Search

Andrea Beltratti, Alessia Bezzecchi

AI, the market, and the value of possible worlds

The high valuations of AI stocks are fueling debate over a possible new technology bubble. A few figures explain why. In 2026, Nvidia surpassed a market capitalization of $5 trillion, while the U.S. semiconductor sector posted gains of more than 100% over the past year. The U.S. market is trading at multiples that are very high by historical standards: the S&P 500’s Shiller P/E has risen above 40, ...

Donato Masciandaro

Trump and the Monroe Doctrine 2.0: between political dominance and monetary instability

“The Monroe Doctrine is a big deal, but we've superseded it by a lot, by a real lot. They now call it the Donroe doctrine.” These were Donald Trump’s words, spoken just hours after the Maduro operation in Venezuela. Leaving aside yet another demonstration that modesty is hardly the defining virtue of the current occupant of the White House, what does this mean? In December 1823, President Monroe, ...

Donato Masciandaro

A sphinx at the Fed

Last April, Kevin Warsh, nominated by Donald Trump as the next chair of the central bank, presented the manifesto of what is to become “his” Fed during his hearing before the U.S. Senate Banking Committee. The starting point cannot but be the observation that, of the hearing’s total 120 minutes – made up of questions from Republican and Democratic senators and answers from the nominee – ...

Magazine article (E&M - 2021/3) Sironi Andrea

Human Capital: from Emergency to Priority for the Country’s Future

Human capital represents a key factor for the competitiveness and economic and social development of a country. The main factors that determine the quality and quantity of human capital are represented by the demographic curve, the educational system, research spending and the system of scientific research in general, and the ability of a country to attract quality immigration from the rest of the ...

Magazine article (E&M - 2021/2) Caselli Stefano

Banks and Markets: Why They are Tools of Economic Policy

Markets and financial investments play a decisive role in favoring growth, that economic policy choices must permanently encourage. First of all, it is necessary to promote the use of the financial market and investor interventions (private equity, venture capital, PIR, ELTIF) in support of business equity.#Any public interventions in the economy must always have an explicit timeframe and a logic ...

Magazine article (E&M - 2020/3) Masciandaro Donato

Euro and African Franc Better Together

The analysis of the macroeconomic costs and benefits of the experience of the African franc is much more complex than what the superficial debate in Italy in recent months suggested. The French government's decision to reduce its role will mean that the African countries will have to choose how to continue relations with the euro. The ECB could have an active role in the relations with the African ...

Magazine article (E&M - 2021/4) Ruozi Roberto, Ferrari Pierpaolo

Banks and Human Resources: Rethinking the Relationship

Technological progress, cultural growth, and the diversification of customer needs are modifying the business models of banks, their organizational structures, and the modes of production and distribution of products and services, imposing changes in the quality of the human resources employed.#The dilemma that the banking sector must face today in the process of digitalization is how to maintain ...

Magazine article (E&M - 2015/02) Gatti Stefano

Pension Funds’ Long Term Investment: A Huge Potential Demand. Interview with Mr. Raffaele Della Croce, Lead Manager, Long-term Investment Project, OECD

Looking back at the past few years, the spectrum of possible interested investors in infrastructure is now much broader. Can you please provide an overview of the different channels to infrastructure investments available to the private sector? Infrastructure can be financed using different capital channels. The evolution of the capital markets shows that financial innovation develops new financial ...