Marco Airaudo

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.

Areas of Expertise

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

Selected Works


Airaudo, Marco, Salvatore, Nistico, and Zanna, Luis-Felipe, Learning, Monetary Policy and Asset Prices (with S. Nistico’ and L.F. Zanna). Journal of Money, Credit, and Banking 47 (Oct 2015): 1273-1307.

Airaudo, Marco, Currency Substitution, Risk Premia and the Taylor Principle. Journal of Economic Dynamics and Control 48 (Nov 2014): 202-217.

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):


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


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))

Media Mentions

Is the U.S. Headed for Another Recession?

via NBC Philadelphia

Economists are split on whether or not the United States is headed for another recession. Associate Professor of Economics Marco Airaudo, PhD highlights the key markers that indicate a recession, how economists' define the term, and a brief history of recessions in America since World War II.