Research
WORKING PAPER
“Does the Financial Accelerator accelerate inequalities?”
[CefES-DEMS WPS (2024)] [New Draft (2025)] [Cite]
This study investigates the redistribution effects of a contractionary conventional monetary policy shock on households within a HANK framework that incorporates financial frictions in the production sector of the economy. The findings reveal that the financial accelerator also acts as an “inequality accelerator,” indicating that the financial structure of productive firms plays an important role in shaping the distribution of wealth and consumption among households. Additionally, I show that financial frictions amplify wealth changes not only withinhouseholds but also across household types, namely workers and rentiers.
Presented at: Unimib PhD macro presentations (Milan, 2023), Unibs economics seminar (Brescia, 2023), International EPOC Doctoral Workshop (Venice, 2024), Unicatt Macro Lunch Seminar (Milan, 2024), XXV Conference on International Economics (Alicante, 2024), CEPET Workshop (Udine, 2024), EPOC International Conference (Milan, 2024), Sapienza Macro Workshop (Rome, 2024), 5th Sailing the Macro Workshop (Ortigia, 2025), Unisa Research Seminar (Salerno, 2025)
“Uneven Frictions, Uneven Households: The Inequality Trade-off of Monetary Policy”
(Formerly titled “Effects of different financial frictions on households”)
[Sapienza WPS (2025)] [New Draft (2026)] [Cite]
Does the location of financial frictions significantly change the distributional consequences of monetary policy? Using a HANK model, I compare transmission under firm-side and household-side financial accelerators. I document a state-dependent trade-off: while firm-side frictions amplify wealth inequality by depressing labor income, household-side frictions generate a significantly larger spike in consumption inequality. This divergence is driven by the behavior of the household borrowing spread and its impact on agents near the zero-wealth threshold. Under firm frictions, households use credit to smooth indirect income shocks; under household frictions, rising spreads directly choke off liquidity, trapping a larger share of agents in hand-to-mouth status. These findings highlight that the ``inequality cost” of monetary policy depends critically on the specific origin of credit market stress
Presented at: II Milan PhD Economics Workshop (Milan, 2024), Sapienza Macro Workshop (Rome, 2025)
WORK IN PROGRESS
“A Behavioral Attention Channel in Inflation Expectations”
with Giovanni Di Bartolomeo and Carolina Serpieri
Presented at: Unicatt Macro Lunch Seminar (Milan, 2025), ASSET annual meeting* (Rabat, 2025), IV WINTER Workshop (Granada, 2025), Unimib Relunch Seminar, (Milan, 2025)
(*Presented by co-author)
Draft coming soon!