{"id":1681,"date":"2007-01-15T18:25:11","date_gmt":"2007-01-15T11:25:11","guid":{"rendered":"http:\/\/docenti.luiss.it\/benigno\/publications\/"},"modified":"2026-06-27T16:22:49","modified_gmt":"2026-06-27T15:22:49","slug":"publications","status":"publish","type":"page","link":"https:\/\/benigno.ch\/index.php\/home\/research\/publications\/","title":{"rendered":"Publications"},"content":{"rendered":"\n<p>\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2026\/06\/Managing_Monetary_Policy_Normalization_Revision-2.pdf\"><span style=\"color: #0d86ba;\">Managing Monetary Policy Normalization<\/span><\/a>,&#8221; <em>The Economic Journal<\/em><\/span>, forthcoming.<\/span> (with <a href=\"https:\/\/sites.google.com\/view\/gianlucabenigno\"><span style=\"color: #0d86ba;\">Gianluca Benigno<\/span><\/a>) Replication package available <a href=\"https:\/\/zenodo.org\/records\/20846127\"><span style=\"color: #0d86ba;\">here<\/span><\/a><\/p>\n\n\n<p>\u00b7\u201c<a href=\"https:\/\/doi.org\/10.1016\/j.jmoneco.2025.103768\" target=\"_blank\" rel=\"noreferrer noopener\"><span style=\"color: #0d86ba;\">The Economics of Helicopter Money <\/span><\/a>,&#8221; <span class=\"has-inline-color has-black-color\"><em>Journal of Monetary Economics<\/em><\/span>, Vol. 52., (2025).<\/span> (with <a style=\"color: #000000;\" href=\"http:\/\/snistico.altervista.org\/\">Salvatore Nistic\u00f2<\/a>)<\/p>\n\n\n\n<p>\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2024\/08\/Jackson_Hole_2024.pdf\"><span style=\"color: #0d86ba;\">Revisiting the Phillips and Beveridge Curves: Insights from the 2020s Inflation Surge<\/span><\/a>,&#8221; Jackson Hole Economic Policy Symposium Proceedings, (2024). (with <a href=\"https:\/\/sites.google.com\/site\/gautieggertsson\/home\/?pli=1\">Gauti Eggertsson<\/a>)<\/p>\n\n\n\n\n\n<p><span style=\"color: #000000;\">\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2024\/05\/benigno-eggertsson-2024-slanted-l-phillips-curve.pdf\"><span style=\"color: #2d8dba;\">The Slanted-L Phillips Curve,<\/span><\/a>&#8220;<em> AEA Papers and Proceedings,<\/em> 114: 84-98<\/span>, (2024). (with <a href=\"https:\/\/sites.google.com\/site\/gautieggertsson\/home\">Gauti Eggertsson<\/a>)<\/p>\n\n\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" <a href=\"https:\/\/link.springer.com\/article\/10.1057\/s41308-024-00245-y\">The International Supply of Reserve Currency<\/a><\/span>,&#8221; <em>IMF Economic Review<\/em> (2024). <a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2024\/05\/Iliquidity-Final.pdf\">Local copy<\/a>.<\/p>\n\n\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" <a href=\"https:\/\/academic.oup.com\/jeea\/article\/21\/4\/1363\/6832779\">Monetary Policy in a World of Cryptocurrrencies<\/a><\/span>,&#8221; <em>Journal of the European Economic Association<\/em> 21(4), 1363-1393 (2023).<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/doi.org\/10.1016\/j.jinteco.2022.103601\"><span style=\"color: #2d8dba;\">Cryptocurrencies, Currency Competition, and The Impossibile Trinity<\/span><\/a>,\u201d <em>Journal of International Economics<\/em> 136. (2022). (with <a href=\"https:\/\/sites.google.com\/view\/lindamarleneschilling\/home\">L. Schilling<\/a> and <a href=\"https:\/\/home.uchicago.edu\/~huhlig\/\">H. Uhlig<\/a>)<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/doi.org\/10.1016\/j.euroecorev.2021.103945\"><span style=\"color: #2d8dba;\">Asymmetries in Monetary Policy<\/span><\/a>,\u201d <em>European Economic Review<\/em> 140, (2021). (with <a href=\"https:\/\/sites.google.com\/view\/lorenza-rossi\/home-page\">L. Rossi<\/a>)<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/www.aeaweb.org\/articles?id=10.1257\/mac.20190008\"><span style=\"color: #2d8dba;\">A Central Bank Theory of the Price Level<\/span><\/a>,\u201d <em>American Economic Journal: Macroeconomics<\/em> 12(3): 258-83, (2020).