Duc Thi Luu, Mauro Napoletano, Giorgio Fagiolo, Andrea Roventini and Paolo Sgrignoli

Author Archive | Duc Thi Luu, Mauro Napoletano, Giorgio Fagiolo, Andrea Roventini and Paolo Sgrignoli


Uncovering the Network Complexity in Input-Output Linkages among Sectors in European Countries

The global economic system is a highly interlinked network, comprised of heterogeneous industries in different countries. In such a complex system, a negative shock to the production of any industrial sector may have two distinct effects on the remaining industrial sectors: on the one hand by increasing/decreasing production it will demand more/less inputs from other […]

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Growth and financial exposition in times of crisis

The financial crisis of 2007-2008 has had an important impact on the real economy, particularly in Europe: analyzing the transmission channels through which this happened is however far from simple. We focus on the effect of financial constraints on the performance of manufacturing firms by employing several indirect measures of such constraints. We first study […]

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Financialization of Europe: a comparative perspective

We provide evidence about the process of financialization in Europe in the period 1999-2016. We combine different sources of data (ECB Data Warehouse, BvD Orbis Database, Bank Scope) and we compute different indicators that allow us to grasp different features of the financialization process in the Euro Area and in a group of selected countries. […]

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Rational Heuristics? Expectations and Behaviors in Evolving. Economies with Heterogeneous Interacting Agents

We analyze the individual and macroeconomic impacts of heterogeneous expectations and action rules within an agent-based model populated by heterogeneous, interacting firms. Agents have to cope with a complex evolving economy characterized by deep uncertainty resulting from technical change, imperfect information coordination hurdles and structural breaks. In these circumstances, we find that neither individual nor […]

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Faraway, so Close: Coupled Climate and Economic Dynamics in an Agent-Based Integrated Assessment Model

In this paper we develop the first agent-based integrated assessment model, which offers an alternative to standard, computable general-equilibrium frameworks. The Dystopian Schumpeter meeting Keynes (DSK) model is composed of heterogeneous firms belonging to capital-good, consumption-good and energy sectors. Production and energy generation lead to greenhouse gas emissions, which affect temperature dynamics in a non-linear […]

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Inequality, Redistributive Policies and Multiplier Dynamics in an Agent-Based Model with Credit Rationing

We build an agent-based model populated by households with heterogeneous and time-varying financial conditions in order to study how different inequality shocks affect income dynamics and the effects of different types of fiscal policy responses. We show that inequality shocks generate persistent falls in aggregate income by increasing the fraction of credit-constrained households and by […]

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The Janus-Faced Nature of Debt: Results from a Data-Driven Cointegrated SVAR Approach

In this paper, we investigate the causal effects of public and private debts on U.S. output dynamics. We estimate a battery of Cointegrated Structural Vector Autoregressive models, and we identify structural shocks by employing Independent Component Analysis, a data-driven technique which avoids ad-hoc identification choices. The econometric results suggest that the impact of debt on […]

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The rise and fall of R&D networks

Drawing on a large database of publicly announced R&D alliances, we empirically investigate the evolution of R&D networks and the process of alliance formation in several manufacturing sectors over a 24-year period (1986–2009). Our goal is to empirically evaluate the temporal and sectoral robustness of a large set of network indicators, thus providing a more […]

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