Matteo Iacoviello
Senior Associate Director
Division of International Finance
Federal Reserve Board
[Homepage]   [Research]   [Teaching]   [CV]   [GPR Index]   [Trade Policy Uncertainty Index]  
Working Papers   Publications   Policy Papers, Presentations, and Old Work   Discussions  
Working Papers:
  1. Caldara, Dario, Francesco Ferrante, Matteo Iacoviello, Andrea Prestipino, and Albert Queralto, "The International Spillovers of Synchronous Monetary Tightening," September 2023
  2. Presentation

  3. Caldara, Dario, Sarah Conlisk, Matteo Iacoviello, and Maddie Penn, "Do Geopolitical Risks Raise or Lower Inflation?," July 2023
  4. Presentation

  5. Iacoviello, Matteo, Ricardo Nunes and Andrea Prestipino, "Optimal Credit Market Policy," (Presentation) February 2019

  1. Ferrante, Francesco, Sebastian Graves, and Matteo Iacoviello (2023), "The Inflationary Effects of Sectoral Reallocation," Journal of Monetary Economics

  2. Appendix
    Latest Slides (July 2023)
    Replication Files

  3. Caldara, Dario, and Matteo Iacoviello (2022), "Measuring Geopolitical Risk," American Economic Review, April, 112(4), pp.1194–1225.

  4. Online Appendix here.

    The Geopolitical Risk Webpage contains additional material and updated data.

    Earlier version (December 2019) of the paper here

  5. Gabriel, Stuart, Matteo Iacoviello, and Chandler Lutz (2021), "A Crisis of Missed Opportunities? Foreclosure Costs and Mortgage Modification During the Great Recession," Review of Financial Studies, 34, pp.864-906.

  6. De Michelis, Andrea, Matteo Iacoviello, and Thiago Ferreira (2020), "Oil Prices and Consumption across Countries and U.S. States," International Journal of Central Banking, March, 16(2), pp.3-43.

  7. Caldara, Dario, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino, and Andrea Raffo (2020), "The Economic Effects of Trade Policy Uncertainty," Journal of Monetary Economics, 109, pp.38-59.

    Technical Appendix here.

  8. The Trade Policy Uncertainty Webpage contains the model Replication Codes as well as additional material, including updated monthly time-series data on Trade Policy Uncertainty going back to 1960.

  9. Iacoviello, Matteo, Pablo Cuba-Borda, Luca Guerrieri, and Molin Zhong (2019), "Likelihood Evaluation of Models with Occasionally Binding Constraints," Journal of Applied Econometrics, September, pp.1-13.

    Replication Codes here.

  10. Guerrieri, Luca, Matteo Iacoviello, Francisco Covas, John C. Driscoll, Mohammad Jahan-Parvar, Michael Kiley, Albert Queralto and Jae Sim (2019), "Macroeconomic Effects of Banking Sector Losses across Structural Models," International Journal of Central Banking, September, pp.137-204.

    Technical Appendix here.

  11. Iacoviello, Matteo, and Gaston Navarro (2019), "Foreign Effects of Higher U.S. Interest Rates," Journal of International Money and Finance, vol.95, July, pp.232-250.

    Replication Codes here.
  12. Vulnerability Data here.

  13. Caldara, Dario, Michele Cavallo, and Matteo Iacoviello (2019), "Oil Price Elasticities and Oil Price Fluctuations," Journal of Monetary Economics, vol.103, May, pp.1-20.

    Technical Appendix here.

  14. Replication Codes for IV regressions and oil supply shocks data in Figure 4 here.
    Replication Codes for VAR and other Figures here.

  15. Guerrieri, Luca, and Matteo Iacoviello (2017), "Collateral Constraints and Macroeconomic Asymmetries," Journal of Monetary Economics, vol. 90, October, pp.28-49.

    Codes for reproducing some of the key results (basic model, impulse responses, estimation and filtering of shocks) are here.

  16. Replication Codes for Empirical Analysis here.

  17. De Michelis, Andrea, and Matteo Iacoviello (2016), "Raising an Inflation Target: The Japanese Experience with Abenomics," European Economic Review, vol. 88, September, pp. 67-87.

    Replication Codes for the models in the paper here.

  18. Guerrieri, Luca, and Matteo Iacoviello (2015), "OccBin: A Toolkit to Solve Models with Occasionally Binding Constraints Easily," Journal of Monetary Economics, vol. 70, March, pp. 22-38.

    Technical Appendix, Updated Presentation, Dynare Codes (, updated June 30, 2014), Code to reproduce Figure C in Technical Appendix.

  19. Some Simple Codes written in 2018 for Filtering and Estimation here.

  20. Iacoviello, Matteo (2015), "Financial Business Cycles," Review of Economic Dynamics, vol 18(1), pp.140-163.

    Technical Appendix with some of the derivations, FBC Replication Files

  21. Iacoviello, Matteo, and Marina Pavan (2013), "Housing and Debt over the Life Cycle and over the Business Cycle," Journal of Monetary Economics, March, vol. 60(2), pages 221-238.

    Appendix is available here, Replication Codes are here.

