Matteo Bondesan

Matteo Bondesan

Research Fellow and PhD Candidate; Doctoral Fellow

University of Turin and Collegio Carlo Alberto

I am a Research Fellow and Ph.D. Candidate at the University of Turin (ESOMAS Department) and a Doctoral Fellow at the Collegio Carlo Alberto. My research interests include climate economics, quantitative macroeconomics and macroeconometrics to study the transmission mechanism of monetary and fiscal policy with non-anchored expectations and heterogeneous agents using HANK-, DSGE- and VAR-type modelling. I am grateful to my advisors, Fabio-Cesare Bagliano and Luca Gambetti, for close cooperation. Recently, I studied the effect of introducing bounded rationality, in the form of adaptive learning, within a one-asset HANK framework in continuous time to shed light on how individual and aggregate behaviors change moving beyond FIRE.

My current empirical research agenda builds around the following question: do households in the Euro area behave according to a non-anchored expectations system in their consumption/investment optimal decisions?

On the policy side, I have collaborated with international organizations (e.g. IOSCO, ECB, and EIB) to study the policy implications of regulatory changes.

Please, have a look at my curriculum vitae or résumé.

  • Macroeconomics
  • Climate Economics
  • Monetary and Fiscal Policy
  • Macroeconometrics
  • Finance/Asset Pricing
  • Oversight of Financial Market Infrastructures
  • Machine Learning
  • Ph.D. in Economics, 2026 (expected)

    University of Turin and Collegio Carlo Alberto

  • M.A. in Econometrics and Quantitative Economics, 2021

    Emory University

  • Ph.D. in Economics (all but dissertation), 2018 - 2021

    Emory University

  • M.A. in Economics, 2015

    Collegio Carlo Alberto

  • M.Sc. in Economics, 2014

    University of Turin

  • B.Sc. in Economics, 2012

    University of Turin


Monetary Policy
Climate Economics
Data Analytics


Research Fellow
Department of Economics, Social Studies, Applied Mathematics and Statistics (ESOMAS), University of Turin
Apr 2024 – Present Turin (Italy)
Assegno di Ricerca PRIN-PNRR, “Measuring, managing and hedging indirect climate-transition risk”, Principal Investigator Prof. Luca Regis.
External Collaborator
SAA - School of Management, University of Turin
Sep 2023 – Sep 2024 Turin (Italy)
Courses: Macroeconomics.
Adjunct Professor (Docente a Contratto)
Department of Economics, Social Studies, Applied Mathematics and Statistics (ESOMAS), University of Turin
Sep 2023 – Aug 2024 Turin (Italy)
Courses: Macroeconomics; Econometrics.
Research Assistant to Prof. Elsa Fornero
Feb 2023 – Jul 2023 Turin (Italy)
Prof. Fornero is an Honorary Professor at the University of Turin, Honorary Fellow at Collegio Carlo Alberto, Scientific Coordinator of CeRP, and served as the Minister of Labour, Social Policies, and Equal Opportunities in Italy from 2011 until 2013.
PhD Intern
Dec 2022 – Dec 2023 Madrid (Spain)

IOSCO is the global standard setter for securities markets regulation.

Responsibilities include:

PhD Candidate
Nov 2022 – Present Turin (Italy)

Department of Economics, Social Studies, Applied Mathematics and Statistics:

  • PhD dissertation.
  • My research investigates the transmission mechanism of monetary and fiscal policy with unanchored expectations and heterogeneous agents using HANK-, DSGE- and VAR-type modelling.
  • PhD program:
Oversight Specialist
Jul 2016 – Sep 2022 Frankfurt am Main (Germany)

Responsibilities include:

During such a timespan, I started off as a trainee in the Directorate General Market Operations before being promoted to become an analyst in the Directorate General Market Infrastructures and Payments (DGMIP). After leaving the ECB to pursue my doctoral studies at Emory University, I returned to work as an Oversight Specialist in the Oversight division in DGMIP.

