By Prof. Giancarlo Gandolfo, Prof. Pietro Carlo Padoan (auth.)

This is the fourth model of a version that 5 years in the past we got down to construct and estimate alongside the strains of the continual time procedure clarified In bankruptcy 1. past models seemed in magazine articles and convention lawsuits, the place the gap is notoriously restricted. for that reason we welcome the potential for publishing a book-length therapy of this fourth model, in order that we will be able to describe its theoretical and empirical points in a few aspect. even though now we have labored heavily jointly and settle for joint accountability for the entire e-book, chs. 1 and a couple of and appendix i've been written via G. Gandolfo, when chs. ] and four and appendix II were written via percent. Padoan. diverse elements of this model of the version were mentioned In a number of lectures on the eu college Institute (Florence) in 1984, In a seminar geared up through the financial institution of Italy (Sadiba, Perugia, Italy, February 16-18, 1984), within the moment Viennese Workshop on financial functions of keep an eye on idea (Vienna, could 16-18, 1984), and within the 6th annual convention of the Society for monetary Dynamics and regulate (Nice, France, June 13-15, 1984). In all of those we got necessary reviews; equally priceless have been the reviews of Clifford R .. Wymer, who, although, is absolved of any responsibility.

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**Extra info for A Disequilibnum Model of Real and Financial Accumulation in an Open Economy: Theory, Evidence, and Policy Simulations**

**Sample text**

The determinants of ß are represented by import prices 8 Dm); /"0 P. We assume that both domestic and foreign. The latter are 8 , capturing both the effect of a rise in Far a detailed analysis of the effects of foreign prices on domestic price de- termination see Deardoff eStern (l978b). 25 the cost of importec factors of producticf' cu,d '" possible "fcreign competitiveness effect", which induces domestic producers to take into account the prices of competing imported goods when they determine the prices of their products.

The adjustment speed of the rate of change in the capital stock to its desired value -- is quite high, the mean time-lag being just over two months. The rate of change of k is also strongly influenced by the rate of change of a; this confirms the important role of credit expansion in favouring capital accumulation in the Italian economy. 156) but significant, which means that operators are rather slow 45 . in changing output expectatlons 4 If one considers the resul ts concerning that firms take a Tl, Cl 3' Cl' and Cl4 one finds long time both in changing their views about the future and in adapting their desired fixed capital stock to them, but take a much shorter time in changing the speed at which accumulation proceeds.

Now, as we said above, our equation purports to reflect the actual behaviour of the Italian monetary authorities over the sampie period, namely to describe what they did, not what they ought to have done (following the modeller' s or someone else' s opinion 19). Although, as we said above, the Italian central bank has·occasionally taken several 17 It goes without saying that apreeise modelling of this relationship would require the modelling of the ways of finaneial the government defieit (sales of bonds and bills to the publie, to the banking sector, to the eentral bank ete.