Monetary Policy and Fiscal Rules (2008)
Annicchiarico, Barbara, Marini, Giancarlo, Piergallini, Alessandro
This paper presents a Dynamic New Keynesian model with wealth effects to study the performance of monetary policy under Ricardian and non-Ricardian fiscal regimes. The model is calibrated to euro...
Monetary Policy and Fiscal Rules (2008)
Annicchiarico, Barbara, Marini, Giancarlo, Piergallini, Alessandro
This paper presents a Dynamic New Keynesian model with wealth effects to study the performance of monetary policy under Ricardian and non-Ricardian fiscal regimes. The model is calibrated to euro...
Monetary Policy and Fiscal Rules (2008)
Annicchiarico, Barbara, Marini, Giancarlo, Piergallini, Alessandro
This paper presents a Dynamic New Keynesian model with wealth effects to study the performance of monetary policy under Ricardian and non-Ricardian fiscal regimes. The model is calibrated to euro...
Monetary Policy and Fiscal Rules (2008)
Annicchiarico, Barbara, Marini, Giancarlo, Piergallini, Alessandro
This paper presents a Dynamic New Keynesian model with wealth effects to study the performance of monetary policy under Ricardian and non-Ricardian fiscal regimes. The model is calibrated to euro...
Fiscal Policy and the Price Level (2005)
Annicchiarico, Barbara, Marini, Giancarlo
This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal...
Fiscal Policy and the Price Level (2005)
Annicchiarico, Barbara, Marini, Giancarlo
This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal...
Fiscal Policy and the Price Level (2005)
Annicchiarico, Barbara, Marini, Giancarlo
This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal...
Fiscal Policy and the Price Level (2005)
Annicchiarico, Barbara, Marini, Giancarlo
This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal...
The Inflationary Consequence of a Currency Changeover: Evidence from the Michelin Red Guide (2003)
Scaramozzino, Pasquale, Adriani, Fabrizio, Marini, Giancarlo
Localized Technological Change and Path-Dependent Growth (1998)
Andrea P. Bassanini, Giovanni Dosi, Ken Judd, Yuri Kaniovski, Mordecai Kurz, Giancarlo Marini, ...
In recent years the theory of macroeconomic growth has seen an expanding literature building upon the idea that technological change is localized (technology-specific) to investigate various...
Monetary and Fiscal Policy in an Optimizing Model with Capital Accumulation and Finite Lives
This paper considers the effects of monetary and fiscal policies in an optimizing model with capital accumulation and finite lives. An increase in monetary growth is no longer superneutral in a...
Fiscal Deficits and Currency Crises
Giancarlo Marini, Giovanni Piersanti
This paper investigates currency and financial crises in an optimizing general equilibrium model. It is shown that a rise in current and expected future budget deficits generates a real exchange rate...
The Inflationary Consequences of a Currency Changeover: Evidence from the Michelin Red Guide
Giancarlo Marini, Fabrizio Adriani, Pasquale Scaramozzino
This paper examines the inflationary consequences of a currency changeover in a simple model of the catering market. It is shown that the change in cash denomination acts as a coordination device...
Monetary Policy and Fiscal Rules
Giancarlo Marini, Alessandro Piergallini, Barbara Annicchiarico
This paper studies the performance of monetary policy under alternative fiscal regimes in a dynamic New Keynesian optimizing general equilibrium model with wealth effects. The interactions between...
Multiplicity of Dynamic Equilibria and Global Efficiency
Giancarlo Marini, Pietro Senesi
Within a one-sector, infinite-horizon representative agent model with technological externalities and a convex-concave production function, this paper derives a capital subsidy policy that...
Inflation Bias after the Euro: Evidence from the UK and Italy
Giancarlo Marini, Alessandro Piergallini, Pasquale Scaramozzino
This paper presents an indirect approach to investigate the possible existence of measurement error bias in the Harmonized Index of Consumer Prices for the UK and Italy. Our empirical results show...
Interest Rate Pegs, Wealth Effects and Price Level Determinacy
Barbara Annicchiarico, Giancarlo Marini
This paper analyses the issue of price level determinacy in an optimising general equilibrium model with overlapping generations. It is shown that under a pure interest rate peg, wealth effects rule...
Wealth Effects, the Taylor Rule and the Liquidity Trap
Barbara Annicchiarico, Giancarlo Marini, Alessandro Piergallini
This paper analyzes the dynamic properties of the Taylor rule with the zero lower bound on the nominal interest rate in an optimizing monetary model with overlapping generations. The main result is...
PERIODIC SOLUTIONS AS FIRST-BEST PATHS IN THE AGGREGATIVE MODEL OF GROWTH
Pietro Senesi, Giancarlo Marini
The present paper studies first-best solutions to the aggregative model of growth with externalities. Pareto-efficient accumulation paths are the result of policy measures that correct externalities....
Monetary and Fiscal Policy in an Optimising Model with Capital Accumulation and Finite Lives.
