Prof. dr. M. (Massimo) Giuliodori
Faculty of Economics and Business
Sectie Macro & International Economics
Visiting address
- Roetersstraat 11
- Room number: 3.67
Postal address
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Postbus 15867
1001 NJ Amsterdam
Contact details
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Profile
Position
Professor of Empirical Macroeconomics
Research interests
Empirical analysis on monetary and fiscal policy, and monetary transmission mechanism
Short Biography
- Director of the Graduate School of Economics, University of Amsterdam, 2015-2024
- Director of the MSc Economics Program, University of Amsterdam, 2015-2018
- Professor of Empirical Macroeconomics, University of Amsterdam, since January 2014
- Director of Graduate Studies, Tinbergen Institute, 2013-2015
- Director of First-Year Bachelor's International Programme in Economics and Business, University of Amsterdam, 2010-2013
- Associate Professor, University of Amsterdam, 2010-2013
- Assistant Professor, University of Amsterdam, 2004-2010
- Postdoc, University of Amsterdam, 2003-2004
- Ph.D, University of Glasgow, Scottish Doctoral Programme, 1999-2003
Curriculum Vitae
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Teaching
Teaching activities
- Monetary and Fiscal Policy (BSc Economics and Business Economcs, UvA)
- Macroeconometrics (MSc Econometrics, UvA)
- Applied Macroeconometrics (Ph.D, Tinbergen Institute)
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Publications
- refereed (38)
- academic (6)
- professional (3)
- popular scientific (1)
- supervised theses (8)
- working papers / preprints (26)
- datasets (2)
2025
- Timm, L. M., Giuliodori, M., & Muller, P. (2025). Tax Incentives for Migrants with Mid-level Earnings: Evidence from the Netherlands. American Economic Journal: Applied Economics, 17(3), 42-79. https://doi.org/10.1257/app.20230438
2023
Bats, J. V., Giuliodori, M., & Houben, A. C. F. J. (2023). Monetary policy effects when interest rates are negative: What do bank stock prices tell us? Journal of Financial Intermediation, 53, Article 101003. https://doi.org/10.1016/j.jfi.2022.101003 [details]- Beetsma, R., Busse, M., Germinetti, L., Giuliodori, M., & Larch, M. (2023). Is the road to hell paved with good intentions? An empirical analysis of budgetary follow-up in the EU. Journal of International Money and Finance, 135, Article 102854. https://doi.org/10.1016/j.jimonfin.2023.102854 [details]
- Mokas, D., & Giuliodori, M. (2023). Effects of LTV announcements in EU economies. Journal of International Money and Finance, 133, Article 102838. https://doi.org/10.1016/j.jimonfin.2023.102838 [details]
- Parlevliet, J., Giuliodori, M., & Rooduijn, M. (2023). Populist attitudes, fiscal illusion and fiscal preferences: Evidence from Dutch households. Public Choice, 197(1-2), 201–225. https://doi.org/10.1007/s11127-023-01101-9 [details]
2022
- Lengyel, A., & Giuliodori, M. (2022). Demand Shocks for Public Debt in the Eurozone. Journal of Money, Credit and Banking, 54(7), 1997-2028. https://doi.org/10.1111/jmcb.12891 [details]
2021
- Beetsma, R., Furtuna, O., Giuliodori, M., & Mumtaz, H. (2021). Revenue- versus spending-based fiscal consolidation announcements: multipliers and follow-up. Journal of International Economics, 131, Article 103455. https://doi.org/10.1016/j.jinteco.2021.103455 [details]
- Beetsma, R., Giuliodori, M., Hanson, J., & de Jong, F. (2021). The Maturity of Sovereign Debt Issuance in the Euro Area. Journal of International Money and Finance, 110, Article 102293. https://doi.org/10.1016/j.jimonfin.2020.102293 [details]
