The REFINe (Real-Financial Interactions & Institutions in Economics) research group is dedicated to the advanced analysis of the interconnections between the financial sphere and the real economy, exploring how the evolution of financial markets and the conduct of monetary policy impact macroeconomic aggregates.
The distinctive perspective of REFINe lies in the study of the role of institutions, investigated through a dual and complementary lens.
Institutions as Intermediaries: We analyze financial institutions - such as banks, investment funds, and monetary authorities - that operate as critical infrastructure for credit transmission and risk management.
Institutions as "Rules of the Game": We extend our investigation to institutions defined as the complex system of norms, regulatory constraints, and conventions that structure the incentives of economic agents and define their modes of interaction.
This institutional framework serves as the pillar ensuring the stability of the relationship network between finance and the real economy, influencing its capacity to absorb or amplify shocks.
To interpret this complexity, REFINe integrates a view of aggregate systems as networks - mapping the webs of debt/credit and strategic functional dependencies between system nodes - with a rigorous methodological apparatus of an analytical, mathematical, experimental, and computational nature.
By employing simulation methods and quantitative models, the group aims to provide a profound understanding of how the architecture of rules and the structure of intermediaries can foster economic stability. In doing so, REFINe offers innovative tools for both academic debate and the definition of effective monetary and regulatory policies.
Real-Financial Interactions & Institutions in Economics