Gaetano Bloise

News

2006-05-25T12:53:00.000-07:00

Conference
XI SAET Conference
Universidade Nova de Lisboa, Faro, Portugal
June 26 - July 1, 2011

Conference
VII Cowles Conference on General Equilibrium and Its Applications
Cowles Foundation, Yale University
April 29 - May 1, 2011

Workshop
XIX European Workshop on General Equilibrium Theory
Cracow University of Economics
June 11 - June 13, 2010

Conference
Market Interdependencies and Aggregate Instabilities
Centre d'Economie de la Sorbonne, MSE, Paris
June 11 - June 13, 2009

Workshop
XVIII European Workshop on General Equilibrium
Department of Economics and Business, UPF, Bacelona
June 5 - June 7, 2009

Workshop
CRETA Workshop 2009
Department of Economics, University of Warwick
April 14 - April 17, 2009

Seminar
Asset Prices, Debt Constraints and Inefficiency
Dipartimento di Scienze Economiche, Università di Padova
November 4, 2008

Workshop (PRIN 2006)
Market Imperfections and Economic Policies
in Models with Financial Frictions and Human Capital
LUISS, Rome
October 10 - October 11, 2008

Seminar
Asset Prices, Debt Constraints and Inefficiency
MED, Paris School of Economics
October 3, 2008

Curriculum vitae

2006-05-24T13:38:00.000-07:00

Current position
Professor of Economics, University of Rome III

Personal information
Place of birth: Cassano allo Ionio, Cosenza, Italy
Date of birth: November 22, 1968

Degrees
PhD in Economics, University of Cambridge, 1998
PhD in Economics, University of Rome I, 1996
MPhil in Economics, University of Cambridge, 1993
First Degree in Political Sciences, LUISS, Rome, 1991

Previous positions
2006-2007: Associate Professor of Economics, University of Rome III
2002-2006: Associate Professor of Economics, University of Sassari
1999-2002: Research Assistant, CORE/UCL, Belgium
1998-2000: Research Assistant, DSE, University of Rome I
1997-1998: Research Assistant, CORE/UCL, Belgium

Recent papers

Published papers

Other papers

Indeterminacy of Competitive Equilibrium under Risk of Default, with Pietro Reichlin and Mario Tirelli, Working Paper, 109, Department of Economics, University of Rome III, 2009
Asset Prices, Debt Constraints and Inefficiency, with Pietro Reichlin, CEPR Discussion Paper, 6779, 2008; Working Paper, 89, Department of Economics, University of Rome III, 2008
A Characterization of Inefficiency in Stochastic Overlapping Generations Economies, with Filippo L. Calciano, CORE Discussion Paper, 93, 2007; Working Paper, 83, Department of Economics, University of Rome III, 2007
Efficiency and Prices in Economies of Overlapping Generations, Working Paper, 72, Department of Economics, University of Rome III, 2007
Long-Term Public Debt and the Fiscal Theory of the Price Level, with Pietro Reichlin, CEPR Discussion Paper, 5479, 2006
Money and Indeterminacy over an Infinite Horizon, with Jacques H. Drèze and Herakles M. Polemarchakis, CORE Discussion Paper, 21, 2002
The Fragility of the Fiscal Theory of Price Determination, CORE Discussion Paper, 13, 2002
Sunspot Equilibria in a Monetary Economy with Capital Accumulation, with Francesco Magris, CORE Discussion Paper, 40, 2000
Complexity and Equilibrium in Infinitely Repeated Games with Discounting, Doctoral Dissertation, University of Cambridge, 1998
Ciclo economico endogeno e imperfezioni dei mercati: Vincoli di liquidità e all'indebitamento, Doctoral Dissertation, University of Rome I, 1996

Referee activity
Journal of Economic Theory, Journal of Public Economic Theory, Journal of Mathematical Economics, Journal of Economic Dynamics and Control, Research in Economics, Economic Theory, International Journal of Economic Theory, BE Journals in Theoretical Economics