2020
- Beetsma, R., Giuliodori, M., Hanson, J., & de Jong, F. (2020). Determinants of the bid-to-cover ratio in Eurozone sovereign debt auctions. Journal of Empirical Finance, 58, 96-120. https://doi.org/10.1016/j.jempfin.2020.05.005 [details]
- Cimadomo, J., Ciminelli, G., Furtuna, O., & Giuliodori, M. (2020). Private and public risk sharing in the euro area. European Economic Review, 121, Article 103347. https://doi.org/10.1016/j.euroecorev.2019.103347 [details]
2019
- Ciminelli, G., Ernst, E., Merola, R., & Giuliodori, M. (2019). The composition effects of tax-based consolidation on income inequality. European Journal of Political Economy, 57, 107-124. https://doi.org/10.1016/j.ejpoleco.2018.08.009 [details]
2018
- Beetsma, R., Giuliodori, M., Hanson, J., & de Jong, F. (2018). Bid-to-cover and yield changes around public debt auctions in the euro area. Journal of Banking & Finance, 87, 118-134. https://doi.org/10.1016/j.jbankfin.2017.10.006 [details]
2017
- Beetsma, R., Giuliodori, M., & Sakalauskaite, I. (2017). Long-Term Interest Rates and Public Debt Maturity. Economica, 84(335), 541-558. https://doi.org/10.1111/ecca.12178 [details]
- Beetsma, R., Giuliodori, M., Hanson, J., & de Jong, F. (2017). Cross-Border Auction Cycle Effects of Sovereign Bond Issuance in the Euro Area. Journal of Money, Credit and Banking, 50(7), 1401-1440. https://doi.org/10.1111/jmcb.12510 [details]
- Beetsma, R., de Jong, F., Giuliodori, M., & Widijanto, D. (2017). Realized (co)variances of eurozone sovereign yields during the crisis: The impact of news and the Securities Markets Programme. Journal of International Money and Finance, 75, 14-31. https://doi.org/10.1016/j.jimonfin.2017.04.003 [details]
2016
- Beetsma, R., Cukierman, A., & Giuliodori, M. (2016). The Political Economy of Redistribution in the U.S. in the Aftermath of World War II - Evidence and Theory. American Economic Journal. Economic Policy, 8(4), 1-40. https://doi.org/10.1257/pol.20140193 [details]
- Beetsma, R., Giuliodori, M., de Jong, F., & Widijanto, D. (2016). Price effects of sovereign debt auctions in the euro-zone: the role of the crisis. Journal of Financial Intermediation, 25, 30-53. https://doi.org/10.1016/j.jfi.2014.11.004 [details]
2015
- Beetsma, R., Cimadomo, J., Furtuna, O., & Giuliodori, M. (2015). The confidence effects of fiscal consolidations. Economic Policy, 30(83), 439-489. https://doi.org/10.1093/epolic/eiv007 [details]
2013
- Beetsma, R., Bluhm, B., Giuliodori, M., & Wierts, P. (2013). From budgetary forecasts to ex post fiscal data: exploring the evolution of fiscal forecast errors in the European Union. Contemporary Economic Policy, 31(4), 795-813. https://doi.org/10.1111/j.1465-7287.2012.00337.x [details]
- Beetsma, R., Giuliodori, M., Walschot, M., & Wierts, P. (2013). Fifty years of fiscal planning and implementation in the Netherlands. European Journal of Political Economy, 31, 119-138. https://doi.org/10.1016/j.ejpoleco.2013.04.001 [details]
- Beetsma, R., Giuliodori, M., de Jong, F., & Widijanto, D. (2013). Spread the news: The impact of news on the European sovereign bond markets during the crisis. Journal of International Money and Finance, 34, 83-101. https://doi.org/10.1016/j.jimonfin.2012.11.005 [details]
2012
- Beetsma, R. M. W. J., & Giuliodori, M. (2012). The changing macroeconomic response to stock market volatility shocks. Journal of Macroeconomics, 34(2), 281-293. https://doi.org/10.1016/j.jmacro.2012.02.008 [details]
