Bachelor of Science (Statistics), Doctor of Philosophy University Rome, 1962, 1969.
State, Italian State Central Office, Rome, 1961-1965. Lector, University Rome, 1965-1972. Professor Economics and Banking, Siena, Italy, 1972-1976.
Professor Econometrica, University ‘La Sapienza’, Rome, Italy, since 1976. Editorial Board, Economia Politica Rivista, 1983.
My first field of research was the interconnection between the models of Leontief, von Neumann and Walras. While it was common to say that the three models were radically different, I proved that the mechanism of capital goods accumulation and of price formation was basically the same in all three. In doing this, I considered various problems concerning the existence of meaningful solutions for Walras’ model of capital formation.
This analysis led me to consider the connection between classical natural prices and Walrasian prices in the context of the capital accumulation model. My contention was that Walrasian prices are the rigorous formulation of classical market prices constituting the basis for natural prices. In proving the above, I introduced non-static ex
pectations into the Walrasian model.
The study of this problem led me to a critique of the perfect foresight prices usually associated with the Leontief dynamic model and to a solution of the so-called ‘dual stability paradox’. Afterwards I studied a group of models in which non-competitive conditions are prevailing and in which involuntary unemployment may emerge. In the last years I have been interested in the econometric forecasting of public revenues and expenditures.