Marini, Giancarlo, Van Der Ploeg, Frederick
This paper considers the effects of monetary and fiscal policies in an optimizing model with capital accumulation and a pos itive birth rate. An increase in monetary growth leads to a reduction in...
Foreign Debt, Sanctions and Investment: A Model with Politically Unstable Less Developed Countries.
Dalmazzo, Alberto, Marini, Giancarlo
This paper analyses the underinvestment problem in less developed countries (LDCs) characterized by political uncertainty. It is shown that both the strategic use of foreign debt and direct foreign...
INTEREST RATE PEGS, WEALTH EFFECTS AND PRICE LEVEL DETERMINACY
Barbara Annicchiarico, Giancarlo Marini
This paper analyses the issue of price level determinacy in an optimizing general equilibrium model with overlapping generations. It is shown that under a pure interest rate peg wealth effects rule...
Public Debt and Redistribution.
Marini, Giancarlo, Scaramozzino, Pasquale
This paper investigates the distributional implications of debt policy in an overlapping generations model with heterogeneous asset holders. The issue of new debt to be repaid by future taxation...
Monetary Shocks and the Nominal Interest Rate.
This paper reconsiders the effects of monetary shocks on the nominal interest rate in a standard macroeconomic model. It is determined that, when the policy objective is controlling the money stock,...
Price Variability, Supply-Side Policies and Monetary Rules.
Wage-subsidy policies or demand management are equally effective in stabilizing output about its frictionless level in Fischer-Gray predetermined labor-contracts models. However, if the authorities...
Inflation bias after the Euro: evidence from the UK and Italy
Giancarlo Marini, Alessandro Piergallini, Pasquale Scaramozzino
This article presents an indirect approach to investigate the possible existence of measurement error bias in the harmonized index of consumer prices for the UK and Italy. Our empirical results show...
FISCAL DEFICITS AND CURRENCY CRISES
Giancarlo Marini, Giovanni Piersanti
This paper investigates currency and financial crises in an optimizing general equilibrium model. It is shown that a rise in current and expected future budget deficits generates a real exchange rate...
CAN WE BEAT THE DOW ? THE MIRAGE OF GROWTH STRATEGIES
Leonardo Becchetti, Giancarlo Marini
This paper implements the traditional contrarian strategy literature by testing the significance of value and growth portfolios formed on deviations between observed and discounted cash flow...
Monetary and Fiscal Policy in an Optimizing Model with Capital Accumulation and Finite Lives
Marini, Giancarlo, Van Der Ploeg, Frederick
This paper considers the effects of monetary and fiscal policies in an optimizing model with capital accumulation and finite lives. An increase in monetary growth is no longer superneutral in a...
Fiscal Policy and the Price Level
Barbara Annicchiarico, Giancarlo Marini
This paper studies the issue of price stability in a continuous time optimizing general equilibrium model with overlapping generations. It is shown that fiscal policy has effects on nominal...
Expected Inflation and Output Variability in Flexible Price and Contracting Models.
Marini, Giancarlo, Scaramozzino, Pasquale
This paper proves that the variability of output over the business cycle can be exacerbated due to the expected inflation effect even in new classical models with fully flexible prices. The authors...
Policy Effectiveness and Design in New Classical Models.
Stabilization policy is feasible and desirable in a class of standard new classical rational expectations macromodels even when full information output is policy independent. Neither different...
Government deficits, consumption, and the price level
Barbara Annicchiarico, Giancarlo Marini
This paper investigates the dynamics of the price level in a continuous time monetary version of the Yaari-Blanchard overlapping generations model with capital accumulation. It is shown that there is...
Monetary Policy and Fiscal Rules
Barbara Annicchiarico, Giancarlo Marini, Alessandro Piergallini
This paper presents a Dynamic New Keynesian model with wealth effects to study the performance of monetary policy under Ricardian and non-Ricardian fiscal regimes. The model is calibrated to euro...
Adriani , Fabrizio, Marini, Giancarlo, Pasquale, Scaramozzino
This paper examines the inflationary consequences of a currency changeover in the catering market. Empirical evidence from the Michelin Red Guide shows that: i) differently from restaurants in...
Social security and intergenerational equity
Giancarlo Marini, Pasquale Scaramozzino
social security, overlapping generations, intergenerational equity, D63,
Fabrizio Adriani, Giancarlo Marini, Pasquale Scaramozzino
This paper examines the inflationary consequences of a currency changeover in the catering market. Empirical evidence from the Michelin Red Guide shows that: i) differently from restaurants in...
Social time preference: a rejoinder
Giancarlo Marini, Pasquale Scaramozzino
Social discount rate, Overlapping generations, H43,
Indicators and Tests of Fiscal Sustainability: An Integrated Approach
Giancarlo Marini, Alessandro Piergallini
This paper shows that indicators and tests of government solvency should not be used alternatively. We present a simple and intuitive procedure to integrate simultaneously the results from the two...
Pasquale Scaramozzino, Giancarlo Marini
The observed practice of discounting the future should not be rationalised on the grounds of myopia or selfishness. A positive rate of pure time preference is necessary to ensure that heterogeneous...