Francesco Furlanetto

Senior Researcher


Tel.: +47 22 31 61 28

Fax: +47 22 42 40 62

Norges Bank
P.O. Box 1179 Sentrum
0107 Oslo

Research interests

Monetary economics, macroeconometrics and macroeconomics.

CV (PDF, 509.7 Kb)

Papers at the revise and resubmit stage

  • Labor supply factors and economic fluctuations (joint with Claudia Foroni and Antoine Lepetit).  Working Paper version

Submitted papers

  • Structural Unemployment and Monetary Policy: the Useful Role of the Natural Rate of Interest (joint with Paolo Gelain).  Working Paper version
  • Immigration and the Macroeconomy: Some New Empirical Evidence (joint with Ørjan Robstad). Working Paper version
  • Has the Fed Responded to House and Stock Prices? A Time-Varying Analysis (joint with Knut Are Aastveit and Francesca Loria). Working Paper version
  • Output gap in presence of financial frictions and monetary policy trade-offs (joint with Paolo Gelain and Marzie Taheri-Sanjani). Working paper version

Work in progress

  • Business Cycle Dynamics and the Two Margins of Labor Adjustment  (joint with Tommy Sveen and Lutz Weinke).
  • New perspectives on the natural rate of unemployment (joint with Paolo Gelain and Nicolas Groshenny)
  • Labor supply and the dynamics of unemployment: an estimated DSGE approach (joint with Antoine Lepetit and Anastasia Zhutova)




  • Identification of financial factors in economic fluctuations (joint with Francesco Ravazzolo and Samad Sarferaz). Economic Journal, accepted. Working paper version.
  • Mismatch shocks and unemployment during the Great Recession, joint with Nicolas Groshenny. (2016) Journal of Applied Econometrics 31, 1197-1214. Working Paper version
  • Reallocation shocks, persistence and nominal rigidities, joint with Nicolas Groshenny. (2016) Economics Letters 141, 151-155.  Old version
  • Investment Shocks and Consumption, joint with Martin Seneca. (2014) European Economic Review 66, 111-126. Last version
  • New Perspectives on Capital Depreciation Shocks as Sources of Business Cycle Fluctuations, joint with Martin Seneca. (2014) Macroeconomic Dynamics 18, 1209-1233.  Working paper version.
  • Investment Shocks and Macroeconomic Co-movement, joint with Gisle J. Natvik and Martin Seneca. (2013) Journal of Macroeconomics 37, 208-216. Working paper version
  • Rule-of-Thumb Consumers, Productivity and Hours, joint with Martin Seneca. (2012) The Scandinavian Journal of Economics 114, 658-679. Working paper version
  • Does Monetary Policy React to Asset Prices? Some International Evidence. (2011) International Journal of Central Banking, September Issue. Working paper version
  • Fiscal Stimulus and the Role of Wage Rigidity. (2011) Journal of Economic Dynamics and Control¨35, 512-527. Working paper version
  • Fiscal Shocks and Real Rigidities, joint with Martin Seneca. (2009) The B.E. Journal of Macroeconomics: Vol.9 : Iss.1 (Topics), Article 2

Policy notes

  • Terms of trade in Norway: a VAR Analysis, joint work with Francesco Ravazzolo (Norges Bank) and Samad Sarferaz (ETH Zürich)
  • On the concept of output gap in macroeconomic models, joint work with Kåre Hagelund (Norges Bank) and Paolo Gelain (Norges Bank)
  • On the importance of foreign factors for the Norwegian economy, joint work with Knut Are Aastveit (Norges Bank) and Francesco Ravazzolo (Norges Bank)


  • Teaching Evaluations
  • PhD Lectures on “Fiscal policy in Macroeconomic Models” at BI, Norwegian Business School 

Conference Organization

Seminar Organization

Norges Bank seminar series


Published 14 September 2007 09:33