The assumption of rational expectations (RE) may be impaired in real-world applications. This paper introduces bounded rationality via adaptive learning (AL) dynamics into a one-asset Heterogeneous Agent New Keynesian (HANK) model in continuous time, developing a recursive constant-gain least-squares routine to learn the diffusion process governing labor productivity. Key innovations resolve fundamental tensions in HANK modeling - (1) AL generates wealth-increasing saving policy functions matching empirical distributions, overcoming RE limitations; (2) Uncertainty-driven precautionary saving elevates aggregate wealth while maintaining high marginal propensity to consume (MPC), reconciling wealth and consumption processes; (3) Monetary transmission exhibits novel properties. A contractionary monetary policy shock produces decisive deflationary patterns and hump-shaped responses in consumption, output, employment, and real wage in the short term (positive impact followed by medium-term decline), suggesting a lagged reaction relative to the RE outcome. These dynamics reflect distributional channels where the savings of wealthy households boost transfers to high-MPC households, creating oscillatory convergence to the RE equilibrium. The Boundedly Rational HANK (BRHANK) framework demonstrates AL as both a behavioral foundation and an equilibrium selection mechanism. Keywords - Adaptive learning, HANK model, Precautionary saving, Monetary transmission. JEL Classification - C63, D83, E12, E21, E52.

Working Paper - Incomplete - Do Not Distribute. Abstract - European investors price climate-transition risk differently depending on firms’ greenness criteria, economic sectors, and time-horizons. This paper examines how firm-level environmental performance affects European equity returns and whether climate-transition risk carries a price. Using an unbalanced panel of STOXX Europe 600 constituents from 2011–2022, value-weighted “green” portfolios are constructed based on ESG Combined Score (ESGC), total emissions, and emissions intensity. Two novel factor sets are introduced. Sectoral green factors, which aggregate long–short returns within Eurostat economic sectors, and synthetic green factors, which weight sectoral returns by Eurostat output multipliers to capture economy-wide transition risk propagation. In pooled OLS regressions controlling for Fama–French factors, the analysis explores (i) how environmental performance influences excess returns across sectors and (ii) whether a risk premium (a “carbon premium” or “greenium”) compensates investors for bearing transition exposure. Findings reveal sectoral heterogeneity as firms with higher ESGC scores or lower emissions typically show lower excess returns, whereas high-emission firms often earn higher returns, especially when ranked by total emissions or intensity.

The Long-Term Investors@UniTO (LTI@UniTO) initiative and the Directorate General for Economics, Statistics and Research of the Bank of Italy are organizing the 6th Workshop on Long-term investors trends - theory and practice. The workshop will bring together researchers and professionals working on long-term investors trends, both theoretical and applied, to discuss research papers and agendas. I am participating in the audience.

The Department of Economics, Society, Politics (DESP) of the University of Urbino Carlo Bo organises the 6th International Conference on Quality Innovation and Sustainability – ICQIS2025, in Urbino, Italy. The conference will take place in Urbino, on 21-22-23 May 2025. The main objective of ICQIS2025 is the dissemination of knowledge and exchange of good practices among researchers and practitioners in these fields.

Lezione di avvicinamento al Festival Internazionale dell’ Economia di Torino - Iniziativa Scuole

I have the opportunity to present the latest developments in my research. The PhD Forum is an event where second-, third-, and fourth-year PhD students present the progress of their research work. It provides an opportunity to share ideas, receive feedback, and engage in academic discussion with fellow PhD candidates and faculty members. Workshop jointly organized by Collegio Carlo Alberto and Vilfredo Pareto Doctoral Program in Economics.

The Centre for the Analysis and Measurement of Global Risks (CAMRisk) at the University of Pavia and the Rimini Center for Economic Analysis-Europe (RCEA Europe) at the University of Milano-Bicocca jointly organize this workshop that gathers leading macroeconomists to discuss their latest research. I am participating in the audience.