<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/www.aeaweb.org\/articles?id=10.1257\/mac.20180030\"><span style=\"color: #2d8dba;\">Non-Neutrality of Open-Market Operations<\/span><\/a>,\u201d <em>American Economic Journal: Macroeconomics<\/em>, 12(3): 175-226, (2020). (with <a href=\"https:\/\/sites.google.com\/view\/salvatore-nistico\">S. Nistic\u00f2<\/a>)<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/www.aeaweb.org\/articles?id=10.1257\/mac.20160124\"><span style=\"color: #2d8dba;\">Dynamic Debt Deleveraging and Optimal Monetary Policy<\/span><\/a>,\u201d <em>American Economic Journal: Macroeconomics<\/em>, 12(2): 310-50, (2020). (with <a href=\"https:\/\/sites.google.com\/site\/romeifederica\/\">F. Romei<\/a> and <a href=\"https:\/\/www.brown.edu\/academics\/economics\/faculty\/eggertsson\">G. Eggertsson<\/a>)<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/doi.org\/10.1016\/j.jmoneco.2019.07.005\"><span style=\"color: #2d8dba;\">Private Money Creation, Liquidity Crises, and Equilibrium Liquidity<\/span><\/a>,\u201d <em>Journal of Monetary Economics<\/em>, 106, 42-58, (2019). (with <a href=\"https:\/\/sites.google.com\/view\/roberto-robatto\">R. Robatto<\/a>)<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/doi.org\/10.1016\/j.jebo.2019.05.029\"><span style=\"color: #2d8dba;\">Overconfidence, Subjective Perception and Pricing Behavior<\/span><\/a>,\u201d <em>Journal of Economic Behavior and Organization<\/em>, 164, 107-132, (2019). (with <a href=\"https:\/\/sites.google.com\/site\/anastasioskarantounias\/\">A. Karantounias<\/a>)<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"http:\/\/dx.doi.org\/10.1257\/mac.20150073\"><span style=\"color: #2d8dba;\">Safe Assets, Liquidity and Monetary Policy<\/span><\/a>,\u201d <em>American Economic Journal: Macroeconomics<\/em>, 9(2), 182-227, (2017). (with <a href=\"https:\/\/sites.google.com\/view\/salvatore-nistico\">S. Nistic\u00f2<\/a>)<\/p>\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<a href=\"https:\/\/ideas.repec.org\/a\/ijc\/ijcjou\/y2016q4a7.html\"><span style=\"color: #2d8dba;\">Globalization, Pass-Through and Inflation Dynamic<\/span><\/a>,\u201d <em>International Journal of Central Banking<\/em>, 12(4), 263-306, (2016). (with <a href=\"https:\/\/sites.google.com\/view\/esterfaia\/home\">E. Faia<\/a>)<\/p>\n\n\n\n<!-- \/wp:paragraph -->\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1016\/j.rie.2015.07.005\">New-Keynesian Economics: An AS-AD View<\/a><\/span>,&#8221; <em>Research in Economics<\/em> Vol. 69, Issue 4, pp. 503\u2013524, (2015). <a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/NKASAD-100715.pdf\">Local copy<\/a>.<\/p>\n\n<p><!-- \/wp:paragraph --><\/p>\n<p>\u00b7\u201c<a href=\"http:\/\/dx.doi.org\/10.1162\/REST_a_00508\"><span style=\"color: #2d8dba;\">Unemployment and Productivity in The Long Run: The Role of Macroeconomic Volatility<\/span><\/a>,&#8221; <em>The Review of Economics and Statistics<\/em>, Vol. 97 No. 3, pp. 698-709, (2015). (with <a href=\"http:\/\/www.imf.org\/external\/np\/cv\/CV.aspx?AuthID=108\">Luca Antonio Ricci<\/a> and <a href=\"http:\/\/sites.google.com\/site\/paolosurico\/working-papers\">Paolo Surico<\/a>.) <a href=\"http:\/\/docenti.luiss.it\/benigno\/files\/2007\/01\/DWRR-Final-161014.pdf\">Local copy<\/a>.<\/p>\n\n<p><!-- \/wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1016\/j.jinteco.2014.03.001\">Debt Deleveraging and The Exchange Rate<\/a><\/span>,&#8221; <em>Journal of International Economics<\/em>, Vol. 93, pp. 1-16,(2014). <a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/appendix.pdf\">Technical Appendix<\/a>. (with Federica Romei.