Università Cattolica del Sacro Cuore

Published papers

2021

Grazzini J. and Massaro, D. (2021) Dispersed Information, Social Networks and Aggregate Behavior, Economic Inquiry, forthcoming.

Assenza, T., Heemeijer, P., Hommes, C., Massaro, D. (2021) Managing Self-Organization of Expectations through Monetary Policy: a Macro Experiment, Journal of Monetary Economics, 117, pp. 170-186.


2020

Almeida, R.R., Bassi, F. and Lang, D. (2020) Bet Against the Trend and Cash In Profits. An Agent-based Model of Endogenous Fluctuations of the Exchange Rate, DISCE- Working Papers del Dipartimento di Economia e Finanza, N. 90, pp. 1 – 41. 

Ascari, G., Florio, A. and Gobbi, A. (2020) Controlling inflation with timid monetary-fiscal regime changes, International Economic Review, Vol. 61, pp. 1001-1024.

d'Adda, G., Galliera, A., & Tavoni, M. (2020) Urgency and engagement: Empirical evidence from a large-scale intervention on energy use awareness, Journal of Economic Psychology, 81, 102275. 

Bao, T., Hennequin, M., Hommes, C., Massaro, D. (2020) Coordination on Bubbles in Large-group Asset Pricing Experiments, Journal of Economic Dynamics and Control, 110: 103702.

Bassi, F., Bauerman, T., Lang, D. and Setterfield, M. (2020) Is Capacity Utilization Variable in the Long Run? An Agent-Based Sectoral Approach to Modelling Hysteresis in the Normal Rate of Capacity Utilization, New
School for Social Research Working Papers, 07/2020, pp. 1 – 57. 

Bassi, F. (2020) Chronic Excess Capacity and Unemployment Hysteresis in EU Countries. A Structural Approach, DISCE- Working Papers del Dipartimento di Economia e Finanza, N. 91, pp. 1 – 47. 

Bassi, F. (2020) Growth Without Full Capacity Utilization and Full Capacity Utilization Without Growth, CEPN Working Papers, 2020-02, pp. 1-21.

Bertasiute, A., Massaro, D., Weber, M. (2020) The Behavioral Economics of Currency Unions: Economic Integration and Monetary Policy, Journal of Economic Dynamics and Control, 112, art. 103850.

Botta, M. and Colombo, L. (2020) The Value of Voting Rights in Italian Cooperative Banks: A Quasi-Natural Experiment, Managerial Finance, Vol. 46(7), pp. 861-882.

Corrocher, N., Cecere, G., Mancusi, M.L. (2020) Financial constraints and public funding of eco-innovation: Empirical evidence from European SMEs, Small Business Economics, Vol. 54, n. 1, pp. 285-302.

De Masi G. and Ricchiuti G. (2020) From FDI Network Topology to Macroeconomic Instability, Journal of Economic Interaction and Coordination, Vol. 15, Issue 1, pp. 133-158.

Femminis, G. and Piccirilli, G. (2020) Public information, education and welfare, Journal of Analytical and Institutional Economics - Economia Politica, forthcoming (doi 10.1007/s40888-019-00164-6).

Nerozzi S., Ricchiuti G. (2020), Pensare la Macroeconomia, ed. Pearson Italia 

 

2019

Angelovski, A., Galliera, A. and Güth, W. (2019) Partial Versus General Compulsory Solidarity: an Experimental Analysis, Homo Oeconomicus, 1-31.

Assenza, T. and Delli Gatti, D. (2019) The financial transmission of shocks in a simple hybrid macroeconomic agent-based model, Journal of Evolutionary Economics, 29(1), 265-297.

Bassi, F. (2019) Capacity Utilization and the NAIRCU. Evidence of Hysteresis in EU Countries, CEPN Working Papers 2019-09, pp. 1-32.

Boitani, A. and Punzo, C. (2019) Banks’ leverage behaviour in a two-agent New Keynesian model, Journal of Economic Behavior and Organization, Volume 162, pp. 347-359.

Botta, M. and Colombo, L. (2019) Seasoned Equity Offering Announcements and the Returns of European Bank Stocks and Bonds, Applied Economics, Vol. 51(13), pp. 1339-1359.

Cardaci, A. and Saraceno, F. (2019) Inequality and Imbalances: A Monetary Union Agent-Based Model, Journal of Evolutionary Economics, 29(3), p. 853-890.

