Sergio Cesaratto

Curriculum in breve
Sergio Cesaratto
Professore ordinario
Settore scientifico disciplinare: SECS-P/01 Economia Politica
Interessi di ricerca: macroeconomia
1981 La Sapienza Roma: laurea in Economia cum laude; 1983 ricercatore CNR; 1986 Università di Manchester Master; 1987 La Sapienza Roma dottorato di ricerca in Economia; 1992 La Sapienza Roma ricercatore; 1999 Università di Siena Professore associato; 2003 Università del L’Aquila ideoneità a professore ordinario; 2004 Università di Siena Professore ordinario.
Principali pubblicazioni
  • Cesaratto, S. (2018), The nature of the eurocrisis. A reply to Febrero, Uxò and Bermejo, Review of Keynesian Economics, Vol. 6 No. 2, Summer 2018, pp. 240–251 (working paper version Quaderni DEPS n. 752).
  • Cesaratto, S. (2017) Garegnani, Ackley and the years of high theory at Svimez, WP Centro Sraffa CSWP 26 (December 2017) (an abridged version of this paper will appear in a Festschrift volume in honour of Marc Lavoie and Mario Seccareccia edited by J.P. Rochon and H. Bougrine, Edward Elgar, forthcoming)
  • Cesaratto, S. (2017) Bofinger and Ries (2017) versus Borio and Disyatat (2011): macroeconomics after endogenous money. A brief note, Quaderni DEPS, no. 763
  • Cesaratto, S. (2017), Beyond the traditional monetary circuit: endogenous money, finance and the theory of long-period effective demand, Quaderni DEPS, no. 757.
  • Cesaratto, S. (2017), Una nessuna centomila – Le molte verità di TARGET2, Quaderni DEPS n. 751
  • Cesaratto, S. (2017) Initial and final finance in the monetary circuit and the theory of Effective Demand. 2016, Metroeconomica, Volume 68, Issue 2, May , Pages: 228–258,  (abstract).
  • Cesaratto, S. (2017) Alternative Interpretations of a Stateless Currency crisis, Working paper DEPS 735/2016, Cambridge Journal of Economics
  • S.Cesaratto (2016) Sei lezioni di economia – Conoscenze necessarie per capire la crisi più lunga (e come uscirne), Imprimatur editore, 3a ristampa
  • Cesaratto, S. (2016) The State Spends First: Logic, Facts, Fictions, Open Questions, Journal of Post Keynesian Economics, 39 (1), 44-71.
  • Cesaratto, S. (2016) The modern revival of the Classical surplus approach: implications for the analysis of growth and crises, DEPS, Working paper N. 735 Agosto 2016, forthcoming in a volume published by Routledge (Moneta, Gasperin, Gabellini eds.)
  • Cesaratto, S. (2015). Balance of Payments or Monetary Sovereignty? In Search of the EMU’s Original Sin – a Reply to Lavoie, International Journal of Political Economy, vol. 44, no. 2, WP: Asimmetrie, WP 2014/06 (December),
  • Cesaratto, S. (2015) Neo-Kaleckian and Sraffian Controversies on the Theory of Accumulation, in Review of Political Economy, Vol. 27, No. 2.
  • Cesaratto, S. and Mongiovi, G. (2015) Pierangelo Garegnani, the Classical Surplus Approach and Demand-led Growth: Introduction to the Symposium, Review of Political Economy, Vol. 27, No.
  • Cesaratto, S. (2015) Fra Marx e List: sinistra, nazione e solidarietà internazionale a/ working papers 2015/02
  • Cesaratto, S. (2013): The implications of TARGET2 in the European balance of payment crisis and beyond, European Journal of Economics and Economic Policies: Intervention, 10, 2013 (3), versioni working paper: e
  • Cesaratto S. (2013). Controversial and Novel features of the Eurozone Crisis as a Balance of Payment Crisis, in Febrero E. et al., editors, Post Keynesian Views of the Economic Crisis and its Remedies, Routledge, 2013. Working paper:
  • Cesaratto S., Stirati A. (2011) Germany in the European and Global Crises, International Journal of Political Economy, vol. 39, no. 4, Winter 2010–11, pp.56–87; working paper version:
  • Cesaratto S. (2011), Europe, German Mercantilism and the Current Crisis, Quaderni del dipartimento di economia politica, in Brancaccio E., Fontana G. (a cura di), The Global Economic Crisis. New Perspectives on the Critique of Economic Theory and Policy, Routledge, London. Working paper version Quaderni del Dipartimento di Economia politica,, n. 595 (
  • Cesaratto S. (2012), Pensions in a shrinking economy: a comment on Kuné, Pensions – An International Journal, vol. 17 (1), 20-24. WP version:
  • Cesaratto S. (2012). Neo-Kaleckian and Sraffian controversies on accumulation theory , Quaderni del Dipartimento di Economia Politica e Statistica, Università degli Studi di Siena. Italy, available at: (versione giugno 2013), in corso di pubblicazione Review of Political Economy 2014.
  • Cesaratto S. (2013). Harmonic and Conflict Views in International Economic Relations: a Sraffian view. Levrero E.S., Palumbo A. and Stirati A., Sraffa and the Reconstruction of Economic Theory, vol. II, Aggregate Demand, Policy Analysis and Growth, Palgrave Macmillan, 2013. Working paper version available at: