Mauro Gallegati Full Professor Polytechnic University of Marche Departement of Economics and Social Sciences Piazzale Martelli 8 60121 Ancona tel. +39 071 220 7088 email: mauro.gallegati@univpm.it Positions 2001 - present: Full Professor, Polytechnic University of Marche 1995-2001: Full Professor, University of Teramo. 1992-1995: Associate Professor, University G.D Annunzio, Pescara. 1988-1992: Research Professor, University of Urbino. Education 1981: Degree in Political Science, University of Macerata. 1989: Ph. D. in Economics, University of Ancona. Visiting positions 1983: Visiting student, Cambridge University, Department of Applied Economics (fellowship: Fondazione "Luigi Einaudi", Torino). 1985: Visiting scholar, University of Virginia, Department of Economics (fellowship: Fondazione "Luigi Einaudi", Roma). 1986: Visiting research fellow, Glasgow University, Department of Economics. 1987: Research fellow, Washington University, Department of Economics (fellowship: Ente "Luigi Einaudi", Roma). 1987: University of Budapest (Hungarian-European Fellowship). 1988: Visiting scholar, Stanford University, Department of Economics. 1989: Visiting scholar, MIT, Department of Economics (CNR fellowship). 1990: Visiting scholar, Cambridge University, Department of Applied Economics (British Council Fellowship). 1990-92: Visiting scholar, Stanford University, Department of Economics (CNR fellowship). 1995: Visiting scholar, New School for Social Research, Department of Economics (CNR fellowship). 1996: Visiting professor, Levy Economic Institute at the Bard College. 1997: Visiting professor, University California Santa Cruz, Department of Economics. 2001: Visiting professor, University of Technology, Sydney, Department of Economics. 2003: Visiting professor, Hokkaido University, Sapporo. 2004: Visiting professor, Santa Fe Institute. 2005-2011: Visiting professor, Durham Business School. 2006: Visiting professor, Brookings Institution. 2007-2008: Visiting professor, Columbia University, NY. 2010: JSPS Fellowship, Kyoto University. 2011: Visiting professor, ETH, Zurich. 2011: Visiting professor, UTS, Sydney. Visiting lecturer 1985 - : University of Glasgow; Washington University, St.Louis; Stanford University; MIT; University of Southern California; Levy Economic Institute at the Bard College; Centrum for Economic Studies, Zurich; University of Munich; New School for Social Research; University California Santa Cruz; Chuo University, Tokyo; University of Marseille; University of Aix; City College, London; University of Barcelona; University of Lisbon; CEDFNE, Amsterdam; MERIT, Maastricht; Hokkaido University, Sapporo; UNAM, Mexico City; UTS, Sydney; European Central Bank; Bank of Japan. Other Assignments 1987: Hungarian Fellowship, University of Budapest. 1988: Australian-European Fellowship: Australian National University, Canberra.
1989: Fellowship Academia de Espana: Universitad Autonoma de Madrid. 1993-1999: Book Review Editor: "History of Economic Ideas", Roma. 1995 - : Referee: "Applied Economics", "Journal of Economic Behavior and Organization", "Economia Politica", "Economic Notes", "Rivista Internazionale di Scienze Sociali", "Rivista Italiana degli Economisti", "Industrial and Corporate Change", "Annals of Operational Research", "JASSS", "Advances in Complex Systems", "American Economic Review", "Macroeconomic Dynamics". 1998: Professor, International School "Cycle, Growth, and Structural Change", University of Siena. 2000-2004: Professor, Institute of Culture and Business History, Villalago (Terni). 2001-2003: Economic Advisor, Banca d'italia, Teramo. 2002-2005: Doctoral Program Coordinator, Ancona. 2006: Professor "Agent Based Economics" VII Summer School, University of Trento. 2006-2008: President of International Society for "Economic Sciences with Heterogeneous interacting agents". 2006 - : Senior Advisor, "Journal of Economic Interaction and Coordination." 