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Leonardo Baggiani

Articles by this author (13)

The Reliability of Quantitative Results in Social Science

by Leonardo Baggiani    24 October 2018    0

In a recent paper titled "Evaluating the replicability of social science experiments in Nature and Science Between 2010 and 2015", a group of researchers set out to replicate a series of experiments published in prestigious academic journals, employing larger samples and different sophisticated (...)

Visibility or Virtue Signalling? The Liberalisation of Salon de Paris

by Leonardo Baggiani    7 November 2018    0

There exists more or less a consensus that the state must promote the arts. This exists even among many who know that state intervention brings market distortions, and it should be clear the arts are no exception. The case of the Salon de Paris, investigated by F. Etro, S. Marchesi and E. (...)

Financial vs Business: What Cycle Comes First?

by Leonardo Baggiani    6 March 2019    0

It is common opinion that financial cycles generate business cycles and crises, and that central banks intervene to sterilise this causal link. But there are reasons to doubt both statements. Consistent with orthodox thinking, Borio et al describe a financial cycle as a wave of credit lending (...)

Synthetic Control and Extended Critics

by Leonardo Baggiani    20 March 2019    0

The recent paper “20 Years of the Euro: Winners and Losers” by Gasparotti & Kullas estimates that the introduction of the euro increased the pro-capita income in Germany and the Netherlands, while it impoverished the other EMU members. Critics have poured on the statistical technique. In our (...)

Why do central bankers tend to get it wrong?

by Leonardo Baggiani    11 September 2019    0

Central banks play a prominent role in regulating modern economies. They enjoy a high reputation for their technical competence, and provide analyses and forecasts that influence the behavior of markets and the policymakers’ decisions, with emphasis on monetary policy. What if their forecasts (...)

Supervisory schizophrenia?

by Leonardo Baggiani    10 October 2019    0

The Joint Committee of the three European Supervisory Authorities (European Banking Authority, European Insurance and Occupational Pensions Authority, European Securities and Market Authority) publishes a quarterly report on risks and vulnerabilities in the European financial system. This (...)

Free-market excuses for not so free-market-oriented central bankers

by Leonardo Baggiani    4 December 2019    0

In a recent speech, the Vice Chair for Supervision at the Federal Reserve R.K. Quarles extensively cited F.A. von Hayek. Quarles highlighted Hayek’s argument on freely determined prices as crucial to convey knowledge across operators and enhance a functional economic order. By contrast, he (...)

An option for the EU: blow up debt inside a bunker

by Leonardo Baggiani    24 June 2020    0

The economic consequences of Covid-19 will be heavy: a significant portion of production came to a halt for weeks, and international value chains were disrupted. Governments will increase expenditure massively in order to hand out subsidies and respond to unemployment, while tax revenues will (...)


by Leonardo Baggiani    22 July 2020    0

Central banks are exploring new monetary policies. Unconventional ones, of course. The Bank of England (BoE) has recently announced one of such attempts. Although the main concern remains how to manage a negative-interest-rates environment, BoE Chief Economist A. Haldane most interestingly (...)

The economics behind Altman’s warning

by Leonardo Baggiani    26 August 2020    0

Edward Altman is professor emeritus at NYU’s Stern School of Business and director of credit and debt market research at the NYU Salomon Center. He is also the creator of the Z-score: a heuristic index to assess the credit worthiness (and likeliness to default) of companies. The Z-score is built (...)

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