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Garofalo, Giuseppe

Academic profile

He’s Full Professor of Political economy at the faculty of Economics of Tuscia University in Viterbo (Italy) and member of the department of Managerial, technological and quantitative studies (Distateq) since 2001.

[Web site: http://www.unitus.it/dipartimenti/distateq/garofalo/index.html

Previously he taught as Associated professor of Political economy at “Sapienza” University in Rome  (1988-2001) and as Associated professor of Monetary economics at the University of Cassino (1984-1988).

He began his career as Assistant professor at “Sapienza” University in Rome and as scholar at the University of Ancona.

Now he works also at: the faculties of Engineering and Medicine of “Bio-medical Campus” University in Rome; the faculty of Economics of “Sapienza” University in Rome [Web site: http://dep.eco.uniroma1.it/docenti_scheda.php?menu=pe01&id=13]; the European Ph.D. in Socio-Economic and Statistical Studies of “Sapienza” University in Rome; Master of "Public economics" of “Sapienza” University in Rome and Inpdap; Master in "Financial and business analyst in the fims’internationalization" of Bocconi University in Milan, “Sapienza” University in Rome and Simest.

He’s chair of Scientific research Commission at the Tuscia University.

Research activity

He's been director of many, either individual or joint, researches financed by the Ministry of University and Research and the National research council (CNR).

He carried out research activity also at the Commission of Economic policy of National council of economics and labour (CNEL) and at Formez.

Referee for italian and international journals (besides American Economic Review, Review of economic policy and Applied financial economics), for McGraw-Hill, and for Ministry of University and Research-Cineca.

His main fields of specialisation include:

- technical progress effects on growth and productive specialization;

- structure of economic models;

- analysis of financial system and functions of monetary policy;

- income distribution and inequalities effects.


American economic association; European economic association; Italian economic society; Association for the History of Political Economy.



Selected publications

Articles in journals

  • Growth and Social Capital: An Evolutionary Model (joint with L. Correani and F.Di Dio), “Quality and Quantity”, DOI: 10.1007/s11135-010-9363-3
  • The Financing of R&D Investments: Effects on Growth and Financial Structure (joint with P.Morganti), “Journal of Applied Economic Sciences”, Volume V, Issue 2(12), Summer 2010
  • A Return to Fundamentals: Fausto Vicarelli’s Thought on Finance v. Growth and Efficiency v. Stability in the Financial System (joint with C.Gnesutta), “Italian Review of economist”, n. 1, 2010 [earlier version of this paper were presented al the Storep (Association for the History of Political Economy) Conference (Florence, 2009) and the 50th scientific meeting of the Sie (Italian economic society), Rome,  2009]
  • Chaotic Paths in the Tourism Industry (joint with L.Correani), “Political economy. Journal of analytical and institutional economics”, n. 1, 2010
  • Inter-firm Coordination: the Role of R&D Consortia (joint with L.Correani and E.Neri), “L’Industria”, n. 1, 2009
  • International Technology Gap and Technology Transmission: the Policy Implications (joint with C.P.Parello), “Political economy. Journal of analytical and institutional economics”, n. 2, 2007
  • Asset Price Dynamics in a Financial Market with Heterogeneous Trading Strategies and Time Delays (joint with A.Sansone), “Physica A. Statistical Mechanics and its Applications”, vol. 382 (1), 2007
  • The economist in Italy in the 1950-1975 years, “Political economy. Journal of analytical and institutional economics”, n. 3, 2005
  • Obituary of Massimo Finoia, “Italian review of economists”, n. 3, 2001
  • From “growth with debt” to “debt deflation”. The present cyclical situation in a historical perspective (joint with L.Gambacorta),  “Economy & Labour”, n. 1, 1995
  • The Tobin-tax (joint with L.Gambacorta), “Review of economic policy”, March 1994
  • The italian trade cycle in the 1970 years, “Economy & Labour”, n. 2, 1989
  • From “financial way to growth” to growth centred on finance: reflections on firms financial policy, “L’Industria”, n. 2, 1988
  • From rationality hypothesis to money neutrality, “Economic notes”, n. 5-6, 1986
  • Interdependence and causal process in the monetary analysis, “Economic studies”, n. 28, 1986
  • The international inflation, “Economic notes”, n. 4, 1982
  • Measurement of technical progress: a review of literature and of the researches pertinent to the Italian economy, “Review of economic policy”, August-September 1978
  • Technical progress, investments and productive structure, “Politics and Economics”, n. 1-2, 1978

Books (as a author or editor)

[The book is been reviewed on: “Italian economy” (n. 1, 2004); “La Stampa” (April 21, 2004); “Il Sole 24 ore” (June 20, 2004); "The Agrarian Question" (n. 3, 2004); "Journal of Public Finance and Public Choice" (n. 1-2, 2005)]

