Nicolò Maffei-Faccioli (@nmaffeifaccioli) header
Nicolò Maffei-Faccioli (@nmaffeifaccioli) profile picture

Nicolò Maffei-Faccioli

@nmaffeifaccioli

Research Economist @NorgesBank. PhD @UABBarcelona. From Verona, Italy. Views are my own.

 Oslo, Norway
sites.google.com/view/nmfmics/home
Joined September 2020
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Photo by Nicolò Maffei-Faccioli (@nmaffeifaccioli)Photo by Nicolò Maffei-Faccioli (@nmaffeifaccioli)Photo by Nicolò Maffei-Faccioli (@nmaffeifaccioli)Photo by Nicolò Maffei-Faccioli (@nmaffeifaccioli)Photo by Nicolò Maffei-Faccioli (@nmaffeifaccioli)Photo by Nicolò Maffei-Faccioli (@nmaffeifaccioli)
🥁New Working Paper Alert "When Monetary Policy Bites: State-Level Evidence on Wages", with Knut Are Aastveit, Jonas Höltz and @GNatvik. How does monetary policy affect wages—and does the effect depend on how tight labor markets are? Paper: norges-bank.no/contentassets…
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Takeaway: monetary transmission is nonlinear already at the wage-setting stage, with implications for inflation dynamics when labor markets are tight.
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#econtwitter
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Hilde C. Bjørnland (@HCBjornland) profile picture
Hilde C. Bjørnland@HCBjornlandJun 2
Thrilled to share that I have two papers in the May issue of QE. Different papers, but related through the oil market; one on the shale supply, and one via the financial markets. Thanks to my fantastic co-authors: Knut Are Aastveit, @tsgundersen, Yoosoon Chang and Jamie Cross
Quantitative Economics (@qe_editors) profile pictureQuantitative Economics@qe_editorsMay 20
Quantitative Economics Volume 17, Issue 2 (May 2026) is now online econometricsociety.org/publi…
Image from Quantitative Economics (@qe_editors)
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VoxEU (@voxeu) profile picture
VoxEU
@voxeuJun 1
The transatlantic divide in labour’s share of income @DBergholt, @francescofurla8, @nmaffeifaccioli @NorgesBank, Evi Pappa @uc3m @EconomicsUc3m ow.ly/zQIh50Z62nL
Image from VoxEU (@voxeu)
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Francesco Furlanetto 🇺🇦 (@francescofurla8) profile picture
Francesco Furlanetto 🇺🇦@francescofurla8May 12
On the @greg_ip point: 🥁New Working Paper Alert🥁 Why has the European labor income share evolved differently than in the US? A new paper with @DBergholt @nmaffeifaccioli and Evi Pappa explores the "Transatlantic Divide" in labor share dynamics from 1960–2023. #EconTwitter 1/N
Image from Francesco Furlanetto 🇺🇦 (@francescofurla8)
Greg Ip (@greg_ip) profile pictureGreg Ip
@greg_ipMay 7
Labor's share of output (nonfarm business) fell to 54.1% in the first quarter, the lowest since records begin going back to 1947. "not so good news for society and our politics" - @KrishnaRSGuha
Image from Greg Ip (@greg_ip)
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Francesco Furlanetto 🇺🇦 (@francescofurla8) profile picture
Francesco Furlanetto 🇺🇦@francescofurla8Apr 16
Prof. @nmaffeifaccioli and I are super happy to be @SantAnnaPisa for our annual course on Empirical Macroeconomics. Nicolo’ teaches econometrics of SVAR models while I teach applications (Phillips curve, inflation surge, hysteresis, inequality, labor share, immigration). Pisa 🥰
Image from Francesco Furlanetto 🇺🇦 (@francescofurla8)
Image from Francesco Furlanetto 🇺🇦 (@francescofurla8)
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Joe Diwa (@Joediwa) profile picture
Joe Diwa@JoediwaMar 16
Replying to @Joediwa @FraRavazzolo
This project would not have been possible without the guidance of my supervisor, @FraRavazzolo. I also thank the editor and the two anonymous referees. Finally, I am grateful for the assistance I received from @francescofurla8 and @nmaffeifaccioli
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🥁 Working paper update 🥁 #econtwitter "Divergent Perceptions, Divergent Pay: Inflation and the Gender Wage Gap" with @LovisaReiche Link: norges-bank.no/en/news-event… We establish a new link between inflation dynamics and the evolution of the gender wage gap.

Divergent Perceptions, Divergent Pay: Inflation and the Gender Gap

norges-bank.no
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We formalize this mechanism within a two-agent New Keynesian search-and-matching model with imperfect information in which women’s pessimistic beliefs about underlying shocks generate their differential response to inflation.
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We are grateful to seminar and conference participants, and to an anonymous referee for the Norges Bank working paper series for extremely useful feedback. Comments are very welcome. Please check out the paper and share your thoughts!
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AEA Journals (@AEAjournals) profile picture
AEA Journals@AEAjournals19 Aug 2025
Forthcoming in AEJ: Macroeconomics: "What Drives the Recent Surge in Inflation? The Historical Decomposition Roller Coaster" by Drago Bergholt, Fabio Canova, Francesco Furlanetto, Nicolò Maffei-Faccioli, and Pål Ulvedal. aeaweb.org/articles?id=10.12…
What Drives the Recent Surge in Inflation? The Historical Decomposition Roller Coaster

What Drives the Recent Surge in Inflation? The Historical Decomposition Roller Coaster

What drives the recent inflation surge? To answer, one must decompose inflation fluctuations into the contribution of structural shocks. We document how whimsical such a shock decomposition can be in...

aeaweb.org
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Working paper alert 🥁 #econtwitter "Divergent Perceptions, Divergent Pay: Inflation and the Gender Wage Gap" with @LovisaReiche Link here: ora.ox.ac.uk/objects/uuid:c0… We establish a new link between inflation dynamics and the gender wage gap. We document two facts:
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Fact 2: Women interpret inflation as a signal of deteriorating conditions in the labor market, while men perceive mild improvement. These divergent beliefs reduce women’s willingness to negotiate, slowing their nominal wage growth relative to men’s.
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To formalize this mechanism, we develop a New Keynesian search-and-matching model where workers do not observe the true nature of the shock and women form ambiguity averse beliefs. The model replicates the observed cyclicality of the gender wage gap.
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