Franco Nardini - Academia.edu (original) (raw)
Papers by Franco Nardini
Rendiconti del Seminario Matematico della Università di Padova, 1975
Nova Science Publishers, Inc. eBooks, 2010
This chapter deals with a stylized discrete-time model of a financial market with one risky asset... more This chapter deals with a stylized discrete-time model of a financial market with one risky asset and one risk-free asset, under the interaction of two standard types of investors, fundamentalists and chartists. The model is developed under two alternative market clearing mechanisms, namely, the Walrasian auctioneer and the market maker mechanism. In both cases the price dynamics is described by a two-dimensional nonlinear map, and the two models have the same, unique \u2019fundamental\u2019 steady state. Comparison of the local stability properties of the steady state under the two price setting scenarios highlights the analytical conditions under which the steady state is locally stable with one market mechanism, but unstable with the other. Such conditions involve the price adjustment parameter of the market maker, in connection to the slope of the aggregate demand curve in the Walrasian auctioneer setting. Numerical simulation reveals, however, that such local properties may be less important in explaining which of the two mechanisms produces larger price fluctuations, when the steady state is destabilized
Atti della Accademia Nazionale dei Lincei. Classe di Scienze Fisiche, Matematiche e Naturali. Rendiconti Lincei. Matematica e Applicazioni, 1983
Springer eBooks, 2001
“After the Second World War...the careful emphasis of the earlier models on the interaction betwe... more “After the Second World War...the careful emphasis of the earlier models on the interaction between industrial structural change and macroeconomic fluctuations and the rich discussion on the role...of expectation formation and shifts in the income distribution over different phases of the business cycle was lost”1.
Structural Change and Economic Dynamics, Jun 1, 1990
Journal of Mathematical Physics, Nov 1, 1989
A first-order approximate formula for eigenvalues and eigenfunctions of the Schrödinger operator ... more A first-order approximate formula for eigenvalues and eigenfunctions of the Schrödinger operator of the periodically driven quantum rotator is given by means of the classical perturbation theory and an estimate for the remainder is provided; in the nonresonant case the remainder is of order 2 while in the resonant case the remainder turns out to be of order 3/2. In the first case, to what extent the procedure can be interated to higher orders is also discussed.
Lecture Notes in Economics and Mathematical Systems, 1993
The theory of economic growth has faced the problem of shocks since its very beginning: a shock i... more The theory of economic growth has faced the problem of shocks since its very beginning: a shock is a sudden change of one or several relevant parameters of the economic system which perturbs the growth path and sometimes significantly changes its direction.
Routledge eBooks, 2009
It is well known that the neo-Austrian theory is a powerful tool to study the structural change o... more It is well known that the neo-Austrian theory is a powerful tool to study the structural change of "an economy which is [initially] in a steady state under an 'old' technique; then , at time 0, there is an 'invention', the introduction of what, in some respect at least, is a new technology. Among the new techniques, which becomes available, there is one which, at the initial rate of wages, is the most profitable; so, for processes started at time 0 (or immediately after time 0) is adopted" Hicks (1973) p. ?? 'Invention' has steadily been understood as an innovation affecting the whole economic system, or at least a considerable number of its different sectors. This interpretation is surely what Hicks himself meant with 'invention' and has been maintained in all subsequent contributions that have followed Capital and Time in this vein (See Hicks (1977) (1984), Belloc (1980), Gozzi Zamagni (1982), Zamagni (1984), Belloc (1992), Nardini (1990) (1993)a (1993)a (1994), Proops Speck (1995), Kim (1996)). . It is to be noted, however, that innovations are generally idiosyncratic events, hitting the system at the single sector level or even at the individual productive unit level. The diffusion of an innovation among different sectors is a fairly complex phenomenon, which is by no means to be given for granted, even if it is not only possible but also commonly observed. Here we do not want to investigate into the problem of how an innovation, initially arising in a specific sector, may prime an innovation wave in the whole system, causing the emergence of a new technological paradigm and requiring a restructuring process of whole productive capacity of the economy See Andergassen Nardini (2002), Andergassen Nardini Ricotilli (2003). . We simply want to address the problem of an innovation which remains limited to a single, possibly small, sector and show that the neo-Austrian theory is well suited to investigate whether the innovating sector may perform a successful adjustment process, whereas the rest of the economy remains completely unaffected by the innovation. The difficulty basically arises in reconciling the vertical rigidities, due to the complementarities over time characterizing the updating of the productive process within the sector, with the horizontal rigidities determined by the persistence of the ongoing growth trend in the overall economy. We stress that "to address the problem" does not mean to solve it, but simply to examine some successful and unsuccessful adjustment processes and to make some conjectures about the conditions that may ensure the feasibility of such adjustment
Structural Change and Economic Dynamics, Jun 1, 1993
Lecture Notes in Economics and Mathematical Systems, 1993
The theory of economic growth has faced the problem of shocks since its very beginning: a shock i... more The theory of economic growth has faced the problem of shocks since its very beginning: a shock is a sudden change of one or several relevant parameters of the economic system which perturbs the growth path and sometimes significantly changes its direction.