- Beetsma, R. M. W. J., Giuliodori, M., & Hanson, J. (2012). Budgetary consolidation under different exchange rate regimes. Economics Letters, 117(3), 912-916. https://doi.org/10.1016/j.econlet.2012.07.010 [details]
- Dia, E., & Giuliodori, M. (2012). Portfolio separation and the dynamics of bank Iiterest rates. Scottish Journal of Political Economy, 59(1), 28-46. https://doi.org/10.1111/j.1467-9485.2011.0567.x [details]
2011
- Beetsma, R., & Giuliodori, M. (2011). The effects of government purchases shocks: Review and estimates for the EU. Economic Journal, 121(550), F4-F32. https://doi.org/10.1111/j.1468-0297.2010.02413.x [details]
- Ganoulis, I., & Giuliodori, M. (2011). Financial liberalization and house price dynamics in Europe. Applied Economics, 43(21), 2671-2688. https://doi.org/10.1080/00036840903315494 [details]
2010
- Beetsma, R., & Giuliodori, M. (2010). Fiscal adjustment to cyclical developments in the OECD: an empirical analysis based on real-time data. Oxford Economic Papers, 62(3), 419-441. https://doi.org/10.1093/oep/gpp039 [details]
- Beetsma, R., & Giuliodori, M. (2010). The macroeconomic costs and benefits of the EMU and other monetary unions: An overview of recent research. Journal of Economic Literature, 48(3), 603-641. https://doi.org/10.1257/jel.48.3.603 [details]
2009
- Beetsma, R., Giuliodori, M., & Klaassen, F. (2009). Temporal aggregation and SVAR identification, with an application to fiscal policy. Economics Letters, 105(3), 253-255. https://doi.org/10.1016/j.econlet.2009.08.010 [details]
- Beetsma, R., Giuliodori, M., & Wierts, P. (2009). Planning to cheat: EU fiscal policy in real time. Economic Policy, 24(60), 753-804. http://www3.interscience.wiley.com/cgi-bin/fulltext/122615012/PDFSTART [details]
2008
- Beetsma, R., Giuliodori, M., & Klaassen, F. (2008). The effects of public spending shocks on trade balances and budget deficits in the European Union. Journal of the European Economic Association, 6(2-3), 414-423. https://doi.org/10.1162/JEEA.2008.6.2-3.414 [details]
- Faia, E., Giuliodori, M., & Ruta, M. (2008). Political pressures and exchange rate stability in emerging market economies. Journal of Applied Economics, 11(1), 1-32. http://web.ebscohost.com/ehost/pdf?vid=2&hid=17&sid=413fd6bd-452b-4698-9e5e-d48e4c8b1ecb%40sessionmgr9 [details]
- Giuliodori, M., & Beetsma, R. (2008). On the relationship between fiscal plans in the European Union: an empirical analysis based on real-time data. Journal of Comparative Economics, 36(2), 221-242. https://doi.org/10.1016/j.jce.2007.11.002 [details]
2007
- Beetsma, R. M. W. J., Cukierman, A., & Giuliodori, M. (2007). On the relationship between U.S. defense and non-defense spending during the world wars. Economics Letters, 95(3), 415-421. https://doi.org/10.1016/j.econlet.2006.11.017
2006
- Beetsma, R., Giuliodori, M., & Klaassen, F. (2006). Trade spill-overs of fiscal policy in the European Union: a panel analysis. Economic Policy, 21(48), 639-687. https://doi.org/10.1111/j.1468-0327.2006.00168.x [details]
2005
- Giuliodori, M. (2005). The Role of House Prices in the Monetary Transmission Mechanism Across European Countries. Scottish Journal of Political Economy, 52(4), 519-543. https://doi.org/10.1111/j.1467-9485.2005.00354.x
- Giuliodori, M., & Beetsma, R. M. W. J. (2005). What Are the Trade Spill-Overs from Fiscal Shocks in Europe? An Empirical Analysis. De Economist, 153(2), 167-197. https://doi.org/10.1007/s10645-005-2934-3
2004
- Giuliodori, M. (2004). Nominal Shocks and the Current Account: a Structural VAR Analysis of 14-OECD Countries. Weltwirtschaftliches Archiv, 140(4), 569-591.