[The book is been reviewed on: “Il Sole 24 ore” (August 27, 2000); "Italian economy" (n. 3, 2001)]

[The book is been reviewed on: “Review of economic policy” (July-August 1996) e “Il Sole 24 ore” (November 5, 1995)]

[The book is been reviewed on: “Review of economic policy” (March 1999) e “Money and credit” (n. 202, 1998)]

[The book is been reviewed on: “Economic notes” (n. 2, 1991); “Economic review” (n. 1, 1992); “Review of economic policy” (March 1991); “Economy & Labour” (n. 4, 1990); “International review of economic and business studies” (n. 5-6, 1992); “Il Sole 24 ore” (November 11, 1990)]

  • The financial structure: institutional and theoretical aspects, Rome, Sapienza Press, 1987

Books (as a contributor)

  • Financial recovery, linking to Europe and reform of Welfare state. The experience of 1992-’94 biennium, in V.Atripaldi, G.Garofalo, C.Gnesutta e P.F.Lotito (eds.), “Rules and economy: the institutional transition in XI legislature”, cit.
  • The financial rents, in F.Marzano (ed.), “Differentials and rents in the income functional distribution”, Rome, Sapienza Press, 1996

[The book is been reviewed on: “Review of economic policy” (issue III, 1998)]

  • Bonds and outlooks of European integration for the Italian financial system, in A.Murolo (ed.), “Monetary unification, credit systems and regional disequilibria”, Turin, Giappichelli, 1996
  • Dynamics of economic systems and dynamics of financial systems: an analysis at G7 level (joint with L.Gambacorta), in G.Garofalo (ed.), “The dynamics of financial systems ”, cit.
  • The contribution of financial analyses, in G.Garofalo (ed.), “The dynamics of financial systems”, cit.
  • Financial questions of economic cycle (joint with L.Gambacorta), in F.R.Pizzuti (ed.), “The evolution of the Italian economy from presence at EMS to nowadays”, Milan, McGraw-Hill, 1994
  • Financing of investments and monetary policy, in F.Marzano (ed.), “Investment decisions: analytical models and economic policies”, Padua, Cedam, 1993
  • The economic method question in the J.A.Schumpeter’s thought, in C.Filippini e P.L.Porta (eds.), “Society, development, firms. Essays on Schumpeter”, Milan, Ipsoa, 1985
  • A road of penetration of the keynesian theory in Italy: “L’Industria” 1945-1952, in G.Becattini (ed.), “Keynes in Italy”, Milan, Ipsoa, 1984
  • Changes in the demand and the structure of international trade: the case of non electric mechanics (joint with C.Antonelli), in V.Capecchi, A.Enrietti and M.Rollier (eds.), “Innovation and restructuring in the industry of machine tools”, Milan, F.Angeli, 1981 
  • The Italian competitiveness in the industry of machine tools for metal working (joint with C.Antonelli), in P.Alessandrini (ed.), “Employment and productive capacity: international comparisons. Researches of applied economics of Ancona team”, vol. 6, “Specialization and international competitiveness in Italy”, Bologna, Il Mulino, 1978 [research developed within the CNR group for the study of economic problems of distribution, technical progress and growth]

Books with also didactic aims

  • Institutes of political economy. Macro- and Microeconomics of first level, 2 vol., Turin, Giappichelli, 1999-2000
  • The models of cycle and growth. The problems of disaggregation and structure, in  “Political economy 2”, vol. 6, Rende-Cs, Consortium for Open University, 1995
  • The monetarist model, in “Political economy 2”, vol. 4, Rende-CS, Consortium for Open University, 1994
  • The monetary market and the IS-LM model, in “Political economy 2”, vol. 3, Rende-CS, Consortium for Open University, 1993
  • Lectures of economic policy, Rome, Formez, 1981
  • Economics course (joint with S.Bruni), Turin, Eri-Rai Educational,19781, 19882 [revised edition]

[The book - that reproduces the speaking of a television program - is been reviewed on: "Tuttolibri-La Stampa" (December 8, 1979); “Il Sole 24 ore” (March 11, 1980)]

Working Papers  

[The paper was presented at 5th International Conference “Applications of Physics in Financial Analysis” (2006)]

Other activities

He’s member of the Directive council of Carivit Foundation in Viterbo.

He collaborated with the economic weekly newspaper “Mondo economico” (n. 49, 1980; n. 49, 1994; n. 12, 1995) and the economic newspaper “Il Sole 24 ore” (January 11, 1995; July 18, 2004)


Tuscia University, Department of Managerial, technological and quantitative studies (Distateq)


Sabatini, Fabio

I am Associate Professor of Economics at the Department of Economics and Law of Sapienza University...

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