2007: School Director "Complexity in Social Sciences", AND.Majorana Center, Erice. 2007 - : Programm Collaborator "Globalizzazione" and project manager for Italy "Economic Policies and the G8 shadow" of Initiative for Policy Dialogue, Columbia University, coordinated by J.Stiglitz. 2007 - : Collaborator "lavoce.info" and "nelmerito". 2007 - : Editor Collana New Economic Windows, Springer. 2008: Director of IX Summer School "Financial Instability and Financial Crises", University of Trento. 2008: Professor "International School on Complexity", Jerusalem. Seminar Activities, 2003-10 Banca Italia; Università Bicocca, Cattolica, Santa Fe, Pechino, Friburgo, Pechino, Oxford, Kyoto, Bucharest, Salerno, Siena, Columbia NY, Roma La Sapienza, Urbino, Lille, Durham, Parigi, Atlanta, Washington DC, Kolkata, INFIM Roma, Roma 3, Birmingham, New School NY, Pisa, Tokyo, Sapporo, ATR Nara, Centro Majorana Erice, Madison University, Bielefeld, Kingston U., Torino, Bali, Varsaw, Cagliari, Tromso, Mexico City, Seattle, Barcelona, Lisbona, Marsiglia, Nice, Canberra, Moscow, Maastricht, Trieste Abdu Salam Center, Jerusalem, Porto Alegre, Tokyo; ECB, Frankfurt; Bank of Japan; Bielefeld; Montreal; Banco Central do Brasil; Lima. Books Macroeconomics from the Bottom-up, with P. Cirillo, D.Delli Gatti, AND.Gaffeo and S.Desiderio, Springer, 2011. Interactive Macroeconomics, with C.Di Guilmi and S.Landini, Springer, 2011. Emergent Macroeconomics, with D.Delli Gatti, AND.Gaffeo, G.Giulioni, A.Palestrini, Springer, 2008. Eterogeneita' degli agenti economici and interazione sociale: teorie and verifiche empiriche, (eds) with Domenico Delli Gatti, Il Muino, Bologna, 2005. Macroeconomia, Giappichelli, Torino, 2004 (1a edizione 2001), with D.Delli Gatti and Marco Gallegati. The Complex Dynamics of Economic Interaction, Springer, Berlin, 2003, (eds) with A.Kirman and M.Marsili. Market Structure and Interaction, Springer, Berlin, 2001, (eds) with D.Delli Gatti and A.Kirman. Beyond the Representative Agent, (eds) with A.Kirman, Elgar, 1999. Le fluttuazioni economiche in Italia, with M.L.Stanca, Giappichelli, Torino, 1997. Alfred Marsall's Principles after 100 years, (eds) with M.Dardi and AND.Pesciarelli, 1992. Papers 2012
"Default Cascades: When Does Risk Diversification Increase Stability?" Journal of Financial Stability,with Domenico Delli Gatti, J.Stiglitz, Bruce C. Greenwald and Alberto Russo forthcoming. "Dynamic Aggregation of Heterogeneous Interacting Agents and Network: An Analytical Solution for Agent Based Models," with Corrado Di Guilmi, J.Stiglitz, and Simone Landini, forthcoming in Journal of Economic Dynamics and Control. "Liaisons Dangereuses: Increasing Connectivity, Risk Sharing, and Systemic Risk," with Stefano Battiston, Domenico Delli Gatti, J.Stiglitz, and Bruce Greenwald, Journal of Economic Dynamics and Control, 36, pp. 1121-1141. "Sectoral Dislocations and Long Run Cycles," with Domenico Delli Gatti, J.Stiglitz, Bruce C. Greenwald and Alberto Russo, forthcoming in the Proceedings of the International Economic Association's 2011 Meetings. 2011 "Introduction to Beyond GDP", special issue, Journal of Economic Behavior & Organization. "What's that got to do with the price of fish? Buyer's behavior on the Ancona fish market", with G. Giulioni, A.Palestrini, A. Kirman, Journal of Economic Behavior & Organization. "Financially Constrained Fluctuations in an Evolving Network Economy," with Domenico Delli Gatti, Bruce Greenwald, Alberto Russo, J.Stiglitz, Journal of Economic Dynamics and Control. "An Analysis of the Japanese Credit Market", with G. De Masi, Y. Fujiwara, B. Greenwald, J.Stiglitz, Evolutionary and Institutional Economics Review. "Multiple attractors and business fluctuations in a nonlinear macro-model with equity rationing", with R.Dieci, Mathematical and Computer Modelling. 