Professor of Economics

Economics Department, University of Bologna

Address: Piazza Scaravilli, 1, 40100 Bologna, Italy

Tel. +39 051 209 2616


Curriculum Vitae

AVVISO:  Il prossimo ricevimento si terrà  martedì 2 febbraio  h 11.0-12.30
(prenotarsi via mail)
Risultati  Macro Epelm 10 e 30 settembre  


The most recent articles can be fou nd on my blog


Salari, Produttività, Occupazione

Slide Prometeia 2014


Presentazione paper Contagio (Manasse-Zavalloni), 23/9/2013

Presentazione Giornate Nfa, Camaldoli 4-6 giugno 2013

Presentazione Tesoro-Bruegel , 8 maggio 2013

Presentazione Aix-En_Provence Circle Economistes

Presentazione Ministere des Finances

Presentazione Cheuvreux, Paris 17/9/2012

Presentazione Festival Economia Trento 2012

Liberalizzazioni, Benessere e Crescita, presentazione a Molveno, Snow Camp, Meeting dei giovani di Italia dei Valori

Lessons,  from/for the European and Italian Debt Crisis "Dialoghi Sulla Crisi e lo Sviluppo", Teatro Verdi, Trieste December  14, 2001 

Keynote Speech at  International Banking  Conference, Ostrava, Czech Republic, Oct 2011

Presentazione alla ABI Country Risk Forum del 5 luglio 2011

Il mio intervento al Parlamento Europeo del 13 gennaio 2010 si trova qui

Presentazione all'Università di Trieste, 18 Novembre 2009, "Modelli di Early Warning" per le crisi Finanziarie

Data set , e Appendix Grafico "Divertimenti Privati, Oneri Pubblici" (30 July 2009)

Greece vs Italy: Table (RGE, 15Dec.09)


Ph.D. in Economics London School of Economis
Dissertation "Essays in International Interdependence and Policy Coordination",

Referees Prof. F. van der Ploeg and Prof. C. Bean 
 Master of Science in Economics, London School of Economics and Political Science, London -
Laurea in Discipline Economiche e Sociali, Università "L.Bocconi", Milano
grade: 110/110 cum laude

Thesis: "Public Deficit and Exchange Rate Dynamics",

Referee Professor F. Onida, Co-Referees Prof. M.Monti and F.Bruni.

 Maturità classica, Liceo "C.Beccaria", Milano
grade: 58/60


Scholarship "Fare ricerca in Italia", Olivetti, Ivrea  1991
Fellowship "I.Gasparini Institute for Economic Research", Bocconi University, Milano 1990
Premio Speciale di Ricerca, Fondazione "Assicurazioni Generali", Trieste 1987--
Ente "Einaudi", Roma  1986 and 1987
Fondazione "Assicurazioni Generali", Trieste 1985-
Fondazione "L. Einaudi", Torino 1984

I have addressed the European Parliament on a Public Hearing on the European debt Crisis
I have been selected as one in four European Economist to prepare a Report for the European Parliament
on the European Fiscal Policy framework and possible reforms


Professor of Economics, Università di Bologna, Facoltà di Scienze Politiche : Advanced Macroeconomics, International Political Economy

Visiting Professor, Università Bocconi, Ph.D Programme (The Economics of the Financial Crisis)

Research Fellow, IGIER , Bocconi University.




European Capital Market Experts Group, member, CEPS Brussels

Consultant, ABI (Associazione Bancaria Italiana): Country-Risk and Banking Crises

Expenditure Policy Advisor to Ministry of the Economy and Finance, Senegal, under the Technical Assistance Program of the IMF: Public-Private Partenships in Infrastructures

Consultant, Inter-American Development Bank, Washington, DC, Research Department: Fiscal Policy

Visiting Scholar, International Monetary Fund (IMF), Research Department: Capital Account Crises

Consultant, European Commission, ECFIN, Brussels: Lectures on Fiscal Policy

Headquarter Based Technical Assistance Advisor, Fiscal Affairs Department, IMF

Visiting Professor,Johns Hopkins University School of Advanced International Studies, , Bologna Center, Italy: Lectures on International Trade

Consultant, The World Bank (Coordinator of a joint Research Project with Centro Luca D'Agliano, Bocconi University) : Globalization and the Labour Market










Cleared by the "Commission Nationale des Universites de France" for the position of "Professeur des Universitès en Sciences Economiques"

Visiting Professor, University of Paris I, Pantheon-Sorbonne, Lectures on the Economics of European Integration, Master Class

