Norges Bank

Francesco Furlanetto

Principal 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.

Papers at the second round

Explaining Okun's Law Deviations (joint with Claudia Foroni) Manuscript (pdf) (March 2022)

Handbook Chapter

The slope of the Phillips curve (joint with Antoine Lepetit) Manuscript (May 2024) prepared for the Handbook of Inflation edited by Guido Ascari and Guido Trezzi

Submitted papers

Taylor Rules with Endogenous Regimes (joint with Knut Are Aastveit, Jamie Cross and Herman K. Van Dijk)

What Drives the Recent Surge in Inflation? The Historical Decomposition Roller Coaster (joint with Drago Bergholt, Fabio Canova, Nicolo' Maffei-Faccioli and Pål Ulvedal)


Work in progress

Immigration and Inequality: New Macroeconomic Evidence (joint with Ørjan Robstad and Samad Sarferaz)

The Macroeconomic Effects of the Gender Revolution (joint with Drago Bergholt and Luca Fosso)

The Dynamics of the Labor Share in Europe: Common Trends and Idiosyncratic Cycles (joint with Drago Bergholt, Nicolo' Maffei-Faccioli and Evi Pappa) 

Macro Shocks and Inequality (joint with Drago Bergholt and Lorenzo Mori) 

The Role of Global Supply Shocks in the Recent Inflation Surge (joint with Inga Friis, Kristine Matsen and Ørjan Robstad)


Dormant papers

Structural Unemployment and Monetary Policy: the Useful Role of the Natural Rate of Interest (joint with Paolo Gelain)  Working Paper version


Did Monetary Policy Kill the Phillips Curve? Some Simple Arithmetics Manuscript  Last version (joint with Drago Bergholt and Etienne Vaccaro Grange). (2024) Review of Economics and Statistics, accepted.

Estimating Hysteresis Effects (joint with Antoine Lepetit, Ørjan Robstad, Juan Rubio Ramirez and Pål Ulvedal). (2023) American Economic Journal: Macroeconomics Working Paper version New Version (July 2021) Last Version (August 2023)

Norges Bank Output Gap Estimates: Cyclical Sensitivity, Reliability and Forecasting Properties (joint with Frank Hansen, Kåre Hagelund and Ørjan Robstad). (2023) Oxford Bulletin of Economics and Statistics 85, 238-267. Working Paper version

Has the Fed Responded to House and Stock Prices? A Time-Varying Analysis (joint with Knut Are Aastveit and Francesca Loria). Review of Economics and Statistics, forthcoming. Working Paper version 

The Labor Share Decline: New Empirical Evidence (joint with Drago Bergholt and Nicolo' Maffei Faccioli). (2022) American Economic Journal: Macroeconomics 14, 163-198.  Working Paper version

Output Gap, Monetary Policy Trade-Offs and Financial Frictions (joint with Paolo Gelain and Marzie Taheri-Sanjani). (2021) Review of Economic Dynamics 41, 52-70. Working paper version

Technology and the Two Margins of Labor Adjustment: A New Keynesian Perspective (joint with Tommy Sveen and Lutz Weinke). (2020) The B.E. Journal of Macroeconomics 20, 20160168. Working paper version

Immigration and the Macroeconomy: Some New Empirical Evidence, joint with Ørjan Robstad. (2019) Review of Economic Dynamics 34, 1-19. 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 reports and notes

Review of Macro Modelling for Policy Purposes at Norges Bank, joint with Fabio Canova (BI Norwegian Business School), Frank Smets (European Central Bank) and Volker Wieland (Goethe University. (2019) Occasional Paper

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

Course on Macroeconomic Policy at BI Norwegian Business School, January-June 2020, 2021, 2022 and 2023


Dolomiti Macro Meetings

1st Edition in Castelrotto, June 2019

2nd Edition in Selva Val Gardena, June 2022

3rd Edition in San Candido, June 2023


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



Lorenzo Mori (responsible for PhD Internship at Norges Bank)

Luca Fosso (responsible for PhD internship at Norges Bank)

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)

Edited 29 May 2024 17:55