Current Working Papers

Competition and Innovation in the Financial Sector: Evidence from the Rise of FinTech Start-Ups, with D. Caragea, T. Cojoianu, M. Dobri, A. G. F. Hoepner, and O. Peia, SSRN. (Updated: July 2022)
[Working Paper Version]

Disagreement inside the FOMC: New Insights from Tone Analysis, with H. Bennani, Trinity Economics Papers Working Paper No. 1021. (September 2021)
[Working Paper Version]

Monetary Policy, Twitter and Financial Markets: Evidence from Social Media Traffic, with D. Masciandaro and G. Rubera, BAFFI CAREFIN Centre Research Paper No. 2021-160. (Updated: March 2021)
[Working Paper Version] [Media coverage: SUERF Policy Note, Issue No 147]

Do Women Matter in Monetary Policy Boards?, with D. Masciandaro and P. Profeta, BAFFI CAREFIN Centre Research Paper No. 2020-148. (Updated: September 2020)
[Working Paper Version[Media coverage: Banque de France Blog; Les Echos (French);  IMF Finance & Development; Live Mint; VoxEU; Vox TalksWall Street JournalWorld Economic Forum]

Beyond the Central Bank Independence Veil: New Evidence, with D. Masciandaro, BAFFI CAREFIN Centre Research Paper No. 2018-71, 2018.
[Working Paper Version]


Central Bank Communication and Social Media: From Silence to Twitter, with D. Masciandaro and O. Peia, Journal of Economic Surveys, 2023.
[Article – Open access] [Media coverage: Il Sole 24 Ore; SUERF Policy Brief; VoxEU]

The political economy of reforms in central bank design: evidence from a new dataset, Economic Policy, 2022.
[Article – Open access] [Presentation @74th Economic Policy Panel Meeting] [Slides] [Media coverage: Economic Policy Blog; Institutional Money (German); LSE Business Review; SUERF Policy Brief] [Replication data: Harvard Dataverse]

Did financial frictions stifle R&D investment in Europe during the great recession?, with O. Peia, Journal of International Money and Finance, 2022, 120: 102263.
[Article – Open access]

Political Voice on Monetary Policy: Evidence from the Parliamentary Hearings of the European Central Bank, with F.M. Ferrara, D. Masciandaro and M. Moschella, European Journal of Political Economy, 2022, 74: 102143.
[Article] [Working Paper Version] [Data and Programs] [Media coverage: SUERF Policy Brief, Issue No 248, VoxEU]

Banking supervision and external auditors: Theory and empirics, with D. Masciandaro and Oana Peia, Journal of Financial Stability, 2020, 46: 100722.
[Article] [Working Paper Version]

Current account and real exchange rate changes: The impact of trade openness, with Cristina Terra and Enrico Vasconcelos, European Economic Review, 2018, 105: 135-158.
[Article] [Working Paper Version]

Central Bankers as Supervisors: Do Crises Matter?, with D. Masciandaro, European Journal of Political Economy, 2018, 52: 120-140.
Article] [Working Paper Version] [Slides] [Media coverage: VoxEU]

Appointments to Central Bank Boards: Does Gender Matter?, with Patricia Charlety and Estefania Santacreu-Vasut, Economics Letters, 2017, 155: 59–61.
[Article] [Working Paper Version] [Media coverage: ESSEC KnowledgeThe Conversation (French)The Council Community]

Ups and Downs. Central Bank Independence from the Great Inflation to the Great Recession: Theory, Institutions and Empirics, with D. Masciandaro, Financial History Review, 2015, 22(03): 259–289.
[Article] [Working Paper Version] [Media coverage: Forsal (Polish)
Obserwator finansowy (Polish); VoxEU]

Dynamic Central Bank Independence Indices and Inflation Rate: A New Empirical Exploration, with Marco Arnone, Journal of Financial Stability, 2013, 9(3): 385–398.
[Article] [Working Paper Version] [Data]


Currency Unions, with Patrick Honohan and Fadi Hassan, Edward Elgar Publishing, 2020.

Book Chapters

Twin Peaks and Central Banks, with D. Masciandaro. In “The Cambridge Handbook of Twin Peaks Financial Regulation”, edited by A. Godwin and A. Schmulow, Cambridge University Press, 2021.

Economics of European Monetary Integration, with D. Masciandaro. In “EU Law of Economic & Monetary Union”, edited by F. Amtenbrink and C. Herrmann, Oxford University Press, 2020.

Peaks and Troughs: Economics and Political Economy of Central Bank Independence Cycles, with D. Masciandaro. In “The Economics of Central Banking”, edited by D. Mayes, P. Siklos and J.E. Strum, Oxford University Press Handbooks in Economics, 2019.
[Working Paper Version]

From Silence to Voice: Monetary Policy, Central Bank Governance and Communication, with D. Masciandaro. “Central Banking and Monetary Policy: what will be the post-crisis new normal?”, edited by E. Gnan and D. Masciandaro, Lancier, 2016.
[Book] [Working Paper Version]

Other Publications

ECB communication and its post-pandemic challenges with M. Moschella. Monetary Dialogue Papers, February 2022.

Central Bank Reforms and Institutions with O. Peia. ifo DICE Report 1/2019, April 2019.

central bank independence data, CBI data, banking supervision