I am presenting a new project titled < Ain’t Nobody Perfect - European Consumer Expectations, Carbon Policy Shocks, and the …

The Call for Papers is currently open, we are looking forward to receiving your application. The paper submission deadline is 15 …

Invited seminar. The local host is the research economist Dr. Adrian Ifrim.

Collegio Carlo Alberto, University of Torino (ESOMAS Department) and CCA DataLab are jointly organizing a workshop dedicated on …

Discussion with leading scholars on labor market and firm dynamics in DSGE models, and global challenges for macroeconomic policy. I am participating in the audience.

Non-linear phenomena characterize the temporal dynamics of macroeconomic variables and financial markets. Nonlinear dynamics emerge as …

Climate change can directly affect the stability of financial and economic systems through more frequent and severe disasters affecting …

This specialized workshop on non-linear macroeconomic dynamics applied to environmental issues follows previous conferences and …

I have the opportunity to present the latest developments in my research.

I have the opportunity to present the latest developments in my research. The PhD Forum is an event where second-, third-, and fourth-year PhD students present the progress of their research work. It provides an opportunity to share ideas, receive feedback, and engage in academic discussion with fellow PhD candidates and faculty members. Workshop jointly organized by Collegio Carlo Alberto and Vilfredo Pareto Doctoral Program in Economics.

I have the opportunity to present the latest developments in my research.

I have the opportunity to present the latest developments in my research.

I will have the opportunity to present my latest research.

I have the opportunity to present the latest developments in my research (poster presentation).

I have the opportunity to present the latest developments in my research and discuss an interesting job market paper.

I will have the opportunity to present my latest research.

I had the opportunity to present my latest research.

Presenting my latest research.

I had the opportunity to present my latest research, discuss one interesting paper and chair a session on international spillovers for small open economies.

I had the opportunity to present this working project in various international fora.

I had the opportunity to showcase the robots I developed using Robotic Process Automation (RPA) technology.

I had the opportunity to present the latest developments in my research.

Project Report of a course on advanced econometric methods. The instructor was Dr. Ruixuan Liu. Emory University, Fall 2020.

Project Report of a Machine learning course I took at Emory University in Spring 2020. The instructor was Dr. Babak Mahmoudi.

I had the opportunity to present the paper developed on the basis of my M.Sc’s thesis.

Abstract. This paper studies the effect of a natural disaster affecting central Italy in 2009 on the level of income of individuals residing in the most damaged area. Municipal data on income and population are aggregated to result in two provincial regions, L’Aquila province, the treatment group, and Terni and Rieti provinces, i.e. the control group. Using a Difference in differences model, we isolate the impact on income of the earthquake. This method is well-suited to account for heterogeneity in the treatment and control groups before and after the idiosyncratic shock. Results show that the Aquilano earthquake had a substantial negative impact on the income of the treated individuals.

Discussion of my M.Sc’s thesis.

Abstract. This paper studies the impact of access to water supply on both the probability of working and the education level, focusing in particular on the youngest segment of the population and highlighting gender differences. The World Bank’s Kagera Health and Development Surveys (KHDS) dataset has been used, considering children aged between 7 and 15 years old, divided into two cohorts, namely 7-11 and 12-15. Within each subset, I investigate the existence of a gender-related issue by focusing on female versus male individuals. On each subgroup, I regress school attendance and have been working in a specified time horizon as dependent variables. I estimate the empirical specifications using probit, instrumental probit and bivariate probit models. The coefficients are interpreted in terms of marginal effects to offer a reliable view of the phenomenon object of study. The results are consistent with the motivating hypothesis regarding the importance of having access to water supply and the education level of parents as main determinants of children’s education level. A key insight is to consider the increase in the probability of not working as the mirror image of the probability of going to school. Keywords - Child Labour, Education, Tanzania, Access to Water, Bivariate Probit, Instrumental Probit. JEL Classification - O10, O12, O13, O18, O55.