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1016\/j.jmoneco.2014.02.004\">Monetary Policy, Doubts and Asset Prices<\/a><\/span>,&#8221; <em>Journal of Monetary Economics<\/em>, Vol. 64, pp. 85-98, (2014). (with <a href=\"http:\/\/sites.google.com\/site\/gigipaciello\/\">Luigi Paciello.)<\/a><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1016\/j.jedc.2013.03.007\">Second-Order Approximation of Dynamic Models with Time-Varying Risk<\/a><\/span>,&#8221; <em>Journal of Economic Dynamics and Control<\/em> Vol. 37, Issue 7, pp. 1231\u20131247, (2013). (with <a href=\"http:\/\/personal.lse.ac.uk\/benigno\/\">Gianluca Benigno<\/a> and <a href=\"http:\/\/snistico.altervista.org\/\">Salvatore Nistic\u00f2<\/a>.) Codes available <a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/codesBBN10.zip\">here<\/a>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u201c<a href=\"http:\/\/www.nber.org\/papers\/w17133\"><span style=\"color: #2d8dba;\">Risk, Monetary Policy and The Exchange Rate<\/span>,\u201d<\/a> in D. Acemoglu and M. Woodford, eds., <em>NBER Macroeconomics Annual 2011<\/em>, Chicago (US): Chicago University Press, Vol. 26, Issue 1, pp. 247-309, (2012). (with <a href=\"http:\/\/econ.lse.ac.uk\/staff\/gbenigno\/own\/\">G. Benigno<\/a> and <a href=\"http:\/\/snistico.altervista.org\/\">Salvatore Nistic\u00f3<\/a>.)<\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u201c<a href=\"http:\/\/dx.doi.org\/10.1257\/mac.4.1.144\"><span style=\"color: #2d8dba;\">International Portfolio Allocation under Model Uncertainty<\/span>,\u201d<\/a> <em>American Economic Journal: Macroeconomics<\/em> Vol. 4, Issue 1, pp. 144-189, (2012). (with <a href=\"http:\/\/snistico.altervista.org\/\">Salvatore Nistic\u00f3<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1016\/j.jet.2011.10.012\">Linear-Quadratic Approximation of Optimal Policy Problems<\/a><\/span>,\u201d <em>Journal of Economic Theory<\/em>, Vol. 147, Issue 1, pp. 1-42, (2012). (with <a href=\"http:\/\/www.columbia.edu\/~mw2230\/\">M. Woodford<\/a> .) Supplementary note available <a style=\"color: #2d8dba;\" href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/note-final-020807.pdf\">here<\/a>.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1257\/aer.101.4.1436\">The Inflation-Output Trade-Off with Downward Wage Rigidities<\/a><\/span>,&#8221; <em>The American Economic Review<\/em>, Vol. 101, Issue 4, pp. 1436-1466, (2011). (with <a href=\"http:\/\/www.imf.org\/external\/np\/cv\/CV.aspx?AuthID=108\">Luca Antonio Ricci.)<\/a><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<a href=\"http:\/\/dx.doi.org\/10.1007\/s11079-010-9189-6\"><span style=\"color: #2d8dba;\">Inflation Differentials in a Currency Area: Facts, Explanation and Policy<\/span><\/a>,\u201d <em>Open Economies Review<\/em>, Vol. 22, pp. 189-233, (2011). (with F. Altissimo and D. Rodriguez Palenzuela.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<a href=\"http:\/\/dx.doi.org\/10.1016\/j.jdeveco.2008.01.009\"><span style=\"color: #2d8dba;\">Are Valuation Effects Desirable from a Global Perspective<\/span><\/a><span style=\"color: #2d8dba;\">?<\/span>\u201d <em>Journal of Development Economics<\/em>, Vol. 89, Issue 2, pp. 170-180, (2009).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"http:\/\/dx.doi.org\/10.1111\/j.1538-4616.2008.00201.x\"><span style=\"color: #2d8dba;\">Price Stability with Imperfect Financial Integration<\/span><\/a>,\u201d <em>Journal of Money, Credit and Banking<\/em>, Vol. 41, Issue s1, pp. 121 &#8211; 149, (2009).