The Director

Domenico Delli Gatti

Domenico Delli Gatti is Economics Professor at Catholic University, Milan, where he received his PhD in 1987.

His research interests focus on the role of financial factors (firms’ and banks’ financial fragility) in business fluctuations, a field he started exploring in collaboration with Hyman Minsky, revisited in a new light due to the research work carried out with Joe Stiglitz and Bruce Greenwald.

He has devoted his research effort to two areas of research. The first one concerns the properties of “financial accelerator” multi-agent models. Together with Mauro Gallegati he has developed one of the few agent-based macroeconomic models in circulation, presented in his most recent book Macroeconomics from the Bottom Up (with E. Gaffeo, M. Gallegati, S. Desiderio, P. Cirillo). Previously he published Emergent Macroeconomics (with E. Gaffeo, M. Gallegati, G.Giulioni, A. Palestrini). This model is one of the building blocks for the development of the CRISIS integrated agent based model.

The second area concerns the properties of networks of borrowing-lending relationships. Two recent papers are "Liaisons Dangereuses: Increasing Connectivity, Risk Sharing and Systemic Risk" (with S. Battiston, M. Gallegati, B. Greenwald, J. Stiglitz), Journal of Economic Dynamics and Control), "Default Cascades: When Does Risk Diversification Increase Stability?" (with S. Battiston, M. Gallegati, B. Greenwald, J. Stiglitz), Journal of Financial Stability.

Domenico Delli Gatti on:

"Microfoundations for the Vision of Minsky", link
"Instability in Financial Markets", link

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