Università Cattolica del Sacro Cuore

Published papers


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

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, forthcoming.

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


Agliari A., Massaro D., Pecora N., and A. Spelta (2017), Inflation Targeting, Recursive Inattentiveness and Heterogeneous Beliefs, Journal of Money, Credit and Banking, 2017, 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., W. A. Brock  and C. H. Hommes (2017), Animal Spirits, heterogeneous expectations and the amplification and duration of crises, Economic Inquiry, Vol. 55(1)

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

Colombo, L., H. Dawid, M. Piva and M. Vivarelli (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 G. Weinrich (2017), Expectations and Policies in Deflationary Recessions, Metroeconomica (DOI: 10.1111/meca.12177).

Colombo, L. and H. Dawid (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.

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

Giovannetti, G., G. Ricchiuti and M. Velucchi, (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 

Grazzini, J., M. Richiardi and M. Tsionas, Bayesian Estimation of Agent-Based Models, Journal of Economic Dynamics and Control, 77, 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, 2017, 27, pp. 1133 - 1155.

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


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

 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.

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

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.

Naimzada, A., Pecora, N. and Spelta, A. (2016). Money feedback rules and equilibrium determinacy in pure exchange overlapping generation models. Macroeconomic Dynamics

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

Pecora, N. and Spelta A. (2016) Managing monetary policy in a New Keynesian model with many beliefs types, Economics Letters

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

Pecora, N. and Spelta A.  (2016) A multi-way analysis of international bilateral claims, Social Networks.


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

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, 1-12.

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.

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

Assenza T., Delli Gatti, D. and Berardi M. (2015). Was Bernanke Right? Targeting Asset Prices May not be a Good Idea After All.Forthcomingin 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, 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, 62-77.

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


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

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 (nr. 3), pp. 275-300.

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.

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.


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.

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.

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.

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.

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.


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

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

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, inCarlomagno (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.

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

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.