Nicola Acocella
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Nicola Acocella (born 3 July 1939) is an
Italian Italian(s) may refer to: * Anything of, from, or related to the people of Italy over the centuries ** Italians, an ethnic group or simply a citizen of the Italian Republic or Italian Kingdom ** Italian language, a Romance language *** Regional Ita ...
economist An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...
and
academic An academy (Attic Greek: Ἀκαδήμεια; Koine Greek Ἀκαδημία) is an institution of secondary or tertiary higher learning (and generally also research or honorary membership). The name traces back to Plato's school of philosophy, ...
,
Emeritus Professor ''Emeritus'' (; female: ''emerita'') is an adjective used to designate a retired chair, professor, pastor, bishop, pope, director, president, prime minister, rabbi, emperor, or other person who has been "permitted to retain as an honorary title ...
of Economic Policy since 2014. In 1963 he graduated in
Economics Economics () is the social science that studies the production, distribution, and consumption of goods and services. Economics focuses on the behaviour and interactions of economic agents and how economies work. Microeconomics analyzes ...
from the “
Sapienza University of Rome The Sapienza University of Rome ( it, Sapienza – Università di Roma), also called simply Sapienza or the University of Rome, and formally the Università degli Studi di Roma "La Sapienza", is a public research university located in Rome, Ita ...
” with a thesis on ‘''Time lags in economic policy''’, under the supervision of Federico Caffè. 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.


Academic career

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 Kenneth Joseph Arrow (23 August 1921 – 21 February 2017) was an American economist, mathematician, writer, and political theorist. He was the joint winner of the Nobel Memorial Prize in Economic Sciences with John Hicks in 1972. In economics ...
,
Amartya Sen Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, econom ...
and Joseph Stiglitz and other eminent professors like
Paul De Grauwe Paul De Grauwe (; born 18 July 1946) is a Belgian economist and John Paulson Professor in European Political Economy at the London School of Economics and Political Science as head of the European Institute. He is also professor emeritus in in ...
, Alexis Jacquemin,
Adrian Pagan Adrian Rodney Pagan (born 12 January 1947 in Mungindi, Queensland) is an Australian economist and Professor of Economics in the School of Economics at the University of Sydney. From 1995 to 2000, he was a member of the board of the Reserve Ban ...
, Luigi L. Pasinetti, Douglas Hibbs, Andrew Hughes Hallett, Peter J. Hammond. He has visited, among others, the
University of Cambridge The University of Cambridge is a public collegiate research university in Cambridge, England. Founded in 1209 and granted a royal charter by Henry III in 1231, Cambridge is the world's third oldest surviving university and one of its most pr ...
, University of Oxford, Oxford, University of Toronto, Toronto, Harvard University, Harvard, University of Reading, Reading, Stanford University, Stanford as well as the European Union and the United Nations. 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


Membership and associations

* Member of the Executive Committee of the ‘Società Italiana degli Economisti’ (EN: ‘Italian Economic Association’) (2007–10). * Vice-president of the ‘Società Italiana degli Economisti’ (EN: ‘Italian Economic Association’) (2016–) * Member of the Committee for a full professorship in Macroeconomics, Vienna University of Economics and Business, Wirtschaftsuniversität, Vienna (2009).


Research and contributions to economic analysis

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 Joe S. Bain, Bain, Franco Modigliani, Modigliani and Sylos Labini and a model for transfer pricing by Multinational corporation, multinational firms as well as a number of essays on the distributional and employment effects of globalization 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. He has also investigated Monetary policy, 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, inflation rate) and with reference to the European institutional architecture (optimality of co-ordinated fiscal action and monetary policy orientation). 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. About one of his contributions the List of Nobel Memorial Prize laureates in Economics, Nobel prize
Amartya Sen Amartya Kumar Sen (; born 3 November 1933) is an Indian economist and philosopher, who since 1972 has taught and worked in the United Kingdom and the United States. Sen has made contributions to welfare economics, social choice theory, econom ...
has said: 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, Henri Theil, Theil and Ragnar Frisch in a setting immune from Robert Lucas, Jr., 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 Expected value, 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.


Notable publishing activities

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.


Honours and fellowships

* First Medal from the University of Rome ‘La Sapienza’ for 'excellence research' in the theory of economic policy in a strategic context (2009). * Fellow of the British Academy (1977) * Fellow of the Social Sciences and Humanities Research Council, Canadian Social Sciences and Humanities Research Council (1980) * Fellow of the American Council of Learned Societies (1980) * Evaluator for European Union, EU research projects (2008, 2010, 2012)


List of publications

A selection of his published works follows:The complete list of essays and books written by Prof. Acocella is available online on the website of the Department of Methods and Models for Economics, Territory and Financ
Sapienza University of Rome
.


