (532,217)

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Asset prices, Business cycles, Economic models, External shocks, Monetary policy, Productivity, Stock prices

4.

Competitiveness and External Imbalances within the Euro Area

ECB Occasional Paper No. 139
Number of pages: 76 Posted: 09 Feb 2013
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Bank of Lithuania, Deutsche Bundesbank, Bank of Greece, Independent, Banco de España, Banque de France, Banque de France, Bank of Italy, Independent, Central Bank of Malta - Modelling and Research Office, Bank of Latvia, National Bank of Poland, Bank of Portugal, Magyar Nemzeti Bank and Independent
Downloads 148 (238,698)

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competitiveness, trade, open economy, Euro area, macro models, simulations

5.

Comparing Fiscal Multipliers Across Models and Countries in Europe

ECB Working Paper No. 1760
Number of pages: 48 Posted: 12 Mar 2015
Bank of Finland - Research, Bank of Italy, European Central Bank (ECB), Sveriges Riksbank - Monetary Policy, Czech National Bank, Goethe University Frankfurt, Banco de España, Bank of Portugal, Bank of Estonia, Banque de France, Central Bank of Ireland, Sveriges Riksbank, Bank of Portugal, Central Bank of Malta - Modelling and Research Office, Bank of Greece, Czech National Bank (CNB), Bank of Greece, Banco de España and Facultés Universitaires Notre-Dame de la Paix (FUNDP) - Faculty of Economics, Management and Social Sciences
Downloads 144 (244,217)
Citation 1

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fiscal policy, output multipliers, model comparison, zero lower bound

6.

The Macroeconomics of Fiscal Consolidations in a Monetary Union: The Case of Italy

Bank of Italy Temi di Discussione (Working Paper) No. 747
Number of pages: 51 Posted: 01 Sep 2010
Lorenzo Forni, Andrea Gerali and Massimiliano Pisani
International Monetary Fund (IMF), Bank of Italy and Bank of Italy
Downloads 144 (244,217)
Citation 192

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Fiscal Consolidation, Monetary Union, Distortionary Taxation, General Equilibrium Models

7.

Oil Supply News in a VAR: Information from Financial Markets

Bank of Italy Temi di Discussione (Working Paper) No. 632
Number of pages: 36 Posted: 07 Aug 2007
Patrizio Pagano, Alessio Anzuini and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 139 (251,266)
Citation 28

Abstract:

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vector autoregression, oil shock, futures, news

8.

Potential Output in DSGE Models

ECB Working Paper No. 1351
Number of pages: 49 Posted: 07 Jun 2011
Bank of Lithuania, Czech National Bank, Sveriges Riksbank, affiliation not provided to SSRN and Bank of Italy
Downloads 107 (304,233)
Citation 5

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potential output, simulation and forecasting models, monetary policy

9.

Real Exchange Rate Volatility and Disconnect: An Empirical Investigation

Bank of Italy Temi di Discussione Working Paper No. 660
Number of pages: 55 Posted: 20 Jun 2008
Riccardo Cristadoro, Andrea Gerali, Stefano Neri and Massimiliano Pisani
Bank of Italy, Bank of Italy, Bank of Italy and Bank of Italy
Downloads 97 (324,538)
Citation 23

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International business cycle, Exchange rate volatility, Exchange rate pass-through, International transmission

10.

Global Imbalances: The Role of Non-Tradable Total Factor Productivity in Advanced Economies

IMF Working Paper No. 09/63
Number of pages: 41 Posted: 29 Mar 2009
Pietro Cova, Massimiliano Pisani, Nicoletta Batini and Alessandro Rebucci
Bank of Italy, Bank of Italy, International Monetary Fund (IMF) and Johns Hopkins University - Carey Business School
Downloads 96 (326,697)

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Payments imbalances, United States, European Union, Japan, Developed countries, Productivity, Balance of trade, Economic models, Time series, Cross country analysis

11.
Downloads 90 (340,390)
Citation 7

Global Imbalances: The Role of Emerging Asia

IMF Working Paper No. 09/64
Number of pages: 42 Posted: 29 Mar 2009
Pietro Cova, Massimiliano Pisani and Alessandro Rebucci
Bank of Italy, Bank of Italy and Johns Hopkins University - Carey Business School
Downloads 87 (350,568)

