Pierpaolo Benigno

Pierpaolo Benigno


Professor, University of Bern
Full Professor, LUISS Guido Carli - on leave
Non-resident Fellow, Einaudi Institute for Economics and Finance
Research Fellow, CEPR


Princeton University,Ph.D., 2000
Bocconi University, B.A., 1995


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Research Interests

Monetary Economics, Open-Economy Macroeconomics, International Finance.

Selected Publications

"A Central Bank Theory of Price Level Determination", American Economic Journal: Macroeconomics, 2020, Volume 12, No. 3, pages 258-283.

"Non-Neutrality of Open-Market Operations", (with S. Nisticò), American Economic Journal: Macroeconomics, 2020, Volume 12, No. 3, pages 175-226.

"Private Money Creation, Liquidity Crises, and Government Interventions", (with R. Robatto), Journal of Monetary Economics, 2019, Volume 106, pages 42-58.

"Dynamic Debt Deleveraging and Optimal Monetary policy", (with G. Eggertsson and F. Romei), American Economic Journal: Macroeconomics, forthcoming.

“Safe Assets, Liquidity, and Monetary Policy”, (with S. Nisticò), American Economic Journal: Macroeconomics, 2017, Volume 9, Issue 2, pages 1-47.

“Unemployment and Productivity in the Long Run: The Role of Macroeconomic Volatility”, (with L. Ricci and P. Surico), Review of Economics and Statistics, 2015, Volume 97, Issue 3, pages 698-709.

“Debt Deleveraging and The Exchange Rate”, (with F. Romei), Journal of International Economics, 2014, Volume 93, Issue 1, pages 1-16.

“Monetary Policy, Doubts and Asset Prices”, (with L. Paciello), Journal of Monetary Economics, 2014, Volume 64, pages 85-98.

“International Portfolio Allocation under Model Uncertainty”, (with S. Nisticò), American Economic Journal: Macroeconomics, 2012, Volume 4, Issue 1, pages 144-189.

“Linear-Quadratic Approximation of Optimal Policy Problems”, (with M. Woodford), Journal of Economic Theory , 2012, Volume 147, Issue 1, pages 1-42.

“The Inflation-Output Trade-off with Downward Wage Rigidities”, (with L. Ricci), American Economic Review, 2011, Volume 101, Issue 4, pages 1436-1466.

“Are Valuation Effects Desiderable from a Global Perspective?”, Journal of Development Economics, 2009, Volume 89, pages 170-180.

“Exchange Rate Determination under Interest Rate Rules”, (with G. Benigno), Journal of International Money and Finance, 2008, Volume 27, Issue 6, pages 971-993.

“Optimal Taxation in an RBC Model: A Linear Quadratic Approach” (with M. Woodford), Journal of Economic Dynamics and Control, 2006, Volume 30, Issue 9-10, pages 1445-1489.

“Designing Targeting Rules for International Monetary Policy Cooperation” (with G. Benigno), Journal of Monetary Economics, 2006, Volume 53, Issue 3, pages 473-506.

“Price Stability in Open Economies”, (with G. Benigno), Review of Economic Studies, 2003, Volume 70, Issue 4, pages 743-764.

Honors, Awards and Fellowships

Co-Editor, International Journal of Central Banking, 2011-
ERC Consolidator Grant “New Directions for Monetary Policy Analysis”, 2014-2019.
ERC Starting Grant “New Issues in Macro Modeling”, 2009-2014.
NSF Grant “Optimal Rules for Monetary and Fiscal Policy” (with M. Woodford), 2004-2007.
Alfred P. Sloan Doctoral Dissertation Fellowship, July 1999 - August 2000.


Phone: +39.06.4792.4768
Fax: +39.06.4792.4872
E-mail: pierpaolo.benigno[at]eief.it
Dipartimento di Scienze Economiche e Aziendali, LUISS Guido Carli
Phone: +39.06.86506.5782
Fax: +39.06.86506.5506/5513
Web: Pierpaolo Benigno

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