Stefano Pica

Stefano Pica

Advisor @ Bank of Italy

I am an Advisor at the Bank of Italy. My work mostly focuses on macroeconomics, with an emphasis on monetary policy and household finance.

Disclaimer: The views expressed on this website are my own and do not necessarily reflect those of the Bank of Italy or the Euro-system.

Upcoming/Recent Talks:

  • 2024-06: 13th MoFiR Workshop on Banking, London

  • 2024-03: ESCB Research Cluster on Monetary Economics, Central Bank of Poland

  • 2024-02: Seminar at the DG-Economics, European Central Bank

News:

  • 2023-07-02: My paper on the housing markets and monetary policy has been mentioned in The Telegraph (link)

  • 2022-07-19: My paper on the housing markets and monetary policy has been mentioned in the Financial Times (link)

Work in Progress

Distortive Effects of Deposit Insurance: Administrative Evidence from Deposit and Loan Accounts
Dominic Cucic, Rajkamal Iyer, Sotirios Kokas, José-Luis Peydró, Stefano Pica

Older Work

Future Policy and Information Dissemination: A Natural Language Processing Approach
Which words matter the most in central bank communication? Making use of a rather unique European monetary policy decision setting, we build the first monetary policy dictionary. We train the dictionary on high frequency movements of the stock market around press conferences of the European Central Bank. This allows us to precisely identify which phrases do the market mainly reacts to. We find that phrases such as “Improved economy”, “Market development”, and “Stability of the euro” are associated with positive returns. On the other hand, phrases such as “Heightened uncertainties” and “Growth of loans” are associated with negative returns.
Stefano Pica, Alden Porter
March 2021
Poster Slides
Food Versus Non-Food Consumption Insurance in Uganda
Households’ income fluctuations in poor countries call for risk smoothing mechanisms, yet insurance is always found to be incomplete. We build a two-goods complete markets model, and confirm this result with the UNPS - a new representative Uganda household-level panel data. The empirical evidence suggests that the degree of consumption insurance differs across consumption goods: Households insure food better than other non-durables.
Stefano Pica
September 2016
PDF
Food Versus Non-Food Consumption Insurance in Uganda

Teaching

EC702 (Graduate-level Macroeconomics)
Teaching Assistant for the Ph.D. level Macroeconomics class. Fall 2019, Fall 2018, Fall 2017.
December 2019
Github course page with codes and slides

Visiting Positions

 
 
 
 
 
Summer Research Graduate
European Central Bank
May 2021 – Aug 2021 Frankfurt
 
 
 
 
 
Summer Visiting Scholar
Bank of Spain
Jun 2018 – Sep 2018 Madrid
 
 
 
 
 
Visiting Scholar
Capital Markets Cooperative Research Centre
Apr 2014 – Jun 2014 Sydney
 
 
 
 
 
Erasmus Exchange Student
Goethe University
Oct 2013 – Feb 2014 Frankfurt

Popular Topics

Banking Central Bank's Communication Computational Macroeconomics Consumption Insurance Demand Euro Area Expectations Financial Crises Firm Productivity Household Survey Housing Markets Incomplete Markets Inflation Macroeconomics Monetary Policy Mortgage Markets New Keynesian Output Supply Survey

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