Enrico Sergio Levrero
Datos Biográficos
| ID | 4635385 |
|---|---|
| NOMBRE | Enrico Sergio Levrero |
| NOMBRES | Enrico Sergio |
| APELLIDO | Levrero |
| FIRMA | LEVRERO E S |
| AFILIACIONES | Roma Tre University |
| ORCID | 0000-0003-4529-4981 |
| VERIFICADO | Sí |
| TOTAL DE OBRAS | 15 |
| TOTAL DE CITAS | 13 |
| TOTAL COMO AUTOR | 12 |
| TOTAL COMO EDITOR | 3 |
| PRIMER AÑO DE PUBLICACIÓN | 1999 |
| AÑO MÁS RECIENTE DE PUBLICACIÓN | 2025 |
| ÍNDICE H | 2 |
Monetary Policy and Income Distribution
The Taylor Rule and its Aftermath
Full Article Figures & data References Citations Metrics Reprints & Permissions Read this article ABSTRACT The aim of this paper is to assess to what extent the Taylor rule can be considered an appropriate representation of the tendency of central banks to react to inflation. After an overview of the origin and use of the Taylor rule, the paper stresses some difficulties in its implementation and the limits of its interpretation by the New Consen…
The Price Puzzle and the Hysteresis Hypothesis
This paper shows that monetary policy tightening may lead to an increase in the level of prices. To demonstrate this, we apply SVEC modelling to US monthly data for the 1959–2018 period and endorse the ‘hysteresis hypothesis’ which assumes that monetary policy produces long-lasting effects on unemployment and prices. Contrary to what has been argued by Hanson (2004. ‘The “Price Puzzle” Reconsidered.’ Journal of Monetary Economics 51 (7): 1385–141…
On Sraffa’s Prices
In his reply to my review of his 2016 book, Ajit Sinha neglects to respond to the various points I raised against his interpretation and instead simply asserts that I had ‘no interest in investigat
On Sinha’s View of Sraffa’s Revolution in Economic Theory
This review essay focuses on the interpretation by Sinha (2016) of the price system developed by Sraffa in Production of Commodities by Means of Commodities (PCMC). Contrary to the views put forward by Sinha, it shows that neither analytical aspects of PCMC nor Sraffa's unpublished manuscripts can be used to argue that Sraffa (1960) departs from the classical notion of normal prices
Estimates of the Natural Rate of Interest and the Stance of Monetary Policies
On the Criticisms of and Obstacles to the Employer of Last Resort Policy Proposal
Rising inequality in income and wealth distribution and a huge waste of human resources (in the form of labor unemployment and underemployment) has once again led to a focus on Keynesian policies against poverty, including that of the State acting as an Employer of Last Resort advanced by Minsky. After briefly summarizing Minsky’s proposal and roughly calculating the financial resources needed to implement it in the case of Italy, the aim of this…
Towards a New Understanding of Sraffa
A recently published book edited by Riccardo Bellofiore and Scott Carter1 testifies further to the interest and debates that the unpublished papers of Piero Sraffa have stimulated regarding what th
Sraffa and the Reconstruction of Economic Theory
International audience
Sraffa and the Reconstruction of Economic Theory
There has been little explicit discussion of the meaning of the output trends addressed in analyses of growth and their relation to actual magnitudes. This paper examines the weakness of the most common approach, which appears to extend the relation between theoretical and actual magnitudes used in the theories of prices and distribution automatically to the analysis of growth, and goes on to question the implied assumption that the trend of outp…
Sraffa and the Reconstruction of Economic Theory
The Ramsey (1928) accumulation path is characterized as a saddle-path in the standard presentations of the model based on the works of Cass (1965) and Koopmans (1965).From a mathematical stance a saddle-path is unstable: if the system is exactly on that path, it converges to the steady state of the system; if it diverges slightly from that path, it shifts indefinitely from the steady state.The 'transversality' condition is then invoked in the Ram…
Theories of Value from Adam Smith to Piero Sraffa
Marx on Absolute and Relative Wages and the Modern Theory of Distribution
This paper aims at clarifying some aspects of Marx's analysis of the determinants of wages and of the peculiarity of labour as a commodity, focusing on three related issues. The first is that of Marx's notion of the subsistence (or natural) wage rate: the subsistence wage will be shown to stem, according to Marx, from socially determined conditions of reproduction of an efficient labouring class. The second issue refers to the distinction between…
Classical Theory and Policy Analysis
Introduzione al dibattito tra P. Garegnani, D. Foley, M. Pivetti e F. Vianello sulle analisi di politica economica nell'ambito delle teorie del sovrappiù di Smith, Ricardo e Marx
Worker Bargaining Power and Real Wages from 1870 to 1913
This paper discusses Phelps Brown's claims that (1) real wages in the long run cannot be explained by a theory where distribution is determined by the relative worker bargaining position, and (2) changes in real wages would be strictly linked to changes in the average product per worker
The Taylor Rule and its Aftermath
Full Article Figures & data References Citations Metrics Reprints & Permissions Read this article ABSTRACT The aim of this paper is to assess to what extent the Taylor rule can be considered an appropriate representation of the tendency of central banks to react to inflation. After an overview of the origin and use of the Taylor rule, the paper stresses some difficulties in its implementation and the limits of its interpretation by the New Consen…
Marx on Absolute and Relative Wages and the Modern Theory of Distribution
This paper aims at clarifying some aspects of Marx's analysis of the determinants of wages and of the peculiarity of labour as a commodity, focusing on three related issues. The first is that of Marx's notion of the subsistence (or natural) wage rate: the subsistence wage will be shown to stem, according to Marx, from socially determined conditions of reproduction of an efficient labouring class. The second issue refers to the distinction between…
The Price Puzzle and the Hysteresis Hypothesis
