Gaetano GABALLO

Professor

Economics and Decision Sciences

Biography

Since July 2019, I have been an associate professor at HEC Paris and an associate researcher at CEPR. Before, I was a senior economist in the monetary policy department of the Banque de France. I was an affiliated professor at the Paris School of Economics and an economist in the monetary policy research division of the European Central Bank. I have held postdoctoral positions at the European University Institute and Columbia University.

My research focuses on macroeconomics and monetary economics, with a particular emphasis on how economic agents form their expectations and interpret price changes.

I have published publications in the Review of Economic Studies, the Journal of Monetary Economics, and the American Economic Journal: Macroeconomics, among others.

In 2023, I obtained the prestigious ERC Consolidator grant for my project "A learning-from-prices view of Inflation and Business Cycles" aimed at studying how market prices can affect household inflation expectations and the importance of this channel in economic cycles.

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Scientific articles

Spending Allocation under Nominal Uncertainty: A Model of Effective Price Rigidity

Journal of the European Economic Association, Forthcoming, (in coll. with L. PACIELLO)

Myopic Fiscal Objectives and Long-Run Monetary Efficiency

Journal of Monetary Economics, May 2023, vol. 136, pp 1-17, (in coll. with E. MENGUS)

Learning from House Prices: Amplification and Business Fluctuations

Review of Economic Studies, July 2021, vol. 88, n° 4, pp 1720-1759, (in coll. with R. CHAHROUR)

Breaking the Spell with Credit-Easing, Self-Confirming Credit Crises in Competitive Search Economies

Journal of Monetary Economics, April 2021, vol. 119, pp 1-20, (in coll. with R. MARIMON)

Can more public information raise uncertainty? The international evidence on forward guidance

Journal of Monetary Economics, December 2019, vol. 108, pp 93-112, (in coll. with M. EHRMANN, P. HOFFMANN, G. STRASSER)

Forward Guidance and Heterogenous Beliefs

American Economic Journal: Macroeconomics, July 2019, vol. 11, n° 3, pp 1-29, (in coll. with P. ANDRADE, E. MENGUS, B. MOJON)

Price Dispersion, Private Uncertainty, and Endogenous Nominal Rigidities

Review of Economic Studies, April 2018, vol. 85, n° 2, pp 1070-1110,

Rational Inattention to News: The Perils of Forward Guidance

American Economic Journal: Macroeconomics, 2016, vol. 8, n° 1, pp 42-97,

Bailouts, Moral Hazard, and Banks' Home Bias for Sovereign Debt.

Journal of Monetary Economics, August 2016, vol. 91, pp 70-85, (in coll. with A. ZETLIN- JONES)

Sequential coordination, higher-order belief dynamics and the E-stability principle

Journal of Economic Dynamics and Control, July 2014, vol. 44, pp 270-279,

Chapters in edited books

More, and more forward-looking: Central bank communication after the crisis

Hawks And Doves: Deeds And Words - Economics And Politics Of Monetary Policymaking, Sylvester Eijffinger, Donato Masciandaro, CEPR, 2

Working papers

Myopic Fiscal Objectives and Long-Run Monetary Efficiency

CEPR Discussion Series , 2022

Forward Guidance and Heterogeneous Beliefs

Cahier de Recherche du Groupe HEC , 2017

Scientific articles

Myopic Fiscal Objectives and Long-Run Monetary Efficiency

Journal of Monetary Economics, May 2023, vol. 136, pp 1-17, (in coll. with E. MENGUS)

Breaking the Spell with Credit-Easing, Self-Confirming Credit Crises in Competitive Search Economies

Journal of Monetary Economics, April 2021, vol. 119, pp 1-20, (in coll. with R. MARIMON)

Learning from House Prices: Amplification and Business Fluctuations

Review of Economic Studies, July 2021, vol. 88, n° 4, pp 1720-1759, (in coll. with R. CHAHROUR)

Can more public information raise uncertainty? The international evidence on forward guidance

Journal of Monetary Economics, December 2019, vol. 108, pp 93-112, (in coll. with M. EHRMANN, P. HOFFMANN, G. STRASSER)

Chapters in edited books

More, and more forward-looking: Central bank communication after the crisis

Hawks And Doves: Deeds And Words - Economics And Politics Of Monetary Policymaking, Sylvester Eijffinger, Donato Masciandaro, CEPR, 2

Working papers

Myopic Fiscal Objectives and Long-Run Monetary Efficiency

CEPR Discussion Series , 2022

Forward Guidance and Heterogeneous Beliefs

Cahier de Recherche du Groupe HEC , 2017

Education

2010
Ph.D. in Economics, Université de Sienne - Italy

Academic appointments

Academic Responsibilities at HEC

2025- Professor, Economics and Decision Science HEC Paris
2019-2024 Associate Professor, Economics - Decision Science HEC Paris

External Academic Responsibilities

2018-2019 Affiliate Professor École d'économie de Paris (Paris School of Economics)
2016-2017 Economist Banque Centrale Européenne
2011-2016 Research Economist Banque de France
2010-2011 Max Weber Post-doc Fellow European University Institute, Florence
2009-2010 Robert Solow Post-doc Fellow Columbia University

Scientific Activities

Editorial activities

Referee service for: American Economic Review, Econometrica, The Review of Economic Studies; American Economic Journal: Macroeconomics, Economic Journal, Journal of Economic Theory, Journal of Monetary Economics, Journal of Public Economics, Review of Economic Dynamics; European Economic Review, Economic Inquiry, Games and Economic Behavior, International Journal of Central Banking, Journal of Computational Economics, Journal of Economic Dynamics and Control; Revue de la Stabilite Financiere; Hong Kong Research Grant Council

Conference organisation

2017-2019 Salento Summer Meetings

2016-2019 Summer Workshop in International Finance and Macro Finance

2017 New Advances in Informational Frictions in Macro