My main research interest is in designing and implementing empirical stock-flow consistent models, to be used for medium-term macroeconomic policy scenario analysis.
In the context of the EMPN project, my research focuses on fiscal and monetary policy, energy and trade vulnerability, and territorial and structural divides, at both the Italian and European level.
I am also interested in gender economics, and I am currently a Member of the Gender Commission of the Italian Economics Society.
Publications
Journals
- V Ferreira, J Pedro Ferreira, D Guarascio, F Zezza (2026). Inflation in the EU: how sectoral price shocks ripple domestically and across borders in core and periphery countries. Economic Systems Research, 1-22
- F. Zezza (2025). Fiscal and monetary policy in a SFC model of the Italian economy. European Journal of Economics and Economic Policies 22 (3), 392-419
- D. Guarascio, P. Heimberger, F. Zezza (2025). The Eurozone’s Achilles Heel: Reassessing Italy’s Long Decline in the Context of European Integration and Globalization. Italian Economic Journal, pp: 1-30
- D. Guarascio, J. Reljic, F. Zezza (2025). Energy vulnerability and resilience in the EU: concepts, empirics and policy. Journal of Industrial and Business Economics 52 (3), 683-726
- J. Reljic, F. Zezza (2024). Breaking the Divide: Can Public Spending on Social Infrastructure Boost Female Employment in Italy?. Economic Modelling, 143, 106974
- P. Heimberger, L. Welslau, B. Schutz, S. Gechert, D. Guarascio, F. Zezza (2024). Debt Sustainability Analysis in Reformed EU Fiscal Rules: The Effect of Fiscal Consolidation on Growth and Public Debt Ratios. Intereconomics, 59 (5), pp: 1-8
- F. Zezza, D. Guarascio (2023). Fiscal policy, public investment and structural change: a P-SVAR analysis on Italian regions. Regional Studies, 58(6), 1356–1373.
- G. Celi, D. Guarascio, J. Reljic, A. Simonazzi, F. Zezza (2022). The Asymmetric Impact of War: Resilience, Vulnerability and Implications for EU Policy. Intereconomics, 57 (3), pp: 141-147.
- F. Zezza, G. Zezza (2022). A prototype regional stock-flow consistent model. Metroeconomica, 74 (2), pp: 266-287.
- R. Canelli, R. Realfonzo, F. Zezza (2022). An empirical Stock-Flow Consistent regional model of Campania, Papers in Regional Science, 101 (1), pp: 209-257
- G. Zezza, F. Zezza (2019). On the design of empirical stock-flow consistent models. European Journal of Economics and Economic Policy: Interventions, Vol.16(1), 2019, pp.134-158
Book chapters - D Guarascio, J Reljic, F Zezza (2026). Structural Asymmetries and the Limits of Contemporary Industrial Policy: The Risk of Green Divergence in the EU. In: W. Raza, C. Schlager, V. Skyrman, M. Soder (eds) Progressive Industrial Policy in Europe, Routledge.
- Celi G., Guarascio D., Zezza F. (2024). From Miracle to Decline Italy’s long-term development trajectory between core and periphery. In: Glassman U, Gräbner C (eds) The Political Economy of Italy and the Center-Periphery Perspective on Europe. Metropolis Press
- G. Zezza, F. Zezza (2022). A Stock-Flow Consistent Quarterly Model of the Italian Economy. In M. Byrialsen, H. Raza, and F. Olsen (eds) “Macroeconomic Modelling, Economic Policy and Methodology”, Routledge.
Working papers
F. Zezza (2026). OPENSIMPLEST: The Smallest SFC Open Economy Model, Levy Economics Institute Working Paper no.1105, January 2026
F. Zezza, G. Zezza (2025). Growth vs. Discipline: Italy’s Fiscal Dilemmas in a Stock-Flow Consistent Model, Levy Economics Institute Working Paper no.1082, May 2025