2010 "A Big Mac test of price dynamics and dispersion across euro area", with F.Clementi and A.Palestrini, Economic Bullettin. "Complex agent-based macroeconomics: a manifesto for a new paradigm," with D.Delli Gatti, AND.Gaffeo, Journal of Economic Interaction and Coordination. "Heterogeneous interacting agents for understanding monetary economies", with J.Stiglitz, Eastern Economic Review. "The US wage Phillips curve across frequencies and over time", with M.Gallegati, J.Ramsey, W.Semmler, Oxford Bulletin of Economics and Statistics. "The Complex Behavior of Firms' Size Dynamics", with A.Palestrini, Journal of Economic Behavior & Organization. "Conversations: Mauro Gallegati", in European Economics at a Cross-road, D.Colander, R.Hott, B.Rosser (eds), AND.Elgar. "Wavelets and Instrumental variables", with Marco Gallegati, J.Ramsey, W.Semmler, Economic Modeling. 2009 "Common Components in Firms' Growth and the Scaling Puzzle," with R. Axtell and A.Palestrini, Economic Bullettin. "Kappa-generalized statistical mechanics approach to income analysis," with F. Clementi, G. Kaniadakis, Journal Statistical Mechanics: Theory and Experiment, 02, P02037. "Business Fluctuations and Bankruptcy Avalanches in an Evolving Network Economy", with Domenico Delli Gatti, Bruce Greenwald, Alberto Russo, J.AND.Stiglitz, Journal of Economic Interaction and Interaction.
"A model of personal income distribution with application to Italian data", with F. Clementi and G. Kaniadakis, Empirical Economics. "The Period of Financial Distress in Speculative Markets: Interacting Heterogeneous Agents and Financial Constraints", with A.Palestrini and B. Rosser, Macroeconomic Dynamics. "The US wage Phillips curve over different time horizons", with Marco Gallegati, J.Ramsey, W.Semmler, Giornale degli Economisti. "The role of communication and imitation in limit order markets", with G.Tedeschi and G.Iori, European Journal of Physics B. Liaisons Dangerous: The Trade Off between Risk Sharing and Network Resilience, with Stefano Battiston, Domenico Delli Gatti, Bruce Greenwald, Joseph AND. Stiglitz, NBER working paper, 2009. 2008 "Agent based modelling in economics and complexity", with M.Richiardi, in Meyer B. (ed.), "Encyclopedia of Complexity and System Science", Springer. "The Asymmetric Effect of Diffusion Processes: Risk Sharing and Contagion", with Richiardi M., Greenwald B., Stiglitz J., Global Economic Journal, November. "Adaptive microfoundations for emergent macroeconomics," with Edoardo Gaffeo, Domenico Delli Gatti, Saul Desiderio, Eastern Economic Journal. "Social networks and labour productivity in Europe: an empirical investigation," with C. Guilmi, F. Clementi, T. Di Matteo, Journal of Economic Interaction and Coordination, Springer, vol. 3(1), pages 43 "Cyclical Behavior of prices in the G7 Countries Through Wavelets Analysis," with A.Palestrini, M. Petrini, Advances in Complex Systems, 11:1, pp. 119-130. "A MaxEnt model for macro-scenarios analysis", with C.Di Guilmi, S. Landini, Advances in Complex Systems, Vol: 11 No.: 5, 2008, pp. 719-744 "The kappa-generalized distribution: A new descriptive model", with F. Clementi, T. Di Matteo, G. Kaniadakis, Physica A 387, 3201-3208. "Economic dynamics with financial fragility and mean-field interaction: A model," with C.Di Guilmi, S. Landini, Physica A: Statistical Mechanics and its Applications, Volume 387, Issue 15, 15 June 2008, Pages 3852-3861. "Modeling Maximum Entropy and Mean-Field Interaction in Macroeconomics", with Corrado Di Guilmi and Simone Landini, Economics Discussion Papers, No 2008-36, Economics-EJournal. 2007 "Cluster analysis for portfolio optimization", in Journal of Economic Dynamics and Control, with Vincenzo Tola, Fabrizio Lillo, Rosario N. Mantegna. "Industrial dynamics, fiscal policy and R&D: evidence from a computational experiment", in Journal of Economic Behaviour and Organization, with A.Russo, M.Catalano, AND.Gaffeo, M.Napoletano. "Bankruptcies, supply network and a general equilibrium theory of credit", in Journal of Economic Dynamics and Control, with S.Battiston, D.Delli Gatti, B.Greenwald, J.AND.Stiglitz.
