Ettore GalloUniversità di Parma | UNIPR · Department of Economics and Management
Ettore Gallo
Doctor of Philosophy
Assistant Professor at the University of Parma / Economic Advisor at OECD |
PhD from New School and Sapienza University
About
30
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Introduction
Assistant Professor of Economics, University of Parma, PhD in Economics from The New School for Social Research.
Current research interests: Growth and Distribution, environmental economics, political economy
Education
August 2018 - December 2022
Publications
Publications (30)
Recent empirical research has highlighted the role played by public investment in stimulating economic activity, while addressing a variety of systemic challenges such as climate change and supply chain resilience. However, theoretical considerations regarding the capacity-building effect of public capital formation have been often overlooked in th...
Highlighting the role of autonomous components of demand in shaping the long-run growth path of the economy, the Sraffian supermultiplier (SSM) has attracted increasing attention. This paper aims to empirically test some implications of this model for a small, open and peripheral economy such as Mexico. After presenting the theory and evidence on t...
Allain [2022. 'A Supermultiplier Model with Two Non-Capacity-Generating Semi-autonomous Demand Components.' Structural Change and Economic Dynamics 63: 91-103] raised the question of how two or more non-capacity-generating autonomous demand components growing at different rates may coexist in the supermultiplier, avoiding that one component absorbs...
The paper offers a post-Keynesian explanation of the soaring inflation experienced during the post-COVID recovery, coherent both at the microeconomic and macroeconomic levels. The microeconomic argument is rooted on the premise that price-making firms consider both their costs and their desired share of profits when setting prices. To defend profit...
In recent years, Supermultiplier models have attracted rising attention, highlighting the role of autonomous components of demand in shaping the long-run growth path of the economy. This paper aims to empirically test the implications of this approach in selected European economies, grouped according to the literature on welfare model classificatio...
The paper analyzes the relationship between the interest rate and the public debt-to-GDP ratio through the lens of the Classical-Keynesian approach. We focus on the value dimension as a transmission channel of monetary policy, modeling how a change in the interest rate set by the central bank affects the economy’s capital intensity and, in turn, de...
This contribution examines recent developments in post-Keynesian macroeconomics teaching through an analysis of five textbooks: Blecker and Setterfield (2019), Hein (2014; 2023), and Lavoie (2014; 2022). The focus is on Hein’s latest book, Macroeconomics after Kalecki and Keynes (2023), which aims to provide a comprehensive and teachable post-Keyne...
This paper discusses Joan Robinson’s remarks on the importance of historical time in economic analysis. On the one hand, Joan Robinson expressed skepticism with equilibrium analysis as such, arguing that as soon as economists take into account the uncertainty of expectations, history needs to replace equilibrium. On the other hand, Robinson stresse...
This paper reviews and empirically tests the validity of the Sraffian Supermultiplier model (SSM) and the modified Neo-Kaleckian model after the inclusion of autonomous components of aggregate demand. First, we theoretically assess whether the SSM may constitute a complex variant of the Neo-Kaleckian model. In this sense, it is shown that results c...
The paper provides an analytical solution to the differential equation that regulates the motion of the neo-Kaleckian model in the short run. After presenting a simple open economy neo-Kaleckian model with government activity, the paper analytically derives an expression for the time of adjustment, defined as the time required for the system to mak...
The dissertation is organized in 3 chapters dealing with the timescale of macrodynamic growth models in the short and in the long run, as well as with the analysis of the climate-economy interplay over the business cycle.
The first essay provides an analytical solution to the differential equation that regulates the motion of the neo-Kaleckian mod...
The response of governments to the COVID-19 outbreak was foremost oriented to two objectives: saving lives and limiting economic losses. However, the effectiveness and success factors of interventions were unknown ex-ante. This study aims to shed light on the drivers of countries’ performances during the first year of the COVID-19 pandemic. We meas...
In recent years, Post‐Keynesian analysis has been characterized by a renewed interest in long‐run theories of growth and distribution. While many authors have focused on the convergence of demand‐led growth models to a fully adjusted equilibrium, relatively little attention has been given to the time required to reach this long‐run position. In ord...
This paper discusses Joan Robinson's remarks on the importance of historical time in economic analysis. On the one hand, Joan Robinson expressed skepticism with equilibrium analysis as such, arguing that as soon as economists take into account the uncertainty of expectations, history needs to replace equilibrium. On the other, Robinson stressed tha...
In recent years, Post-Keynesian models of growth and distribution have substantially shifted their focus from short to long-run analysis. While many authors have focused on the convergence of demand-led growth models to a fully-adjusted equilibrium, relatively little attention has been given to the time required to reach this long-run position. In...
Policy makers have increasingly identified in the digitalization the key driver to move economies out of the quicksands of the productivity slowdown. However, without coping with the structural weaknesses of the global economy, this promise risks to remain a dismal illusion.
The paper provides an analytical solution to the differential equation that regulates the motion of the neo-Kaleckian model in the short run. After presenting a simple open economy neo-Kaleckian model with government activity, the paper analytically derives an expression for the time of adjustment, defined as the time required for the system to mak...
This paper seeks to capture the dynamic interaction between the epidemiological evolution of COVID-19 and its effect on the macroeconomy, in absence of widespread vaccination. We do that by building a stylized two-equations dynamical system in the COVID-19 positivity rate and the unemployment rate. The solution of the system makes the case for an e...
PUBLISHED VERSION HERE https://doi.org/10.1080/09538259.2020.1861817
The paper presents a predator-prey model which captures the interactions between unemployment rate and COVID-19 infection rate. The model shows that lockdown measures can effectively reduce the infection rate, but at the cost of higher unemployment rate. The solution of the syste...
The recent debate in Post-Keynesian theories of investment has mainly focused on the endogenous nature of the degree of capacity utilization, overlooking Steindl's and Minsky's insights on the role of inventories and debt financing in shaping investment decisions. In order to fill this gap, this paper develops a Steindl-Minsky SFC model by includin...
This paper reviews and empirically tests the validity and policy conclusions of the Sraan Supermultiplier model (SSM) and the modied Neo-Kaleckian model after the inclusion of autonomous components of aggregate demand. First, we theoretically assess whether the SSM may constitute a complex variant of the Neo-Kaleckian model. In this sense, it is sh...
This paper reviews and empirically tests the validity and policy conclusions of the Sraffian Supermultiplier model (SSM) and the modified Neo-Kaleckian model after the inclusion of autonomous components of aggregate demand. First, we theoretically assess whether the SSM may constitute a complex variant of the Neo-Kaleckian model. In this sense, it...
The matter of the ‘original sin’, the inability to borrow abroad in domestic currency, came to the centre of the academic discussion after the dramatic episodes in Asia, Russia and Latin America. According to this international framework, this paper is an empirical analysis of ‘original sin’ for six Latin American countries based on the index (OSIN...
In recent years, the Sraffian Supermultiplier approach has attracted rising attention, highlighting the role of autonomous components of demand in shaping the long-run growth path of the economy. This paper aims to test empirically some implications of this approach in selected European economies, following the methodology introduced by Girardi and...