Lecturer | Financial Economist | Researcher Following, T and RT ≠ endorsement. Views are my own {?}
Joined June 2013
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Happy to share a new publication: “Financial demand as a driver of U.S. housing macro-dynamics: a structural VAR approach, 1996-2019”.
#HousingMarket #Macroeconomics #PoliticalEconomy #Finance #SVAR #Housing #Research #Economics #Financialization
Daniele Tori retweeted
"Does High Public Debt Consistently Stifle Economic Growth? A Critique of Reinhart and Rogoff", by Herndon, Ash, and Pollin
Daniele Tori retweeted
This is the same argument raised by Colander, Holt and Rosser, that there is no mainstream and that the cutting edge of the profession is moving away from any established consensus. It is problematic for many reasons /1
The fatal challenge to heterodox economics is that there isn't actually orthodox economics.
Just take a few recent Nobels: behavioral, information failure, institutions, bubbles, financial fragility, labor monopsony (sort of), Schumpeterian creative destruction, etc.
Not to mention RCTs which are emblematic of how much economic research is empirical and only lightly if at all structural.
The real difference is methods. Heterodox economics is an avowedly political project not a social scientific effort to better understand the world. And I have nothing against political projects just shouldn't confuse the two.
Daniele Tori retweeted
Levy Research Associate, Riccardo Bellofiore journeys through Minsky’s work while asking not only how to stabilize an unstable economy, but what kind of economy we aim to stabilize.
Read more: tinyurl.com/minskytour
#Minsky #economichistory #hetrodoxeconomics @ptcherneva
Daniele Tori retweeted
I disagree. The NK model will in hindsight be seen as a massive misstep in the history of science. The most successful implementations of the model, an early example is by Smets and Wouters, aeaweb.org/articles?id=10.12… are engineered to fit the data by adding as many ‘shocks’ as observables. The model is identified by imposing untestable restrictions ( see my piece with Andreas Beyer on that point static1.squarespace.com/stat…) and, like the Keynesian models that preceeded it, the model falls apart when estimated on more recent data that was not used to generate the initial parameter estimates.
Why does the profession not recognize this? One reason is that there is a large group of macroeconomists of a certain age who have invested their careers in the agenda and have not received their reward in the form of a Nobel Prize. Paraphrasing Max Planck, “science progresses one funeral at a time”. @R2Rsquared @ojblanchard1
Daniele Tori retweeted
Insieme a Francesco Lamperti, ho scritto un articolo per @JacobinItalia sull'assegnazione del premio Nobel per l'economia 2026.
jacobinitalia.it/lillusione-…
Daniele Tori retweeted
Gli stessi che vorrebbero mandare i giovani a fare la guerra, poi si scandalizzano per qualche vetrina in frantumi.
Daniele Tori retweeted
Pleased to share our new article on the underrepresentation of women in heterodox journals (rosa.uniroma1.it/rosa04/psl_…) just published by PSL Quarterly Review. Our analysis of 14 journals over a 7-year period (376 journal issues, nearly 3,700 articles written by over 5,650 authors, and some 420 editorial positions) found strong evidence of a persistent gender gap which cannot be attributed to numerically fewer heterodox women than heterodox men economists. We contend this under-representation is caused by a dynamic complexity of institutional barriers and social structures causing epistemic injustices that delimit knowledge creation by excluding and marginalising the scholarship and participation of women heterodox scholars and have cascading effects for academic careers.Moreover, the published content – the topics of research fields and ideational development – of heterodox journals become default benchmarks for what ‘counts’ as being heterodox economics. Enduring actions to break women’s underrepresentation are needed although there are several immediate steps that all heterodox economics journals should take. @heterodoxnews @PSLqr
Daniele Tori retweeted
On the microeconomic foundations of macro stabilisation: The Hall-Woodford prize in historical perspective
beatricecherrier.wordpress.c…
Daniele Tori retweeted
Very preliminary thoughts on the Nobel prize. A prize that celebrates the return of pre-Keynesian, Neo-Wicksellian macroeconomics
Daniele Tori retweeted
[1/4] Hall and Woodford are being awarded the Prize in Economic Sciences in Memory of Alfred Nobel "for microeconomic foundations of macroeconomic stabilisation", that is, for having laid the foundations of the New Keynesian macroeconomic model. However important this may be, ...
Daniele Tori retweeted
In my view, Woodford more than anyone, more than Hall certainly, is the central figure associated to the Neo-Wicksellian model that dominates macroeconomics nobelprize.org/prizes/econom…
Daniele Tori retweeted
1/3 La scelta del premio Nobel per l'economia è criticabile se si considerare la motivazione è quasi comica. Woodford è il padre dei modelli DSGE che NON sono riusciti a spiegare (non a prevedere!) la crisi del 2008, la maggiore dal 1929, e non hanno fornito nessuna policy utile.
BREAKING NEWS
The Royal Swedish Academy of Sciences has decided to award the 2026 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel to Robert E. Hall and Michael Woodford “for microeconomic foundations of macroeconomic stabilisation.”
#NobelPrize
New Blog and Working Paper with @dippoliti and Lucio Gobbi for @INETeconomics
#inflation #economics
No Country Makes Its Own Inflation | Institute for New Economic Thinking ineteconomics.org/perspectiv…
Daniele Tori retweeted
1/7 Le dichiarazioni dell'On. @ellyesse a favore di un'imposta patrimoniale sugli ultra ricchi hanno provocato reazioni scollate dalla realtà dei dati. I nostri studi discussi sul @Corriere mostrano che un'imposta sullo 0,1% più ricco è necessaria.
corriere.it/opinioni/26_giug…
Daniele Tori retweeted
WHEN JOURNALS WORK TOGETHER
@ReviewofPE, @IJPEconomics and @PSLqr are publishing 3 symposiums on CBDC's.
@IJPEconomics is out here:
tandfonline.com/toc/mijp20/c…
The other two symposiums coming soon.
@wescmar40749 @dippoliti @JacopoTemperini
This research speaks to the growing importance of financial factors in understanding housing-market movements, investment dynamics, and macro-financial transmission mechanisms.
The article is available with free access for 50 days through this link: lnkd.in/d3BEvB9Z