Cardaci, A. and Saraceno, F. (2019) Between Scylla and Charybdis: Income distribution, consumer credit and business cycles, Economic Inquiry, 57(2), p. 953-971.

Conti, C., Mancusi, M.L, Sestini, R., Sanna Randaccio, F., Verdolini, E.  (2018) Transition Towards a Green Economy in Europe: Innovation and Knowledge Integration in the Renewable Energy Sector, Research Policy, Vol. 47, n. 10, pp. 1996-2009.

Frazzoni, S., Mancusi, M.L., Rotondi, Z., Sobrero, M. and Vezzulli, A. (2018) Export and Innovation in Small and Medium Enterprises: The Role of Concentrated Bank Borrowing, Economica, Vol. 85, n.337, pp. 177-204.

Giovannetti G., Marvasi E. and Ricchiuti G., (2019) The Heterogeneity of Foreign Direct Investors: Linking Affiliates to Parent Productivity, Italian Economic Journal, Vol. 5(3), pp. 369-402.

Femminis, G. (2019) Risk aversion heterogeneity and the investment-uncertainty relationship, Journal of Economics, 127, pp. 223–264. 

Femminis, G. and Piccirilli, G. (2019) Education, Mismatch and Unemployment, Rivista Internazionale di Scienze Sociali, CXXVII (n. 3), pp. 285-312.

Hommes, C., Massaro, D., Weber, M. (2019) Monetary Policy under Behavioural Expectations: Theory and Experiment, European Economic Review, 118, pp. 193 - 212.

Hommes, C., Massaro, D., Salle I. (2019) Monetary and Fiscal Policy Design at the Zero Lower Bound: Evidence from the Lab, Economic Inquiry, 57, pp. 1120 - 1140.

Naimzada, A., Pecora, N. and Spelta, A. (2019) Money feedback rules and equilibrium determinacy in pure exchange overlapping generation models, Macroeconomic Dynamics, Cambridge University Press, vol. 23(1), pp. 29-51.

 

2018

Assenza, T., Colzani, P., Delli Gatti, D., and Grazzini, J. (2018) Does Fiscal Policy Matter? Tax, transfer and spend in a Macro ABM with Capital and Credit, Industrial and Corporate Change, 27(6), 1069-1090.

Bassi, F. and Durand, C. (2018) Crisis in the European Monetary Union: a Core-Periphery Perspective, Economia Politica, Journal of Analytical and Institutional Economics, Vol. 35, No 1, pp. 251 – 256.

Cardaci, A. (2018) Inequality, Household Debt and Financial Instability: an Agent-Based Perspective, Journal of Economic Behavior and Organization, 149, p. 434-458

Rivolta G. (2018), Potential ECB reaction functions with time-varying parameters: an assessment, Empirical Economics, 55, 1425-1473.

De Masi G. and Ricchiuti G., (2018) A Network Analysis of Foreign Direct Investments, in Smith M., Amighini A., Gorgoni S. Networks of International Trade and Investment, March 2018, ed. Vernon Press.

Gobbi A. and Grazzini, J. (2018) A basic New Keynesian DSGE model with dispersed information: An agent-based approach, Journal of Economic Behavior and Organization, Vol. 157, pp. 101-116.

Gori M. and Ricchiuti, G., (2018) A Dynamic Exchange Rate Model with Heterogeneous Agents, Journal of Evolutionary Economics, Vol. 28, Issue 2, pp. 399 - 415.


2017

Agliari A., Massaro D., Pecora N., and Spelta, A. (2017) Inflation Targeting, Recursive Inattentiveness and Heterogeneous Beliefs, Journal of Money, Credit and Banking, 49, pp. 1587 - 1619.

Ascari, G., Florio, A., and Gobbi, A. (2017) Transparency, expectations anchoring and inflation target, European Economic Review, Vol. 91, pp. 261-273.

Assenza, T., Brock, W. A.  and Hommes, C. H. (2017) Animal Spirits, Heterogeneous Expectations and the Amplification and Duration of Crises, Economic Inquiry, Vol. 55(1).

Bertoni E. and Ricchiuti, G. (2017) A Multilevel Analysis of the Unemployment in Egypt, LABOUR: Review of Labour Economics and Industrial Relations, Vol. 31, Issue 4 December 2017, pp. 494–514.

