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Sergio Focardi, PhD


Instability, Money, Complexity, Qualitative Changes, Institutions.

Instability, money, complexity, qualitative changes, institutions: These are five new economic ideas that we need to integrate into our Economics if we want to understand economic reality. This site presents ideas that are beginning to be accepted as well as my own research.

Patacca, Marco, Sergio Focardi, “Quantitative Easing Bursts Bitcoin Prices”, Accounting and Finance Research Vol. 10, No. 3; 2021, doi:10.5430/afr.v10n3p65, https://doi.org/10.5430/afr.v10n3p65, Available online August 21, 2021

Frank J. Fabozzi, Sergio Focardi, and Zenu Sharma, “Investment Management Post Pandemic, Post Global Warming, Post Resource Depletion”, Journal of Portfolio Management, September 2021 Special Issue “Novel Risk”

Figà-Talamanca Gianna, Sergio Focardi, Marco Patacca, 2021, “Regime switches and commonalities of the cryptocurrencies assetclass”, North American Journal of Economics and Finance, Volume 57 (2021) 101425, https://doi.org/10.1016/j.najef.2021.101425, Available online 27 March


Figà-Talamanca, G., S. Focardi, M. Patacca, 2021, "Common dynamic factors for cryptocurrencies and multiple pair-trading statistical arbitrages, " Accepted for publication by Decisions in Economics and Finance


Focardi, Sergio M., Frank J. Fabozzi, and Davide Mazza, 2020, "Quantum Option Pricing and Quantum Finance", The Journal of Derivatives, The Journal of Derivatives Fall 2020, jod.2020.1.111; https://doi.org/10.3905/jod.2020.1.111

Focardi, Sergio M. and Frank J. Fabozzi, 2020, "Climate Change and Asset Management", The Journal of Portfolio Management 46 (3), 95-107



Focardi, Sergio M., Frank J. Fabozzi, and Davide Mazza, 2019, "Modeling local trends with regime shifting models with time-varying probabilities", International Review of Financial Analysis 66, 101368, 2019

Focardi Sergio M. 2018, “Do Capitalists Still Need Consumers?”, appeared in Social Europe, 18 September, 2018 (https://www.socialeurope.eu/author/sergio-focardi)

Contrary to widespread belief, the profit of firms does not depend on the consumption of wage earners. Monetary profit, however, depends on debt-driven consumption. This article explains how.

​Focardi Sergio M. 2018, “Symbolic Growth and Stagnant Wages”, appeared in Social Europe, 31 May, 2018 (https://www.socialeurope.eu/author/sergio-focardi)

This article discusses how, in modern advanced economies, economic growth is due, at least partially,  to the process of creation of symbols attached to products and services. Economies can exhibit growth even in the presence of stagnant wages.

​Focardi, Sergio M. 2018, “Central-bank digital currencies: Towards a cashless society?” The Conversation, 10 April. (https://theconversation.com/central-bank-digital-currencies-toward-a-cashless-society-93903). French version appeared 8 May (http://theconversation.com/les-monnaies-numeriques-des-banques-centrales-vers-une-societe-sans-especes-96244). This article was signaled in the June 1st Agenda in the World Economic Forum.

This article discusses current considerations by some central banks to offer state digital currencies with, eventually, the possibility of giving the public direct access to accounts in central banks. It discusses the implications of this proposal for banknotes (their eventual elimination?) and the two-level banking system itself.

​Focardi, Sergio M. 2018. “As markets climb to record highs, are today’s stock markets overvalued?” The Conversation, 17 January. (https://theconversation.com/as-markets-climb-to-record-highs-are-todays-stock-markets-overvalued-91087 French version appeared 29 January (https://theconversation.com/alors-que-les-bourses-atteignent-des-sommets-les-actions-sont-elles-surevaluees-88916).

This article discusses the notion of valuation of stocks based on finding their intrinsic price. The intrinsic price of a stock is the price the stock would have in an economy with full employment and with equilibrium between the demand and supply of investments. The question as to whether stocks/markets are over/undervalued can be answered only in a macroeconomic framework.