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Article
Open AccessOn Italian Economic Development: What the Long-term Says About the Short-term
In most of the literature on Italian economic development it is generally claimed that it was during the times of Giolitti that Italy came to be a rapidly industrializing country. In this paper we show that It...
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Article
Investigating Regional Disparities in Italy’s Well-Being Since Unification (1871–2011)
The paper investigates the wellbeing development of Italian regions since 1871. To this aim we use 4 aggregating methods (arithmetic mean, geometric mean, Leontief production functions, adjusted Mazziotta and ...
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Article
Robotization, employment, and income: regional asymmetries and long-run policies in the Euro area
This work correlates the impact of robotization on employment and households’ income at the regional scale with the level of investment in R&D and education policies. This kind of policy, by raising the qualit...
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Article
Open AccessFinancial production and the subprime mortgage crisis
The causes of the 2007-8 subprime crisis continue to be the subject of much debate, with explanations ranging from de-regulation and fraudulent behavior to global imbalances and rising inequality. However, a c...
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Article
It is the Total that Does [Not] Make the Sum: Nature, Economy and Society in the Equitable and Sustainable Well-Being of the Italian Provinces
Over the last years there has been an increasing interest in measuring well-being at local level. This is mainly due to the fact that socio-economic indicators at country level do not provide a complete pictur...
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Article
Firm–bank credit network, business cycle and macroprudential policy
We present an agent-based model to study firm–bank credit market interactions in different phases of the business cycle. The business cycle is exogenously set, and it can give rise to various scenarios. Compar...
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Article
Endogenous clearinghouse formation in payment networks
Moving from the historical experience of the Free Banking Era characterizing the US banking system from 1837 to 1863, the purpose of this paper is to investigate the rationale for the endogenous emergence of a...
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Article
Dynamics of a business cycle model with two types of governmental expenditures: the role of border collision bifurcations
We reconsider the multiplier–accelerator model of business cycles, first introduced by Samuelson and then modified by many authors. The original simple model, besides damped oscillations, also leads to diverge...
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Article
Network calibration and metamodeling of a financial accelerator agent based model
We introduce a simple financially constrained production framework in which heterogeneous firms and banks maintain multiple credit connections. The parameters of credit market interaction are estimated from re...
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Article
Long-run expectations in a learning-to-forecast experiment: a simulation approach
In this paper, we elicit short-run as well as long-run expectations on the evolution of the price of a financial asset in a Learning-to-Forecast Experiment (LtFE). Subjects, in each period, have to forecast th...
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Article
Consistency and incompleteness in general equilibrium theory
We consider the implications for general equilibrium theory of the problems of consistency and completeness as shown in the Gödel-Rosser theorems of the 1930s. That a rigorous consistent formal system is incom...
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Article
Correction to: Mis-measurement of inequality: a critical reflection and new insights
In the original publication of the article, caption of Figure 3 on the third page of Sect. 4.1 was incorrectly published as.
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Article
Mis-measurement of inequality: a critical reflection and new insights
This article documents that the Gini index is an insufficient measure of inequality and, according to the traditional logic of interpretation, that it may lead to incorrect deductions. Since, apart from concen...
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Article
Financial conditions and supply decisions when firms are risk averse
Extending earlier work by Greenwald and Stiglitz (Q J Econ 108:77–114, 1993) on the role of a firm’s equity position and bankruptcy costs in determining its production decision we show that, even if bankruptcy co...
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Article
Does inequality hamper innovation and growth? An AB-SFC analysis
We propose to analyze the relationship between inequality and economic development by means of an Agent Based-Stock Flow Consistent model where workers have been differentiated into four classes competing on s...
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The School of Agent-Based Models in Ancona
This chapter follows the path taken by our research group to extend economic modeling to the analysis of complex systems. It began with research meetings in the old Economic Department of the Faculty of Econom...
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Article
Early warning indicators and macro-prudential policies: a credit network agent based model
Credit network configurations play a crucial role in determining the vulnerability of the economic system. Following the network-based financial accelerator approach, we constructed an agent based model reprod...
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Chapter
Where Do We Go, to Go Where We Have to Go?
This booklet is built around the crisis of economic theory and the need for a different approach to economics. What do they imply and what results can we expect? Will our lives change? Will the theorists of ax...
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Chapter
Axiomatic Economics: The Biggest Dying Paradigm
This work is built on the assumption that the current crisis is both ecological and socio-economical, and also one of economic theory. I won’t deal with the climate and eco-social crises here (see Klein, Pengu...
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Chapter
A Rather Unusual History
As we have seen, the marginal revolution of Jevons, Menger and Walras is based on Newton’s physics, that is, on mechanistic determinism, in which cause–effect relationships are believed to be true, while stati...