We prove that there are no geometrical phases in a one electron atom under a constant slowly rota... more We prove that there are no geometrical phases in a one electron atom under a constant slowly rotating electric field
It is well known that the neo-Austrian theory is a powerful tool to study the structural change o... more It is well known that the neo-Austrian theory is a powerful tool to study the structural change of "an economy which is [initially] in a steady state under an 'old' technique; then , at time 0, there is an 'invention', the introduction of what, in some respect at least, is a new technology. Among the new techniques, which becomes available, there is one which, at the initial rate of wages, is the most profitable; so, for processes started at time 0 (or immediately after time 0) is adopted" Hicks (1973) p. ?? 'Invention' has steadily been understood as an innovation affecting the whole economic system, or at least a considerable number of its different sectors. This interpretation is surely what Hicks himself meant with 'invention' and has been maintained in all subsequent contributions that have followed Capital and Time in this vein (See Hicks (1977) (1984), Belloc (1980), Gozzi Zamagni (1982), Zamagni (1984), Belloc (1992), Nardini (1990) (1993)a (1993)a (1994), Proops Speck (1995), Kim (1996)). . It is to be noted, however, that innovations are generally idiosyncratic events, hitting the system at the single sector level or even at the individual productive unit level. The diffusion of an innovation among different sectors is a fairly complex phenomenon, which is by no means to be given for granted, even if it is not only possible but also commonly observed. Here we do not want to investigate into the problem of how an innovation, initially arising in a specific sector, may prime an innovation wave in the whole system, causing the emergence of a new technological paradigm and requiring a restructuring process of whole productive capacity of the economy See Andergassen Nardini (2002), Andergassen Nardini Ricotilli (2003). . We simply want to address the problem of an innovation which remains limited to a single, possibly small, sector and show that the neo-Austrian theory is well suited to investigate whether the innovating sector may perform a successful adjustment process, whereas the rest of the economy remains completely unaffected by the innovation. The difficulty basically arises in reconciling the vertical rigidities, due to the complementarities over time characterizing the updating of the productive process within the sector, with the horizontal rigidities determined by the persistence of the ongoing growth trend in the overall economy. We stress that "to address the problem" does not mean to solve it, but simply to examine some successful and unsuccessful adjustment processes and to make some conjectures about the conditions that may ensure the feasibility of such adjustment
Rendiconti del Seminario Matematico della Università di Padova, 1975
Nova Science Publishers, Inc. eBooks, 2010
This chapter deals with a stylized discrete-time model of a financial market with one risky asset... more This chapter deals with a stylized discrete-time model of a financial market with one risky asset and one risk-free asset, under the interaction of two standard types of investors, fundamentalists and chartists. The model is developed under two alternative market clearing mechanisms, namely, the Walrasian auctioneer and the market maker mechanism. In both cases the price dynamics is described by a two-dimensional nonlinear map, and the two models have the same, unique \u2019fundamental\u2019 steady state. Comparison of the local stability properties of the steady state under the two price setting scenarios highlights the analytical conditions under which the steady state is locally stable with one market mechanism, but unstable with the other. Such conditions involve the price adjustment parameter of the market maker, in connection to the slope of the aggregate demand curve in the Walrasian auctioneer setting. Numerical simulation reveals, however, that such local properties may be less important in explaining which of the two mechanisms produces larger price fluctuations, when the steady state is destabilized
Atti della Accademia Nazionale dei Lincei. Classe di Scienze Fisiche, Matematiche e Naturali. Rendiconti Lincei. Matematica e Applicazioni, 1983
Springer eBooks, 2001
“After the Second World War...the careful emphasis of the earlier models on the interaction betwe... more “After the Second World War...the careful emphasis of the earlier models on the interaction between industrial structural change and macroeconomic fluctuations and the rich discussion on the role...of expectation formation and shifts in the income distribution over different phases of the business cycle was lost”1.
Structural Change and Economic Dynamics, Jun 1, 1990
Journal of Mathematical Physics, Nov 1, 1989
A first-order approximate formula for eigenvalues and eigenfunctions of the Schrödinger operator ... more A first-order approximate formula for eigenvalues and eigenfunctions of the Schrödinger operator of the periodically driven quantum rotator is given by means of the classical perturbation theory and an estimate for the remainder is provided; in the nonresonant case the remainder is of order 2 while in the resonant case the remainder turns out to be of order 3/2. In the first case, to what extent the procedure can be interated to higher orders is also discussed.
Lecture Notes in Economics and Mathematical Systems, 1993
The theory of economic growth has faced the problem of shocks since its very beginning: a shock i... more The theory of economic growth has faced the problem of shocks since its very beginning: a shock is a sudden change of one or several relevant parameters of the economic system which perturbs the growth path and sometimes significantly changes its direction.
