Francesco Lippi

Francesco Lippi



Full Professor, LUISS University
Fellow, Einaudi Institute for Economics and Finance
Research Fellow, Center for Economic Policy Research


Tinbergen Institute, Ph.D., 1997
Bocconi University, B.A., 1992


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Research Interests

Macroeconomics, Monetary economics, Household Finance

Selected Publications

"Temporary Price Changes, Inflation Regimes and the Propagation of Monetary Shocks" (with F. Alvarez), American Economic Journal: Macroeconomics, 2020, Volume 12, Issue 1, pages 104–152.

“Monetary Shocks with Observation and Menu Costs” (with F. Alvarez and L. Paciello), Journal of the European Economic Association, 2018, Volume 16, Issue 2, pages 353-382.

“The real effects of monetary shocks in sticky price models: a sufficient statistic approach” (with F. Alvarez and H. Le Bihan), American Economic Review, 2016, Volume 106, Issue 10, pages 2817-2851.

“Are State and Time dependent models really different?” (with F. Alvarez and J. Passadore), NBER Macroeconomics Annual, 2016, Volume 31.

“Monetary shocks in models with inattentive producers” (with F. Alvarez and L. Paciello), Review of Economic Studies, 2016, Volume 83, Issue 2, pages 421-459.

“Optimal monetary policy with heterogeneous money holdings” (with S. Ragni and N. Trachter), Journal of Economic Theory, 2015, Volume 159, part A, pages 339-368.

“Corporate control and executive selection” (with F. Schivardi), Quantitative Economics, 2014, Volume 5, Issue 2, pages 417-456.

“Persistent Liquidity Effects and Long Run Money Demand” (with F. Alvarez), American Economic Journal: Macroeconomis, 2014, Volume 6, Issue 2, pages 1-39.

“Price Setting with Menu Cost for Multiproduct Firms” (with F. Alvarez), Econometrica, 2014, Volume 82, Issue 1, pages 89-135.

“The Demand of Liquid Assets with Uncertain Lumpy Expenditures” (with F. Alvarez), Journal of Monetary Economics, 2013, Volume 60, Issue 7, pages 753-770.

“Durable Consumption and Asset Management with Transaction and Observation Costs” ( with F. Alvarez and L. Guiso), American Economic Review, 2012, Volume 102, Issue 5, pages 2272-2300.

“Optimal Price Setting with Observation and Menu Costs” (with F. Alvarez and L. Paciello), Quarterly Journal of Economics, 2011, Volume 126, Issue 4,  pages 1909-1960.

“Financial Innovation and the Transactions Demand for Cash” (with F. Alvarez), Econometrica, 2009, Volume 77, Issue 2, pages 363-402.

“Monetary Union with Voluntary Participation” (with W. Fuchs), Review of Economic Studies, 2006, Volume 73, Issue 2, pages 1951-1983.

“Strategic Monetary Policy with Non-Atomistic Wage Setters”, Review of Economic Studies, 2003, Volume 70, Issue 4, pages 909-919.

Honors, Awards and Fellowships

Joint Managing Editor of the Economic Journal, 2019 -

ERC Advanced Grant 2013-2018
Associate Editor of the International Journal of Central Banking, 2005
Winner of the University of Sassari Productivity Prize, 2007
Winner of the CEPR/ESI prize Best Central Bank Research Paper, 2004


Phone: +39.06.4792.4836
Fax: +39.06.4792.4872
E-mail: francesco.lippi[at]


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