"Validating and Calibrating Agent-Based Models: A Case Study," with Carlo Bianchi, Pasquale Cirillo, Pietro Vagliasindi, Computational Economics, Springer, vol. 30(3), pages 245-264, October. "Wavelet variance and correlation analyses of output in G7 countries", with Marco Gallegati, Studies in Nonlinear Dynamics and Econometrics, ISSN: 1081-1826. "Validation in agent-based models: An investigation on the CATS model," with Carlo Bianchi, Pasquale Cirillo, Pietro Vagliasindi, Journal of Economic Behaviour and Organization. "Kappa-generalized statistics in personal income distribution", with F. Clementi, G. Kaniadakis, European Physics Journal B 52, 187-193 Net worth, the exchange rate and monetary policy: the effects of a devaluation in a financially fragile environment, NBER working paper, with D.Delli Gatti, B.Greenwald, J.AND.Stiglitz, 2007. 2006 "Financial Fragility, Industrial Dynamics and Business Fluctuations in an Agent Based Model", in Macroeconomic Dynamics, with Domenico Delli Gatti, Gianfranco Giulioni,. "Business fluctuations in a credit-network economy", Physica A: Statistical and Theoretical Physics., with Domenico Delli Gatti, Bruce Greenwald, Alberto Russo, Joseph AND. Stiglitz. "Herd Behavior and Non-Fundamental Asset Price Fluctuations in Financial Markets ", in Macroeconomic Dynamics, with Gian-Italo Bischi, Laura Gardini, Roberto Leombruni, Antonio Palestrini. "A New Method for Controlling Chaos With an Application to a Model of Financially Driven Business Fluctuations", in Journal of Economic Behaviour and Organization, with A.Agliari, D.Delli Gatti, S.Lenci. "Aggregation of heterogeneous interacting agents: the variant representative agent framework", in Journal of Economic Interaction and Coordination., with A.Palestrini, D.Delli Gatti, AND.Scalas. "The Power-law tail exponent of income distributions," with F.Clementi, T.Di Matteo, Physica A, vol. 370, pp. 49-53 ISSN: 0378-4371. "Industrial Output Fluctuations in Developed Countries: A Time-Scale Decomposition Analysis", in Growth and cycle in the Euro zone, with M. Crivellini, Marco Gallegati and A. Palestrini, Routledge London, 2006. "The decomposition of the inflation-unemployment relationship by time scale using wavelets", in Quantitative and Empirical Analysis, (eds) C. Chiarella, P. Flaschel, R. Franke and W. Semmler, with Marco Gallegati, J.B. Ramsey and W. Semmler, Elsevier, 2006. 2005 "Requiem for the Unit Root in Real GDP? Additional Evidence from Historical Data", in Empirical Economics, with Edoardo Gaffeo, Marco Gallegati, Volume 30, pp. 37-63. "A new approach to business fluctuations: heterogeneous interacting agents, scaling laws and financial fragility", in Journal of Economic Behaviour and Organization, with Domenico Delli Gatti, Corrado Di Guilmi, Edoardo Gaffeo, Gianfranco Giulioni, Antonio Palestrini, Volume 56, Issue 4, pp. 489-512. "On the Nature and Causes of Cyclical fluctuations in Italy, 1861-2000", in Explorations in Economic History, with D. Delli Gatti and Marco Gallegati, Volume 42, Issue 1 pp. 81-100. "Power Law Tails in the Italian Personal Income Distribution", in Physica A: Statistical and Theoretical Physics, with F. Clementi, Volume 350, Issues 2-4, pp. 427-438. "The apprentice wizard: monetary policy, complexity and learning", in New mathematics and natural computation, with D. Delli Gatti, AND. Gaffeo, A. Palestrini, pp. 109-128.
