Luca Gagliardone

| June 2024 | Abstract We develop a bottom-up approach to estimating the slope of the primitive form of the New Keynesian Phillips curve, which features marginal cost as the relevant real activity variable. Using quarterly micro data on prices, costs, and output from the Belgian manufacturing sector, we estimate…

| July 2024 | Abstract   Search article:

| October 2023 | Abstract This paper studies the interplay between liquidity and fundamental risks in an asset pricing framework with a frictional, decentralized secondary market and endogenous trading decisions. In this setting, the liquidity value of assets decreases in the riskiness of the underlying. For a sufficiently large deterioration…

| July 2024 | Abstract We develop a simple quantitative New Keynesian model aimed at analyzing how the reaction of monetary policy contributed to the recent rise and fall in inflation. The model includes several shocks but features oil price shocks for two reasons: (i) energy prices have been among…

| June 2022 | Abstract A benevolent planner chooses optimally whether and how to disclose publicly a private forecast of fundamentals to a large number of informed small agents. These agents interact in economic environments with information frictions, strategic complementarity or substitutability in actions, and a rich set of externalities…

| June 2023 | Abstract This paper estimates the effects of monetary policy on sovereign risk. We use proprietary intraday credit default swap (CDS) data on five European countries and identify the effects of monetary policy on CDS premia in a small time window around the European Central Bank (ECB)…