Le villae rusticae romane e la loro dimensione economica : uno sguardo alla penisola italiana

What a villa was is a question that engaged the Latin authors themselves, for the term is used with a certain flexibility throughout Roman history: rustic farm, luxurious mansion provided with agricultural production quarters, ultimately village in Late Antiquity. The common denominators, however, were the location outside the urban boundaries and the embedded idea of productivity. Also modern scholars have used the term villa to refer to different things depending on the geographic area under investigation. In this paper I focus on Italian villae rusticae, offering a survey of their economic dimension and attested production activities. Through a series of case studies, some specific examples of attested productions in rural villas, in addition to common agricultural activities are discussed, such as textile and lime production. The key concept to remember is that depending on location and available natural resources, an array of productions was possible, either to achieve self-sufficiency or for exchange on the market.

Do real balance effects invalidate the Taylor principle in closed and open economies?

This paper examines the determinacy implications of forecast-based monetary policy rules that set the interest rate in response to expected future inflation in a Neo-Wicksellian model that incorporates real balance effects. We show that the presence of such effects in closed economies restricts the ability of the Taylor principle to prevent indeterminacy of the rational expectations equilibrium. The problem is exacerbated in open economies, particularly if the policy rule reacts to consumer-price, rather than domestic-price, inflation. However, determinacy can be restored in both closed and open economies with the addition of monetary policy inertia.