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"http:\/\/dx.doi.org\/10.1016\/j.jimonfin.2008.04.009\"><span style=\"color: #2d8dba;\">Exchange Rate Determination under Interest Rate Rules<\/span><\/a>,\u201d <em>Journal of International Money and Finance<\/em>, Vol. 27, Issue 6, pp. 971-993, (2008).(with <a href=\"http:\/\/econ.lse.ac.uk\/staff\/gbenigno\/own\/\">G. Benigno<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1017\/S1365100507070174\">Implementing International Monetary Cooperation through Inflation Targeting<\/a><\/span>, \u201d <em>Macroeconomic Dynamics<\/em>, Vol. 12, Issue s1, pp. 45-59, (2008). (with <a href=\"http:\/\/econ.lse.ac.uk\/staff\/gbenigno\/own\/\">G. Benigno<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<a href=\"http:\/\/dx.doi.org\/10.1016\/j.jedc.2006.05.012\"><span style=\"color: #2d8dba;\">Interest Rate Rules for Fixed Exchange Rate Regimes<\/span><\/a>,\u201d <em>Journal of Economic Dynamics and Control<\/em>, Vol. 31, Issue 7, pp. 2196-2211, (2007). (with <a href=\"http:\/\/econ.lse.ac.uk\/staff\/gbenigno\/own\/\">G. Benigno<\/a> and <a href=\"http:\/\/www2.bc.edu\/~ghironi\/\">F. Ghironi<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1016\/j.jedc.2005.08.009\">Optimal Taxation in an RBC Model: A Linear Quadratic Approach<\/a><\/span>,\u201d <em>Journal of Economic Dynamics and Control<\/em>, Vol. 30, Issue 9-10, pp. 1445-1489, (2006).(with <a href=\"http:\/\/www.columbia.edu\/~mw2230\/\">M. Woodford<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<a href=\"http:\/\/dx.doi.org\/10.1016\/j.jmoneco.2005.03.009\"><span style=\"color: #2d8dba;\">Designing Targeting Rules for International Monetary Policy Cooperation<\/span><\/a>,\u201d <em>Journal of Monetary Economics<\/em>, Vol. 53, Issue 3, pp. 473-506, (2006). (with <a href=\"http:\/\/econ.lse.ac.uk\/staff\/gbenigno\/own\/\">G. Benigno<\/a>.) <a title=\"Technical Appendix\" href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/appendix-090904.pdf\">Technical Appendix<\/a> available.<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"http:\/\/dx.doi.org\/10.1353\/mcb.2006.0038\"><span style=\"color: #2d8dba;\">Inflation Persistence and Optimal Monetary Policy in the Euro Area<\/span><\/a>,\u201d <em>Journal of Money Credit and Banking<\/em>, Vol. 38, Issue 3, pp. 587-614, (2006). Version September 2002: European Central Bank Working Paper No. <a href=\"http:\/\/www.ecb.int\/pub\/pdf\/scpwps\/ecbwp178.pdf\">178<\/a>. (with D. Lopez-Salido.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\">Long-run Determinants of Inflation Differentials in a Currency Area<\/span>\u201d, <em>Moneda y Credito<\/em>, Vol. 220, pp. 205-247, (2005). Version July 2005: NBER Working Paper No. <a href=\"http:\/\/www.nber.org\/papers\/w11473\"> 11473<\/a>. (with F. Altissimo and D. Rodriguez Palenzuela.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"http:\/\/dx.doi.org\/10.1162\/154247605775012914\"><span style=\"color: #2d8dba;\">Inflation Stabilization and Welfare: The Case of a Distorted Steady State<\/span><\/a>,\u201d <em>Journal of the European Economic Association<\/em>, Vol. 3, Issue 6, pp. 1-52, (2005). <a title=\"May 2004 Draft\" href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/InfStab-ESSIM.pdf\">May 2004 Draft<\/a> contains generalizations that have been suppressed in later drafts. (with <a href=\"http:\/\/www.columbia.edu\/~mw2230\/\">M. Woodford<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\">Optimal Monetary and Fiscal Policy: A Linear-Quadratic Approach<\/span>,\u201d in M. Gertler and K. Rogoff, eds., <em>NBER Macroeconomics Annual 2003<\/em>, Cambridge (US): MIT Press, Vo. 18, pp. 