Monographs in English language

* Acocella, N. [1998], ‘''The foundations of economic policy. Values and techniques''’, Cambridge University Press, Cambridge, p. 519, translated into Chinese, Polish, Croatian, . * Acocella, N. [2005], ‘''Economic policy in the age of globalisation''’, Cambridge University Press, Cambridge, p. 509, . * Acocella, N. and Leoni, R. (eds.) [2007], ‘''Social pacts, employment and growth: a reappraisal of Ezio Tarantelli’s thought''’, Springer Verlag, Heidelberg, . * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2013], ‘''The theory of economic policy in a strategic context''’, Cambridge University Press, Cambridge, . * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2016], ‘''Macroeconomic paradigms and economic policy. From the Great Depression to the Great Recession''’, Cambridge University Press, Cambridge, . * Acocella, N. [2018], ‘''Rediscovering Economic Policy as a Discipline''’, Cambridge University Press, Cambridge, . * Acocella, N. [2020], ‘''The European Monetary Union: Europe at the Crossroads''’, Cambridge University Press, Cambridge, .


Main monographs in Italian language

* Acocella, N. [1975], ‘''Imprese multinazionali e investimenti diretti. Le cause dello sviluppo''’, Giuffrè, Milano. * Acocella, N. [1983], ‘''L'impresa pubblica italiana e la dimensione internazionale: il caso dell'IRI''’, Einaudi, Torino, . * Acocella, N. [1994], ‘''Fondamenti di politica economica. Valori e tecniche''’, Nuova Italia Scientifica, Roma, (5th ed., Carocci, Rome, 2011), . * Acocella, N. [1999], ‘''Politica economica e strategie aziendali''’, Carocci, Roma (5th ed., 2012).


Main articles in English language

* Acocella, N. [1992], ‘''Trade and direct investment within the EC: The impact of strategic considerations''’, in: Cantwell, J. (ed.), ‘''Multinational investment in modern Europe''’, E. Elgar, Cheltenham. * Acocella, N. and Ciccarone, G. [1997], ‘''Trade unions, non neutrality and stagflation''’, in: ‘''Public Choice''’, 91(2): 161–178. * Acocella, N. and Di Bartolomeo, G. [2006], ‘''Tinbergen and Theil meet Nash: controllability in policy games''’, in: ‘''Economics Letters''’, 90(2): 213–18. * Acocella, N. [2006], ‘''Distributive issues in the provision and use of global public goods''’, in: ‘''Studi economici''’, 88(1): 23–42. * Acocella, N., Di Bartolomeo, G. and Tirelli, P. [2007], ‘''Monetary conservatism and fiscal coordination in a monetary union''’, in: ‘''Economics Letters''’, 94(1): 56–63. * Acocella, N. and Di Bartolomeo, G. [2007], ‘''Is corporatism feasible?''’, in: ‘''Metroeconomica''’, 58(2): 340–59. * Acocella, N., Di Bartolomeo, G. and Tirelli, P. [2007], ‘''Fiscal leadership and coordination in the EMU''’, in: ‘''Open Economies Review''’, 18(3): 281–9. * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2007], ‘''Dynamic controllability with overlapping targets: or why target independence may not be good for you''’, in: ‘''Macroeconomic Dynamics''’, 11(2): 202–13. * Acocella, N., Di Bartolomeo, G. and Hibbs, D.A. [2008], ‘''Labor market regimes and the effects of monetary policy''’, in: ‘''Journal of Macroeconomics''’, 30: 134–56. * Acocella, N., Di Bartolomeo, G. and Tirelli, P. [2009], ‘''The macroeconomics of social pacts''’, in: ‘''Journal of Economic Behavior & Organization''’, 72(1): 202–13. * Acocella, N., Di Bartolomeo, G. and Piacquadio, P.G. [2009], ‘''Conflict of interest, (implicit) coalitions and Nash policy games''’, in: ‘''Economics Letters''’, 105(3): 303–05. * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2010], ‘''Policy games, policy neutrality and Tinbergen controllability under rational expectations''’, in: ‘''Journal of Macroeconomics''’, 32(1): 55–67. * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2011], ‘''Tinbergen controllability and n-player LQ-games''’, in: ‘''Economics Letters''’, 113(1): 32–4. * Acocella, N. [2011], ‘''The deflationary bias of exit strategies in the EMU countries''’, in: ‘''Review of economic conditions in Italy''’, 2–3: 471–93. * Acocella, N. and Di Bartolomeo, G. [2011], ‘''The cost of social pacts''’, in: ‘''Bulletin of Economic Research''’, (doi: 10.1111/j.1467-8586.2011.00405.x). * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2012], ‘''A general theory of controllability and expectations anchoring for small-open economies''’, in: ‘''Journal of International Money and Finance''’, 31(2): 397–411. * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2012], ‘''Expectations dynamics: policy, announcements and limits to dynamic inconsistency''’, in: ‘''Studies in Nonlinear Dynamics & Econometrics''’, 16(2), DOI: 10.1515/1558-3708, April. * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2012], ‘''Central banks and economic policy after the crisis: what have we learned?''’, ch. 5 in: Baker, H.K. and Riddick, L.A. (eds.), ‘''Survey of International Finance''’, Oxford University Press. * Acocella, N., Di Bartolomeo, G. and Tirelli, P. [2012], ‘''Inflation targets and endogenous markups in a New Keynesian model''’, in: ‘''Journal of Macroeconomics''’, 34(2): 391–403. * Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. and Piacquadio, P.G. [2014], ‘''Announcement wars as an equilibrium selection device''’, Oxford Economic Papers 66(1): 325-347. * Di Bartolomeo , G., Tirelli P., Acocella, N. [2014], ‘''Trend inflation, the labor market wedge, and the non-vertical Phillips curve''’, Journal of Policy Modeling, 36(6): 1022-1035. * Di Bartolomeo , G., Tirelli P., Acocella, N. [2015], ‘''The comeback of inflation as an optimal public finance tool''’, International Journal of Central Banking, 11(1): 43-70. * Acocella, N. [2017], ‘''Rise and decline of economic policy as an autonomous discipline: A critical survey''’, Journal of Economic Surveys, 31(3): 661-902, 10.1111/joes.12168. * Hughes Hallett, A., Acocella, N. [2017], ‘''Stabilization and expanded commitment: A theory of forward guidance for economies with rational expectations''’, Macroeconomic Dynamics, 2016
Cambridge.org
. * Acocella, N. [2020], ‘''How to reform the EU and EMU''’, Economia Internazionale/International Economics, 73(3), 325-350.


