Working Papers

First Draft [ArXiv]

We propose a novel deep neural net framework -- that we refer to as Deep Dynamic Factor Model (D2FM) --, to encode the information available, from hundreds of macroeconomic and...

Accepted at the Review of Economics and Statistics

Slides ECB-Cleveland Inflation Conference (May 2020) [PDF

New Draft (June 2020) [PDF], CEPR Discussion Paper [Link]

A view often expressed by...

New Draft (Apr 2020) [PDF] and slides [PDF]

This paper discusses conditions for identification of structural shocks with external instruments in VARs, under partial invertibility. This is a very...

Working Paper [PDF] Online Appendix [PDF]

This paper studies the transmission of US monetary shocks across the globe by employing a high-frequency identification of policy shocks and large VAR tech...

Prepared for the Spring 2020 edition of the Brookings Papers on Economic Activity [Link]

Slides [PDF] Conference Draft [PDF]

This paper empirically evaluates the potentially non-linear nexus between...

Slides for the 5th Annual Macroprudential Conference: Macroprudential, June 2019 in Eltville [PDF]

Working Paper [PDF]

We evaluate whether financial conditions can be used to predict risks of r...

Slides [PDF]

Central banks’ decisions are a function of forecasts of macroeconomic fundamentals. Because private sector forecasts may not be aligned to central banks’ forecasts, what markets labe...

June 28, 2016

Download [PDF] [ECB wp Series]

Abstract: Can discretionary increases in government spending stimulate the economy? We answer this question by taking into account both the information flow on fiscal...

Download [PDF] [European Commission Discussion Paper]

Abstract:  This paper studies the joint dynamics of public debt and public deficit in the euro area for the period 1981-2013 and compute proje...

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December 15, 2018

Slides [PDF]

Discussion Slides for Corsetti, Lafarguette, Mehl – ‘Fast Trading and the Virtue of Entropy: Evidence from the Foreign Exchange Market', prepared for the 8th Workshop on Exchange rates at Banque de France, Paris 14 December 2018.

September 17, 2018

Slides [PDF]

Discussion Slides: Cieslak and Schrimpf - `Non Monetary News in Central Bank Communication', prepared for the Bank of Canada Central Bank Communications Conference, Ottawa 13-14 September 2018.

July 1, 2018

Slides [PDF]

Discussion Slides: Inoue, Rossi - ‘The Effects of Conventional and Unconventional Monetary Policy on Exchange Rates’, prepared for the NBER International Seminar on Macroeconomics, Dublin 29-30 June 2018.

May 28, 2018


Discussion slides for the paper by Uzeda - `The Effects of Monetary Policy on Trend Inflation', prepared for the XX Annual Inflation Targeting Conference at the Banco Central do Brasil, Rio de Janeiro on 23 May 2018 [PDF].

September 16, 2017

Discussion slides for the paper by Corsetti, Dedola and Trezzi - ‘The Missing Internal Devaluation’, prepared for the Conference on Housing, Housing Credit, and the Macroeconomy, London, 15 September 2017 [PDF].

July 3, 2017

Discussion slides of the paper of Kevin J. Lansing (S. Francisco Fed), "Endogenous Regime Shifts in a New Keynesian Model with a Time-Varying Natural Rate of Interest", prepared for the Conference on the Applications of Behavioural Economics, and Multiple Equilibrium M...

June 28, 2016

Discussion slides of the paper of Dedola, Rivolta, Stracca "If the Fed sneezes, who catches a cold?", prepared for the NBER International Seminar on Macroeconomics, Sofia, Bulgaria 24-25 June 2016 [PDF]

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© 2018 by Giovanni Ricco.

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