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Payments imbalances, Asia, Emerging markets, International trade, Productivity, Demand, Balance of payments deficits, Foreign exchange reserves, Economic models, Cross country analysis

Global Imbalances: The Role of Emerging Asia

Review of International Economics, Vol. 17, Issue 4, pp. 716-733, September 2009
Number of pages: 18 Posted: 15 Oct 2009
Pietro Cova, Massimiliano Pisani and Alessandro Rebucci
Bank of Italy, Bank of Italy and Johns Hopkins University - Carey Business School
Downloads 3 (780,744)
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Structural Reforms and Macroeconomic Performance in the Euro Area Countries: A Model-Based Assessment

Bank of Italy Temi di Discussione (Working Paper) No. 830
Number of pages: 59 Posted: 14 Feb 2012
Sandra Gomes, Pascal Jacquinot, Matthias F. Mohr and Massimiliano Pisani
Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB) and Bank of Italy
Downloads 48 (479,982)
Citation 14

Abstract:

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economic policy, structural reforms, dynamic general equilibrium modeling, competition, markups

Structural Reforms and Macroeconomic Performance in the Euro Area Countries: A Model-Based Assessment

ECB Working Paper No. 1323
Number of pages: 54 Posted: 13 Apr 2011
Sandra Gomes, Pascal Jacquinot, Matthias F. Mohr and Massimiliano Pisani
Bank of Portugal, European Central Bank (ECB), European Central Bank (ECB) and Bank of Italy
Downloads 39 (522,036)

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Economic policy, structural reforms, dynamic general equilibrium modeling, competition, markups, monetary policy

The EAGLE: A Model for Policy Analysis of Macroeconomic Interdependence in the Euro Area

Bank of Italy Temi di Discussione (Working Paper) No. 770
Number of pages: 99 Posted: 20 Mar 2011
Sandra Gomes, Pascal Jacquinot and Massimiliano Pisani
Bank of Portugal, European Central Bank (ECB) and Bank of Italy
Downloads 46 (488,755)
Citation 90

Abstract:

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Open-economy macroeconomics, DSGE models, econometric models, policy analysis

The EAGLE: A Model for Policy Analysis of Macroeconomic Interdependence in the Euro Area

ECB Working Paper No. 1195
Number of pages: 96 Posted: 25 May 2010
Sandra Gomes, Pascal Jacquinot and Massimiliano Pisani
Bank of Portugal, European Central Bank (ECB) and Bank of Italy
Downloads 40 (517,101)

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Open-Economy Macroeconomics, DSGE Models, Econometric Models, Policy Analysis

14.

What Will Brexit Mean for the British and Euro-Area Economies? A Model-Based Assessment of Trade Regimes

Bank of Italy Temi di Discussione (Working Paper) No. 1163
Number of pages: 65 Posted: 22 Feb 2018
Massimiliano Pisani and Filippo Vergara Caffarelli
Bank of Italy and Bank of Italy
Downloads 80 (365,495)
Citation 25

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Brexit, DSGE models, tariffs

15.

Macroeconomic Effects of Greater Competition in the Service Sector: The Case of Italy

Bank of Italy Temi di Discussione (Working Paper) No. 706
Number of pages: 44 Posted: 28 Apr 2009
Lorenzo Forni, Andrea Gerali and Massimiliano Pisani
International Monetary Fund (IMF), Bank of Italy and Bank of Italy
Downloads 71 (390,949)
Citation 4

Abstract:

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competition, general equilibrium models, markups, monetary policy

16.

Medium-Term Forecasting of Euro-Area Macroeconomic Variables with DSGE and BVARX Models

Bank of Italy Occasional Paper No. 257
Number of pages: 21 Posted: 18 Apr 2015
European Central Bank (ECB), Bank of Italy, Bank of Italy and Bank of Italy
Downloads 59 (429,948)

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forecasting, DSGE, BVARX, euro area

17.