  22. Guerrieri, Luca, Matteo Iacoviello, and Raoul Minetti (2013), "Banks, Sovereign Debt and the International Transmission of Business Cycles," NBER International Seminar on Macroeconomics, University of Chicago Press, vol. 9, pages 181-213, 2013.

  23. Replication Codes here.
    Appendix here. Appendix with steady state derivations here.

  24. Iacoviello, Matteo (2012), "Housing Wealth and Consumption," International Encyclopedia of Housing and Home, pp. 673-678, Elsevier.

  25. Iacoviello, Matteo, Fabio Schiantarelli and Scott Schuh (2011), "Input and Output Inventories in General Equilibrium," International Economic Review, November, pp. 1179-1214.

    Technical Appendix is available here.

  26. Iacoviello, Matteo (2010), "Housing in DSGE Models: Findings and New Directions," in Bandt, O. de; Knetsch, Th.; Penalosa, J.; Zollino, F. (Eds.), Housing Markets in Europe: A Macroeconomic Perspective, Berlin, Hidelberg: Springer-Verlag, pp. 3-16.

  27. Iacoviello, Matteo, and Stefano Neri (2010), "Housing Market Spillovers: Evidence from an Estimated DSGE Model," American Economic Journal: Macroeconomics, 2 (April): pp. 125-164.

    Appendix C (Estimation Details), Appendix D (Robustness Analysis), Appendix E (Mathematical Derivations), Replication Codes.

  28. Iacoviello, Matteo (2008), "Household Debt and Income Inequality, 1963-2003," Journal of Money, Credit and Banking, Vol. 40, No. 5 (August), pp. 929-965.

  29. Replication Codes here.

  30. Iacoviello, Matteo, and Raoul Minetti (2008), "The Credit Channel of Monetary Policy: Evidence from the Housing Market," Journal of Macroeconomics, Vol. 30, No. 1 (March), pp. 69-96.

  31. Iacoviello, Matteo, and Marina Pavan (2007), "An Equilibrium Model of Lumpy Housing Investment," Rivista di Politica Economica, Vol. II, March-April.

  32. Iacoviello, Matteo, and Raoul Minetti (2006), "International Business Cycles with Domestic and Foreign Lenders," Journal of Monetary Economics, Vol. 53, No. 8 (November), pp. 2267-2282.

    Technical appendix, working paper version with additional empirical results, Replication Codes.

  33. Iacoviello, Matteo (2005), "House Prices, Borrowing Constraints and Monetary Policy in the Business Cycle," American Economic Review, Vol. 95, No. 3 (June), pp. 739-764.

    Appendix C, Technical Appendix, Replication Codes (including technical appendix), Dynare_3 Code to replicate impulse responses.

  34. Iacoviello, Matteo (2004), "Consumption, House Prices and Collateral Constraints: a Structural Econometric Analysis," Journal of Housing Economics, Vol 13, No. 4, pp. 305-321.

  35. Iacoviello, Matteo and Francois Ortalo-Magne (2003), "Hedging Housing Risk in London," The Journal of Real Estate Finance and Economics, Vol 27, No.2, pp. 191-209

  36. Iacoviello, Matteo and Raoul Minetti (2003), "Financial Liberalisation and the Sensitivity of House Prices to Monetary Policy: Theory and Evidence," The Manchester School, Vol 71, No. 1, pp. 20-34.

Back to Top
Policy Papers, Presentations, and Old Work:
  1. Caldara, Dario, Sarah Conlisk, Matteo Iacoviello, and Maddie Penn "The Effect of the War in Ukraine on Global Activity and Inflation," May 27, 2022, Feds Notes.

    Replication Codes here.

  2. Fiori, Giuseppe, and Matteo Iacoviello, " What Did we Learn from 2 billion jabs? Early Cross-Country Evidence on the Effect of COVID-19 Vaccinations on Deaths, Mobility, and Economic Activity," September 01, 2021, Feds Notes.

    Replication Codes here.

  3. Caldara, Dario, Francesco Ferrante, Matthew DeHaven, and Matteo Iacoviello, " The Global Recovery: Lessons from the Past," June 22, 2021, Feds Notes.

  4. Caldara, Dario, Matteo Iacoviello, Patrick Molligo, Andrea Prestipino, and Andrea Raffo, "Does Trade Policy Uncertainty Affect Global Economic Activity?," September 4 2019, Feds Notes.