"Innovation flow through social networks: Productivity distribution", in European Physical Journal B,, with T.Di Matteo, T.Aste, pp. 459-473. "International Evidence on Business Cycle Magnitude Dependence: An Analysis of 16 Industrialized Countries, 1881-2000," with Domenico Delli Gatti, Corrado Di Guilmi, Edoardo Gaffeo, Antonio Palestrini, International Journal of Applied Econometrics and Quantitative Studies, vol. 2(1) ISSN: 1698-4153. "Catallaxy-based grid markets", in Multiagent and Grid Systems. with T. Eymann, M. Reinicke, W. Streitberger, O. Rana, L. Joita, D. Neumann, B.Schnizler, D. Veit, O. Ardaiz, P. Chacin, I. Chao, F. Freitag, L. Navarro, M.Catalano, G. Giulioni, R Carvajal Schiaffino, F. Zini. 2004 "Financial conditions, strategic interaction and complex dynamics", in Journal of Economic Behavior and Organization, with Gian Italo Bischi, Domenico Delli Gatti, Elsevier, Shannon, Volume 53, pp. 145-171. "Empirical results on the size distribution of business cycle phases", in Physica A: Statistical Mechanics and its Applications, with Corrado Di Guilmi, Edoardo Gaffeo, Volume 333, pp. 325-334. "Scaling invariant distributions of firms' exit in OECD countries", in Physica A: Statistical Mechanics and its Applications, with Corrado Di Guilmi, Paul Ormerod, Volume 334, Issues 1-2, pp. 267-273. "Do Pareto-Zipf and Gibrat laws hold true? An analysis with European Firms", in Physica A: Statistical Mechanics and its Applications, with Yoshi Fujiwara, Corrado Di Guilmi, Hideaki Aoyama, Wataru Souma, Volume 335, Issues 1-2, pp. 197-216. "Bankruptcy as an exit mechanism for systems with a variable number of components", in Physica A: Statistical Mechanics and its Applications, with Domenico Delli Gatti, Corrado Di Guilmi, Edoardo Gaffeo, Volume 334, Issues 1-2, pp. 8-13. "Business Cycle Fluctuations and Firms' Size Distribution Dynamics", in Advances in Complex Systems, with D. Delli Gatti, C. Di Guilmi, AND. Gaffeo, G. Giulioni, A. Palestrini, Vol. 7, No. 2, pp. 1-18. "Complex Dynamics and Empirical Evidence", in Information Sciences, with D.Delli Gatti, AND.Gaffeo, G.Giulioni, A.Kirman, A.Palestrini, A.Russo. 2003 "Hicks' trade cycle revisited: cycles and bifurcations", in Mathematics and Computers in Simulation, with L.Gardini, T.Puu and I.Sushko, pp. 505-527. "Financial Fragility, Patterns of Firms' Entry and Exit and Aggregate Dynamics", with Domenico Delli Gatti, Gianfranco Giulioni, Antonio Palestrini, Journal of Economic Behaviour and Organization, pp. 79-97. "Asset price dynamics among heterogeneous interacting agents", in Computational Economics,Volume 22, number 2, with Carl Chiarella, Roberto Leombruni, Antonio Palestrini, pp. 213-223. "Complex dynamics and financial fragility in an agent based model", in Advances in Complex Systems, with Gianfranco Giulioni, Nozomi Kichiji, Volume 6, number 3, pp. 770-779. "The Business Cycles Puzzle: Empirical Evidence from the G7", in Investigation Economicas, 3, with Marco Gallegati. "Business cycle fluctuations in Mediterranean countries, 1960-2002", in Middle East Economic Review, 4, with Marco Gallegati, Wolfgang Polasek. "Power Law Scaling in the World Income Distribution", in Economics Bulletin, 6, with Corrado Di Guilmi, Edoardo Gaffeo. "On the size distribution of firms: additional evidence from the G7 countries", in Physica A: Statistical Mechanics and