Foreign Exchange Reserve Diversification and the 'Exorbitant Privilege'

Bank of Italy Temi di Discussione (Working Paper) No. 964
Number of pages: 61 Posted: 18 Nov 2014
Pietro Cova, Patrizio Pagano and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 56 (440,750)
Citation 24

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global imbalances, global currency, dynamic general equilibrium modelling

18.

Macroeconomic Effects of Non-Standard Monetary Policy Measures in the Euro Area: The Role of Corporate Bond Purchases

Bank of Italy Temi di Discussione (Working Paper) No. 1136
Number of pages: 50 Posted: 12 Oct 2017
Bank of Italy, European Central Bank (ECB), Bank of Italy and Bank of Italy
Downloads 54 (448,135)
Citation 18

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DSGE models, financial frictions, open-economy macroeconomics, non-standard monetary policy, corporate bonds, forward guidance, euro area

19.

Euro Area and Global Oil Shocks: An Empirical Model-Based Analysis

Bank of Italy Temi di Discussione (Working Paper) No. 873
Number of pages: 61 Posted: 02 Oct 2012
International Monetary Fund (IMF), Bank of Italy, Bank of Italy and Bank of Italy
Downloads 53 (451,900)
Citation 29

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oil shocks, DSGE modelling, open-economy macroeconomics, Bayesian inference, euro area

20.

Domestic and International Macroeconomic Effects of the Eurosystem Expanded Asset Purchase Programme

Bank of Italy Temi di Discussione (Working Paper) No. 1036
Number of pages: 70 Posted: 12 Feb 2016
Pietro Cova, Patrizio Pagano and Massimiliano Pisani
Bank of Italy, World Bank and Bank of Italy
Downloads 51 (459,479)
Citation 130

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DSGE models, open-economy macroeconomics, non-standard monetary policy, zero lower bound

21.

EAGLE-FLI: A Macroeconomic Model of Banking and Financial Interdependence in the Euro Area

ECB Working Paper No. 1923
Number of pages: 65 Posted: 19 Jun 2016
University of St. Andrews - Centre for Dynamic Macroeconomic Analysis (CDMA), Bank of Italy, Bank of Portugal, European Central Bank (ECB) and Bank of Italy
Downloads 50 (463,554)

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banks, DSGE models, econometric models, financial frictions, open-economy, macroeconomics, policy analysis

22.

Global Macroeconomic Effects of Exiting from Unconventional Monetary Policy

Bank of Italy Temi di Discussione (Working Paper) No. 1078
Number of pages: 56 Posted: 11 Jan 2017
Pietro Cova, Patrizio Pagano and Massimiliano Pisani
Bank of Italy, World Bank and Bank of Italy
Downloads 45 (484,091)
Citation 18

Abstract:

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DSGE models, open-economy macroeconomics, non-standard monetary policy, zero lower bound

23.

Banks’ Balance Sheets and the Macroeconomy in the Bank of Italy Quarterly Model

Bank of Italy Occasional Paper No. 135
Number of pages: 34 Posted: 17 Nov 2012
Bank of Italy, European Central Bank, Bank of Italy and Bank of Italy
Downloads 42 (497,204)
Citation 1

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bank regulatory capital, loan interest rates, Italian economy

24.

Structural Reforms and Zero Lower Bound in a Monetary Union

Bank of Italy Temi di Discussione (Working Paper) No. 1002
Number of pages: 46 Posted: 24 Apr 2015
Andrea Gerali, Alessandro Notarpietro and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 41 (501,758)
Citation 28

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competition, markups, monetary policy, zero lower bound

25.

Non-Standard Monetary Policy, Asset Prices and Macroprudential Policy in a Monetary Union

Bank of Italy Temi di Discussione (Working Paper) No. 1089
Number of pages: 70 Posted: 09 Feb 2017
European Central Bank (ECB), Bank of Italy, Bank of Italy and Bank of Italy
Downloads 38 (515,709)
Citation 113

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DSGE models, open-economy macroeconomics, non-standard monetary policy, zero lower bound, macroprudential policy

26.