Associate Professor, Università di Milano-Bicocca
Economics and Statistics Dept: International trade, International Macroeconomics






Lecturer, Università Bocconi: Macroeconomics (DES), Monetary Economics 1990-96

Associate Professor, Università di Udine: Public Finance


Associate Professor, Università della Calabria, Arcavacata (CS): Macroeconomics


Fellow, Innoncenzo Gasparini Institute for Economic Research (IGIER),
Bocconi University, Milan


Selected for the Young Professional Program, IMF 1990

Lecturer, Istituto Universitario di Bergamo: International Macroeconomics


Research Assistant, Centre for Labour Economics, LSE, London

Consultant, Istituto per la Ricerca Sociale (IRS), Milan




Prevention and Solution to Debt Crisis: Analysis and Institution Design (financed by the Italian Ministry of University and Research, joint with Bologna and Milan Universities); Vulnerabilities to Capital Account Crises in Emerging Markets (joint with Research and Fiscal Affairs Departments, IMF); Banking Crises (Associazione Bancaria Italiana) ; Procyclical Fiscal Policy , Public and Private Partnerships in Infrastructure Investment (joint with Fiscal Affairs dept., IMF); Globalization and the Labor Market (joint with ISTAT, World Bank and Centro L.D'Agliano) ; Marriage and Immigration joint with ISTAT)


I have lectured on Principles of Economics (Università Bocconi, Università della Calabria), Macroeconomics (DES, Università Bocconi), Public Finance (Università di Udine), International Monetary Economics (Università di Bergamo, Università di Milano-BicoccaI), International Trade (Università di Milano-Bicocca, Universitè Paris I-Sorbonne, Johns' Hopkins University (Bologna Center)), Monetary Theory and Policy (Università Bocconi), Economic Policy (Università di Milano-Bicocca, Università di Bologna), Advanced Macroeconomics, International Political Economy (Università di Bologna).


Macroeconomics, International Monetary Economics and Finance, International Trade and Labor, European Integration, Public Economics and Fiscal Federalism, Public and Private Partnerships in Infrastructures, Political Economy.


(2015) P.Manasse, "Lessons for Europe from the Greek Crisis" in A New Growth Model for the Greek Economy: Requirements for Long Term Sustainability, P.Panagiotis ed., Palgrave-McMillan (forthcoming)

(2015) P.Manasse,  "Debt sustainability and economic convergence of euro-area Member States: Challenges and Solutions" DSE Working Paper 1035

(2014) with Federica Coelli (2014); "
The Impact of Floods on Firms’ Performance" DSE Working Paper 946

(2013) with Luca Zavalloni, 2013 "Sovereign Contagion in Europe: Evidence from the CDS Market", DSE Working Paper n 863

(2011), with M.Vezzoli and R.Savona. "Banking Crises in Emerging Markets, an ensemble-learning approach" (under revision)

(2009),with N.Roubini, " 'Rules of Thumb' for Sovereign Debt Crises", Journal of International Economics and IMF Working Paper 05/42 , Web Appendix

(2008), with Schwartz, Gerd, Ana Corbacho, Qiang Cui, and Giovanni Ganelli, , " Macro-Fiscal Policy Challanges and Public Investment in the New EU Member States," in EIB Papers , Volume 13, No1, pp114-149

(2007), with Carlos Chamon and Alessandro Prati, "Can We Predict the Next Capital Account Crisis?", paper presented at the IXth J. Polak Conference, International Monetary Fund, Washington, DC, IMF Staff Papers , Vol.54, n.2

(2007) " Deficit Limits and Fiscal Rules for Dummies", IMF Staff Papers , Vol 54, n.3

(2006), with Ugo Panizza and Laura Dos Reis, "Targeting the Structural Balance", paper prepared for the XXIV Meeting of the Latin American Network of Central Banks and Finance Ministries. October 19th and 20th 2006, Inter-American Development Bank, Research Department Working Paper # 598, Washington DC,

(2006) " Pro-Cyclical Fiscal Policy: Shocks, Rules and Institutions_A view from MARS ", IMF Working Paper , 2006

(2006)"Public-Private Partnerships: An International Perspective", (mimeo, IMF Washington, DC)

(2005), with L.Bottazzi, "Asymmetric Information and Monetary Policy in Common Currency Areas", Journal of Money, Credit and Banking , Vol.37, n.4

(2003), with N.Roubini and A.Schimmelpfennig, "Predicting Sovereign Debt Crises", IMF Working Paper 03/221, under revision for Journal of Development Economics

(2003), with F.Daveri and D.Serra, "The Twin Effects of Globalization", The World Bank, Working Paper n.3154

(2002), with L.Stanca and A.Turrini “Wage Premia and Skill Upgrading in Italy: Why Didn't the Hound Bark?”, invited paper for Labour Economics, 2003, special issue on technology, trade and wages, and IGIER Working Paper .