Work in progress - Joint work with Elsa Fornero on the project series titled “Behavioural Financial Regulation and Policy (BEFAIRLY)”. Paternalistic policies are not favouring gender equality, equal access to opportunity does. Education and financial literacy are crucial elements to making better and more informed decisions about your finances. Having the ability to administer your savings would increase the probability of becoming financially independent, which in turn is key to empowerment.

Quadrante Futuro, Centro di Ricerca e Documentazione Luigi Einaudi, Ersel, 2014, Torino, Italy. […] L’esistenza di ingenti depositi di shale nel sottosuolo americano rappresenta condizione necessaria ma non sufficiente all’ epifania della “rivoluzione grigia” dato che depositi di simile capacità sono presenti anche in altre nazioni. Un’intera decade caratterizzata da prezzi crescenti sia per il petrolio che per il gas, ha dato avvio al processo concorrenziale che si è concretizzato in innovazione; il ben noto processo “schumpeteriano” si sviluppa partendo da condizioni di mercato, dove gli alti prezzi incentivano la concorrenza che a sua volta innesca l’innovazione. L’innovatore di base è il giocatore che muove per primo, ma una schiera di innovatori seguaci (followers) si affrettano nel copiare il primo cercando di migliorare la nuova tecnologia in termini di efficienza. Se ci fermassimo qui, racconteremmo solo metà della storia, infatti l’ imprenditore schumpeteriano parte da una situazione di equilibrio, distrutta proprio dalla sua idea folgorante (i.e. innovazione di base) che apre le porte ad un periodo caratterizzato da uno shock positivo in termini innovativi che porta al raggiungimento di un nuovo trend, posto ad un più alto livello di innovazione tecnologica. Esattamente a questo punto, di disequilibrio, entra in scena un nuovo attore, l’imprenditore “kirzneriano”, abbastanza sensibile ed attento (il termine inglese è “alert”) da individuare opportunità di latente domanda insoddisfatta, che egli cerca di colmare atttraverso la sua idea luminosa, che si concretizza tramite un insieme di innovazioni incrementali, che sostengono e promuovono lo shock tecnologico prodotto dalla prima tipologia di imprenditore. Infatti la qualità delle istituzioni, la loro affidabilità ed una struttura di mercati finanziari efficienti capaci di fornire i fondi necessari al fine di rendere effettive le nuove idee imprenditoriali, sono caratteristiche essenziali per rendere un Paese fertile ed attraente per nuovi investimenti, scatenando così rivoluzioni economiche silenziose […]

I taught this course at Emory University in the summer of 2021. The course aims to give students a solid understanding of macroeconomic theory. While the primary focus will be on theory, we will look at data and evidence to help motivate theories and to assess competing ones. In order to be comfortable with the required empirical portion of the course, students should become familiar with a spreadsheet program like Microsoft Excel. If time allows, we will introduce some modeling techniques in MATLAB. Since an extremely important question is what, if anything, can policymakers do in order to improve individuals’ welfare, we will also evaluate the theoretical implications of different policies. We will also take a close look at the recent financial crisis, i.e. the 2007-2008 Global Financial Crisis, and ensuing recession.

I held a number of teaching assistantship positions at the Department of Economics of Emory University, Atlanta (GA), USA. (1) 2021 Spring - Stocks, Bonds and Financial Markets (Undergraduate level), Dr. Kelli Lanier; (2) 2021 Spring - Behavioral Economics (Undergraduate level), Dr. Kelli Lanier. (3) 2020 Fall - Intermediate Macroeconomics (Undergraduate level), Prof. Juan Rubio-Ramírez; (4) 2019 Spring - Industrial Organization (Undergraduate level), Prof. Maria Arbatskaya; (5) 2019 Spring - Business and Government (Undergraduate level), Prof. Maria Arbatskaya. I worked as a teaching assistant at the Department of Economics of the University of Turin, Turin, Italy. (6) 2015 Fall - Intermediate Macroeconomics (Undergraduate level), Prof. Elsa Fornero.