Colombo, L., Dawid, H., Piva, M. and Vivarelli, M. (2017) Are R&D Investments by Incumbents Decreasing in the Availability of Complementary Assets for Start-ups? Small Business Economics, Vol. 49(3), pp. 513-531.

Colombo, L. and Dawid, H. (2017) A Dynamic Model of Firms’ Strategic Location Choice.  In P. Commendatore, I. Kubin, S. Bougheas, A. Kirman, M. Kopel, and G.I. Bischi (Eds.), The Economy as a Complex Spatial System, Springer Verlag, Berlin, Heidelberg, pp. 159-177.

Dedola L., Rivolta G., Stracca L. (2017) If the Fed sneezes, who catches a cold?, Journal of International Economics, 108, S23-S41. 

Gama J., Massaro D., Bouchaud J.P., Challet D., and Hommes, C.H. (2017) Do Investors Trade Too Much? A Laboratory Experiment, Journal of Economic Behavior and Organization,140, pp. 18 - 34.

Giovannetti, G., Ricchiuti, G. and Velucchi, M. (2017) Size and technology: The Odd Couple for affiliates survival, Structural Change and Economic Dynamics, Vol. 40, pp. 64-71.

Giudici, P., Sarlin, P. and Spelta, A. (2017) The interconnected nature of financial systems: Direct and common exposures, Journal of Banking and Finance, 112, 105149. 

Grazzini, J., Richiardi, M. and Tsionas, M. (2017) Bayesian Estimation of Agent-Based Models, Journal of Economic Dynamics and Control, 77, pp. 26-47.

Hommes, C.H., Makarewicz, T., Massaro D., and T. Smits (2017), Genetic Algorithm Learning in a New Keynesian Macroeconomic Setup, Journal of Evolutionary Economics, 27, pp. 1133 - 1155.

Pecora, N. and Spelta A. (2017) Managing monetary policy in a New Keynesian model with many beliefs types, Economics Letters, 150, pp. 53-58.

Pecora, N. and Spelta A.  (2017) A multi-way analysis of international bilateral claims, Social Networks, 49, pp. 81-92.

Spelta, A. (2017) Financial market predictability with tensor decomposition and links forecast, Applied Network Science, Issue 1/2017.


2016

Altomonte, C., Gamba, S., Mancusi, M.L. and Vezzulli, A. (2016) R&D investments, Financing Constraints, Exporting and Productivity, Economics of Innovation and New Technology, Vol. 25, n. 3, pp. 283-303.

Ascari, G., Pecora, N. and Spelta, A. (2016) Booms and burst in a housing market with heterogeneous agents. Macroeconomic Dynamics, 22 (7), 1808-1824.

Abrardi L., Colombo L., Mori P.A. (2016) Customer Ownership and Quality Provision in Public Services under Asymmetric Information, Economic Inquiry, Vol. 54(3), pp. 1499-1518.

Barbetta, G.P., Colombo, L., Colombo S, and Grillo, M. (2016) Intra-Competitiveness and Inter-Competitiveness Among Mutual Banks: the case of Trento. International Review of Economics, Vol. 63, n. 3, pp. 195-214.

Bassi, F. and Lang, D. (2016) Investment Hysteresis and Potential Output. A Post-Keynesian-Kaleckian Agent-Based Approach, Economic Modelling, Vol. 52, Part A, pp. 35 – 49.

Bassi, F. (2016) Aggregate Demand, Sunk Costs and Discontinuous Adjustments in an Amended New Consensus Model, Review of Political Economy, Vol. 28, No 3, pp. 313-335.

Colombo, L. and Dawid, H. (2016) Complementary Assets, Start-Ups and Incentives to Innovate, International Journal of Industrial Organization, Vol. 44, pp. 177-190.

Femminis, G. (2016) Money Growth, Dynamic Efficiency and Asset Bubbles in a Perpetual Youth Model, Economics Letters, 138, pp. 68–71.

Giudici, P., Spelta, A. (2016). Graphical network models for international financial flows. Journal of Business & Economic Statistics, 34(1), pp. 128-138.

Pecora, N., Rovira, P. and Spelta, A, (2016) Discovering SIFIs in Interbank Communities, Plos One, 11(12): e0167781.

 

2015

Agliari, A., Pecora, N. and Spelta, A. (2015) Coexistence of equilibria in a New Keynesian model with heterogeneous beliefs. Chaos, Solitons & Fractals, Elsevier, Vol. 79(C), 83-95. 

