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Stefano Di Bucchianico

Stefano Di Bucchianico
Tuscia University | Tuscia · Department of Economics, Engineering, Society and Business Organization - DEIM

About

20
Publications
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61
Citations
Introduction
I am a Junior Assistant Professor (RTDa) at Tuscia University and adjunct professor at the University of Pescara. Former research fellow at Roma Tre University and the University of Siena, and visiting professor at the Free University of Berlin. PhD in Economics. My research interests focus on Secular Stagnation, financialization, public finance, economic anthropology and the history of economic thought.

Publications

Publications (20)
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Among the explanations for prolonged economic stagnation in advanced economies we find those that highlight the role of technical progress and its weakening impact on potential growth. Several contributions stress the apparent paradox of technological development and innovation going hand in hand with slowing labour productivity growth. This discou...
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In this paper, we present a Classical-Keynesian viewpoint on financialisation grounded on the 'integrated wage-commodity sector' model. We focus on two aspects. First, with reference to the case of commodities, we argue that financial speculation in these markets did not affect normal prices but only caused market price short-run deviations. In add...
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Given that the richest 10% of the world population is responsible for more than half of global greenhouse gas emissions between 1990 and 2015, understanding the sources of excessive consumption of wealthier households and the ways to reduce them becomes especially important. Indeed, subsistence emissions are the emissions generated to satisfy basic...
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This paper was inspired long ago by Jared Diamond (1997), and in particular by his extensive use of the concept of economic surplus as the key to the development of civilization. Unfortunately, Diamond does not mention the origin of the concept in classical and pre-classical economics, nor does he pay much attention to debates in economic anthropol...
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The mainstream concept of Secular Stagnation provides a comprehensive theoretical picture to explain sluggish economic growth and engenders a renewed role for fiscal policy. For these reasons, it should be praised. Given the difficulties entailed by the theoretical framework in which the theory is located, this paper offers a perspective on US stag...
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The paper develops Pierangelo Garegnani’s notion of the ‘core’ of the classical theory of distribution to propose a wider integration of the concept of social surplus and institutions into economic thinking. Its main tenet is that the social surplus does not exist independently of the institutions (or social order) that oversee its production and d...
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The paper is a contribution to a monetary theory of demand-led growth with elements from Sraffian supermultiplier analysis, monetary circuit theory, Modern Monetary Theory and endogenous money theory. The Sraffian supermultiplier is indicated as the most promising heterodox approach to growth and instability in capitalism. This approach allows cons...
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The paper moves from Garegnani's "core" of the classical income distribution theory to propose a deeper integration of the concept of social surplus and institutions. Our main tenet is that the social surplus does not exist independently of the institutions (or social order) that oversee its production and distribution, starting from those that pre...
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Marxian economics has been dealing extensively with the phenomenon of financialization. Among the wide variety of approaches, there are those putting at the center of the stage the issue of faltering profitability. Besides the analytical arguments, one finds in this line of research contributions linking financialization and the list of counter-ele...
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This work investigates some channels through which financialization may impact the normal rate of profit by making use of the 'integrated wage-commodity sector' methodology. We analyse the effect of technical innovations in the financial sector, a higher financial sector's share of profits and GDP, rising household indebtedness and socio-political...
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This paper discusses three explanations for Secular Stagnation: Summers's demand-side Secular Stagnation Theory, Palley's Investment Saturation Hypothesis, and Gordon's supply-side Secular Stagnation Theory. All three involve a judgement on the efficacy of a negative interest rate policy (NIRP) in tackling stagnation: according to the first it is u...
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This paper discusses the neoclassically-inspired Secular Stagnation Theory. Its ‘demand side’ explanation is based on a long-run equilibrium position featuring a negative natural rate of interest. The first objective of the paper is to show that this concept is not acceptable in a neoclassical framework. This claim is made after studying plausibili...
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Krugman's 1998 seminal model that revived the liquidity trap theory stimulated a debate on its origins and differences with respect to Keynes' and Hicks's insights. The present paper illustrates and comments on a neglected line of thought innervating Krugman's model, which hinges on the presence of a negative natural rate of interest. This result i...
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In this paper we present a Classical-Keynesian viewpoint on financialization by using Garegnani's 'integrated wage-commodity sector' method. We focus on three aspects. First, we argue that financial instruments such as derivatives have played the role of 'luxury' goods, unnecessary and/or detrimental to the direct and indirect production of the wag...
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Krugman’s 'liquidity trap' model constituted a ground-breaking contribution by attributing the long-lasting Japanese stagnation to a negative natural interest rate. Our critique to such a proposal will focus on three aspects. First, we will question the logical structure of the model, providing an alternative interpretation of its closure and argui...
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This paper expands some recent Keynesian debt-to-GDP arithmetic exercises in three respects. Firstly, it analyses the output and capacity losses associated with a ‘balanced budget’ fiscal policy. Secondly, the possible Keynesian features of a policy looking at the difference between the growth rate and the interest rate are also discussed, showing...
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The present work, by making use of the 'integrated wage-goods sector' methodology proposed by Garegnani, investigates some channels through which financialization may impact the normal rate of profit. We analyze the effect of a higher profit share in the financial sector, the technical innovations in the financial sector and rising household indebt...
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The estimations of the value of fiscal multipliers are an issue strongly debated by macroeconomic literature. Given the goal to reduce the debt/GDP ratio, this article shows the linkage between this ratio and the value of fiscal multipliers, emphasising that the composition of the recent Italian fiscal measures also matters.
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In this paper a novel critique of the neoclassical Secular Stagnation theory is presented. Focusing in particular on the ‘demand side’ explanation, it is in the first place argued for the impossibility of a long-run equilibrium position to host a negative natural interest rate, which is its main feature. The problem is theoretical and not methodolo...
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The present work reconstructs the recent debate among Stiglitz, Summers and Krugman about the origins of the American economic stagnation and discusses two elements. The first regards the birth of the Secular Stagnation theory, the second the role of aggregate demand within it.

Projects

Project (1)
Project
Trying to understand whether conducting monetary policy via negative interest rates can be expected to be effective. Investigating the rationale behind the policy recommendations suggesting it would be the appropriate intervention to lift economies out of stagnation.