Papers by Anna Maria Variato
This paper analyzes search models within a framework of aggregate demand shocks and dominated by ... more This paper analyzes search models within a framework of aggregate demand shocks and dominated by uncertainty. In this context, agents are bounded rational while wages are determined by some markup mechanism. Differently from the canonical search theories, unemployment is not only frictional but it can be dynamically determined by an unexpected fall in aggregate demand. Furthermore, by introducing stochastic productivity heterogeneity, a "systemic unemployment", due to both demand and supply aspects, can be generated. The model is cast in dynamic terms, while the main results are obtained by means of simulations.
Stabilità finanziaria, regolamentazione e specificità delle Banche di Credito Cooperativo
A huge regulatory activity stemmed from 2007 financial crisis aimed at containing the frequency a... more A huge regulatory activity stemmed from 2007 financial crisis aimed at containing the frequency and the intensity of financial instability episodes. Such a regulatory activity addressed toward italian cooperative/mutual banks, leading to a process of reform not yet concluded. The paper highlights some critical features of the regulatory process; in particular it shows that the concept of financial stability implied by norms is not an objective attribute of macro-dynamics, but it comes from a specific macroeconomic conception; furthermore it underlines the dangers of inducing banking systems where the variety of types is reduced. Using the approach of macroeconomic analysis, the paper suggests the channels through which recent banking regulation may have contributed to the increase of systemic risk, and to alter the competitive equilibrium among financial intermediaries, eventually reworking the competitive equilibrium among countries possessing different financial structures.
Finance is not the dark side of the force
Economic Crisis and Economic Thought, 2019
Even in the face of far more recurrent, deeper and contagious episodes of financial instability, ... more Even in the face of far more recurrent, deeper and contagious episodes of financial instability, the mainstream view still suggests a macroeconomic framework where finance (not differently from money) has no role in affecting permanently the state of the economy, its perspectives of growth and prosperity: finance is at the best an opportunity (but no more than an useful mean), and at the worst it is the source of an inconvenient temporary disturbance. Contrasting this reductive conception of the financial side of the economy there exists a full body of literature which be-comes especially popular in times of crisis, but that can be rooted back to the very origins of Eco-nomics as a Science. After a brief empirical sketch of the impact of financial disturbances on macroeconomics, the paper focuses on theoretical aspects, in the attempt to highlight the com-mon basic cornerstones of a macroeconomic vision of critical finance, i.e. a vision where finance can be the endogenous driver of the complex dynamic pattern of the economy. The thesis sup-ported in the paper is that the theoretical framework behind Minsky’s Financial Instability Hy-pothesis is especially suitable in order to select such relevant foundations.
In recent years the names of Minsky and Piketty gained increasing notoriety to researchers becaus... more In recent years the names of Minsky and Piketty gained increasing notoriety to researchers because the two authors investigated issues of nancial instability and income inequality, which represent both two unsolved macroeconomic problems of the new millennium, and evidence contradicting the long-run implications of mainstream macroeconomics. By combining these two names we set ourselves an ambitious goal, going beyond the technical aspects of the model presented in the paper. Indeed, not only we want to contribute directly to the debate meant at clarifying the controversial relationship between nancial instability and income inequality; we also aim at addressing a broader issue which is the explanation of the reasons why a theoretical revolution in macroeconomics has not yet occurred, and why nancial aspects still play a subordinate role to real factors in the explanation of growth and cycles. In this broader perspective Minsky and Piketty are assumed as extreme examples of the oppo...
ERN: Marxian; Sraffian; Institutional; Evolutionary (Topic), 2016
Quest'opera è distribuita con licenza internazionale Creative Commons Attribuzione Non commercial... more Quest'opera è distribuita con licenza internazionale Creative Commons Attribuzione Non commerciale-Non opere derivate 4.0.
Il presente contributo rappresenta le caratteristiche settoriali del paese per identificarne punt... more Il presente contributo rappresenta le caratteristiche settoriali del paese per identificarne punti di forza e di debolezza, cosi da delineare proposte coerenti con il piano “Next Generation EU”. La trattazione verte sul posizionamento dei settori produttivi rispetto a Francia, Germania, e Spagna, osservato per tutte le categorie NACE2 in due sottoperiodi (2002-2007, 2013-2018). Dalle analisi empiriche emerge una ambivalenza statica ed evolutiva: a fronte della tenuta dei livelli e della apparente similarita di struttura produttiva, si amplia il divario tra l’Italia e gli altri paesi di confronto. Dalle propensioni all’investimento e all’innovazione si evince che la riduzione dei costi prevale sulla ricerca di nuove opportunita di crescita indotte da investimenti e RS le differenze settoriali sono pero marcate. L’indicazione di politica economica e che, per una gestione efficace dei fondi NGEU, e necessaria un’azione strutturata con criteri di settorialita, territorialita, e di integ...