  5. Iacoviello, Matteo and Raoul Minetti, "Foreign Lenders in Emerging Economies," May 2010

  6. Iacoviello, Matteo, "What Do VAR and DSGE Models Tell Us About the Current Business Cycle?," May 6, 2009
    (Slides for a presentation at the Boston Fed, containing outlook and forecasts for the housing market as of May 2009)

  7. Iacoviello, Matteo, "Lessons from the Recent Housing Market Cycle," March 28, 2008
    (Slides for a presentation at the IMF)

  8. Iacoviello, Matteo, "The Fed and the Housing Boom," January 2006

  9. Iacoviello, Matteo, "Short-term Forecasting: Projecting Italian GDP 1 Quarter to 2 Years Ahead," IMF Working Paper 109/2001

  10. Iacoviello, Matteo, "House Prices and Business Cycles in Europe: a VAR Analysis," (10/2002), BC Working Paper 540
Back to Top
  1. Iacoviello, Matteo, "Discussion of Kilian (Understanding the Estimation of Oil Demand and Oil Supply Elasticities)," November 4, 2021 (Fed System Energy Meeting)

  2. Iacoviello, Matteo, "Discussion of Biljanovska, Gornicka and Vardoulakis (Optimal Macroprudential Policy and Asset Price Bubbles)," September 15, 2020 (IMF Annual Macrofinancial Research Conference)

  3. Iacoviello, Matteo, "Discussion of Drehmann, Juselius and Korinek (Going with the Flows: the Transmission of Credit Booms)," April 26, 2019 (IMF Conference, Washington)

  4. Iacoviello, Matteo, "Discussion of Altavilla, Boucinha and Peydro (Monetary Policy and Bank Profitability in a Low Interest Rate Environment)," March 23, 2018 (IRFMP, Washington)

  5. Iacoviello, Matteo, "Discussion of Quint and Rabanal (Monetary and Macroprudential Policy)," October 6, 2017 (NBER/EFSF, Philadelphia)

  6. Iacoviello, Matteo, "Discussion of Oh and Yoon (Residential Construction Lags)," January 4, 2016 (ASSA/ISIR, San Francisco)

  7. Iacoviello, Matteo, "Discussion of Kydland, Sustek and Garriga (Mortgages and Monetary Policy)," October 9, 2015 (Fourth Wharton Conference on Liquidity and Financial Crises, Philadelphia)

  8. Iacoviello, Matteo, "Discussion of Cloyne, Ferreira and Surico," October 18, 2014 (NBER EFSF Conference, Chicago)

  9. Iacoviello, Matteo, "Discussion of Liu, Wang and Zha," February 21, 2013 (UCLA/FRBSF Housing Conference)

  10. Iacoviello, Matteo, "Discussion of Kiley and Sim," November 30, 2012 (Boston Fed Research Annual Conference)

  11. Iacoviello, Matteo, "Discussions of Gilchrist and Zakrajsek," January 6, 2012 (Chicago, ASSA meetings)

  12. Iacoviello, Matteo, "Discussions of Darracq Pariès, Sørensen and Rodriguez Palenzuela & Antipa, Mengus and Mojon," December 1, 2010 (Washington DC)

  13. Iacoviello, Matteo, "Discussion of Enrique Mendoza and Emine Boz (Financial Innovation, the Discovery of Risk, and the US Credit Crisis)," November 13, 2010 (NBER/CRIW Conference, Washington DC)

  14. Iacoviello, Matteo, "Discussion of Carlos Garriga (The Role of Construction in the Housing Boom and Bust in Spain)," April 10, 2010 (Chicago Fed/UW Housing/Urban/Labor/Macro Workshop, Chicago IL)

  15. Iacoviello, Matteo, "Discussion of Robert Hall (The High Sensitivity of Economic Activity to the Degree of Financial Frictions)," March 19, 2010 (ECB/FRB International Research Forum on Monetary Policy, Washington, DC)

  16. Iacoviello, Matteo, "Discussion of Dedola and Lombardo (Financial Frictions, Financial Integration and the International Propagation of Shocks)," December 2009 (Workshop on Dynamic Macroeconomics, Pavia, Italy)

  17. Iacoviello, Matteo, "Discussion of Valentina_Michelangeli (Does it Pay to Get a Reverse Mortgage)," September 2008 (BC/BU Green Line Macro Workshop, Chestnut Hill, MA)

  18. Iacoviello, Matteo, "Discussion of Lawrence Christiano, Roberto Motto and Massimo Rostagno (Financial Factors in Business Cycles)," June 2008 (Bank of Italy DSGE Conference, Rome, Italy)

  19. Iacoviello, Matteo, "Discussion of Jonas Fisher and Martin Gervais (First-Time Home Buyers)," January 2008 (ASSA Meetings, New Orleans LA)

  20. Iacoviello, Matteo, "Discussion of Michael Johnston (Real and Nominal Frictions Within the Firm)," December 2007 (BC/BU Green Line Macro Workshop, Boston MA)

  21. Iacoviello, Matteo, "Discussion of Alessandro Calza, Tommaso Monacelli and Livio Stracca (Mortgage Markets, Collateral Constraints and Monetary Policy)," December 2006 (ECB/Board International Research Forum on Monetary Policy, Washington DC)

  22. Iacoviello, Matteo, "Discussion of Jeffrey Campbell and Zvi Hercowitz (The Role of Collateralized Household Debt in Macroeconomic Stabilization)," September 2006 (Bank of Canada/Cleveland Fed/Swiss National Bank conference, Ottawa, Canada)

  23. Iacoviello, Matteo, "Discussion of Riccardo DiCecio (Comovement: It's not a Puzzle)," December 2005 (Italian Workshop on Dynamic Macroeconomics, Bologna, Italy)
Back to Top