Archive

This research project introduces heterogeneous microeconomic behavior into a demand-driven stock flow consistent model to study the links between microeconomic financial fragility and macroeconomic instability.

This research project analyzes the country-specific effects of inequality within a stock-flow consistent macro model and within a DSGE model with heterogeneous and interacting households.

This research project seeks to understand the linkages between the changes in the financial economy and the behavior of households in the real economy.

This research project organizes a systematic database of policies implemented in response to crises, focusing on fiscal and monetary measures, in order to identify policy action rather than simply looking at endogenous outcome variables.

This research project addresses in depth the questions of the nature of economic uncertainty, with the aim of revisiting from a new perspective many of the questions that have been raised by the recent crisis both in finance and macroeconomics.

This research project captures systemic risk of the credit market by combining information about the level of fragility of individual economic entities with the network structure of their mutual credit exposures.

This research project constructs new measures of slavery as a state-sanctioned property rights institution and documents how slavery impacted economic development in US history.

This research project deepens the understanding of the history of economics as a discipline by making economic texts of historical importance available to students and scholars and by translating the important historical works of economics into English.

This research project reinterprets the events causing the British Industrial Revolution by showing that the Glorious Revolution of 1688-1689 was significant in causing the divergence of political institutions which led to the divergence of economic institutions and policy.

This research project analyzes the history of the concentration of bank regulatory authority within the Federal Reserve and explores the public policy issues arising from that concentration.

This research project examines the value of political connections between corporate groups in Italy and the National Fascist Party (PNF) during the years of Mussolini’s rise to power (1921-1929).

This research project uses reflexivity thinking to develop a theory of reflexive economic agents whose behavior is central to both the theory of innovation and to the explanation of phenomena such as bubbles, cascades, and herding that are inconsistent with DSGE/rational expectations macroeconomics.

This research project focuses on the role of the representative agent in recent macroeconomics and general equilibrium theory, with a particular emphasis on how different the situation was in the economic theorizing of the first neoclassical synthesis during the 1950s.

Does it matter if the Rational Expectations Hypothesis is unrealistic?

We analyse the link between income distribution and the current account for the period 1972-2007. We find that rising (top-end) personal inequality leads to a decrease of the current account, ceteris paribus.