Mauro Napoletano

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This work explores some distributional properties of aggregate output growth-rate time series. We show that, in the majority of OECD countries, output growth-rate distributions are well-approximated by symmetric exponential-power densities with tails much fatter than those of a Gaussian. Fat tails robustly emerge in output growth rates independently of: (i)(More)
Mario V. Tomasello,∗,1 Mauro Napoletano, Antonios Garas and Frank Schweitzer ∗ Corresponding author; E-mail: mtomasello@ethz.ch 1 Chair of Systems Design, Department of Management, Technology and Economics, ETH Zurich, Weinbergstrasse 56/58, 8092 Zurich, Switzerland. 2 OFCE – SKEMA Business School, Campus de Sophia Antipolis 60, rue Dostoïevski BP 85 06902(More)
In this paper we explore the effects of alternative combinations of fiscal and monetary policies under different income distribution regimes. In particular, we aim at evaluating fiscal rules in economies subject to banking crises and deep recessions. We do so using an agent-based model populated by heterogeneous capitaland consumption-good firms,(More)
Recent empirical findings suggest that macroeconomic variables are seldom normally distributed. For example, the distributions of aggregate output growth-rate time series of many OECD countries are well approximated by symmetric exponential-power (EP) densities, with Laplace fat tails. In this work, we assess whether Real Business Cycle (RBC) and standard(More)
We build an agent-based model to study how the interplay between lowand highfrequency trading affects asset price dynamics. Our main goal is to investigate whether high-frequency trading exacerbates market volatility and generates flash crashes. In the model, low-frequency agents adopt trading rules based on chronological time and can switch between(More)
Are current economic models well equipped to provide useful policy prescriptions? Many economists would have certainly answered, “yes” before the recent Global Recession. This economic crisis has not only demonstrated the importance of banking and financial markets for the dynamics of real economies. It has also revealed the inadequacy of the dominant(More)
This work studies the relations between income distribution and monetary/fiscal policies using an credit-augmented version of the agent-based Keynesian model in Dosi et al. (2010). We model a banking sector and a monetary authority setting interest rates and credit lending conditions in a framework combining Keynesian mechanisms of demand generation, a(More)
This communication describes the synthesis and in vitro evaluation of a novel and potent series of phosphodiesterase type IV (PDE4) inhibitors. The compounds described present substituents in position 4 of the phthalazine ring to replace the commonly observed cyclopentyloxy moiety of rolipram analogues. Preliminary evidences of reduced side effects compared(More)