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Alessandro Sardone

Alessandro Sardone
Aktuelle Position

seit 9/20

Wissenschaftlicher Mitarbeiter der Abteilung Makroökonomik

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte
  • ökologische Makroökonomie
  • Fiskal- und Geldpolitik
  • Ungleichheit
  • Prognosen

Alessandro Sardone ist seit September 2020 Doktorand in der Abteilung Makroökonomik. Er forscht zu den Themen ökologische Makroökonomie, Fiskal- und Geldpolitik, Ungleichheiten sowie Prognosen.

Alessandro Sardone studierte an der University of Trento und nahm erfolgreich an einer internationalen Studiengangskooperation (Double Degree) der Friedrich-Schiller-Universität Jena und der University of Trento teil.

Ihr Kontakt

Alessandro Sardone
Alessandro Sardone
- Abteilung Makroökonomik
Nachricht senden +49 345 7753-772 Persönliche Seite LinkedIn Profil

Publikationen

Zitationen
22

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Inflation Puzzles, the Phillips Curve and Output Expectations: New Perspectives from the Euro Zone

Alessandro Sardone Roberto Tamborini Giuliana Passamani

in: Empirica, February 2022

Abstract

Confidence in the Phillips Curve (PC) as predictor of inflation developments along the business cycle has been shaken by recent “inflation puzzles” in advanced countries, such as the “missing disinflation” in the aftermath of the Great Recession and the “missing inflation” in the years of recovery, to which the Euro-Zone “excess deflation” during the post-crisis depression may be added. This paper proposes a newly specified Phillips Curve model, in which expected inflation, instead of being treated as an exogenous explanatory variable of actual inflation, is endogenized. The idea is simply that if the PC is used to foresee inflation, then its expectational component should in some way be the result of agents using the PC itself. As a consequence, the truly independent explanatory variables of inflation turn out to be the output gaps and the related forecast errors by agents, with notable empirical consequences. The model is tested with the Euro-Zone data 1999–2019 showing that it may provide a consistent explanation of the “inflation puzzles” by disentangling the structural component from the expectational effects of the PC.

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Arbeitspapiere

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Road to Net Zero: Carbon Policy and Redistributional Dynamics in the Green Transition

Alessandro Sardone

in: IWH Discussion Papers, Nr. 16, 2025

Abstract

<p>This paper examines the macroeconomic and distributional effects of the European Union’s transition to Net Zero emissions through a gradually increasing carbon tax. I develop a New Keynesian Environmental DSGE model with two household types and distinct energy and non-energy sectors. Five alternative uses of carbon tax revenues are considered: equal transfers to households, targeted transfers to Hand-to-Mouth households, subsidies to green energy firms, and reductions in labor and capital income taxes. In the absence of technological progress, the carbon tax policy induces a persistent increase in energy prices and a reduction in GDP, investment, and consumption. Headline inflation falls below zero in the medium run, reflecting weaker aggregate demand. Distributional outcomes vary significantly depending on the implemented revenue recycling scheme: targeted transfers are the most progressive but entail larger macroeconomic costs, while subsidies and tax cuts mitigate output and investment losses but are less effective in narrowing the consumption gap. A limited foresight scenario, in which agents learn about policy targets sequentially, generates more volatile adjustment paths and temporary inflationary spikes around announcements, but long-run outcomes remain close to the baseline.</p>

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Optimal Monetary Policy in a Two-sector Environmental DSGE Model

Oliver Holtemöller Alessandro Sardone

in: IWH Discussion Papers, Nr. 18, 2024

Abstract

<p>In this paper, we discuss how environmental damage and emission reduction policies affect the conduct of monetary policy in a two-sector (clean and dirty) dynamic stochastic general equilibrium model. In particular, we examine the optimal response of the interest rate to changes in sectoral inflation due to standard supply shocks, conditional on a given environmental policy. We then compare the performance of a nonstandard monetary rule with sectoral inflation targets to that of a standard Taylor rule. Our main results are as follows: first, the optimal monetary policy is affected by the existence of environmental policy (carbon taxation), as this introduces a distortion in the relative price level between the clean and dirty sectors. Second, compared with a standard Taylor rule targeting aggregate inflation, a monetary policy rule with asymmetric responses to sector-specific inflation allows for reduced volatility in the inflation gap, output gap, and emissions. Third, a nonstandard monetary policy rule allows for a higher level of welfare, so the two goals of welfare maximization and emission minimization can be aligned.</p>

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