Marco Valente

''Keep calm and carry on''

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Research interests

"Green" finance and macroprodential monetary policy. I recently started to study the role of financial markets in general (with a focus on their stability) and, in particular, the relation between monetary policy and investments in "green" technology. The working hypothesis is that the failure to properly regulate financial intermediaries leads to transfer the power of making industrial decisions from real economy investors with long term projects necessary for sustained growth to financial investors, concerned only with short term capital gains resulting in increasing inequality. I am also focusing on the problems facing investors in green technologies, facing high uncertainty, in a monetary climate favoring prudential monetary policy. 

Innovation, growth and structural change.  In the last few years I have produced several contributions analyzing the macroeconomic dynamics stemming from innovation with particular focus on the endogenous effects on the structure of production and the income distribution among workers/consumers. For this purpose we developed a micro-founded macro-economic model, a technically challenging results contributing to a small but growing niche of the literature meant to overcome the limitations of traditional DSGE models that spectacularly failed to explain current macroeconomic conditions.

Demand and industrial dynamics. I am interested in the interplay of supply and demand dynamics. Besides the published works, from the thesis I extracted two draft papers. The first concerns a model to study the dynamics of demand during the creation of a new market. The second  paper concerns the interaction between demand and technology during the evolution of competitive markets. 

Simulation modelling. For some 15 years I have been developing a package aimed at facilitating the development and exploitation of agent-based simulation models. The software, called Laboratory for Simulation Development (LSD) provides useful tools both for beginners and advanced users. See more info on LSD here or visit the web site

Methodology of simulations in social sciences. From the experience cumulated developing, using and teaching simulation modelling I developed a methodological propsal, expressed in a draft  paper.

Complexity. By studying the role of technological innovation pursued by profit-seeking firms I developed and interest in complexity, producing a few publications based on the NK model. After using heavily a NK model, I tried to overcome some of its limitations by devising a real-valued (instead of binary) and deterministic (instead of stochastic) model. Details are in this working paper.

Evolutionary growth.  I am interested in exploring the macro-economic implications of the evolutionary perspective.  I am trying to follow the Saviotti's work on the link between growth and variety.

Networks. I am interested in the study of networks, extending the standard social network analysis to dynamic and generative issues.

Last Updated on Friday, 19 January 2018 12:47