De Fiore, Fiorella


  • Adviser, Monetary Policy Research Division
  • Member of the Editorial Board of the ECB Working Paper

Fields of interest:

  • Macroeconomics
  • Monetary and financial economics
  • Stochastic dynamic general equilibrium models


  • PhD in Economics, 2000. European University Institute, Florence, Italy.
  • Msc in Economics, 1995. London School of Economics, UK.
  • BA in Economics and Social Sciences, 1993. Bocconi University, Italy.

Professional experience:

  • Research Fellow, CEPR, Monetary Economics and Fluctuations Programme, 2016 - today
  • Adviser, Financial Research Division, 2013-2015
  • Secretary of the ESCB Macro-prudential Research Network, 2012-2014
  • Principal economist, Capital Markets Division, DG-Economics, ECB, 2012.
  • Principal economist, Monetary Policy Division, DG Research, ECB, 1999-2011.
  • Ente Einaudi, Resident Research Fellow, 1998
  • International Monetary Fund, Economist Internship, 1997.
  • EU Commission, Macroeconomic Analysis and Policy Division, Expert, 1993-94.
  • EU Commission, DG Economic and Financial Affairs. Economist internship, 1992.
Title Authors Where
Corporate Debt Structure and the Financial Crisis De Fiore, F. and H. Uhlig Journal of Money, Credit and Banking, 47 (8), pp. 1571-1598, 2015.
Optimal Monetary Policy in a Model of the Credit Channel De Fiore, F. and O. Tristani Economic Journal, Vol. 123, Issue 571, pp. 906-931, 2012.
Monetary Policy and the Financing of Firms De Fiore, F. , P. Teles and O. Tristani American Economic Journal: Macroeconomics, 3, pp.1-31, 2011.
Bank Finance versus Bond Finance De Fiore, F. and H. Uhlig Journal of Money, Credit and Banking, 43 (7), pp. 1395-1418, 2011.
Credit and the Natural Rate of Interest De Fiore, F., and O. Tristani Journal of Money, Credit and Banking, 43(2-3), pp. 407-440, 2011.
Does Trade Openness Matter for Aggregate Instability? De Fiore, F. , and Z. Liu Journal of Economic Dynamics and Control, 29, pp. 1165-1192, 2005.
The Optimal Mix of Taxes on Money, Consumption, and Income De Fiore, F., and P. Teles Journal of Monetary Economics, 50 (4), pp 871-887, 2003.
Growth and Employment Effects of Tax Reforms in Europe De Fiore, F., and W. Roeger Oxford Economic Papers, 51, pp. 200-222, 1999.
Title Authors Where
(Un)conventional Monetary Policy and the Zero Lower Bound De Fiore, F. and O. Tristani In progress.
Money Markets, Collateral and Monetary Policy De Fiore, F., M. Hoerova and H. Uhlig In progress.
The Reanchoring Channel of QE -- The ECB's Asset Purchase Programme and Long-Term Inflation Expectations. Andrade, P., Breckenfelder, J., De Fiore, F., Karadi, P., and O. Tristani. In progress.