Routledge eBooks, 2009
It is well known that the neo-Austrian theory is a powerful tool to study the structural change o... more It is well known that the neo-Austrian theory is a powerful tool to study the structural change of "an economy which is [initially] in a steady state under an 'old' technique; then , at time 0, there is an 'invention', the introduction of what, in some respect at least, is a new technology. Among the new techniques, which becomes available, there is one which, at the initial rate of wages, is the most profitable; so, for processes started at time 0 (or immediately after time 0) is adopted" Hicks (1973) p. ?? 'Invention' has steadily been understood as an innovation affecting the whole economic system, or at least a considerable number of its different sectors. This interpretation is surely what Hicks himself meant with 'invention' and has been maintained in all subsequent contributions that have followed Capital and Time in this vein (See Hicks (1977) (1984), Belloc (1980), Gozzi Zamagni (1982), Zamagni (1984), Belloc (1992), Nardini (1990) (1993)a (1993)a (1994), Proops Speck (1995), Kim (1996)). . It is to be noted, however, that innovations are generally idiosyncratic events, hitting the system at the single sector level or even at the individual productive unit level. The diffusion of an innovation among different sectors is a fairly complex phenomenon, which is by no means to be given for granted, even if it is not only possible but also commonly observed. Here we do not want to investigate into the problem of how an innovation, initially arising in a specific sector, may prime an innovation wave in the whole system, causing the emergence of a new technological paradigm and requiring a restructuring process of whole productive capacity of the economy See Andergassen Nardini (2002), Andergassen Nardini Ricotilli (2003). . We simply want to address the problem of an innovation which remains limited to a single, possibly small, sector and show that the neo-Austrian theory is well suited to investigate whether the innovating sector may perform a successful adjustment process, whereas the rest of the economy remains completely unaffected by the innovation. The difficulty basically arises in reconciling the vertical rigidities, due to the complementarities over time characterizing the updating of the productive process within the sector, with the horizontal rigidities determined by the persistence of the ongoing growth trend in the overall economy. We stress that "to address the problem" does not mean to solve it, but simply to examine some successful and unsuccessful adjustment processes and to make some conjectures about the conditions that may ensure the feasibility of such adjustment
Structural Change and Economic Dynamics, Jun 1, 1993
Lecture Notes in Economics and Mathematical Systems, 1993
The theory of economic growth has faced the problem of shocks since its very beginning: a shock i... more The theory of economic growth has faced the problem of shocks since its very beginning: a shock is a sudden change of one or several relevant parameters of the economic system which perturbs the growth path and sometimes significantly changes its direction.
We prove that there are no geometrical phases in a one electron atom under a constant slowly rota... more We prove that there are no geometrical phases in a one electron atom under a constant slowly rotating electric field
It is well known that the neo-Austrian theory is a powerful tool to study the structural change o... more It is well known that the neo-Austrian theory is a powerful tool to study the structural change of "an economy which is [initially] in a steady state under an 'old' technique; then , at time 0, there is an 'invention', the introduction of what, in some respect at least, is a new technology. Among the new techniques, which becomes available, there is one which, at the initial rate of wages, is the most profitable; so, for processes started at time 0 (or immediately after time 0) is adopted" Hicks (1973) p. ?? 'Invention' has steadily been understood as an innovation affecting the whole economic system, or at least a considerable number of its different sectors. This interpretation is surely what Hicks himself meant with 'invention' and has been maintained in all subsequent contributions that have followed Capital and Time in this vein (See Hicks (1977) (1984), Belloc (1980), Gozzi Zamagni (1982), Zamagni (1984), Belloc (1992), Nardini (1990) (1993)a (1993)a (1994), Proops Speck (1995), Kim (1996)). . It is to be noted, however, that innovations are generally idiosyncratic events, hitting the system at the single sector level or even at the individual productive unit level. The diffusion of an innovation among different sectors is a fairly complex phenomenon, which is by no means to be given for granted, even if it is not only possible but also commonly observed. Here we do not want to investigate into the problem of how an innovation, initially arising in a specific sector, may prime an innovation wave in the whole system, causing the emergence of a new technological paradigm and requiring a restructuring process of whole productive capacity of the economy See Andergassen Nardini (2002), Andergassen Nardini Ricotilli (2003). . We simply want to address the problem of an innovation which remains limited to a single, possibly small, sector and show that the neo-Austrian theory is well suited to investigate whether the innovating sector may perform a successful adjustment process, whereas the rest of the economy remains completely unaffected by the innovation. The difficulty basically arises in reconciling the vertical rigidities, due to the complementarities over time characterizing the updating of the productive process within the sector, with the horizontal rigidities determined by the persistence of the ongoing growth trend in the overall economy. We stress that "to address the problem" does not mean to solve it, but simply to examine some successful and unsuccessful adjustment processes and to make some conjectures about the conditions that may ensure the feasibility of such adjustment