SSRN Electronic Journal
Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.
Journal of Economic Interaction and Coordination
The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply i... more The paper analyzes unemployment in a medium-run growth model, where aggregate demand and supply interact. On one hand, autonomous demand drives the dynamics of the system, while heterogeneity in the consumption function, due to the presence of unemployment, strengthens the links with supply aspects. On the other hand, both the rate of growth of labor productivity and labor supply are endogenous. Two major results are obtained. First, unemployment allows the reconciliation between aggregate demand and supply. The second is that unemployment remains bounded and this means that the interaction between aggregate demand and supply thwarts instability. These results are in keeping with those obtained by means of a bottom-up approach, typical of agent based models (ABM). Possible explanations and implications of this convergence are put forward. the study of a nonlinear system where both aggregate demand and supply are endogenous and generate a bounded unemployment, followed by a methodological effort direct to identify possible lines of convergence with the AMB approach. This is a by-product of the presence of heterogeneity in our model.
EconomiA, 2016
The paper analyzes the relationship between income shares, wealth and growth in an environment wh... more The paper analyzes the relationship between income shares, wealth and growth in an environment where positional goods are taken into account and rent is generated. This hypothesis, which is a macro engine for inequality, creates a gap between profit share and property share and implies a clear-cut distinction between capital and wealth. The interactions between these aspects are studied in a medium-run growth model led by aggregate demand, where monetary aspects also matter. The results of the dynamic analysis, obtained by means of simulations, are in keeping with some recent stylized facts. Furthermore, the model generates bounded dynamics, where the co-movements between variables are more complex than those obtained in the recent literature. At the same time the disequilibrium processes can create a link between medium-run considerations and a more long-run perspective.
The Neoclassical Synthesis, the Phillips Curve and the Art of Economic Policy
Rivista Italiana Degli Economisti, 2007
The Journal of Applied Business and Economics, Dec 1, 2013
Although it is difficult to compare the present events to those of the "Great Depression", they r... more Although it is difficult to compare the present events to those of the "Great Depression", they re-propose two old questions: Does a fall in aggregate demand have a direct impact on the labour market? Does a rebound in production imply a recovery in employment? The paper stresses the role of aggregate demand and slack capacity. While spare capacity may stimulate quantity adjustment strengthening the relationship between aggregate demand and labour performance in recession, the rebound can imply other forces (technical and structural change). However, the peculiarity of the present recovery is better understood within the aftermath of a financial bubble.
Investimenti, informazione, razionalità
Debt and Monetary Policy in Cycles with Uncertainty
Varieties of Keynesian Investment Theories: Further Reflections
Journal of Post Keynesian Economics, 1996
Asymmetric Information and Keynesian Theories of Investment
Journal of Post Keynesian Economics, 1994
Aspetti economico-politici del settore agroalimentare: inquadramento interpretativo
The New Neoclassical Synthesis, the Phillips Curve and the Art of;Economic Policy
The Phillips curve has been at the same time an econometric object, a trade-off curve and an anal... more The Phillips curve has been at the same time an econometric object, a trade-off curve and an analytical equation representing the aggregate supply in a macro model. The paper considers these aspects as they emerge from the so called new ®neoclassical synthesis'' models used for monetary policy. These models, while reviving Hicks' IS-LM apparatus within a real business cycle framework, try to empower the authority with ®objective'' guidelines so that monetary policy can become a science. This claim is challenged by showing the weaknesses of this new approach from the triple perspective discussed above. By introducing an interaction between fiscal and monetary policies, a model is obtained where the dynamics of the debt are endogenous, inflation has relevant effects and the Phillips curve is in keeping with the conventional stylized facts. This opens the way to the presence of an uncertain world where economic policy becomes an art.
This paper is an attempt to evaluate the strength of the link between the Tobin tax and the so-ca... more This paper is an attempt to evaluate the strength of the link between the Tobin tax and the so-called Keynes tax, i.e. a tax on security transactions suggested by Keynes in Chapter 12 of the General Theory. Starting from a literal comparison of the two projects, this work analyses the possibility of a common methodological background. It supports the idea that the two measures share similar fundamental targets, despite displaying technical diversity.
Endogenous fluctuations, markups, capacity and credit constraints
Journal of Economic Interaction and Coordination, 2015
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Papers by Anna Maria Variato