Pierpaolo Benigno

Monetary Economics and Policy

A Foundation for Modern Currency Systems

A unified framework for understanding monetary policy, including recent unprecedented interventions by central banks Over the past two decades, moneta...

Unemployment and Productivity in the Long Run

the Role of Macroeconomic Volatility

We propose a theory of low-frequency movements in unemployment based on asymmetric real wage rigidities. The theory generates two main predictions: lo...

Inflation Persistence and Optimal Monetary Policy in the Euro Area

Se presentan evidencias de la existencia de heterogeneidades en la dinámica de inflación en los países del área euro....

The Inflation-Unemployment Trade-off at Low Inflation

Wage setters take into account the future consequences of their current wage choices in the presence of downward nominal wage rigidities. Several inte...

Managing the Public Debt in Fiscal Stabilizations

The Evidence

This paper provides evidence on the behavior of public debt managers during fiscal" stabilizations in OECD countries over the last two decades. We fin...

How is the Debt Managed?

Learning from Fiscal Stabilization

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Lectures on Monetary Economics

The recent two decades have witnessed unprecedented central bank interventions around the world to avert the adverse consequences of the 2007-2008 Gre...