Marco Airaudo

Professor Airaudo received his PhD from the University of Pennsylvania. His current research focuses on the design of optimal monetary policy in both closed and open economies, as well as on the role of expectation formation and learning for the emergence of excess volatility in the macroeconomy.


BA Economics - Universita’ degli Studi di Torino, Facolta’ di Economia Italy 1997
Ph.D. Economics - University of Pennsylvania Philadelphia, PA USA 2006

Selected Works


Airaudo, Marco, Currency Substitution, Risk Premia and the Taylor Principle. Journal of Economic Dynamics and Control (Forthcoming)

Airaudo, Marco, Learning, Monetary Policy and Asset Prices (with S. Nistico’ and L.F. Zanna). Journal of Money, Credit, and Banking (Forthcoming)

Airaudo, Marco, Monetary policy, stock prices and consumption externalities. Economics Letters 120 (Sep 2013): 537-541.

Airaudo, Marco, Monetary policy and asset prices with belief-driven fluctuations (with R. Cardani and K.J. Lansing). Journal of Economic Dynamics and Control 37 (Aug 2013): 1453-1478.

Airaudo, Marco, Monetary policy and stock prices with limited asset market participation. Journal of Macroeconomics 36 (Jun 2013): 1-22.

Airaudo, Marco, Equilibrium Determinacy and Inflation Measures for Interest Rate Rules rules (with L.F. Zanna). Review of Economic Dynamics 15 (Oct 2012): 573-592.

Airaudo, Marco, Interest rate rules, endogenous cycles and chaotic dynamics in open economies (with L.F. Zanna). Journal of Economic Dynamics and Control 36 (Oct 2012): 1566-1584.

Airaudo, Marco, Currency substitution and money demand in Italy: an econometric analysis. Rivista DI Politica Economica (Dec 1999):

Presented Research

Airaudo, Marco, Interest rate rules and endogenous cycles in open economies with nominal rigidities, 11th Workshop on Optimal Control, Dynamic Games and Non-linear Dynamics: Amsterdam, Holland, (May 2010):

Airaudo, Marco, Monetary policy and stock prices with limited asset market participation, Canadian Economics Association 2010: Quebec City, Canada, CA, (May 2010):

Airaudo, Marco, Learning about inflation measures for interest rate rules, Midwest Macroeconomics Meetings 2010: Michigan State University, East Lansing, Michigan, MI, (May 2010):

Airaudo, Marco, Learning, monetary policy and asset prices, University of Adelaide: Adelaide (Australia), (Feb 2009):


2006 Franco Modigliani Research Fellowship (Mediocredito Centrale Bank)
2005-2006 Monetary Policy Design for Monetary Unions (European Commission and CEPR)
2003-2004 LUISS Fellowship in International Economics (LUISS University (Rome))

WWW Resources

Areas of Expertise

  • Computational Economics
  • International Economics
  • International Finance
  • Macroeconomics
  • Macroeconomics and Monetary Economics
  • Monetary Economics