Gaetano GABALLO

Associate Professor

Economics and Decision Sciences

gaballo@hec.fr
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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.

 

 

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)

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,

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

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

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

Academic appointments

Academic Responsibilities at HEC

  • 2019- 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