The recent economic events driven by the big financial crisis of 2007-08 has cogently put to the fore the limits and drawbacks of the ruling research paradigm in macroeconomics. This volume goes to the root of the problem by offering a workable alternative to the renowned issue of the...

Recent economic literature indicates that imperfections in the credit market can amplify business fluctuations causing financial fragility. Starting from the framework of Greenwald and Stiglitz (1993) and Delli Gatti et al. (2005), we make a more careful model of the banking sector in Italy and...

Alternative pension schemes, and early retirement provisions in particular, can produce different effects on retirement behavior, with significant economic consequences. This paper presents new evidence on the effect of different seniority pension reforms, considering the evolution of an...

The aim of this paper is to empirically validate the agent-based macroeconomic model of Gaffeo et al. [2008]. We show that the microsimulated version of the model is able to replicate actual data with a satisfactory degree of precision. From a theoretical point of view, our validation approach...