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.
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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.
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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.
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