2020
- Bats, J., Giuliodori, M., & Houben, A. (2020). Monetary policy effects when interest rates are negative. (SUERF Policy Note; No. 212). SUERF. https://www.suerf.org/policynotes/19013/monetary-policy-effects-when-interest-rates-are-negative [details]
- Bats, J., Giuliodori, M., & Houben, A. (2020). Monetary policy effects in times of negative interest rates. Web publication or website, VoxEU. https://voxeu.org/article/monetary-policy-effects-times-negative-interest-rates [details]
2013
- Mishkin, F. S., Matthews, K., & Giuliodori, M. (2013). The economics of money, banking and financial markets: european edition. Pearson. [details]
2012
- Beetsma, R., Bluhm, B., Giuliodori, M., & Wierts, P. (2012). From first-release to ex post fiscal data: exploring the sources of revision errors in the EU. In Rules and institutions for sound fiscal policy after the crisis: public finance workshop : papers presented at the Banca d'Italia workshop held in Perugia, 31 March-2 April, 2011 (pp. 443-475). (Seminari e convegni = Workshops and conferences; No. 11). Banca d'Italia. http://www.bancaditalia.it/pubblicazioni/seminari_convegni/n-11/Intero_Volume.pdf [details]
2010
- Beetsma, R., & Giuliodori, M. (2010). Discretionary fiscal policy: review and estimates for the EU. (CESifo working paper; No. 2948). CESifo. http://www.cesifo-group.de/portal/page/portal/ifoHome/b-publ/b3publwp/_wp_abstract?p_file_id=14555766&category= [details]
- Beetsma, R., Giuliodori, M., Walschot, M., & Wierts, P. (2010). Fifty years of fiscal planning and implementation in the Netherlands. (CEPR discussion paper; No. 7969). Centre for Economic Policy Research. http://www.cepr.org/pubs/dps/DP7969.asp [details]
2020
- Giuliodori, M., & Parlevliet, J. (2020). Populistisch sentiment gaat samen met voorkeur voor expansief begrotingsbeleid. Economisch-Statistische Berichten, 105(4786S), 39-41. https://esb.nu/esb/20059817/populistisch-sentiment-gaat-samen-met-voorkeur-voor-expansief-begrotingsbeleid [details]
2011
- Wierts, P., Bluhm, B., Giuliodori, M., & Beetsma, R. (2011). Europe's fiscal credibility problem. Web publication or website, VoxEU. https://cepr.org/voxeu/columns/europes-fiscal-policy-credibility-problem [details]
2010
- Beetsma, R., Giuliodori, M., Walschot, M., & Wierts, P. (2010). Fiscal planning in Europe: How to improve credibility? VOX : Research-based Policy Analysis and Commentary from leading Economists. http://www.voxeu.org/index.php?q=node/5498 [details]
2008
- Beetsma, R. M. W. J., & Giuliodori, M. (2008). How do members' fiscal plans affect each other? RGE Europe EconoMonitor, (13-05-2008).
