Massimo Giovannini

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If borrowing capacity of indebted households is tied to the value of their home, house prices should enter a correctly specified aggregate Euler equation for consumption. I develop a simple two-agent, dynamic general equilibrium model in which home (collateral) values affect debt capacity and consumption possibilities for a fraction of the households. I(More)
This paper studies the role of endogenous producer entry and product creation for monetary policy analysis and business cycle dynamics in a general equilibrium model with imperfect price adjustment. Optimal monetary policy stabilizes producer prices, but lets the consumer price index vary to accommodate changes in the number of available products. The free(More)
This paper builds a framework for the analysis of macroeconomic fluctuations that incorporates the endogenous determination of the number of producers and products over the business cycle. Economic expansions induce higher entry rates by prospective entrants subject to irreversible investment costs. The sluggish response of the number of producers (due to(More)
A large class of string-cosmology backgrounds leads to a spectrum of relic stochastic gravitational waves, strongly tilted towards high frequencies, and characterized by two basic parameters of the cosmological model. We estimate the required sensitivity for detection of the predicted gravitational radiation and show that a region of our parameter space is(More)
We build and estimate a two-sector (goods and services) dynamic stochastic general equilibrium model with two types of inventories: materials (input) inventories facilitate the production of finished goods, while finished goods (output) inventories yield utility services. The model is estimated using Bayesian methods. The estimated model replicates the(More)
Cosmology, high-energy physics and astrophysics are converging on the study of large-scale magnetic fields. While the experimental evidence for the existence of large-scale magnetization in galaxies, clusters and superclusters is rather compelling, the origin of the phenomenon remains puzzling especially in light of the most recent observations. The purpose(More)