Published papers

2006-05-22T13:44:00.000-07:00

Asset Prices, Debt Constraints and Inefficiency, with Pietro Reichlin, Journal of Economic Theory, ... (...), ...-..., 2011
An Obtrusive Remark on Capital and Comparative Statics, with Pietro Reichlin, Metroeconomica, 60 (1), 54-76, 2009
A Characterization of Inefficiency in Stochastic Overlapping Generations Economies, with Filippo L. Calciano, Journal of Economic Theory, 143 (1), 442-468, 2008
Efficiency and Prices in Economies of Overlapping Generations, Journal of Economic Theory, 141 (1), 200-224, 2008
Infinite-Maturity Public Debt and the Fiscal Theory of the Price Level, with Pietro Reichlin, Journal of Economic Dynamics and Control, 32 (6), 1721-1731, 2008
Monetary Policy and Dynamic Efficiency in Economies of Overlapping Generations, with Herakles M. Polemarchakis, International Journal of Economic Theory, 2 (3-4), 319-330, 2006
Money, Gains to Trade and Impatience, Research in Economics, 60 (1), 22-34, 2006
Theory and Practice of Monetary Policy, with Herakles M. Polemarchakis, Economic Theory, 27 (1), 1-23, 2006
A Note on the Existence of a Monetary Equilibrium over an Infinite Horizon, Economic Theory, 27 (1), 59-77, 2006
A Remark on the Fiscal Theory of Price Determination, Journal of Mathematical Economics, 41 (8), 1037-1052, 2005
Risk and Intermediation in a Dual Financial Market Economy, with Pietro Reichlin, Research in Economics, 59 (3), 257-279, 2005
Monetary Equilibria over an Infinite Horizon, with Jacques H. Drèze and Herakles M. Polemarchakis, Economic Theory, 25 (1), 51-74, 2005
A Note on Sunspot Equilibrium in Sequential Economies, Research in Economics, 58 (1), 59-74, 2004
Inflation, Welfare and Public Goods, with Sergio Currarini and Nikos Kikidis, Journal of Public Economic Theory, 4 (3), 369-386, 2002
A Geometric Approach to Sunspot Equilibria, Journal of Economic Theory, 101 (2), 519-539, 2001
Indeterminacy and Cycles in a Cash-in-Advance Economy with Production, with Stefano Bosi and Francesco Magris, Rivista Internazionale di Scienze Sociali, 3, 2001

Recent papers

2006-05-21T14:01:00.000-07:00

G. Bloise, P. Reichlin and M. Tirelli
Indeterminacy of Competitive Equilibrium with Risk of Default (2009)
We prove indeterminacy of competitive equilibrium in sequential economies, where limited commitment requires the endogenous determination of solvency constraints preventing debt repudiation (Alvarez and Jermann (2000)). In particular, we show that, for any arbitrary value of social welfare in between autarchy and (constrained) optimality, there exists an equilibrium at which social welfare attains this value. Our method consists in restoring Welfare Theorems for a weak notion of (constrained) optimality. The latter, inspired by Malinvaud (1953), corresponds to the absence of Pareto improving feasible redistributions over (however long) finite horizons, along with some limited validity of social transversality.

G. Bloise and P. Reichlin
Asset Prices, Debt Constraints and Inefficiency (2008)
In this paper, we consider economies with (possibly endogenous) solvency constraints under uncertainty. Constrained inefficiency corresponds to a feasible redistribution yielding a welfare improvement beginning from every contingency reached by the economy. A sort of Cass (1972) Criterion completely characterizes constrained inefficiency. This criterion involves only observable prices and requires low interest rates in the long-run, exactly as in economies with overlapping generations. In addition, when quantitative limits to liabilities arise from participation constraints, a feasible welfare improvement, subject to participation, coincides with the introduced notion of constrained inefficiency.

G. Bloise and H.M. Polemarchakis
An Argument for Positive Nominal Interest (2005)
In a dynamic economy, such as an economy of overlapping generations, money provides liquidity and is dominated as a store of value. A central bank, that sets the nominal rate of interest and distributes its profit to shareholders as dividends, is traded on the asset market. Nominal rates of interest that tend to zero, but do not vanish, eliminate equilibrium allocations that do not converge to a Pareto optimal allocation.