271-333, (2004). Version September 2003, ECB Working Paper No. <a href=\"http:\/\/www.ecb.int\/pub\/pdf\/scpwps\/ecbwp345.pdf\">345<\/a>. (with <a href=\"http:\/\/www.columbia.edu\/~mw2230\/\">M. Woodford<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"http:\/\/dx.doi.org\/10.1016\/S0022-1996(03)00055-2\"><span style=\"color: #2d8dba;\">Optimal Monetary Policy in a Currency Area<\/span>,\u201d<\/a> <em>Journal of International Economics<\/em>, Vol. 63, Issue 2, pp. 293-320, (2004). <a title=\"Technical Appendix\" href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/appendix1-1.pdf\">Technical Appendix<\/a>, and CEPR Discussion Paper version <a href=\"https:\/\/cepr.org\/active\/publications\/discussion_papers\/dp.php?dpno=2755\">No. 2755.<\/a><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"http:\/\/dx.doi.org\/10.1016\/j.jimonfin.2003.10.006\"><span style=\"color: #2d8dba;\">High Public Debt in Currency Crises: Fundamentals versus Signalling Effects<\/span><\/a>,\u201d <em>Journal of International Money and Finance<\/em>, Vol. 23, Issue 2, pp. 165-188, (2004). (with <a href=\"http:\/\/www.economia.unimi.it\/hp\/see_hp.php?login=missale\">A.Missale<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1111\/1467-937X.00265\">Price Stability in Open Economies<\/a><\/span>,\u201d <em>Review of Economic Studies<\/em>, Vol. 70, Issue 4, No. 245, pp. 743-764, (2003). (with <a href=\"http:\/\/econ.lse.ac.uk\/staff\/gbenigno\/own\/\">G. Benigno<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"https:\/\/www.jstor.org\/stable\/3441034\"><span style=\"color: #2d8dba;\">How is the Debt Managed? Learning from Fiscal Stabilizations<\/span>,<\/a>\u201d <em>Scandinavian Journal of Economics<\/em>, Vol. 104, Issue 3, pp. 443-469, (2002). (with <a href=\"http:\/\/homepages.nyu.edu\/~pb50\/www.igier.uni-bocconi.it\/personal\/%20giavazzi\/homepage.htm\">F. Giavazzi<\/a> and <a href=\"http:\/\/www.economia.unimi.it\/hp\/see_hp.php?login=missale\">A. Missale<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<a href=\"http:\/\/dx.doi.org\/doi:10.1016\/S0022-1996(01)00132-5\"><span style=\"color: #2d8dba;\">A Simple Approach to International Monetary Policy Coordination<\/span>,<\/a>\u201d <em>Journal of International Economics<\/em>, Vol. 57, Issue 1, pp. 177-196, (2002).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading {\"level\":4} --><\/p>\n<h4>Articles in Books:<\/h4>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/Cap-IV-_-Benigno-rev.pdf\"><span style=\"color: #2d8dba;\">Poteri Straordinari della Banca Centrale in un Sistema di Moneta Fiduciaria<\/span><\/a>,&#8221; in C. Patalano e C. Santini (eds) Profili di Gestione della Crisi. Il Mercato, Le Imprese, La Societ\u00e0. (2013.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\">Optimal Inflation Targeting Under Alternative Fiscal Regimes<\/span>, \u201d in K. Schmidt-Hebbel, Mishkin (eds.) Monetary Policy Under Inflation Targeting, Chile: Central Bank of Chile. Version April 2006: NBER Working Paper No. <a href=\"http:\/\/www.nber.org\/papers\/w12158\">12158<\/a>. (with <a href=\"http:\/\/www.columbia.edu\/~mw2230\/\">M. Woodford<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\">Optimal Stabilization Policy When Wages and Prices Are Sticky: The Case of a Distorted Steady State<\/span>,\u201d in J. Faust, A. Orphanides, and D. Reifschneider (eds.), Models and Monetary Policy: Research in the Tradition of Dale Henderson, Richard Porter, and Peter Tinsley, Federal Reserve Board , Washington, forthcoming. Version October 2004: NBER Working Paper <a href=\"http:\/\/www.nber.org\/papers\/w10839\">10839<\/a>. (with <a href=\"http:\/\/www.columbia.edu\/~mw2230\/\">M. Woodford<\/a>.