(2002), with Laura Bottazzi, "Credibility and Seignorage in A Common Currency Area ", Journal of Money, Credit and Banking, November
(2001) with M.Bordignon and G.Tabellini, "Optimal Regional Redistribution under Asymmetric Information, American Economic Review, june. (old version: pdf)
(2001), with Alessandro Turrini, "Trade, Wages and Superstars", Journal of  International Economics, June
(1998), with Christian Schultz, "Regional Redistribution and Migration" IGIER Working Papers.

(1998), with Laura Bottazzi, "Bankers' versus Workers' Europe (I): Asymmetric Information in EMU" CEPR Discussion Paper and IGIER Working Papers

(1998), with Laura Bottazzi, "Bankers' versus Workers' Europe(II): Policy Externalities and Credibility in EMU", CEPR Discussion Paper and IGIER Working Papers

(1996) Manasse, P., "Are Taxes Too Low?", Journal of Economic Dynamics and Control, Vol 20.
(1995) with R.Helg, T.Monacelli, and R.Rovelli, "How much (A)Symmetry in Europe? Evidence from industrial Sectors", European Economic Review, vol.39, No.5, May. 
(1995) with P.Garella "Imperfect Information and Employment Variability: A Note", Economica.
(1995) "Are Ph.D.'s less likely to end up on the dole?", IGIER Working Papers.
(1993) with P.Canziani, F.Giavazzi and G.Tabellini, "Fiscal Rules for Debt Sustain ability: History and Institutions", in Bond Markets, Treasury and Debt Management: The Italian Case", V.Conti, R.Hamaui e H.M. Scobie eds, Chapman & Hall, London.
(1992) Manasse, P., "The Low Income Trap Revisited: The Simple Macroeconomics of Fluctuations , Inequality and  Unemployment",  IGIER Working Papers.
(1991) with Blundell-Wignall, A., and F. Browne, "Monetary Policy in Liberalized Financial Markets", OECD Economic Studies.
(1991) Manasse, P.,"Fiscal Policy in Europe: the Credibility Implications of Real Wage Rigidity.", Oxford Economic Papers .
(1990), with F. Browne ,"The Term Structure of Interest Rates: Theory and Practice", OECD Economic Studies.
(1988), "Essays on International Interdependence and Policy Coordination", Ph.D. Thesis, LSE.

(1986), Manasse, P., "International Policy Coordination: an Introduction", Working Paper no.926, Center for Labor Economics,LSE.

(1986) Manasse, P. with O. Attanasio and F. van der Ploeg, "International Interdependence in the OECD Economies: An Econometric Model of the Group of Seven. ", Working Paper no.914, Centre for Labour Economics, LSE .


(2005), with L.Stanca, " Working on the Train: Technology, Trade and Wages in Italy"(IGIER Wp) (pdf), Rivista di Politica Economica

(2001) , with Alessandro Turrini, “Il Mercato del Lavoro in Economia Aperta”, in Economia del Lavoro, Brucchi Luchino ed., Il Mulino, Bologna.

(pdf)(zip) (Figures) (Tables1-4))(Tables 5) (Tables 6-7)
(1999), with M. Bordignon and G.Tabellini , “Federalismo Fiscale e Redistribuzione Regionale”, in  Istituzioni e governo dell’economia, L.Paganetto e G.Tria eds, Il Mulino, Bologna .
(1997), with M. Bordignon and G.Tabellini, "Come Fare La Perequazione Regionale in Italia", Le nuove Frontiere della Politica Economica, Il Sole 24 ore Libri.
(1994) Manasse, P., "Commento" al lavoro "Concorrenza imperfetta, contrattazione salariale e dinamica dell' occupazione nell' industria e nei servizi -L'esperienza italiana 1951-1990" di G.Brunello, Lavoro e Relazioni Industriali, January/March , vol.1.
(1994) with R.Helg, " La dinamica dei settori manufatturieri e l'unione monetaria europea" in Rapporto sul Commercio Estero 1993, Istituto per il Commercio Estero, Roma.
(1994), "Imperfezioni nei mercati dei capitali ed assicurazione del credito all'esportazione", in L'azione di SACE-Mediocredito a sostegno delle esportazioni italiane, Ricerca per la Commissione Tecnica Spesa pubblica, Ministero del Tesoro, CESPRI Contributi Monografici.
(1993) Manasse, P.,"Maastricht e l'Italia", Economia e Management, Dicembre. 
(1992) with R.Daviddi, "Big-bang o gradualismo? Lezioni dalle esperienze di Ungheria e Polonia", in Il circolo virtuoso trilaterale, A.Bollino e P.Padoan ed., Il Mulino.
with T.Boeri and G.Perasso, (1992) "La transizione al mercato dell'Europa dell'Est" in L'economia italiana nel mondo che cambia: 1990-91 , F.Bruni e F.Onida ed., il Mulino.