Ph.D Student and Laney Graduate School Fellow
Jul 2018 – Dec 2021 Atlanta (USA)

Department of Economics:

  • Ph.D studies (All but dissertation).
  • Instructor of Intermediate Macroeconomics (Undergraduate).
  • Co-instructor of Quantitative Methods for Economics I and II (Math camp, Graduate).
  • Various Teaching and Research Assistantships (see CV for details).
  • Full coursework.
  • Successfully passed the three required core exams: Microeconomics, Macroeconomics and Probability & Statistics.
  • Fun-fact: 2019 Battle of the fields (soccer)
Mar 2016 – Jun 2016 Luxembourg
Department of Economics.
Junior Consultant
Jul 2015 – Feb 2016 Turin and Padua (Italy)
Sinloc is involved in consultancy and investment in Italy and in Europe and it promotes development mostly through the implementation of infrastructures, with feasibility studies, technical assistance activities and with investments in Public-Private Partnership projects.

Current Research, Working Papers and Ongoing Projects

Measuring firm-level indirect climate transition risk exposures
Conquering FIRE via Boundedly Rational HANK
This paper introduces bounded rationality in the form of adaptive learning (AL) dynamics into a New Keynesian model with heterogeneous agents in a continuous-time setting. I developed a set of adaptive learning MATLAB routines to model a recursive least-square approach to solving heterogeneous-agent continuous-time (HACT) models under both AL and RE using a diffusion process to model productivity. Learning dynamics are instilled into the model by extending recent advances in the representative-agent adaptive learning literature in continuous-time to a heterogeneous-agent framework. The explicit usage of the Hamilton-Jacobi-Belmann (HJB) and Kolmogorov Forward equations (KF) as solution methods, creates a natural link to the Heterogeneous Agent New Keynesian (HANK) modeling environment. A continuous-time approach provides higher granularity regarding the distribution of key economic variables compared to discrete-time models. In line with recent empirical evidence and differently from RE models, AL results show a remarkable increasing pattern of the optimal individual policy functions in terms of gross saving rate coupled with households’ 3-D surface functions intertwining savings, wealth, and productivity. At the aggregate, a contractionary monetary policy shock induces a more decisive and long-lasting decrease in the IRF of inflation than under RE, with a subdued increasing effect identified only after 10 quarters. AL implies a saving rate that is increasing in wealth, which in response to this shock and via wealth and composition effects (i.e. a relatively high number of higher productive, thus high wealth, households that save and consume more), raises saving and, through general equilibrium effects, consumption. This mechanism, in turn, produces high aggregate wealth, hump-shaped IRFs for consumption, GDP, employment, and real wage. Simulations show that, in the long run, AL IRFs converge to RE equilibria. Keywords - bounded rationality, recursive adaptive learning, HANK model, continuous-time, monetary policy. JEL Classification - C63, E12, E21, E52, E70. SSRN -

International Conferences and Policy Talks

2024 RCEA International Conference in Economics, Econometrics, and Finance (ICEEF2024)
I have the opportunity to present the latest developments in my research.
2024 Forum of PhD Researchers, University of Turin
I have the opportunity to present the latest developments in my research.
31st Annual Symposium of the Society for Nonlinear Dynamics and Econometrics
I have the opportunity to present the latest developments in my research.
64th Annual Conference of the Italian Economic Association
I will have the opportunity to present my latest research.
Banca d’Italia, Collegio Carlo Alberto and Norges Bank - Workshop on Monetary Policy and Financial Intermediation - Learning from Heterogeneity and Microdata
I have the opportunity to present the latest developments in my research (poster presentation).
Naples School of Economics - 2nd PhD and Post-Doctoral Workshop
I have the opportunity to present the latest developments in my research and discuss an interesting job market paper.
Sailing the Macro Workshop 2023
I will have the opportunity to present my latest research.
8th International PhD Meeting in Economics
I had the opportunity to present my latest research.
European Union's Jean Monnet Conference (EUconomics) at University of Iasi
Presenting my latest research.
How does volatility affect securities?
I had the opportunity to present this working project in various international fora.
92nd International Atlantic Economic North American Conference
I had the opportunity to present the latest developments in my research.


Shale Gas, la rivoluzione grigia a stelle e strisce (Italian)
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 […]

Teaching, Lecture notes, TAs and RAs

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God is female
God is female.