This paper presents an analysis of the 2007-2010 Global Financial Crisis which started with the sub-prime crisis in the U.S. and became global very fast. It argues that the financial system in the United States is a complex interlocking structure of markets, institutions and regulators. The...

This letter explores the role of costly liquidation of the collateralized asset in a stochastic version of the Kiyotaki and Moore (1997) model. We document that the degree of inefficiency in the debt enforcement procedure plays a key role in the endogenous amplification of productivity shocks...

Economists and policy makers increasingly consult national household surveys asking individuals about their economic circumstances, financial decisions, and expectations for the future. For decades, the Reuters/Michigan Survey of Consumers and other national surveys have asked about expectations...

The study seeks to establish the presence, or otherwise, of real exchange rate, demand and supply shocks synchronicity in the West African Monetary Zone (WAMZ) and to suggest alternative exchange rate arrangements, other than a monetary union, in case these shocks do not co-move. On the whole,...

The paper highlights the strengths and weaknesses of Stiglitz’s and Krugman’s analysis of the causes that have produced the present crisis and of their economic policy prescriptions. Moving from the Italian tradition of economics, the paper discusses the characteristics of Keynes’ and...

Recent articles claiming convergence in macroeconomics take a narrow view of macro focused on the use of New Keynesian dynamic stochastic general equilibrium models. With this narrow view of the state of the art in macro, Fair (2011) questions whether macro has progressed. However, when taking a...

This paper examines the optimal monetary delegation arrangement of central bank independence and conservatism in the presence of uncertainty about the central bank’s output objective. We show that full independence is no longer optimal with uncertain central bank preferences, and that optimal...

Purpose – The latest generation of research into macroeconomic policy has turned from more technical aspects of optimal control and expectations formation to consideration of the policymaking institutions themselves. More and more countries have moved towards greater degrees of central bank...

The aim of the research is to contribute to the experimentation of methodologies for cost effectiveness and economic sustainability assessment concerning investments in agri-food sector, and testing the applicability of the method to supply chains of minor produces. Elaborations have been made...