(1987) Manasse, P., "Micro foundations of Fiscal Policy Games Under Flexible Exchange Rates: An Example.", Il Giornale degli Economisti.

Presentazione ABI Risk Forum, 5 giugno 2009 .

Intervista settimanale finanziario olandese (in fiammingo)


I have presented my papers in various conference and seminars, among which:
LSE Ph.D. Seminar Workshop (London), International Macroeconomics Seminar, IEP (Paris), Money Study Group Conference (London), European Economic Association Conference (Aughsburg, Cambridge, Prague), Growth and Income Distribution Conference (Paris), Conference on the Italian Bond Market (Milan), ASSETT Meeting (Lisbon), Società Italiana degli Economisti (Naples, Cagliari), Society for Economics Dynamics and Control (Barcelona),"Theories and Methods in Macroeconomics" Conference (Paris, Marseille, Nice), European University Institute (Florence), Universite Paris I, Bar-Ilan University (Tel Aviv), Hebrew University (Jerusalem), Kos University (Istanbul), University of Copenhagen, University of Marseille, Paris I, Universitat Pompeu Fabra (Barcelona), Georgetown University (USA), University of California at Berkeley, International Monetary Fund (Washington, DC), Inter-American Development Bank,(Washington, DC), Wilfried Laurier Univeristy (Toronto, Canada), IGIER (Milan), Università Bocconi (Milan), Università Statale (Milan), Università di Torino, Università di Brescia, Cagliari, Udine, Roma Tor Vergata, Bologna, Ferrara, Sassari.

I acted as a Referee for the following journals:
Oxford Economic Papers, Economica, European Economic Review, European Journal of Political Economy, Journal of International Economics, International Economic Review, Metroeconomica, Journal of Economic Dynamics and Control, International Tax and Public Finance, Journal of Economic Integration, Journal of Economic Growth,Journal of Money, Credit and Banking, Scandinavian Journal of Economics, Labour Economics, Ricerche Economiche, Il Giornale degli Economisti, Rivista Italiana degli Economisti, Rivista Internazionale di Scienze Economiche e Commerciali, Rivista di Politica Economica


Ricevo la seguente comunizazione dall'Amministrazione , e dunque rimuovo i voti con i nominativi degli studenti dal sito:
"ai sensi dell'art. 19 del Decreto Rettorale n. 271/2009 del 23.02.2009, Testo Unico sulla privacy e sull'utilizzo dei sistemi informatici, la pubblicazione di tali dati è consentita unicamente mediante la diffusione del numero di matricola dello studente e del voto conseguito. Le valutazioni sono rese disponibili per un periodo di tempo non superiore a sei mesi.Le chiedo pertanto di rimuovere le informazioni presenti sul sito in quanto volano le citate disposizioni".

Macroeconomia Avanzata (Epelm)

Programma 2013-14

Prove esame:







Esercitazione 2008-9





Exam 1, Exam 2 

LMEC Economics of Financial Crises


English, French and Italian.


Hélène, Estelle&Hélène , Hélène with Ipod , Hélène on the bed , Hélène as princess , Hélène and me


Jazz Pianist with the Alma Jazz Combo of the University of Bologna, and the 3PM Jazz Trio based in Milan. Here's is some music from my old Quartet, 2004 (M.Roccato (ts), P. Manasse(p), F. Pastore(b), M. Cerra(d)): Well, You Needn't (T.Monk), Dolphin Dance(H.Hancock)

Here in Piano Solo, recorded at home, 2007: Mi ritorni in Mente (L.Battisti). Background voice: Franco D'Andrea

Caught Live at Paolo's Birthday Party (Hendrixon Mena (trumpet), Marcello Cerra (drums), Rich Durbin and Mirko Fait (saxophones), Gianluca Alberti (bass) ), Jan.2008: Have You Met Mrs Jones (video)

Jam in Vietnam (video: Paolo on Bamboo vibraphone and Village Chief, Bahna tribe, Kom Tum, on drums):