Assenza T., Delli Gatti, D. and Berardi, M. (2015) Was Bernanke Right? Targeting Asset Prices May not be a Good Idea After All: in W. A. Barnett and F. Jawadi (eds.), International Symposia in Economic Theory and Econometrics, Vol. 24, Emerald Group Publishing Limited.

Assenza T., Delli Gatti, D., and Grazzini, J. (2015) Emergent Dynamics of a Macroeconomic Agent Based Model with Capital and Credit, Journal of Economic Dynamics and Control, 50, pp. 5-28.

Assenza T., Grazzini, J., Hommes, C.H. and Massaro D. (2015) PQ Strategies in Monopolistic Competition: Some Insights from the Lab, Journal of Economic Dynamics and Control, 50, pp. 62-77.

Barbetta, G. P., Colombo, L. and Turati, G. (2015) Regulating European Grant-Making Foundations. Lessons from the USA Experience?, Journal of Policy Modeling, Vol. 37, pp. 763-781.

Bongini, P., Colombo, L. and Iwanicz-Drozdowska, M. (2015) Financial Literacy: Where Do We Stand?, Journal of Financial Management, Markets and Institutions, n.1/2015, pp. 3-12.

Castellani, D., Mancusi, M.L., Santangelo, G. and Zanfei, A. (2015) Offshoring, immigration and the labour market: a micro-level perspective, Journal of Industrial and Business Economics, Editorial for the special section on ‘‘Offshoring and the labour market”.

Castellani, D., Mancusi, M.L., Santangelo, G. and Zanfei, A. (2015) Exploring the links between offshoring and innovation (with D. Castellani, G. Santangelo and A. Zanfei), Journal of Industrial and Business Economics, Editorial for the special section on ‘‘Offshoring and Innovation”.

Florio, A. and Gobbi A. (2015) Learning the monetary/fiscal interaction under trend inflation, Oxford Economic Papers, pp. 1–19.

Grazzini, J. and Richiardi, M. (2015) Estimation of Ergodic Agent-Based Models by Simulated Minimum Distance, Journal of Economic Dynamics and Control, 51, pp. 148-165.

Pecora, N. and Spelta, A. (2015) Shareholding relationships in the Euro Area banking market: A network perspective, Physica A: Statistical Mechanics and its Applications, 434, pp. 1-12.


2014

Assenza T., Bao, T., Hommes, C.H. and Massaro, D. (2014) Experiments on Expectations in Macroeconomics and Finance. In J. Duffy (eds.), Experiments in Macroeconomics, Research in Experimental Economics, Volume 17, 11-69. Emerald Group Publishing Limited.

Breschi, S., Lenzi, C., Malerba, F., Mancusi, M.L. (2014) Knowledge-Intensive Entrepreneurship: Sectoral Patterns in a Sample of European High-Tech Firms, Technology Analysis and Strategic Management, Vol. 27, n. 7, pp. 751-764. 

Colombo, L., Femminis, G. and Pavan, A. (2014) Information Acquisition and Welfare, Review of Economic Studies, 81, pp. 1438–1483.

Colombo, L. and Femminis, G. (2014) Optimal Policy Intervention, Constrained Obfuscation and the Social Value of Public Information, Economic Letters, 123 (2), 224-226.

Colombo, L. and Turati, G. (2014) Why Do Acquiring Banks in Mergers Concentrate in Well Developed Areas? Regional Development and M&As in Banking, Regional Studies, Vol. 48(2), pp. 363-381.

Colombo, L., Brusco, S. and Galmarini, U. (2014) Tax Differentiation, Lobbying and Welfare, Social Choice and Welfare, Vol.42, pp. 977-1006.

Colombo, L. and Dawid, H. (2014) Strategic Location Choice under Dynamic Oligopolistic Competition and Spillovers, Journal of Economic Dynamics and Control, Vol. 48, pp. 288-307.

Femminis, G. (2014) Risk aversion heterogeneity and the investment-uncertainty relationship: a closed-form formulation, Rivista Internazionale di Scienze Sociali, CXXII (n. 3), pp. 275-300.

Mancusi, M.L. and Vezzulli, A. (2014) R&D and Credit Rationing in SMEs, Economic Inquiry, vol 52, n. 3, pp. 1153-1172.