2025
2023
2021
- Bats, J. V. (2021). Monetary policy transmission in unconventional times: The role of financial structure. [Thesis, fully internal, Universiteit van Amsterdam]. [details]
- Melo Fernandes, C. (2021). Essays on macroeconomic uncertainty and on the effects of regulatory incentives in the euro area. [Thesis, fully internal, Universiteit van Amsterdam]. [details]
- Parlevliet, J. (2021). Contested reform in the European Monetary Union: Lessons from the Netherlands. [Thesis, externally prepared, Universiteit van Amsterdam]. [details]
2018
- Ciminelli, G. (2018). Essays on macroeconomic policies after the crisis. [Thesis, fully internal, Universiteit van Amsterdam]. [details]
- Furtună, O. (2018). Fiscal austerity and risk sharing in advanced economies. [Thesis, fully internal, Universiteit van Amsterdam]. [details]
- Hanson, J. (2018). Sovereign bond auctions in the euro area. [Thesis, externally prepared, Universiteit van Amsterdam]. [details]
2020
- Bats, J., Giuliodori, M., & Houben, A. (2020). Monetary policy effects in times of negative interest rates: What do bank stock prices tell us? (DNB Working Paper; No. 694). De Nederlandsche Bank. https://www.dnb.nl/en/publications/research-publications/working-papers-2020/694-monetary-policy-effects-in-times-of-negative-interest-rates-what-do-bank-stock-prices-tell-us/ [details]
2019
- Beetsma, R., Giuliodori, M., Hanson, J., & de Jong, F. (2019). The Maturity of Sovereign Debt Issuance in the Euro Area. (Amsterdam Centre for European Studies Research Paper; No. 2019/03). Amsterdam Centre for European Studies. https://doi.org/10.2139/ssrn.3406759 [details]
2017
- Beetsma, R., Furtuna, O., & Giuliodori, M. (2017). Revenue- versus spending-based consolidation plans: the role of follow up. (CEPR Discussion Paper Series; No. 12133). CEPR. http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=12133 [details]
2014
- Beetsma, R. M. W. J., Cimadomo, J., Furtuna, O., & Giuliodori, M. (2014). The confidence effects of fiscal consolidations. (CEPR Discussion Paper; No. DP10205). CEPR. [details]
- Beetsma, R., de Jong, F., Giuliodori, M., & Widijanto, D. (2014). The impact of news ans the SMP on realized (co)variances in the Eurozone sovereign debt market. (ECB Working Paper Series; No. 1629). ECB. https://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1629.pdf [details]
2013
- Beetsma, R., de Jong, F., Giuliodori, M., & Widijanto, D. (2013). Price effects of sovereign debt auctions in the Euro-zone: the role of the crisis. (CEPR Discussion Papers; No. DP9659). Centre for Economic Policy Research (CEPR). http://www.cepr.org/active/publications/discussion_papers/dp.php?dpno=9659 [details]
- Sakalauskaite, I., Beetsma, R., & Giuliodori, M. (2013). Long-term interest rates and public debt maturity. (CESifo Working Paper; No. 4408). CESifo. http://www.cesifo-group.de/DocDL/cesifo1_wp4408.pdf [details]
2012
- Beetsma, R. M. W. J., Cukierman, A., & Giuliodori, M. (2012). The political economy of redistribution in the US in the aftermath of World War II and the delayed impacts of the Great Depression: evidence and theory. University of Amsterdam. http://www1.fee.uva.nl/mint/content/people/content/giuliodori/downloadablepapers/beetsma_cukierman_giuliodori2.pdf [details]
- Beetsma, R., Giuliodori, M., Walschot, M., & Wierts, P. (2012). Fifty years of fiscal planning and implementation in the Netherlands. University of Amsterdam. http://www1.fee.uva.nl/mint content/people/content/giuliodori/downloadablepapers/EJPE_2012.pdf [details]
2011
- Beetsma, R., & Giuliodori, M. (2011). The changing macroeconomic response to stock market volatility shocks. (CESifo Working Paper; No. 3652). CESifo Group Munich. http://www.cesifo-group.de/portal/pls/portal/docs/1/1212313.PDF [details]
- Beetsma, R., Bluhm, B., Giuliodori, M., & Wierts, P. (2011). From first-release to ex-post fiscal data: exploring the sources of revision errors in the EU. (CEPR Discussion Paper; No. 8413). Centre for Economic Policy Research (CEPR). http://www.cepr.org/pubs/dps/DP8413.asp [details]
2010
- Dia, E., & Giuliodori, M. (2010). A Dynamic Model of Bank Interest Margins: Theory and Empirical Evidence. Universiteit van Amsterdam.
2009
- Beetsma, R., Cukierman, A., & Giuliodori, M. (2009). The political economy of redistribution in the U.S. in the aftermath of World War II and the delayed impacts of the Great Depression - Evidence and theory. (CEPR Discussion Paper; No. DP7501). Centre for Economic Policy Research. http://www.cepr.org/pubs/new-dps/showdp.asp?dpno=7501 [details]
- Dia, E., & Giuliodori, M. (2009). A dynamic model of bank interest margins: Theory and empirical evidence. Faculteit Economie en Bedrijfskunde.
