Mauro Gallegati

Professor of Economics
Polytechnic University of Marche, Ancona

Prof. Mauro Gallegati obtained his Ph.D. in Economics in 1989 at the University of Ancona. He is professor of Economics at the Polytechnic University of Marche, Ancona. He has been visiting Professor in several Universities and research institutes, including Cambridge, Stanford, MIT, Columbia, Santa Fe Institute, Brookings Institution and ETH. Prof. Gallegati is on the editorial board of several economic journals, among which the Journal of Economic Interaction and Coordination. His research includes business fluctuations, nonlinear dynamics, models of financial fragility and heterogeneous interacting agents. Mauro Gallegati is well known from his widely cited work with Joseph E. Stiglitz, developing theory of asymmetric information and heterogeneous agents and their applications. He published papers in the top journals on economic, economic history and history of economic analysis, nonlinear mathematics, applied economics, complexity and econophysics. The research group lead by prof. Gallegati studies agent-based models of economic phenomena, with a special focus on the performance of heterogeneous, interacting agents, generating aggregate fluctuations, coordination failures and emerging phenomena in general. The group has extensive knowledge in simulation design and analysis of complex economic phenomena. Prof. Gallegati has been involved in several European projects since 2004. The latest funded EU project is FOC (2010-2013), which is focused on financial crisis forecasting using the tools of complexity theory.

My Grants

The Great Depression of the 1930's and the business cycle in the years following WWII suggested that the main problem of economic stabilization was the regulation of aggregate demand. That is what equilibrium economic models were designed for. In the 1990's, there began a series of new instabilities in the international economy, based not on investment fluctuations, but rather financial bubbles and domino-like collapses of the financial sectors of various countries. These instabilities culminated in the recent global financial crisis. This project aims to build a new generation of models fit to analyze and manage these new governance challenges. These models will be helpful tools for the governance of globalized and interconnected economies.