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Nicola Acocella

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Nicola Acocella

Nicola Acocella
Nicola Acocella guest of “Trinità dei Monti”, a Rome based think tank
Born (1939-07-03) July 3, 1939
Calitri, Italy
Nationality Italian
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
Influenced Roberto Schiattarella, Francesca Sanna Randaccio, Alessandra Guariglia, Manuela Angelucci, Giovanni Di Bartolomeo, Paolo G. Piacquadio, Federico Signoretti
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 July 3, 1939) is an Italian economist and academic.[1]

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.[2] 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 1
  • Membership and associations 2
  • Research and contributions to economic analysis 3
  • Notable publishing activities 4
  • Honours and fellowships 5
  • List of publications 6
  • See also 7
  • References 8
  • External links 9

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, 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.

He has visited, among others, the University of Cambridge, Oxford, Toronto, Harvard, Reading, Stanford as well as the European Union and the United Nations.[3]

He has been Professor of Economics with the 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[4]

Membership and associations

  • Member of the Executive Committee of the ‘Società Italiana degli Economisti’ (EN: ‘Italian Economic Association’) (2007–10).
  • Member of the Committee for a full professorship in Macroeconomics, Wirtschaftsuniversität, Vienna (2009).

Research and contributions to economic analysis

Prof. Acocella has developed his expertise in several research fields. He worked first on 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[5][6]

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.[7]

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).[8]

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.[9][10]

About one of his contributions the Nobel prize Amartya Sen 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, 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.

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

List of publications

A selection of his published works follows:[13]

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, ISBN 0-521-58407-8.
  • Acocella, N. [2005], ‘Economic policy in the age of globalisation’, Cambridge University Press, Cambridge, p. 509, ISBN 0-521-54038-0.
  • Acocella, N. and Leoni, R. (eds.) [2007], ‘Social pacts, employment and growth: a reappraisal of Ezio Tarantelli’s thought’, Springer Verlag, Heidelberg, ISBN 978-3-7908-1915-1.
  • Acocella, N., Di Bartolomeo, G. and Hughes Hallett, A. [2012], ‘The theory of economic policy in a strategic context’, Cambridge University Press, Cambridge, ISBN 978-11-07-02386-4.

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, ISBN 978-88-06-05586-8.

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. [2013], ‘Announcement wars as an equilibrium selection device’, Oxford Economic Papers.

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’,
  • Acocella, N. and Leoni, R. [2010], ‘La riforma della contrattazione: redistribuzione perversa o produzione di reddito? ’, in: ‘Rivista italiana degli Economisti’, 2: 237–74.

See also


  1. ^
  2. ^
  3. ^ Curriculum Vitae of Prof. Acocella on the website of the Department of Methods and Models for Economics, Territory and Finance, Faculty of Economics, Sapienza University of Rome.
  4. ^ Profile on the website of the Department of Methods and Models for Economics, Territory and Finance, Faculty of Economics, Sapienza University of Rome.
  5. ^
  6. ^
  7. ^
  8. ^
  9. ^
  10. ^ EN: See ’Working hypothesis about the setup of the next Economic and Financial Planning Document. Remarks and proposals‘, Assembly of the National Council of Economy and Labour – June 11, 2008, p. iv, “Patto di Produttività” (Productivity Pact)
  11. ^ See the last page of the book “The Foundations of Economic Policy. Values and Techniques”.
  12. ^ Source: ‘Sapienza Ricerca, Chi Ricerca Trova’, p. 88.
  13. ^ 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 Finance Sapienza University of Rome.

External links

  • Official website
  • Profile on the “IDEAS”RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis Department
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