Nicola Acocella | |
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![]() Nicola Acocella guest of “Trinità dei Monti” Think Tank, a Rome based think tank | |
Born | |
Nationality | Italian |
Academic career | |
Institution | Sapienza University of Rome |
Field | Microeconomics, Macroeconomics, Public Policy |
Alma mater | Sapienza University of Rome |
Influences | Federico Caffè, Bruno de Finetti, Luigi Einaudi, Ragnar Frisch, Jan Tinbergen, Henri Theil, Edmund Phelps, Paolo Sylos Labini, Ezio Tarantelli, Giancarlo Gandolfo |
Contributions | Theory of economic policy, Monetary policy, Fiscal policy European institutions, Oligopoly, Transnational corporations, Theory of public goods, Globalization, Labour market, Trade unions |
Awards | First Medal from the University of Rome ‘La Sapienza’ for 'excellence research' in the theory of economic policy in a strategic context, 2009 |
Information at IDEAS / RePEc |
Nicola Acocella (born 3 July 1939) is an Italian economist and academic, Emeritus Professor of Economic Policy since 2014. [1] [2]
In 1963 he graduated in Economics from the “Sapienza University of Rome” with a thesis on ‘Time lags in economic policy’, under the supervision of Federico Caffè. [3] After becoming full professor (1980), he got a reputation for his holistic contribution to systematisation and development of Economic policy. He also introduced remarkable innovations in the theory of economic policy as well as in monetary and fiscal policy and the theory of social pacts.
During his career Prof. Acocella had the opportunity to exchange views or to co-operate with some of the most important economists of the twentieth century, such as Kenneth Arrow, Amartya Sen and Joseph Stiglitz and other eminent professors like Paul De Grauwe, Alexis Jacquemin, Adrian Pagan, Luigi L. Pasinetti, Douglas Hibbs, Andrew Hughes Hallett, Peter J. Hammond.[ citation needed ]
He has visited, among others, the University of Cambridge, Oxford, Toronto, Harvard, Reading, Stanford as well as the European Union and the United Nations. [4]
He has been Professor of Economics with the University of Perugia; Professor of Industrial organization and Economic Policy at the University of Calabria; Professor of Economic Policy, Sapienza University of Rome. He has also been Head of the Department of Economics, University of Calabria; Head of the Economics Graduate Studies Program, Sapienza University of Rome; Member of the Research Commission, Sapienza University of Rome [5]
Prof. Acocella has developed his expertise in several research fields. He worked first on industrial organisation and globalization. Among his numerous contributions in this field: a dynamic version of the static limit pricing model by Bain, Modigliani and Sylos Labini and a model for transfer pricing by multinational firms as well as a number of essays on the distributional and employment effects of globalization [6] [7]
He has also contributed to the theory of social pacts, their substitutability with other institutions – such as a conservative central banker – in order to ensure monetary stability, their implementation, with specific reference to the long-term Italian issue of a low productivity dynamics. [8]
He has also investigated monetary and fiscal policy, both in abstract terms (dealing in particular with: conditions for their effectiveness, existence of a non vertical long-run Phillips curve, optimal inflation rate) and with reference to the European institutional architecture (optimality of co-ordinated fiscal action and monetary policy orientation). [9]
A final path of analysis has led him to lay down a systematic approach to economic policy as a discipline to some extent autonomous from the rest of economic science, by enquiring on the various needs to heal market failures as well as the directions and the design of public policy. [10] [11]
About one of his contributions the Nobel prize Amartya Sen has said:
“Professor Nicola Acocella has provided an illuminating and challenging account of the foundations of economic policy. His analysis covers the established ground as well as providing new departures; the book is a rich addition to the existing literature.”
Praise for: Acocella, N. [1994], “The Foundations of Economic Policy. Values and Techniques”. [12]— A. Sen
Of specific interest is his reformulation (together with Giovanni Di Bartolomeo and Andrew Hughes Hallett) of the classical theory of economic policy laid down by Jan Tinbergen, Theil and Ragnar Frisch in a setting immune from Lucas critique. This offers a novel contribution to the analysis of conditions not only for policy effectiveness or neutrality (showing the limits of validity of many currently accepted propositions on the effects of rational expectations and time inconsistency as well as on the role of policy announcements), but also for existence, uniqueness or multiplicity of the equilibrium in strategic games. The theory is of use also in an institutional perspective as a theory of conflict resolutions and optimal institution setting.[ citation needed ]
Referee for various journals and international institutions. Among them: Cambridge University Press, Canadian Journal of Economics, Journal of Macroeconomics, Journal of Public Economic Theory, Scottish Journal of Political Economy, United Nations.[ citation needed ]
![]() | This section of a biography of a living person needs additional citations for verification .(August 2023) |
A selection of his published works follows: [14]
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