its Applications, with Edoardo Gaffeo, Antonio Palestrini, Volume 324, Issues 1-2, pp. 408-416. 2001 "Heterogeneity, Aggregation and Capital Market Imperfections," with D.Delli Gatti, in L. Punzo (eds) Cycles, Growth and Structural Change, Routledge. 2000 "Global dynamics in a nonlinear model for the equity ratio", with A. Agliari, L. Gardini, D. Delli Gatti, Chaos, Solitons and Fractals, 11, pp.961-985. 1999 "Financial fragility, heterogeneous agent and aggregate fluctuations: evidence from a panel of us firms," with D.Delli Gatti and L.Stanca, Applied Financial Economics, vol. 21, pp. 87-99 ISSN: 0960-3107. "The Dynamic Relation between Financial Positions and Investiment: Evidence from Company Account Data,"with L.Stanca, Industrial and Corporate Change, vol. 8(3), pp. 551-572 ISSN: 0960-6491. "Simmetry-Breaking Bifurcations and Representative Firm in Dynamic Duopoly Games", with G.I.Bischi and A.Naimzada, Annals of Operations Research. 1998 "Nonlinear Dynamics and European GNP Data," with D.Delli Gatti and D.Mignacca, Studies in Nonlinear Dynamics and Econometrics, vol. 3(1), pp. 43-59 ISSN: 1081-1826. 1997 "At the Root of the Financial Instability Hypothesis: 'Induced Investment and Business Cycles',"with: D.Delli Gatti, Journal of Economic Issues, vol. 31, n.2, pp. 527-534. "Financial Constraints, Aggregate Supply and the Monetary Transmission Mechanism", with D.Delli Gatti, Manchester School, vol. 65, n.2, pp. 101-126. 1996 "Financial Institutions, Economic Policy and the Dynamic Behaviour of the Economy", with D. Delli Gatti and H. Minsky, in Hemstadter, AND. and Perlman, M. (eds), Behavioral Norms, Technological Progress and Economic Dynamics, Ann Arbor, The University of Michigan Press, pp. 393-411. "Financial Market Imperfections and Irregular Growth Cycles," Scottish Journal of Political Economy, with D. Delli Gatti, Scottish Economic Society, vol. 43(2), pages 146-58, May. "An Annual Chain Index of Italy's "Real" Product, 1861-1989," with G.Fuà, Review of Income and Wealth, Blackwell Publishing, vol. 42(2), pages 207-24, June. 1995 "Volatility and Persistence of Fluctuations: Individual Production Series in Italy, 1890-1985," with Marco Gallegati, Applied Economics, Taylor and Francis Journals, vol. 27(8), pages 677-88, August. "Nonlinearities in Business Cycle: SETAR Models and G7 Industrial Production Data," with D. Mignacca, Applied Economics Letters, Taylor and Francis Journals, vol. 2(11), pages 422-27, November. "Deterministic Fluctuations and Endogenous Growth," with G.Rodano, AND.Saltari, Economic Notes, Vol. 24, No. 1, pp. 135-151.
1994 "Composition effect and economic fluctuations," Economics Letters, Elsevier, vol. 44(1-2), pages 123-126. "Irregular Business Cycles", Economic Dynamics and Structural Change. 1993 "Investment confidence, corporate debt and income fluctuations," with D.Delli Gatti, L.Gardini, Journal of Economic Behavior & Organization, Elsevier, vol. 22(2), pages 161-187, October. 1992 "Alfred Marshall on Speculation", with M.Dardi, History of Political Economy, 24:3, Fall, pp. 571-594. "Stochastic and deterministic fluctuations in a non-linear model with equity rationing," with J.AND.Stiglitz, Giornale degli economisti ed annali di economia, n.51, pp.97-108. 1990 "Financial Instability, Income Distribution and the Stock Market", with D.Delli Gatti, Journal of Post Keynesian Economics, vol. 12, n.3, pp. 356-374.1993 Forthcoming "Random Digraphs with Given Expected Degree Sequences: A Model for Economic Networks", with L.Bargigli, Journal of Economic Behavior & Organization "A new model of income distribution: the kappa-generalized distribution", with F. Clementi, G. Kaniadakis, Journal of Economics "Herding effects in order driven markets: the rise and fall of gurus", with G.Tedeschi and G.Iori, Journal of Economic Behavior and Organization.