This paper shows that monetary policy tightening may lead to an increase in the level of prices. To demonstrate this, we apply SVEC modelling to US monthly data for the 1959–2018 period and endorse the ‘hysteresis hypothesis’ which assumes that monetary policy produces long-lasting effects on unemployment and prices. Contrary to what has been argued by Hanson (2004. ‘The “Price Puzzle” Reconsidered.’ Journal of Monetary Economics 51 (7): 1385–141…
On the Criticisms of and Obstacles to the Employer of Last Resort Policy Proposal
Rising inequality in income and wealth distribution and a huge waste of human resources (in the form of labor unemployment and underemployment) has once again led to a focus on Keynesian policies against poverty, including that of the State acting as an Employer of Last Resort advanced by Minsky. After briefly summarizing Minsky’s proposal and roughly calculating the financial resources needed to implement it in the case of Italy, the aim of this…
Towards a New Understanding of Sraffa
A recently published book edited by Riccardo Bellofiore and Scott Carter1 testifies further to the interest and debates that the unpublished papers of Piero Sraffa have stimulated regarding what th
Worker Bargaining Power and Real Wages from 1870 to 1913
This paper discusses Phelps Brown's claims that (1) real wages in the long run cannot be explained by a theory where distribution is determined by the relative worker bargaining position, and (2) changes in real wages would be strictly linked to changes in the average product per worker
Classical Theory and Policy Analysis
Introduzione al dibattito tra P. Garegnani, D. Foley, M. Pivetti e F. Vianello sulle analisi di politica economica nell'ambito delle teorie del sovrappiù di Smith, Ricardo e Marx
Theories of Value from Adam Smith to Piero Sraffa
Marx on Absolute and Relative Wages and the Modern Theory of Distribution
This paper aims at clarifying some aspects of Marx's analysis of the determinants of wages and of the peculiarity of labour as a commodity, focusing on three related issues. The first is that of Marx's notion of the subsistence (or natural) wage rate: the subsistence wage will be shown to stem, according to Marx, from socially determined conditions of reproduction of an efficient labouring class. The second issue refers to the distinction between…
Sraffa and the Reconstruction of Economic Theory
International audience
Sraffa and the Reconstruction of Economic Theory
There has been little explicit discussion of the meaning of the output trends addressed in analyses of growth and their relation to actual magnitudes. This paper examines the weakness of the most common approach, which appears to extend the relation between theoretical and actual magnitudes used in the theories of prices and distribution automatically to the analysis of growth, and goes on to question the implied assumption that the trend of outp…
Sraffa and the Reconstruction of Economic Theory
The Ramsey (1928) accumulation path is characterized as a saddle-path in the standard presentations of the model based on the works of Cass (1965) and Koopmans (1965).From a mathematical stance a saddle-path is unstable: if the system is exactly on that path, it converges to the steady state of the system; if it diverges slightly from that path, it shifts indefinitely from the steady state.The 'transversality' condition is then invoked in the Ram…
Towards a New Understanding of Sraffa
A recently published book edited by Riccardo Bellofiore and Scott Carter1 testifies further to the interest and debates that the unpublished papers of Piero Sraffa have stimulated regarding what th
On Sinha’s View of Sraffa’s Revolution in Economic Theory
This review essay focuses on the interpretation by Sinha (2016) of the price system developed by Sraffa in Production of Commodities by Means of Commodities (PCMC). Contrary to the views put forward by Sinha, it shows that neither analytical aspects of PCMC nor Sraffa's unpublished manuscripts can be used to argue that Sraffa (1960) departs from the classical notion of normal prices
Estimates of the Natural Rate of Interest and the Stance of Monetary Policies
On the Criticisms of and Obstacles to the Employer of Last Resort Policy Proposal
Rising inequality in income and wealth distribution and a huge waste of human resources (in the form of labor unemployment and underemployment) has once again led to a focus on Keynesian policies against poverty, including that of the State acting as an Employer of Last Resort advanced by Minsky. After briefly summarizing Minsky’s proposal and roughly calculating the financial resources needed to implement it in the case of Italy, the aim of this…
The Price Puzzle and the Hysteresis Hypothesis
This paper shows that monetary policy tightening may lead to an increase in the level of prices. To demonstrate this, we apply SVEC modelling to US monthly data for the 1959–2018 period and endorse the ‘hysteresis hypothesis’ which assumes that monetary policy produces long-lasting effects on unemployment and prices. Contrary to what has been argued by Hanson (2004. ‘The “Price Puzzle” Reconsidered.’ Journal of Monetary Economics 51 (7): 1385–141…
On Sraffa’s Prices
In his reply to my review of his 2016 book, Ajit Sinha neglects to respond to the various points I raised against his interpretation and instead simply asserts that I had ‘no interest in investigat
The Taylor Rule and its Aftermath
Full Article Figures & data References Citations Metrics Reprints & Permissions Read this article ABSTRACT The aim of this paper is to assess to what extent the Taylor rule can be considered an appropriate representation of the tendency of central banks to react to inflation. After an overview of the origin and use of the Taylor rule, the paper stresses some difficulties in its implementation and the limits of its interpretation by the New Consen…
Monetary Policy and Income Distribution
Economic Theory and Policy (15 obras) · Economics (15 obras) · Political Economy and Marxism (11 obras) · Keynesian economics (9 obras) · Neoclassical economics (9 obras) · Economic Theory and Institutions (8 obras) · Macroeconomics (6 obras) · Mathematical economics (5 obras) · Positive economics (5 obras) · Economic theories and models (4 obras)