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The paper investigates the links between international global imbalances and the recent international financial crisis. It also focuses on the asymmetries of the dollar standard exchange rate regime. Global imbalances preceded the crisis... more
The paper investigates the links between international global imbalances and the recent international financial crisis. It also focuses on the asymmetries of the dollar standard exchange rate regime. Global imbalances preceded the crisis but were one of the ingredients that led to the financial crash of 2007-2008. The paper rejects the ‘saving glut' explanation of the US trade deficit and
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Research Interests: Crisis and Inequality
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... 55, 1987, pp. 251-275. Fiorentini, Riccardo, "Paritfi del Potere d'Acquisto: Un Riesame". Giornale degli Economisti e ,4nnali di Economia, NS, Vol. 45, 1986, pp. 639-651. -, I Tassi di Cambio Flessibili:... more
... 55, 1987, pp. 251-275. Fiorentini, Riccardo, "Paritfi del Potere d'Acquisto: Un Riesame". Giornale degli Economisti e ,4nnali di Economia, NS, Vol. 45, 1986, pp. 639-651. -, I Tassi di Cambio Flessibili: Teorie e Verifiche. Padova 1990. Frankel, Jeffrey A., "On the Mark. ...
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Research on how money affects economic activity has revived interest in the socalled "credit view". In this paper we focus on current developments in the credit view in order to assess the results of the past decade's... more
Research on how money affects economic activity has revived interest in the socalled "credit view". In this paper we focus on current developments in the credit view in order to assess the results of the past decade's research and its legacy for macroeconomics and monetary policy. We expound the main models of the "credit channels" of monetary transmission, drawing a distinction between models of aggregate demand, which are predominant, and models of aggregate supply, which are less developed despite theory suggests a potential connection between credit conditions and firms' production activity. Each approach is accompanied by a survey of the main empirical results with particular reference to Italy, where bankfirm relations are traditionally regarded as particularly important.
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This paper reports on an experiment of learning and forecasting on the foreign exchange market by means of an Artificial Intelligence methodology (a ‘Classifier System’) which simulates learning and adaptation in complex and changing... more
This paper reports on an experiment of learning and forecasting on the foreign exchange market by means of an Artificial Intelligence methodology (a ‘Classifier System’) which simulates learning and adaptation in complex and changing environments. The experiment has been run for two different exchange rates, the US dollar-D mark rate and the US dollar-yen rate, representative of two possibly different