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, Monetary Policy Trade-Offs and Financial Frictions (joint with Paolo Gelain and Marzie Taheri-Sanjani). Working paper version

Technology and the Two Margins of Labor Adjustment: A New Keynesian Perspective (joint with Tommy Sveen and Lutz Weinke). 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

The Labor Share Decline: New Empirical Evidence (joint with Drago Bergholt and Nicolo' Maffei Faccioli)

Norges Bank Output Gap Estimates: Cyclical Sensitivity, Real-Time Evaluation and Forecasting Properties (joint with Frank Hansen, Kåre Haugeland and Ørjan Robstad)

Labor Supply and the Dynamics of Unemployment: an Estimated DSGE Approach (joint with Antoine Lepetit)

Estimating Hysteresis Effects (joint with Ørjan Robstad and Pål Ulvedal)


Immigration and the Macroeconomy: Some New Empirical Evidence (joint with Ørjan Robstad). Review of Economic Dynamics, conditionally accepted Working Paper version

Labor supply factors and economic fluctuations, joint with Claudia Foroni and Antoine Lepetit. (2018) International Economic Review 59, 1491-1510.  Working Paper version

Identification of financial factors in economic fluctuations, joint with Francesco Ravazzolo and Samad Sarferaz. (2019) Economic Journal 129, 311-337. 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 

Course on "New Keynesian  models  with  search and  matching frictions, financial  frictions and banks. Transmission and  policies", Budapest School of Central Banking Studies, April 2018


Conference Organization

Norges Bank conference on "Rethinking Inflation Targeting: New Directions for Monetary Policy"

CEF 2014 Computing in Economics and Finance

Norges Bank-Hec Montreal workshop on "New Developments in Business Cycle Analysis"

Norges Bank-HEC Montreal research meeting on "Dynamic Macroeconomics"

Norges Bank conference on "The Interaction between Monetary Policy and Financial Stability"

Norges Bank conference "On the Use of Simple Rules as Guidelines for Policy Decisions"


Seminar Organization

Norges Bank seminar series



Søren Hove Ravn (member of the PhD committee)

Etienne Vaccaro-Grange (responsible for PhD internship at Norges Bank)

Nicolo' Maffei Faccioli (responsible for PhD internship at Norges Bank)

Francesca Loria (responsible for PhD internship at Norges Bank)

Antoine Lepetit (responsible for PhD internship at Norges Bank)

Marzie Taheri Sanjani (responsible for PhD internship at Norges Bank)

Published 14 September 2007 09:33