Research
If we knew what it was we were doing, it wouldn’t be called research, would it? (Albert Einstein)
ORCID: 0000-0001-8145-5207
IDEAS: profile
Research interests: expectations, learning and information in macroeconomics and finance.
Working papers and work in progress:
Berardi, Michele. Uncertainty, sentiments and time-varying risk premia. Available at SSRN.
Berardi, Michele. Interest rates and inflation in New Keynesian models: the role of expectations. Available at SSRN.
Publications:
In academic journals:
Berardi, Michele. Beliefs asymmetry and price stability in a cobweb model. Journal of Economic Behavior and Organization 203 (2022), 401-415.
Berardi, Michele. Uncertainty and sentiments in asset prices. Journal of Economic Behavior and Organization 202 (2022), 498-516.
Berardi, Michele. Discrete beliefs space and equilibrium: a cautionary note. Journal of Evolutionary Economics 31 (2021), 505-532.
Berardi, Michele. Learning from prices: information aggregation and accumulation in an asset market. Annals of Finance 17 (2021), 45-77.
Berardi, Michele. A probabilistic interpretation of the constant gain learning algorithm. Bulletin of Economic Research 72 (2020), 393-403.
Berardi, Michele and Galimberti Jaqueson K. Smoothing-based initialization for learning-to-forecast algorithms. Macroeconomic Dynamics 23 (2019), 1008-1023.
Berardi, Michele and Galimberti, Jaqueson K. Empirical calibration of adaptive learning. Journal of Economic Behavior and Organization 144 (2017), 219-237.
Berardi, Michele and Galimberti, Jaqueson K. On the initialization of adaptive learning in macroeconomic models. Journal of Economic Dynamics and Control 78 (2017), 26-53.
Berardi, Michele. Endogenous time-varying risk aversion and asset returns. Journal of Evolutionary Economics 26 (2016), 581-601.
Berardi, Michele. Learning and coordination with dispersed information. Journal of Economic Dynamics and Control 58 (2015), 19-33.
Berardi, Michele. On the fragility of sunspot equilibria under learning and evolutionary dynamics. Journal of Economic Behavior and Organization 112 (2015), 251-265.
Berardi, Michele. Time-varying policy rule under learning. Economics Letters 129 (2015), 25-28. [Longer version with additional results previously circulated as: On the stability properties of optimal interest rules under learning, Centre for Growth and Business Cycle Research Discussion Paper 155, The University of Manchester, 2011.]
Berardi, Michele and Duffy, John. Real-time adaptive learning via parameterized expectations. Macroeconomic Dynamics 19 (2015), 245-269.
Berardi, Michele and Galimberti, Jaqueson K. A note on the representative adaptive learning algorithm. Economics Letters 124 (2014), 104-107.
Berardi, Michele. Escape dynamics and policy specification. Macroeconomic Dynamics 17 (2013), 123-142.
Berardi, Michele and Galimberti, Jaqueson K. A note on exact correspondences between adaptive learning algorithms and the Kalman filter. Economics Letters 118 (2013), 139-142.
Berardi, Michele. Heterogeneous learning dynamics and speed of convergence. Studies in Nonlinear Dynamics and Econometrics 16 (2012), Issue 4.
Berardi, Michele. Fundamentalists vs. chartists: learning and predictor choice dynamics. Journal of Economic Dynamics and Control 35 (2011), 776-792.
Berardi, Michele. Heterogeneous expectations, sunspot equilibria and their fragility. Economics Letters 105 (2009), 276-279.
Assenza, Tiziana and Berardi, Michele. Learning in a credit economy. Journal of Economic Dynamics and Control 33 (2009), 1159-1169.
Berardi, Michele. Monetary policy with heterogeneous and misspecified expectations. Journal of Money, Credit, and Banking 41 (2009), 79-100.
Berardi, Michele. Heterogeneity and misspecifications in learning. Journal of Economic Dynamics and Control 31 (2007), 3203-3227.
Berardi, Michele and Duffy, John. The value of central bank transparency when agents are learning. European Journal of Political Economy 23 (2007), 9-29.
In books:
Assenza, Tiziana, Berardi, Michele and Delli Gatti, Domenico. Was Bernanke right? Targeting asset prices may not be a good idea after all. In: Barnett, W., Jawadi, F. (editors), Monetary Policy in the Context of Financial Crisis: New Challenges and Lessons, International Symposia in Economic Theory and Econometrics, Vol. 24, Emerald Publishing, 2015. Available as CESifo Working Paper Series 3641.
Berardi, Michele. Should monetary policy respond to private sector expectations? In Cappello, M., Rizzo, C. (editors), Central Banking and Globalization, Nova Publishers, 2010. MPRA working paper version available here.
Berardi, Michele. Beyond the static money multiplier: in search of a dynamic theory of money. In Consiglio, A. (editor), Artificial Markets Modeling, Lecture Notes in Economics and Mathematical Systems, Volume 599, Springer, 2007. MPRA working paper version available here.