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\">An Evaluation of Alternative Targeting Rules for the ECB<\/span>,\u201d in R. Beetsma, C. Favero, A. Missale, V. A. Muscatelli, P. Natale and P. Tirelli, eds., Monetary Policy, Fiscal Policies and Labour Markets. Macroeconomic Policymaking in the EMU, Cambridge (UK): Cambridge University Press, (2004). (with D. Lopez-Salido.)<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:heading {\"level\":4} --><\/p>\n<h4>Comments and Discussions:<\/h4>\n<p><!-- \/wp:heading --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\">Comment\u201d on \u201cEquilibrium Yields<\/span>\u201d by Monika Piazzesi and Martin Schneider, in D. Acemoglou, K. Rogoff and M. Woodford, eds., <em>NBER Macroeconomics Annual<\/em> 2006, vol. 21, Cambridge (US): MIT Press,. <a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/PS.pdf\">Version July 2006.<\/a><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7 \u201c<span style=\"color: #2d8dba;\">Comment\u201d on \u201cFiscal Externalities and Optimal Taxation in an Economic Community<\/span>\u201d by Marianne Baxter and Robert King, <em>NBER International Seminar On Macroeconomics<\/em>. <a href=\"https:\/\/benigno.ch\/wp-content\/uploads\/2022\/07\/comment-311005.pdf\">Version November 2005.<\/a><\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p>\u00b7\u201c<span style=\"color: #2d8dba;\"><a style=\"color: #2d8dba;\" href=\"http:\/\/dx.doi.org\/10.1016\/j.japwor.2006.02.001\">Comment<\/a>\u201d on \u201cHow Important Are Nontradable Goods Prices as Sources of Cyclical Fluctuations in Real Exchange Rates?<\/span>\u201d by Ariel Burstein, Martin Eichenbaum and Sergio Rebelo, <em>Japan and the World Economy<\/em>, Volume 18, Issue 3, Pages 254-260, (2006).<\/p>\n<p><!-- \/wp:paragraph --><\/p>\n<p><!-- wp:paragraph --><\/p>\n<p><!-- \/wp:paragraph --><\/p>","protected":false},"excerpt":{"rendered":"<p>\u00b7\u201cManaging Monetary Policy Normalization,&#8221; The Economic Journal, forthcoming. (with Gianluca Benigno) Replication package available here \u00b7\u201cThe Economics of Helicopter Money ,&#8221; Journal of Monetary Economics, Vol. 52., (2025). (with Salvatore Nistic\u00f2) \u00b7\u201cRevisiting the Phillips and Beveridge Curves: Insights from the 2020s Inflation Surge,&#8221; Jackson Hole Economic Policy Symposium Proceedings, (2024). (with Gauti Eggertsson) \u00b7\u201cThe Slanted-L &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/benigno.ch\/index.php\/home\/research\/publications\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Publications&#8221;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"parent":3,"menu_order":1,"comment_status":"closed","ping_status":"open","template":"","meta":{"footnotes":""},"class_list":["post-1681","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Publications - Prof. Pierpaolo Benigno<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/benigno.ch\/index.php\/home\/research\/publications\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Publications - Prof. Pierpaolo Benigno\" \/>\n<meta property=\"og:description\" content=\"\u00b7\u201cManaging Monetary Policy Normalization,&#8221; The Economic Journal, forthcoming. 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(with Gianluca Benigno) Replication package available here \u00b7\u201cThe Economics of Helicopter Money ,&#8221; Journal of Monetary Economics, Vol. 52., (2025). (with Salvatore Nistic\u00f2) \u00b7\u201cRevisiting the Phillips and Beveridge Curves: Insights from the 2020s Inflation Surge,&#8221; Jackson Hole Economic Policy Symposium Proceedings, (2024). 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