2013

Anufriev, M., Assenza, T., Hommes, C.H. and Massaro, D. (2013) Interest Rate Rules and Macroeconomic Stability under Heterogeneous Expectations, Macroeconomic Dynamics, 17(8), 1574-1604.

Araújo, T. and Spelta, A. (2014) Structural changes in cross-border liabilities: a multidimensional approach, Physica A: Statistical Mechanics and its Applications, 394, 277-287.

Assenza T. and Delli Gatti, D. (2013) E pluribus unum: Macroeconomic modelling for multi-agent economies, Journal of Economic Dynamics and Control, 37, 1659-1682.

Borello, G., Lossani, M. and Modena, M. (2013) Quantitative Easing, Financial Risk and Portfolio Diversification, in C. Wehn, C.Hoppe and G.Gregoriou (edited by), Rethinking Valuation andPricing Models. Lessons learned from the Crisis and Future Challenges, Amsterdam, Elsevier-Academic Press, 2013.

Colombo, L and Baglioni, A. (2013) The Efficiency View of Corporate Boards: Theory and Evidence, Applied Economics, Vol. 45(4), pp.497-510.

Florio, A., Lossani, M. and Nardozzi, G. (2013) From the Global Financial Crisis to Global Monetary Rules: a Wicksellian View, Roma, Rubattino Editore.

Grazzini, J. (2013) Information Dissemination in an Experimentally Based Agent-Based Stock Market, Journal of Economic Interaction and Coordination, Vol 8 (1), pp. 179-209.

Grazzini J., Richiardi, M. and Sella, L. (2013) Indirect estimation of agent-based models. An application to a simple diffusion model, Complexity Economics, Vol. 1(2), pp. 25-40.

Lossani, M. (2013) Politica Monetaria, Banche Centrali e Tassi di Interesse in Biasin, M., Cosma, S. e Oriani, M. (Edited by), La Banca, Istituzione e Impresa, Torino, ISEDI, 2013.

Malerba, F. and Montobbio, F. (2013) Innovation, international R&D spillovers and the sectoral heterogeneity of knowledge flows”, Review of World Economics, Vol. 149, n. 4, pp. 697-722. 

Mancusi, M.L. (2013) Esportazioni, innovazione e relazioni banca-impresa, in Osservatorio Monetario, n. 3

Mancusi, M.L. (2013) Più fondi all’innovazione per le nostre imprese, Vita e Pensiero, n. 6

 

2012

Baglioni, A., Bongini, P., Lossani, M. and Nieri, L. (2012) Verso l’Unione Bancaria Europea: Disegno Istituzionale e Problemi Aperti, Banca, Impresa e Società, 3.

Baglioni, A., Boitani, A., Bordignon, M., Fantacone, S., Hamaui, R. and Lossani, M. (2012) Euro. Ultima Chiamata, Milano, Francesco Brioschi Editore.

Colombo, L., Dawid, H. and Kabus, K. (2012). When do Thick Venture Capital Markets Foster Innovation? An Evolutionary Analysis, Journal of Evolutionary Economics, Vol. 22(1), pp. 79-108.

Cozza, C., Malerba, F., Perani, G., Mancusi, M.L. and Vezzulli, A. (2012) Innovation, profitability and growth in medium- and high-tech manufacturing industries: Evidence from Italy, Applied Economics, Vol. 44, n. 15, pp. 1963-1976

Grazzini, J. (2012) Analysis of the Emergent Properties: Stationarity and Ergodicity, Journal of Artificial Societies and Social Simulations, 15(2)7.

Lossani, M. (2012) Il Processo di Unificazione Monetaria in Europa. Breve Sintesi di una Lunga Storia, in Carlomagno (Edited by), Euro. Ultima Chiamata, Milano, Francesco Brioschi Editore.

Lossani, M. (2012) Dall’Euro alla Grande Crisi in Carlomagno (Edited by), Euro. Ultima Chiamata, Milano, Francesco Brioschi Editore.

Mancusi, M.L. (2012) National Externalities and Path Dependence in Technological Change: An Empirical Test, Economica, Vol. 79, Issue 314, pp. 329-349.

Spelta, A. and Araújo, T. (2012) The topology of cross-border exposures: beyond the minimal spanning tree approach, Physica A: Statistical Mechanics and its Applications, 391(22), 5572-5583.