Research
WORKIN 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 - forthcoming)
“Effects of different financial frictions on households”
This study examines how different types of financial frictions influence household wealth and consumption inequality in response to a contractionary monetary policy shock. The analysis considers two key frictions: those affecting production firms and those related to household borrowing, both incorporated into a HANK model. The results suggest that frictions in the productive sector have a stronger impact on wealth inequality, whereas frictions in household borrowing lead to greater consumption dispersion relative to the counterfactual scenario. This divergence primarily arises from dynamics around the zero-wealth threshold, particularly the behavior of the household borrowing spread.
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
Draft coming soon!