Ricerc@Sapienza

Stagnation, namely a context connoted by missing growth and inflation, has been witnessed in the advanced economies over the course of the last 15 years. I propose a NK-DSGE framework inclusive of endogenous growth and hysteresis effects, in which I study the ability of economic policy at counteracting the stagnating trends from a macroeconomic perspective. Focus is devoted to analyse the role of monetary policy, in both its conventional and uncoventional form, by adding credit frictions and studying the relevance of the credit channel with respect to the transmission of the monetary action to the real economy.