I am a postdoctoral researcher at ESG-UQAM
and CREEi.
I am also associated with The GC Wealth Project
at the Stone Center on Socio-Economic Inequality (CUNY).
Fields: macroeconomics, public economics, labour economics.
Research interests: monetary policy, inequality, household finance, labor markets.
For more details, check my CV (English) or contact me at rella.gia(at)gmail.com.
I am on the 2025-2026 job market.
News:
28 March 2026: My paper "Monetary Policy and the Wealth Distribution" (with Alessandro Franconi) has been accepted for publication at the Journal of Money, Credit and Banking.
19 March 2026: My paper "Wealth Composition, Distribution, and Transmission: The GC Wealth Project Data Warehouse" (with The GC Wealth Project Team) has been accepted for publication at Scientific Data (Nature).
Je suis chercheur postdoctoral à l'ESG-UQAM
et au CREEi.
Je suis également associé au GC Wealth Project
du Stone Center on Socio-Economic Inequality (CUNY).
Domaine de recherche : macroéconomie, économie publique, économie du travail.
Thèmes de recherche : politique monétaire, inégalités, finances des ménages, marchés du travail.
Pour plus de détails, consultez mon CV (Français)
ou contactez-moi à l'adresse rella.gia(at)gmail.com.
Je suis sur le marché 2025-2026.
Actualités :
28 mars 2026 : Mon article « Monetary Policy and the Wealth Distribution » (avec Alessandro Franconi) a été accepté pour publication dans la revue Journal of Money, Credit and Banking.
19 mars 2026 : Mon article « Wealth Composition, Distribution, and Transmission: The GC Wealth Project Data Warehouse » (avec l’équipe du GC Wealth Project) a été accepté pour publication dans Scientific Data (Nature).
Job market paper
Monetary policy and the wealth distribution
with/avec Alessandro Franconi
accepted/accepté par, Journal of Money, Credit and Banking
latest version/dernière version (Dec 2025)
Abstract: Using the Distributional Financial Accounts of the United States, we study the effects of monetary policy on the wealth distribution. The direction and persistence of these effects depend on the policy instrument. Interest rate cuts initially reduce wealth inequality but increase it in the medium run. Asset purchases, instead, increase wealth inequality but only temporarily. Housing is the main channel through which monetary policy affects wealth at the bottom while corporate equities explain wealth growth at the top. Using household-level data from the Panel Study of Income Dynamics, we document a wealth reversal at the bottom of the distribution: lower interest rates raise housing wealth in the short run but lead to higher mortgage debt and lower net wealth over time, contributing to the medium-term rise in inequality.
Publications
Wealth Composition, Distribution, and Transmission: The GC Wealth Project Data Warehouse
with/avec The GC Wealth Project Team
accepted/accepté par, Scientific Data (Nature)
Time-varying interactions between monetary and housing credit policy
Journal of Macroeconomics, 2025
article
appendix
What are firms borrowing for? The role of financial assets
with/avec Leila Davis, Joao de Souza, YK Kim
Economic Modelling, 2023
article
Working papers / Cahier de recherche
A balancing act? Local fiscal resilience after mine closures
with/avec Clara Dallaire-Fortier, 2025
The GC Wealth Project Data Warehouse v.1.2 – Documentation
with/avec The GC Wealth Project Team, 2024
Stone Center Working Paper
The GC Wealth Project Data Warehouse v.1 – Documentation
with/avec The GC Wealth Project Team, 2023
Stone Center Working Paper
Macroeconomic effects of household debt: a survey of the empirical literature
2021
article
Work in progress / Recherche en cours
Monetary policy and the dynamics of wage inequality: evidence from Spanish administrative data
with/avec Luca Giangregorio
Labor mobility and cross-country unemployment
with/avec Jonathan Créchet, Raquel Fonseca
Wealth losses from climate policies: aggregate and distributional dynamics
with/avec Max Longmuir, Salvatore Morelli
Wealth, income, and consumption inequality through old age
with/avec Raquel Fonseca, Markus Poschke
Teaching / Enseignement
ECO8530 - Investissement et risque