Fellow Researchers Profile

Francesco Zanetti

Francesco Zanetti

International Research Fellow

Associate Professor, Department of Econonics, University of Oxford.


  • Macroeconomics, Monetary Policy, Fiscal Policy, Applied Econometrics.



2004. Ph.D. Economics, Boston College, USA,
2002. Ph.D. Economic Theory and Institutions, University of Bologna, Italy,
2000. M.A. Economics, Boston College, USA,
1999. B.A. Economics, University of Strathclyde in Glasgow, UK,
1998. Laurea in Economics and Commerce, Catholic University of Milan, Italy,


Septemebr 2012–. Associate Professor, University of Oxford, Department of Economics,
September 2006–September 2012. Senior Advisor, Bank of England,
October 2004–September 2006. Economist, Bank of England, Monetary Analysis,


Publications (since 2019)

  • “Monetary Policy, Firm Heterogeneity, and Product Variety,” with Masashige Hamano, European Economic Review, forthcoming.


  • “State Dependence of Fiscal Multipliers: the Source of Fluctuations Matters,” with Mishel Ghassibe, Journal of Monetary Economics 132 (November 2022): 1-23.
  • “News Shocks under Financial Frictions,” with Christoph Gortz and John Tsoukalas, American Economic Journal: Macroeconomics 14 (October 2022): 210-243.
  • “The “Matthew Effect” and Market Concentration: Search Complementarities and Monopsony Power,” with Jesus Fernandez-Villaverde, Federico Mandelman, and Yang Yu, Journal of Monetary Economics 121 (July 2021): 62-90.
  • “State Dependence in Labor Market Fluctuations: Evidence, Theory and Policy Implications,” with Carlo Pizzinelli and Konstantinos Theodoridis, International Economic Review 61 (August 2020): 1027-1072.
  • “Changing Macroeconomic Dynamics at the Zero Lower Bound,” with Philip Liu, Haroon Mumtaz and Konstantinos Theodoridis, Journal of Business & Economic Statistics 37 (July 2019): 391-404.