The Phillips curve has been at the same time an econometric object, a trade-off curve and an analytical equation representing the aggregate supply in a macro model. The paper considers these aspects as they emerge from the so called new ®neoclassical synthesis'' models used for monetary policy....

This paper emphasizes the relationship between financial fragility and economic dynamics. It uses the Minskian microeconomic categories based on the "triad: hedge, speculative, and Ponzi" finance and puts them into a macro perspective. In this environment, there can be a sharp distinction...

Limits on information have deep economic impact and affect the conduct of economic policy. In the present paper we explore the effect of substantive uncertainty. A macro model is then derived in order to make this condition work at micro economic level too: the investment function implies an...

The paper discusses the dynamic properties of a macro model with an investment function based upon both real and financial aspects and a labor market ruled by imperfect competition. The model is then enriched by a monetary policy rule and by agents who forecast according to a time series...

Institutional and Social Dynamics of Growth and Distribution presents a set of original contributions to the much-debated issues of long-run economic growth in relation to institutional and social progress.

This paper considers a puzzle in growth theory from a Keynesian perspective. If neither wage and price adjustment nor monetary policy are effective at stimulating demand, no endogenous dynamic process exists to assure that demand grows fast enough to employ a growing labor force. Yet output...

This paper analyzes a dynamic model with (1) an investment function that emphasizes cash flow, (2) a Keynesian macroeconomic framework that determines cash flow endogenously, (3) a dynamic labor market model that drives wage and price adjustments, and (4) boundedly rational expectations....