Secular Stagnation, R&D, Public Investment and Monetary Policy: A Global-Model Perspective

Bank of Italy Temi di Discussione (Working Paper) No. 1156
Number of pages: 56 Posted: 08 Dec 2017
Bank of Italy, World Bank, Bank of Italy and Bank of Italy
Downloads 36 (525,441)
Citation 77

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DSGE models, secular stagnation, open-economy macroeconomics, public investment, monetary policy

27.

Fiscal Devaluation in the Euro Area: A Model-Based Analysis

ECB Working Paper No. 1725
Number of pages: 39 Posted: 23 Aug 2014
Sandra Gomes, Pascal Jacquinot and Massimiliano Pisani
Bank of Portugal, European Central Bank (ECB) and Bank of Italy
Downloads 35 (530,555)
Citation 3

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fiscal devaluation, trade deficit, dynamic general equilibrium modeling

28.

Public Investment and Monetary Policy Stance in the Euro Area

Bank of Italy Temi di Discussione (Working Paper) No. 1150
Number of pages: 58 Posted: 08 Dec 2017
European Central Bank (ECB), Bank of Italy, Bank of Italy and Bank of Italy
Downloads 34 (535,630)
Citation 12

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public investment, fiscal policy, monetary policy, euro area

29.

Sovereign Risk, Monetary Policy and Fiscal Multipliers: A Structural Model-Based Assessment

Bank of Italy Temi di Discussione (Working Paper) No. 943
Number of pages: 68 Posted: 15 Mar 2014
Alberto Locarno, Alessandro Notarpietro and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 34 (535,630)
Citation 28

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fiscal multiplier, monetary policy, zero lower bound, sovereign risk

30.

Macroeconomic Effects of Sovereign Restructuring in a Monetary Union: A Model-Based Approach

IMF Working Paper No. 13/269
Number of pages: 43 Posted: 29 Jan 2014
Lorenzo Forni and Massimiliano Pisani
International Monetary Fund (IMF) and Bank of Italy
Downloads 33 (540,913)

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Sovereign debt, Monetary unions, Public debt, Debt restructuring, Fiscal consolidation, Fiscal policy, Economic models, DSGE modeling, sovereign restructuring, intermediate goods, elasticity of substitution, tradable goods, domestic firms, investment goods, perfect competition, domestic consumption, open economy, nontradable goods, nominal interest rate, imported intermediate, aggregate demand, export market, output growth, equilibrium model, imperfect competition, imported goods, international trade, gross exports, market segmentation, domestic market, closed economy, domestic economy, competitive markets, price stability

31.

EAGLE-FLI. A Macroeconomic Model of Banking and Financial Interdependence in the Euro Area

Bank of Italy Temi di Discussione (Working Paper) No. 1064
Number of pages: 67 Posted: 26 Oct 2016
European Central Bank (ECB), Bank of Italy, Bank of Portugal, European Central Bank (ECB) and Bank of Italy
Downloads 31 (551,497)
Citation 19

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banks, DSGE models, econometric models, financial frictions, open-economy macroeconomics, policy analysis

32.

Macroeconomic Effects of Precautionary Demand for Oil

Bank of Italy Temi di Discussione (Working Paper) No. 918
Number of pages: 32 Posted: 12 Jul 2013
Alessio Anzuini, Patrizio Pagano and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 31 (551,497)
Citation 28

Abstract:

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vector autoregression, oil shock, futures, news

33.

Macroeconomic Effectiveness of Non-Standard Monetary Policy and Early Exit. A Model-Based Evaluation

Bank of Italy Temi di Discussione (Working Paper) No. 1074
Number of pages: 50 Posted: 10 Nov 2016
European Central Bank (ECB), Bank of Italy, Bank of Italy and Bank of Italy
Downloads 27 (574,790)
Citation 35

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DSGE models, open-economy macroeconomics, non-standard monetary policy, zero lower bound

34.

Macroeconomic Effects of Simultaneous Implementation of Reforms after the Crisis

Bank of Italy Temi di Discussione (Working Paper) No. 997
Number of pages: 65 Posted: 28 Feb 2015
Andrea Gerali, Alessandro Notarpietro and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 27 (574,790)
Citation 43

Abstract:

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competition, fiscal policy, markups, monetary policy, public debt, spread

35.