Links

2006-05-20T14:39:00.000-07:00

Research institutions
Faculty of Economics, University of Rome III
Department of Economics, University of Rome III
Faculty of Economics, University of Sassari
CORE, Catholic University of Louvain-la-Neuve

My co-authors
Sergio Currarini
Jacques Drèze (HET)
Herakles Polemarchakis (HET)
Pietro Reichlin
Filippo L. Calciano
Mario Tirelli

Other elective affinities
Jean-Michel Grandmont (HET)
Marco Lippi
Tito Pietra
Paolo Siconolfi

Resources
Master of Science in Economics, LUISS, Rome
The History of Economic Thought Website (HET)
EconPapers at RePEc
Lecture Notes in Economics
(Cass) Rules for Economic Theory Seminars

Contact

2006-05-20T12:40:00.000-07:00

Postal address
Gaetano Bloise
Dipartimento di Economia
Università di Roma Tre
77 Via Silvio D'Amico
00145 Roma (Italy)

Phone
+39 06 5733 5734

Fax
+39 06 5733 5610

E-mail
gaetano (dot) bloise (at) uniroma3 (dot) it

Skype
gaetanobloise

Teoria dei giochi

2006-05-19T15:36:00.000-07:00

Programma del corso

Testo di riferimento

Materiale didattico

Microeconomia

2006-05-19T15:30:00.000-07:00

Programma del corso

Testo di riferimento

Materiale didattico

U dirlogi

2006-05-01T14:20:00.000-07:00

Adu paisi mio
c’è nu dirlogi
che sona
cintu ndinni
a menzanotte.
Ji, quanni mi ricogghi
cittu cittu
e senti u primu ndinnu
a pagghialonga,
mi vene ncapo
quanni ieri ninni
e quidda fricimoria
i nanna mia
mi ricuntava
a stessa parmidia.
E mi diciia
che a ntichi,
a menzanotte,
parlavini cu i spiriti
e cu a morte.
Na vota
Zi Tumosi du Chianitti,
adu giruni,
ha visti parlè u mulu
cuma na persuna:
mentre che u dirlogi,
a guno a guno,
sunave cintu ndinni
cumi a nu capuni.
Si dice pure moni
che stu dirlogi
anu fatti i briganti
nta na notte
insieme a u campanaru.
Jè nu dirlogi
cu na storia antica,
jè nu dirlogi
cu na magaria

Gino Bloise, Il mio paese, 1968

Macroeconomics (MoSEc)

2005-09-26T08:12:00.000-07:00

Programme
1. Optimal Consumption and Saving: 1.1. The basic optimization problem under perfect foresight. 1.2. Equivalent formulations: natural debt limits, intertemporal budget constraint, asymptotic debt restrictions, recursive formulation. 1.3. Euler Equation characterization and transversality condition. 1.4. Some simple applications. 2. Permanent Income Hypothesis: 2.1. Extension to uncertainty under incomplete markets. 2.2. First-order conditions. 2.3. Certainty Equivalence Principle and first-order approximation of optimal consumption. 3. Basic Asset Pricing: 3.1. Real interest rates and asset pricing: The representative individual hypothesis with perfect foresight. 3.2. The effects of fiscal policy and the Ricardian Equivalence Principle. 3.4. Consumption, saving and asset pricing under uncertainty with complete markets. 4. Real Business Cycles: 4.1. Technological shocks and business cycles. 4.2. Household behavior, labor market equilibrium and intertemporal equilibrium. 4.3. Balanced growth. 4.4. Short-run effects of shocks: Impulse response analysis. 4.5. Dynamic responses to shocks.

References
Michael Wickens, Macroeconomic Theory, Princeton University Press, 2008 (chapters 2, 4, 10 and 14).
The basic course material will be distributed during classes.

Additional material
Consumption and Saving over an Infinite Horizon
Basic Asset Pricing in Macroeconomics
Real Business Cycles (by P.O. Gourinchas)

Practices (by Maddalena Galardo)
Exercises, I (due on October 7, 2010)
Exercises, II (due on October 14, 2010)
Exercises, III (due on October 21, 2010)
Exercises, IV (due on October 28, 2010)