arXiv subjects

Francesco Zanetti

Publications and source records attributed to Francesco Zanetti.

3 recordsLinked to original sources

arXiv2023

Testing the effectiveness of unconventional monetary policy in Japan and the United States

Unconventional monetary policy (UMP) may make the effective lower bound (ELB) on the short-term interest rate irrelevant. We develop a theoretical model that underpins our empirical test of this `irrelevance hypothesis' based on the simple idea that under the hypothesis, the short rate can be excluded in any empirical model that accounts for alternative measures of monetary policy. We test the hypothesis for Japan and the United States using a structural vector autoregressive model with the ELB. We firmly reject the hypothesis but find that UMP has had strong delayed effects.

econ.GN↗

arXiv2023

Agreed and Disagreed Uncertainty

When agents' information is imperfect and dispersed, existing measures of macroeconomic uncertainty based on the forecast error variance have two distinct drivers: the variance of the economic shock and the variance of the information dispersion. The former driver increases uncertainty and reduces agents' disagreement (agreed uncertainty). The latter increases both uncertainty and disagreement (disagreed uncertainty). We use these implications to identify empirically the effects of agreed and disagreed uncertainty shocks, based on a novel measure of consumer disagreement derived from survey expectations. Disagreed uncertainty has no discernible economic effects and is benign for economic activity, but agreed uncertainty exerts significant depressing effects on a broad spectrum of macroeconomic indicators.

econ.EM↗

arXiv2022

Calibration of the IXPE focal plane X-ray polarimeters to polarized radiation

IXPE (Imaging X-ray Polarimetry Explorer) is a NASA Small Explorer mission -- in partnership with the Italian Space Agency (ASI) -- dedicated to X-ray polarimetry in the 2--8 keV energy band. The IXPE telescope comprises three grazing incidence mirror modules coupled to three detector units hosting each one a Gas Pixel Detector (GPD), a gas detector that allows measuring the polarization degree by using the photoelectric effect. A wide and accurate ground calibration was carried out on the IXPE Detector Units (DUs) at INAF-IAPS, in Italy, where a dedicated facility was set-up at this aim. In this paper, we present the results obtained from this calibration campaign to study the IXPE focal plane detector response to polarized radiation. In particular, we report on the modulation factor, which is the main parameter to estimate the sensitivity of a polarimeter.

astro-ph.IM↗