By Prof. Giancarlo Gandolfo, Prof. Pietro Carlo Padoan (auth.)
This is the fourth model of a version that 5 years in the past we got down to construct and estimate alongside the traces of the continual time procedure clarified In bankruptcy 1. prior models seemed in magazine articles and convention lawsuits, the place the distance is notoriously restricted. accordingly we welcome the opportunity of publishing a book-length therapy of this fourth model, in order that we will be able to describe its theoretical and empirical points in a few aspect. even if we've got labored heavily jointly and settle for joint accountability for the entire booklet, chs. 1 and a couple of and appendix i've been written through G. Gandolfo, when chs. ] and four and appendix II were written by way of percent. Padoan. varied components of this model of the version were mentioned In a variety of lectures on the ecu collage Institute (Florence) in 1984, In a seminar geared up via the financial institution of Italy (Sadiba, Perugia, Italy, February 16-18, 1984), within the moment Viennese Workshop on financial purposes of regulate idea (Vienna, may possibly 16-18, 1984), and within the 6th annual convention of the Society for financial Dynamics and keep an eye on (Nice, France, June 13-15, 1984). In all of those we bought worthwhile reviews; equally valuable have been the reviews of Clifford R .. Wymer, who, despite the fact that, is absolved of any responsibility.
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Additional info for A Disequilibnum Model of Real and Financial Accumulation in an Open Economy: Theory, Evidence, and Policy Simulations
Determined by the behaviour of the banking sector. Although this assumption might be considered over-simplistic, it is consistent with the idea that in Italy credit rationing conditions usually prevail in the market for bank advances so that supply generally falls short of demand. The desired level of bank advances scale variable A, as a proportion of the M (which in turn can be considered as a proxy for bank deposits, and these are, as we said, the greatest component of M ) depends on i T1T • As regards i T1T , its "catch-all" nature causes the apriori indeterA minateness of its effect on A.
We have followed this "policy reaction function" approach (in the line of the feedback policy approach pioneered by Phillips, 1954), instead of the optimizing approach, because our model purports to reflect the actual behaviour of the Italian monetary authorities, who do not opti- mize an objective function but behave following feedback ruleß. We are well aware that: i) on the one hand, quadratic-linear feedback policy rules can be derived from a optimisation problem (quadratic objective function subject to a linear econometric model: see, for example, Theil, 1964, ch.
10) represents a "compromise" as it includes both market and policy comf>onents and therefore market forces might have a different opinion about the determinants of the target rate. Secondly, the data . 7 was f orced to Yleld) chosen for support the (long tE rm government bond i T1T "catch-all" nature of the ~ nterest i was intended to represent TIT the whole interest rate structure of the Italian economy). Finally, rate in our model 6 In fact eq. (7) (as a matter of fact is consistent with the demand for approach: see Gordon (1975).
A Disequilibnum Model of Real and Financial Accumulation in an Open Economy: Theory, Evidence, and Policy Simulations by Prof. Giancarlo Gandolfo, Prof. Pietro Carlo Padoan (auth.)