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, 512.0 Kb)

Papers at the second round

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




Labor supply factors and economic fluctuations (joint with Claudia Foroni and Antoine Lepetit). International Economic Review, forthcoming.  Working Paper version

Identification of financial factors in economic fluctuations (joint with Francesco Ravazzolo and Samad Sarferaz). Economic Journal, forthcoming. 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