Main articles in Italian language

* Acocella, N. [1976], ‘''I prezzi di trasferimento nelle imprese multinazionali: problemi di analisi e di politica''’, in: ‘''Note Economiche''’, n. 6. * Acocella, N. [1979], ‘''L'equilibrio oligopolistico in un contesto dinamico''’, in: ‘''Note Economiche''’, n. 5. * Acocella, N. and Ciccarone, G. [1995], ‘''Moderazione salariale e scambio politico: un'analisi micro fondata''’, in: ‘''Rivista Italiana di Economia''’, numero zero, ottobre. * Acocella, N., Leoni, R. and Tronti, L.[2006], ‘''Per un nuovo patto sociale sulla produttività e sulla crescita''’
http://www.pattosociale.altervista.org
* Acocella, N. and Leoni, R. [2010], ‘''La riforma della contrattazione: redistribuzione perversa o produzione di reddito? ''’, in: ‘''Rivista italiana degli Economisti''’, 2: 237–74. * Acocella, N. [2013], ‘''Teoria e pratica della politica economica: l’eredità del recente passato''’, Rivista di Storia Economica, August 2013, 29 (2): 221-46.


See also

* List of economists#A, List of economists *
Sapienza University of Rome The Sapienza University of Rome ( it, Sapienza – Università di Roma), also called simply Sapienza or the University of Rome, and formally the Università degli Studi di Roma "La Sapienza", is a public research university located in Rome, Ita ...
* Federico Caffè * Bruno de Finetti * Luigi Einaudi * Ragnar Frisch *
Adrian Pagan Adrian Rodney Pagan (born 12 January 1947 in Mungindi, Queensland) is an Australian economist and Professor of Economics in the School of Economics at the University of Sydney. From 1995 to 2000, he was a member of the board of the Reserve Ban ...
* Edmund Phelps * Henri Theil * Jan Tinbergen


References


External links

*
Profile on the “IDEAS”RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis Department
{{DEFAULTSORT:Acocella, Nicola 1939 births Living people People from Calitri Academic staff of the Sapienza University of Rome Sapienza University of Rome alumni Harvard Fellows Stanford University fellows Fellows of the British Academy Academics of the University of Oxford Academics of the University of Cambridge Academics of the University of Reading 20th-century Italian economists 21st-century Italian economists 20th-century Italian writers 21st-century Italian writers Writers from Campania Public economists Labor economists Macroeconomists Microeconomists Monetary economists