Research Interests:

International Macroeconomics, Fiscal Policy, International Finance, Fiscal Federalism


Bailouts: the Lesser of Two Evils?, Journal of Policy Modeling, 2019 (link)

Abstract: This paper investigates the relation between bailouts and regulation. Regulation, by limiting the room for government intervention in the market, can affect the likelihood and size of a bailout. While a higher level of regulation is associated with a lower likelihood of a direct acquisition, such countries resort to a higher use of State aid. The findings suggest the more transparent nature of direct acquisitions, makes them the lesser of two evils. In this light, policymakers should monitor State Aid and bailouts together, with the aim of making the former more transparent.

Working Papers: 

Calò, S. and Comunale, M., 2019. Real Effective Exchange Rates determinants and growth: lessons from Italian regions(No. 456). Tor Vergata University, CEIS. [link]

Max Weber Programme Research Project:
Fiscal Devolution and International Macroeconomics in the EU


Debt Dynamics at Different Government Levels
Short description: In this joint work with Marta Rodríguez (ECB) and Javier J. Perez (Banco de España)

Fiscal Policy and Trading Partners (link to EEA Gothenburg. 2013)

Fiscal Policy during Credit Booms in Europe