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Sergio Focardi, PhD


Instability, Money, Complexity, Qualitative Changes, Circularity.


Instability, Money, Complexity, Qualitative Changes, Circularity. These are five New Economic Thinking ideas that we need to integrate into our Economics if we want to understand economic reality. In this site I will present ideas that are beginning to be accepted as well as my own research.

Sergio Focardi and Frank J. Fabozzi, “Reconciling circularity and growth: The model of qualitative economic growth”, May 2023, posted on SSRN


Sergio Focardi and Frank J. Fabozzi, “Why Should Asset Management Be Interested in New Economic Thinking”, The Journal of Portfolio Management Novel Risk, 2022, 276-295


Frank J. Fabozzi, Focardi, Linda Ponta, Manon Rivoire, Davide Mazza, “The Economic Theory of Qualitative Green Growth”, Structural Change and Economic Dynamics, March 2022


Patacca, Marco, Sergio Focardi, “Quantitative Easing Bursts Bitcoin Prices”, Accounting and Finance Research Vol. 10, No. 3; 2021, doi: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,, 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;

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 (

​Focardi Sergio M. 2018, “Symbolic Growth and Stagnant Wages”, appeared in Social Europe, 31 May, 2018 (

​Focardi, Sergio M. 2018, “Central-bank digital currencies: Towards a cashless society?” The Conversation, 10 April. ( French version appeared 8 May ( This article was signaled in the June 1st Agenda in the World Economic Forum.

​Focardi, Sergio M. 2018. “As markets climb to record highs, are today’s stock markets overvalued?” The Conversation, 17 January. ( French version appeared 29 January (


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