Labour Tax Reforms, Cross-Country Coordination and the Monetary Policy Stance in the Euro Area: A Structural Model-Based Approach

ECB Working Paper No. 2127
Number of pages: 83 Posted: 02 Feb 2018
Pascal Jacquinot, Matija Lozej and Massimiliano Pisani
European Central Bank (ECB), Central Bank of Ireland and Bank of Italy
Downloads 25 (587,424)
Citation 1

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DSGE models, labour taxes, unemployment, monetary union, open-economy macroeconomics

36.

Inflation, Financial Conditions and Non-Standard Monetary Policy in a Monetary Union. A Model-Based Evaluation

Bank of Italy Temi di Discussione (Working Paper) No. 1015
Number of pages: 56 Posted: 19 Aug 2015
European Central Bank (ECB), Bank of Italy, Bank of Italy and Bank of Italy
Downloads 25 (587,424)
Citation 26

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DSGE models, financial frictions, open-economy macroeconomics, non-standard monetary policy, zero lower bound

37.

Macroeconomic Effects of an Open-ended Asset Purchase Programme

Bank of Italy Temi di Discussione (Working Paper) No. 1185, July 2018
Number of pages: 43 Posted: 09 Jul 2019
Lorenzo Burlon, Alessandro Notarpietro and Massimiliano Pisani
European Central Bank (ECB), Bank of Italy and Bank of Italy
Downloads 22 (607,282)
Citation 69

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central bank communication, open-ended announcement, non-standard monetary policy, DSGE models, open-economy macroeconomics, euro area

38.

Every Cloud Has a Silver Lining. The Sovereign Crisis and Italian Potential Output

Bank of Italy Temi di Discussione (Working Paper) No. 1010
Number of pages: 46 Posted: 19 Aug 2015
Bank of Italy, Bank of Italy, Bank of Italy and Bank of Italy
Downloads 22 (607,282)
Citation 102

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sovereign risk, fiscal policy, potential output

39.

Monetary Policy Strategies in the New Normal: A Model-Based Analysis for the Euro Area

Bank of Italy Temi di Discussione (Working Paper) No. 1308
Number of pages: 49 Posted: 14 Apr 2021
Bank of Italy, Bank of Italy, Bank of Italy and Bank of Italy
Downloads 18 (641,558)

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monetary policy, natural interest rate, effective lower bound

40.

The COVID-19 Shock and a Fiscal-Monetary Policy Mix in a Monetary Union

Bank of Italy Temi di Discussione (Working Paper) No. 1313
Number of pages: 61 Posted: 14 Apr 2021
Anna Bartocci, Alessandro Notarpietro and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 16 (648,645)

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monetary policy, fiscal policy, effective lower bound

41.

Exchange Rate Pass-Through into Euro Area Inflation. An Estimated Structural Model

Bank of Italy Temi di Discussione (Working Paper) No. 1192, September 2018
Number of pages: 65 Posted: 09 Jul 2019
Lorenzo Burlon, Alessandro Notarpietro and Massimiliano Pisani
European Central Bank (ECB), Bank of Italy and Bank of Italy
Downloads 14 (663,259)
Citation 15

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exchange rate, import prices, pass-through, monetary policy, euro area

42.

Protectionism and the Effective Lower Bound in the Euro Area

Bank of Italy Temi di Discussione (Working Paper) No. 1286
Number of pages: 43 Posted: 25 Aug 2020
Pietro Cova, Alessandro Notarpietro and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 7 (716,325)
Citation 13

Abstract:

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euro area, inflation, tariffs, effective lower bound, DSGE models

43.

Structural Reforms, Investment and Zero Lower Bound in a Monetary Union

The Manchester School, Vol. 83, pp. 120-139, 2015
Number of pages: 20 Posted: 27 Aug 2015
Andrea Gerali, Alessandro Notarpietro and Massimiliano Pisani
Bank of Italy, Bank of Italy and Bank of Italy
Downloads 0 (786,335)
Citation 4
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