Taneli Mäkinen

I am an economist at the European Central Bank, on leave from Banca d'Italia, and hold a PhD in economics from the Stockholm School of Economics. Prior to my PhD studies, I obtained a BA (Hons) in economics from the University of Cambridge. My research spans a wide range of topics: informational role of the price system, asymmetric information in financial markets, asset pricing, institutional investors and policy evaluation.

Research Interests

• Applied theory, macroeconomics and finance.

Selected Journal Articles

• Adverse selection and search congestion in over-the-counter markets, Journal of Monetary Economics, forthcoming, with Francesco Palazzo
• A Regression Discontinuity Design for Ordinal Running Variables: Evaluating Central Bank Purchases of Corporate Bonds, Annals of Applied Statistics, 15, March 2021, 304–322, with Fan Li, Andrea Mercatanti and Andrea Silvestrini
• Risky Bank Guarantees, Journal of Financial Economics, 136, May 2020, 490–522, with Lucio Sarno and Gabriele Zinna
• Information Acquisition and Learning from Prices Over the Business Cycle, Journal of Economic Theory, 158, July 2015, 585–633, with Björn Ohl

Working Papers

• Effects of Eligibility for Central Bank Purchases on Corporate Bond Spreads, with Fan Li, Andrea Mercatanti and Andrea Silvestrini
• The Double Bind of Asymmetric Information in Over-the-Counter Markets, with Francesco Palazzo
• Informed Trading and Stock Market Efficiency
• Permanent Market Freeze in a Decentralized Asset Market

Work in Progress

• Spillover Effects of Central Bank Asset Purchases, with Andrea Mercatanti and Andrea Silvestrini