2008
- Beetsma, R. M. W. J., & Giuliodori, M. (2008). The macroeconomics of the EMU and other monetary unions: An assessment of recent theoretical research. Afdeling Algemene Economie.
- Beetsma, R. M. W. J., Giuliodori, M., & Wierts, P. J. (2008). Budgeting versus implementing fiscal policy in the EU. Afdeling Algemene Economie.
- Beetsma, R., & Giuliodori, M. (2008). Fiscal adjustment to cyclical developments in the OECD: An empirical analysis based on real-time data. (CEPR discussion paper series; No. 6692). Centre for Economic Policy Research. http://www.cepr.org/pubs/dps/DP6692.asp [details]
- Beetsma, R., Giuliodori, M., & Klaassen, F. (2008). Temporal aggregation and SVAR identification, with an application to fiscal policy. Afdeling Algemene Economie. http://www1.fee.uva.nl/pp/klaassen/index_files/transformation12.pdf [details]
2007
- Ganoulis, I., & Giuliodori, M. (2007). Financial liberalization and house price dynamics in Europe. Faculteit Economie en Bedrijfskunde.
- Giuliodori, M., & Beetsma, R. M. W. J. (2007). On the relationship between fiscal plans in the European Union: An empirical analysis based on real-time data. (CEPR Discussion Paper; No. 6088). Faculteit Economie en Bedrijfskunde. http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=6088 [details]
2006
- Beetsma, R., Giuliodori, M., & Klaassen, F. (2006). Trade spill-overs of fiscal policy in the European Union: a panel analysis. Faculteit Economie en Bedrijfskunde. http://www1.feb.uva.nl/pp/bin/624fulltext.pdf [details]
- Faia, E., Giuliodori, M., & Ruta, M. (2006). Political Pressures and Exchange Rate Stability in Emerging Market Economies. Faculteit Economie en Bedrijfskunde.
2005
- Beetsma, R. M. W. J., Cukierman, A., & Giuliodori, M. (2005). Wars, Redistribution and Civilian Federal Expenditures in the US over the 20th Century. (DNB working paper; No. 57). Faculteit Economie en Bedrijfskunde. http://www1.feb.uva.nl/pp/bin/663fulltext.pdf [details]
- Beetsma, R., Giuliodori, M., & Klaassen, F. (2005). Trade spillovers of fiscal policy in the European Union: a panel analysis. (CEPR discussion paper; No. 5222). Centre for Economic Policy Research. http://www.cepr.org/pubs/new-dps/dplist.asp?dpno=5222 [details]
- Beetsma, R., Giuliodori, M., & Klaassen, F. (2005). Trade spillovers of fiscal policy in the european union: A panel analysis. (DNB Working Paper; No. 052/2005). De Nederlandsche Bank. http://www1.feb.uva.nl/pp/bin/664fulltext.pdf [details]
2004
- Beetsma, R. M. W. J., & Giuliodori, M. (2004). What Are the Trade Spill-Overs from Fiscal Shocks in Europe? An Empirical Analysis. (ECB Working Paper Series; No. 325). Faculteit der Wijsbegeerte. http://www.ecb.int/pub/pdf/scpwps/ecbwp325.pdf
2023
- Lengyel, A. & Giuliodori, M. (7-10-2023). Data of the demand shock paper. Universiteit van Amsterdam. https://doi.org/10.21942/uva.24042822.v4
2019
- Cukierman, A., Giuliodori, M. & Beetsma, R. (2019). Replication data for: Political Economy of Redistribution in the United States in the Aftermath of World War II--Evidence and Theory. ICPSR. https://doi.org/10.3886/e114611v1
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Ancillary activities
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Bats, J. V., Giuliodori, M., & Houben, A. C. F. J. (2023). Monetary policy effects when interest rates are negative: What do bank stock prices tell us? Journal of Financial Intermediation, 53, Article 101003.