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Publications (32)
The paper enters the current debate at the intersection of comparative political economy and international trade on the role of price and non-price competitiveness in influencing export. Through an econometric exploration, we identify price competitiveness as a non-negligible factor in driving export for a set of Organisation for the Economic Co-op...
The disciplinary and distributive role of unemployment has long been acknowledged in economic theory and is at the heart of conflict inflation theory. In this article, we combine conflict inflation and growth in an autonomous demand-led model with endogenous distribution. In this way, we extend typical results of conflict inflation models to the lo...
La doppia crisi da COVID-19 e per la guerra russo-ucraina, con il conseguente incremento dell’inflazione, in particolare per i prodotti energetici ed i generi alimentari, ha determinato in tutti i paesi più avanzati una caduta del potere d’acquisto dei salari, una crescita della povertà ed un aumento dello spreco di lavoro nella forma di lavoratori...
This paper presents a long-run study of the relationship between autonomous and induced demand for the United States. Our exercise can be considered a contribution to the burgeoning literature revolving around autonomous demand-led growth models, which have displayed the potential to establish bridges not only within the post-Keynesian community, b...
The disciplinary role of unemployment has long been acknowledged in economic theory. Seminal works on conflict inflation have included the unemployment rate as a determinant of workers' bargaining power, which thus affects distribution and inflation (Rowthorn, 1977). In extensions to the long run, however, conflict inflation models have shifted awa...
Il presente contributo si propone di offrire un’analisi di tipo descrittivo dell’andamento dei salari, della distribuzione funzionale del reddito e del costo del lavoro in Italia, fornendo delle evidenze per il periodo 1970-2020. Partendo da dati di contabilità nazionale (ISTAT), vengono analizzate le dinamiche dei salari medi, della produttività d...
Il 2021 ha visto un susseguirsi di iniziative che, a dieci anni dalla morte di Pierangelo Garegnani, hanno celebrato e discusso il lascito intellettuale e culturale del grande economista italiano, critico rigoroso della teoria economica dominante e fautore della ripresa e della riscoperta dell'approccio del sovrappiù all'economia politica. In quest...
Presentation at INAPP
https://www.inapp.org/sites/default/files/programma%204%20ott%20def.pdf
https://oa.inapp.org/handle/20.500.12916/3646
The paper enters the current debate at the intersection of comparative political economy and international trade on the role of price and non-price competitiveness in influencing export. Through an econometric exploration, we identify price competitiveness as a non-negligible factor in driving export, for a set of OECD countries from 1994 to 2019....
We study the residential investment-economic activity nexus in the United States during the period 1960–2020. We find evidence of symmetric and asymmetric frequency-domain Granger causality running unidirectionally from residential investment (RES) to output. This unidirectional causal relationship is both permanent and transitory: transitory shock...
Recently, demand-led growth theories reshaped the study of comparative political economy. Since the Baccaro and Pontusson critique of Varieties of Capitalism, a new wave of studies has sought to analyze national economies in terms of their main demand drivers of growth. Post-Keynesian authors provided extensions to perfect the fit between demand-le...
In recent years, a revival of the so-called ‘utilisation controversy’ has seen several scholars engage in a lively debate that still revolves around the same old question: what should we expect, beyond the short run, with regard to the degree of capacity utilisation? In this article, we tackle this issue by investigating the relationship between th...
Recently, demand-led growth theories reshaped the study of comparative political economy. Since the Baccaro and Pontusson critique of Varieties of Capitalism, a new wave of studies has sought to analyze national economies in terms of their main demand driver of growth. Post-Keynesian authors provided extensions to perfect the fit between demand-led...
The objective of this paper is to explain the reasons behind the dynamics of labor productivity (LP) growth during a process of institutional and structural change. We show - by means of a theoretical discussion and an empirical analysis, conducted on a sample of 25 European countries for the period 1995–2016 - that four main channels contribute to...
This paper looks at the effect of demand shocks on the investment share of the economy. Using panel data on 20 OECD countries, we show that the rate of growth of autonomous demand (exports, public spending, and housing investment) is positively correlated with subsequent values of the share of business investment in GDP. By means of an instrumental...
The apparently never-ending phase of economic slowdown that advanced economies have been experiencing in recent decades has recently contributed to the resurrection of the hoary old argument of ‘secular stagnation’. In this paper, situated intellectually within the strand of research documenting the negative impact on growth of inequality and finan...
We develop an ecological open-economy stock-flow consistent model that enables testing cross-area interactions among productive sectors, financial markets, social groups and the ecosystem. We argue that green financial investments can bring about unwanted ecological implications. Besides, the unequal diffusion of green technologies and assets acros...
This paper presents a long-run study of the relationship between autonomous and induced demand spanning 1960–2019 for the United States. Our exercise can be considered a contribution to the burgeoning empirical literature revolving around autonomous demand-led growth models, which have displayed the potential to establish bridges not only within th...
The stock-flow consistent (SFC) approach to macroeconomic dynamic modelling was developed in the 2000s by Godley and Lavoie (in Monetary Economics: An Integrated Approach to Credit, Money, Income, Production and Wealth. Palgrave, New York, 2007a; Cambridge Journal of Economics, 31(1), 1–23, 2007b), who paved the way for the flourishing of SFC model...
The purpose of this article is to explain the determinants behind the decline of labour share in the last three to four decades in OECD countries. In our view, this decline was determined by financialisation and was deepened by the structural changes that occurred almost simultaneously in those economies. Financialisation, or finance-dominated capi...
This work builds upon four different theoretical approaches: i. the Sraffian
supermultiplier model; ii. the Schumpeterian framework of evolutionary economics
that emphasises the entrepreneurial role of the state; iii. the ‘stock-flow consistent’
approach to macroeconomic modelling; and iv. recent developments in ecological
economics literature aimi...
As well‐known, the canonical Neo‐Kaleckian growth model fails to reconcile actual and normal rates of utilization in equilibrium. Some recent contributions revive an old proposal for solving this problem—making the normal rate of utilization an endogenous variable that converges to the actual utilization rate—justifying it with new, micro‐founded p...
The objective of this chapter is to review, both theoretically and empirically, the main determinants behind the rise in income inequality that OECD countries have experienced over the last three decades. We will show evidences according to which the financialisation of economies along with globalisation generated the main mechanism, which allowed...
The objective of this article is to argue that the labor productivity slowdown experienced in recent years by several advanced countries can be explained, following a Kaldorian-Classical approach, by a weak gross domestic product (GDP) performance and by a decline in the wage share. Moreover, drawing inspiration from recent post Keynesian literatur...
Within post-Keynesian macroeconomic theory, the contribution by Marglin and Bhaduri (Bhaduri and Marglin 1990; Marglin and Bhaduri 1990) on the relationship between income distribution and growth has progressively asserted itself as a benchmark model, a reference point that has originated and still gives rise to plenty of theoretical and empirical...
The Sraffian supermultiplier is a model of demand-led growth that stresses the importance of the autonomous components of aggregate demand (exports, public spending and autonomous consumption). This article tests empirically some major implications of the model employing macroeconomic data for the United States. In particular, we study the long-run...
