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"Croce, Mariano"
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Undoing ties : political philosophy at the waning of the state
\"Undoing Ties: Political Philosophy at the Waning of the State is a comprehensive overview of the most significant theories and contributions in the field of political philosophy of the last three decades. It is a journey through contemporary political philosophy that puts forward a basic interpretative hypothesis. Mariano Croce and Andrea Salvatore analyse the theories and proposals of many prominent political philosophers and attempt to arrive at the conclusion that today's politics is characterised by a striking reviviscence of groups (whether ethnic, religious, financial, or else) which is profoundly impacting on the role of traditional political institutions, and on the state in particular. Political philosophers discussed include Giorgio Agamben, Zygmunt Bauman, Mark Goodale, Martha Nussbaum, Charles Taylor, Slavoj Žižek and many others. Undoing Ties also devotes attention to elements that are crucial to a sound analysis of contemporary politics, both at a national and at a global level, such as the law and the transformation of the legal practice and a socio-anthropological analysis of globalisation. It is an exhaustive picture of the debates and discussions in the field of political philosophy in a captivating way, which leads the reader to an informed global understanding of the field, but also to reflect on some vital issues that directly affect their everyday life\"-- Provided by publisher.
Book
International Asset Pricing with Recursive Preferences
Focusing on data from the United States and the United Kingdom, we document that both the anomaly identified by Backus and Smith, which concerns the low correlation between consumption differentials and exchange rates, and the forward premium anomaly, which concerns the tendency of high interest rate currencies to appreciate, have become more severe over time. Taking into account different capital mobility regimes, we show that these anomalies turn into general equilibrium regularities in a two-country and two-good economy with Epstein and Zin preferences, frictionless markets, and correlated long-run growth prospects.
Journal Article
Risks for the Long Run and the Real Exchange Rate
We propose an equilibrium model that can explain a wide range of international finance puzzles, including the high correlation of international stock markets, despite the lack of correlation of fundamentals. We conduct an empirical analysis of our model, which combines cross-country-correlated long-run risk with Epstein and Zin preferences, using U.S. and U.K. data, and show that it successfully reconciles international prices and quantities, thereby solving the international equity premium puzzle. These results provide evidence suggesting a link between common long-run growth perspectives and exchange rate movements.
Journal Article
Currency Risk Factors in a Recursive Multicountry Economy
Focusing on the 10 most traded currencies, we provide empirical evidence regarding a significant heterogeneous exposure to global growth news shocks. We incorporate this empirical fact in a frictionless risk-sharing model with recursive preferences, multiple countries, and multiple consumption goods whose supply features both global and local short- and long-run shocks. Since news shocks are priced, heterogeneous exposure to long-lasting global growth shocks results in a relevant reallocation of international resources and currency adjustments. Our unified framework replicates the properties of the HML-FX and HML-NFA carry-trade strategies studied by Lustig, Roussanov, and Verdelhan and Della Corte, Riddiough, and Sarno.
Journal Article
Investor Information, Long-Run Risk, and the Term Structure of Equity
We study the role of information in asset-pricing models with long-run cash flow risk. When investors can distinguish short- from long-run consumption risks (full information), the model generates a sizable equity risk premium only if the equity term structure slopes up, contrary to the data. In general, the short- and long-run components are unidentified. We propose a sparsity-based bounded rationality model of long-run risk that is both parsimonious and fully identified from historical data. In contrast to full information, the model generates a sizable market risk premium simultaneously with a downward-sloping equity term structure, as in the data.
Journal Article
News Shocks and the Production-Based Term Structure of Equity Returns
We propose a production-based general equilibrium model to study the link between timing of cash flows and expected returns, both in the cross-section of stocks and along the aggregate equity term structure. Our model incorporates long-run growth news with time-varying volatility and slow learning about the exposure that firms have with respect to these shocks. Our framework provides a unified explanation of the stylized features of the slope of the term structure of equity returns, its variations over the business cycle, and the negative relationship between cash-flow duration and expected returns in the cross-section of bookto-market-sorted portfolios.
Journal Article
Toward a Quantitative General Equilibrium Asset Pricing Model with Intangible Capital
We model investment options as intangible capital in a production economy in which younger vintages of assets in place have lower exposure to aggregate productivity risk. In equilibrium, physical capital requires a substantially higher expected return than intangible capital. Quantitatively, our model rationalizes a significant share of the observed difference in the average return of book-to-market-sorted portfolios (value premium). Our economy also produces (1) a high premium of the aggregate stock market over the risk-free interest rate, (2) a low and smooth risk-free interest rate, and (3) key features of the consumption and investment dynamics in the U.S. data.
Journal Article
Whither the state? On Santi Romano's The legal order
This essay foregrounds the relevance of Italian jurist Santi Romano's theorizing to today's political and legal debates on the relation between state and non-state laws. As Romano's classic book L'ordinamento giuridico (1917-1918) has finally been translated into English, the Anglophone readership can take stock of one of the most enlightening contributions to institutional thinking in the last centuries. Romano put forward a theory of legal institutionalism that has legal pluralism as a basic corollary and contended that the legal order is naturally equipped to temper and overcome conflicts between bodies of law. The present contribution argues that this approach unravels the riddles of recent multiculturalist paradigms and provides invaluable insights on the way the state could and should manage the conflicts between competing normative orders that lay claims to legislative and jurisdictional autonomy.
Journal Article
Undoing ties: political philosophy at the waning of the state
Undoing Ties claims to offer an answer to the question of what happens when the ties between traditional political institutions and citizens are being undone. The basic aim of the book is to offer an introductory and accessible overview of those paradigms and theories that are specifically concerned with the irreducible plurality of life forms and seek to understand how this challenge should be faced. The authors adopt an interdisciplinary approach to foreground how scholars in different areas (such as political philosophy, jurisprudence, sociology and anthropology) deal with one of the key characterizing elements of today's political scenario, that is to say, the reviviscence of sub-state and supra-state groups as crucial political actors vis-AA -vis the state.
eBook
International Robust Disagreement
We characterize the equilibrium of a two-country, two-good economy in which agents have opposite preference bias toward one of the two consumption goods and fear model misspecification. We document that disagreement about endowments' growth prospects is a persistent endogenous outcome of this class of economies.
Journal Article