Something New

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Heterogeneous Fundamentalists and Market Maker Inventories (with A. Carraro)  (click here)

In this paper we develop an heterogenous agents model of asset price and inventory with a market maker who considers the excess demand of two groups of agents that employ the same trading rule (i.e. fundamentalists) with different beliefs on the fundamental value. The dynamics of our model is driven by a bi-dimensional discrete non-linear map. We show that the market maker has a destabilizing role when she actively manages the inventory. Moreover, inventory share and the distance between agents' beliefs strongly influence the results: market instability and periodic, or even, chaotic price fluctuations can be generated. Finally, we show through simulations that endogenous fluctuations of the fractions of agents may trigger to instability for a larger set of the parameters.


A Dynamic Exchange Rate Model with Heterogeneous Agents (with M. Gori) (click here)

In this paper, we analyze a heterogeneous agent model in which the fundamental exchange rate is endogenously determined by the real markets. The exchange rate market and the real markets are linked through the balance of payments. We have analytically found that there exists at least a steady state in which the exchange rate is at its fundamental value and incomes of both countries are equal to the autonomous components times the over-simplified multiplier (as in the Income-Expenditure model). That steady state can be unique and always unstable when all agents act as contrarians, while when agents act as fundamentalists is unique but its stability depends on the reactivity of actors of the market. Finally, we show that the (in)stability of the economic system depends on both the reactivity of the markets and that of different type of agents involved.


Sulle Possibili Strategie di Uscita dalla Crisi

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Appena uscito come Working Paper del DISEI il mio nuovo lavoro (divulgativo):

Sulle Possibili Strategie di Uscita dalla Crisi


La struttura dell’Euro sembra essere una delle giustificazioni del prolungamento della crisi europea. In questo scritto, riprendiamo e discutiamo quattro differenti modi di uscita dalla crisi proposti in letteratura su riviste e giornali in questi ultimi anni. Proviamo a porre l’accento sia sui costi economici che su quelli politici e, soprattutto, li leghiamo al tempo che deve intercorrere affinché possano essere realizzati.

[Pubblicato su Jura Gentium, vol X, 2013: 2]

Buona Lettura


Heterogeneity in managerial strategies and internationalization of firms: the case of Italy

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E' uscito nella rivista Economia e Politica Industriale, l'articolo:

Heterogeneity in managerial strategies and internationalization of firms: the case of Italy (con G. Giovannetti e M. Velucchi)


The recent empirical literature on firm performance has highlighted the multidimensional concept of managerial strategies. The paper analyzes the nexus between these strategies and performance based on specific entrepreneurs’ characteristics, corporate strategies, organizational capabilities and firms’ approaches to internationalization. Using a dataset obtained by matching and merging Capitalia, ICE-Reprint and AIDA surveys we investigate the possible non-linear impact of managerial strategies on firm performance in Italy. While the specific entrepreneurs’ characteristics do not seem to have a significant impact on firm performance, the mode of internationalization plays an important role. Important non-linearities arise when we singled out the role of skilled workers and managers in determining a firm’s success in highly competitive markets.


Green Consumers and Responsible Firms!

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It is now forthcoming the paper:

Doni N. and Ricchiuti G. (2013) 'Market Equilibrium in the Presence of Green Consumers and Responsible Firms: a Comparative Statics Analysis', Resource and Energy Economics, vol. 35 issue 3 pp 380-395 (preliminary version WP07/2011, Dipartimento Scienze Economiche, Università di Firenze)

Buona Lettura!



Nuova Nota per Jura Gentium

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Dopo una discreta gestazione, è finalmente uscito su Jura Gentium:

Dell'inadeguatezza della teoria economica dominante e della sua difficile rifondazione

Buona Lettura!


Dall'isola al mondo

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Il 14 dicembre è stato discusso presso Palazzo Branciforte a Palermo, il rapporto 2012 della Fondazione Res:

Dall'Isola al Mondo. L'Internazionalizzazione Leggera in Sicilia

sviluppato sotto la direzione di Pier Francesco Asso e Carlo Trigilia e a cui ho partecipato con due contributi:

Giovannetti G. e Ricchiuti G. (2013) `Gli IDE come strategia di sopravvivenza e crescita',

Giunta R., Manzo C. e Ricchiuti G. (2013) `Alcune storie di successo delle imprese siciliane all’estero'


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