Gaetano GABALLO

Associate Professor

Economics and Decision Sciences

Biography

Since July 2019 I am associate professor at HEC Paris and since 2022 a CEPR reserch fellow. I am on leave from Banque de France where I was senior economist in the monetary policy division. I had been affiliate professor at Paris School of Economics and an Economist in the Monetary Policy Research division at the European Central Bank. I held post-doc positions at the European Univesity Institute and Columbia University.

My research interest are in Macroeconomics and Monetary Economics, with a particular focus on how economic agents form expectations and interpret changes in prices.

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

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Scientific articles

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)

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,

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)

Rational Inattention to News: The Perils of Forward Guidance

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

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

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

Good luck or good policy? An expectational theory of macro volatility switches

Journal of Economic Dynamics and Control, December 2013, vol. 37, n° 12, pp 2755-2770,

Eductive learning and the rationalizability of oligopoly games

Applied Economics Letters, Septembre 2013, vol. 120, n° 3, pp 401-404,

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

Scientific articles

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)

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)

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

Education

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

Academic appointments

Academic Responsibilities at HEC

2019- Associate Professor, Economics - Decision Science HEC Paris
2019- Member of GREGHEC, the joint research laboratory CNRS-HEC Paris HEC Paris

External Academic Responsibilities

2018-2019 Affiliate Professor École d'économie de Paris (Paris School of Economics)
2017-2019 Research Economist (Senior-Expert) Monetary Policy Division Banque de France
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