(1) 2023 - Research assistant to Prof. Elsa Fornero, University of Turin, CeRP, Collegio Carlo Alberto, Turin, Italy; (2) 2021 - Research assistant to Professor Elena Pesavento, Department of Economics of Emory University, Atlanta (GA), USA. (3) 2015 Spring - Research Assistant, Center for Research on Pensions and Welfare Policies (CeRP), Collegio Carlo Alberto, Turin, Italy.

I co-taught this course with Prof. Daniel Levy (also a mentor) at Emory University in the fall of 2020. We will review some mathematical tools and methods such as difference and differential equations used in PhD level courses in economics.

I co-taught this course with Prof. Daniel Levy (also a mentor) at Emory University in the summer of 2020. We will review some mathematical tools and methods used in PhD level courses in economics, business, public health, and related disciplines, with a focus on the methods of static analysis. Prerequisites are multivariate calculus and linear algebra. Textbooks (The books are optional but useful references). Simon, C.P. and L. Blume (1994), Mathematics for Economics (New York, NY W.W. Norton). Chiang, A.C. and K. Wainwright (2005), Fundamental Methods of Mathematical Economics, 4th Edition (New York, NY McGraw Hill). Apostol, T.M. (1981), Mathematical Analysis,2

Matteo’s lecture notes on Probability Theory and Statistical Inference (Graduate level, 1st year PhD, Prof. Pesavento)

Matteo’s lecture notes on Microeconomic Theory (Graduate level, 1st year PhD, Prof. Banerjee)

If it takes less than 2 minutes, do it right away. Reference: https://jamesclear.com/how-to-stop-procrastinating

Dropbox folder with some introductory material: https://www.dropbox.com/scl/fo/6hrbis8sfdljprek9vcri/AGvSQbloOug95YhJmsThvZ8?rlkey=4mh0wo90l4rofo3z5zj8nwae7&st=o0vpn7bi&dl=0 CORSAIR GROUP: https://corsairgroup.com CSR: https://corsairgroup.com/csr/

I have recently discovered that the only way to enjoy the moment is learning to be present.

The overman is a new type of woman/man capable of accepting the Dionysian dimension of existence, who accepts life as it is without expecting anything from the conditions that are due to him.

Financial Independence Retire Early (FIRE) movement fellows, As we all know, it is as simple as that Assets put money in your pocket. E.g. House, Income-Generating Real Estate, Stocks, Bonds, ETFs, Cash, (some) Crypto, Luxury Cars, Businesses, Insurance, Intellectual Property

God is female.

My favorite source is https://www.tylervigen.com/spurious-correlations E.g. Per-capita consumption of mozzarella cheese has 95.86% correlation with civil engineering doctorates awarded.

My heterogeneous playlist is available here: https://spotify.link/ZG1qykzhzDb

Coming back video: https://www.dropbox.com/scl/fi/nf25u3dyq07gcopawb05y/5f25681b-a3a0-426b-b5ff-eb1901e79f59.MP4?rlkey=fgctkplmnf7jox18m5rl0o6i3&dl=0

The Pilgrim’s Poem (written by my father) English The Pilgrim is respectful, is tired but doesn’t say it, is discrete, smiles but is not happy, has blisters but doesn’t complain, is always hungry, does not waste food, keeps it clean, would like to party but is too tired, dislikes tourists, travels alone but is happy when meeting new people.

The zodiac is a perfect application of two key statistical concepts, namely the law of large numbers (LLN) and the central limit theorem (CLT).

This is a brief description of my role model in terms of a well-rounded set of skills and qualities to have in a wide range of professional settings. Continuous learning and willingness to challenge the status quo can help me stay up to date on the latest developments in the field and be open to new ideas.

How to reach financial independence, experiencing minimalism and building solid human relationships? The answer is already embedded in the question.