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Central Bank Independence from what? Inequality, financial fragility, and monetary policy Alberto Russo (DISES) Project area ECONOMICS Presentation Supervisor Project Idea Goals Modern central banking is rooted in the principle of Central Bank Independence (CBI) to insulate monetary policy from political pr...essures. This is aimed at countering the inflationary bias, thus proposing a solution to the time-inconsistency problem, perhaps through appointing a conservative central banker. Our hypothesis is that, though de jure independence may be assured, the same political dimension of economic analysis and policy makes it impossible for central banks to be de facto independent. The project explores a different interpretation of CBI as an ideology that enforced a tendency to control inflation under declining workers bargaining power and deregulated finance. Indeed, the conservative turn in central banking, as part of a broader political change started between the 1970s and the 1980s, has evolved along with increasing inequality and financial fragility, creating an unstable system that required declining interest rates to guarantee the sustainability of households debt and a steady flow of liquidity to rescue finance. We will perform an empirical analysis (based on CBI indexes) and build a theoretical model with Heterogenous Interacting Agents to assess the role of CBI in an unequal and financially unstable environment. |
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Globalization and workers' safety Alessia Lo Turco (DISES) Project area ECONOMICS Presentation Supervisor Project Idea |
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Nudging investors in the climate change issue with virtual reality Camilla Mazzoli (DIMA) Project area ECONOMICS Presentation Supervisor Project Idea Goals Premise: key role of the financial system in unlocking financial capitals necessary to reverse the trend of the climate change and... allow for an urgent transition to a zero-carbon economy (see Sustainable Finance Action Plan of the EU). Role of behavioral economics and finance: it is well known from behavioral economics studies that most of us are affected by a cognitive bias known as hyperbolic discount: we make choices today that our future self would prefer not to have made. RQ: How to mitigate the behavioral bias to stimulate sustainable investing? Methodology: Based on theoretical and empirical experience of behavioral finance, the project proposes an innovative approach addressed to stimulate investors towards sustainable investments relying on a awareness -> intention -> path of intervention. A choice experiment on sustainable investments and a series of side information collected through surveys are expected to allow for multivariate analyses devoted to shape new tools to stimulate investors susta inable financial choices. Project impact: investors will be exposed to a de-biasing VR experience which should provide an ecological priming acting as a green nudge for investors. New nudging strategies will be therefore designed starting from the experimen t results. |
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COmposite Indicators for MEasuring Vulnerability of an Aging Italy (COMEVA) Francesco Chelli (DISES) Project area ECONOMICS Presentation Supervisor Project Idea Goals The problem of aging is an irreversible global trend affecting all European Countries. This is particularly true in Italy, where d...eclining birth rates and better survival odds for older people have significantly aged its population. Aim of this project is to propose the definition of new indicators able to capture the vulnerability of older people within the health, social and economic domain, in order to propose to policy makers new instruments able at catching changes. In this way, it would be easier for them to select the most effective interventions to improve the quality of their citizens lives. The joint expertise of DISES and DII members may lead to new approaches in the measurement of vulnerability in at least two different strands. On the one hand, the skills of DISES members on the construction of Composite Indicators may lead to new knowledge in the elderly population well-being. On the other hand, thanks to DIIs expertise, to classical approaches for the measurement of vulnerability, natural language processing (NLP) techniques will be investigated. Finally, the joint work of the two departments will focus on new approaches in the definition and construction of NLP scores (Sentiment scores). |
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Technological trajectories in STEP and NetZero sectors. Industry and corporate analysis using web-mining and patent data Marco Cucculelli (DISES) Project area ECONOMICS Presentation Supervisor Project Idea Goals The Strategic Technologies for Europe Platform (STEP) is the European action to support EU industry and promote investment in crit...ical technologies in three areas: digital technologies and deep-tech innovation, clean and resource-efficient technologies, and biotechnologies. In line with this framework, the Net-Zero Industry Act (Green Deal Industrial Plan) aims to promote investment in the production capacity of products that are central to achieving the EUs climate neutrality targets. In this scenario, the research project aims to investigate how industries and sectors are developing in these technological areas and how these technological trajectories impact the positioning and performance of companies. Insights from the analysis will be used to inform the industrial policy. Technological trajectories can be identified as accumulated chains of knowledge that represent the dominant long-term developments in a specific technology. The research team has made extensive use of patents and citations to examine innovation outcomes at individual and sectoral levels. Global key root and main path analysis will be used to assess trajectories. New data from the Internet will provide a complementary perspective to patents for analyzing strategic technologies. Overall, patents and web analytics will help identify technologies, industries and players (companies) that are on the technological frontier, and track innovation trends and opportunities over time. Research findings will be used to provide evidence-based guidance to companies and institutions and to inform the industrial analysis and policy. |
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