Search results for " politica economica"
showing 10 items of 154 documents
Fiscal adjustments, labour market flexibility and unemployment
2014
Using a panel of 17 countries for 1978-2009, we find that tax-driven consolidations increase unemployment by 0.25 percentage points. Labour market flexibility mitigates this: a one-point rise in the flexibility index reduces youth (long-term) unemployment by 0.6-0.7 (1.8-2.2) percentage points.
How does fiscal consolidation impact on income inequality?
2012
In this paper, we assess the impact of fiscal consolidation on income inequality. Using a panel of 18 industrialized countries from 1978 to 2009, we find that income inequality significantly rises during periods of fiscal consolidation. In addition, while fiscal policy that is driven by spending cuts seems to be detrimental for income distribution, tax hikes seem to have an equalizing effect. We also show that the size of the fiscal consolidation program (in percentage of GDP) has an impact on income inequality. In particular, when consolidation plans represent a small share of GDP, the income gap widens, suggesting that the burden associated with the effort affects disproportionately house…
Financial stress and sovereign debt composition
2015
"Published online: 19 Oct 2015"
How does fiscal policy react to wealth composition and asset prices?
2012
Prova tipográfica
Aggregate uncertainty and sectoral productivity growth: The role of credit constraints
2016
Abstract We show that an increase in aggregate uncertainty—measured by stock market volatility—reduces productivity growth more in industries that depend heavily on external finance. The mechanism at play is that during periods of high uncertainty, firms that are credit constrained switch the composition of investment by reducing productivity-enhancing investment—such as on ICT capital—which is more subject to liquidity risks (Aghion et al., 2010). The effect is larger during recessions, when financing constraints are more likely to be binding, than during expansions. Our statistical method—a difference-in-difference approach using productivity growth of 25 industries from 18 advanced econo…
Regional effects of monetary policy in the U.S.: An empirical re-assessment
2020
Abstract This paper provides an empirical re-assessment of the regional effects of monetary policy in the U.S. We use the narrative series of Romer and Romer (2004) as a measure of monetary policy shocks and impulse response functions estimated directly from a single equation spatial model. We find that monetary policy tightening leads to a persistent decrease in regional real personal income and employment, with asymmetric effects across regions that are magnified by spatial spillovers. The magnitude of the effects depends on the period under analysis and on the direction of the monetary policy shock. We also provide evidence of the existence of the interest rate and the housing market cha…
Trends and cycles in CO2 emissions and incomes: Cross-country evidence on decoupling
2022
This paper provides cross-country evidence on the relationship between growth in CO2 emissions and real GDP growth from 1960 to 2018. The focus is on distinguishing longer-run trends in this relationship from short-run cyclical fluctuations, and on documenting changes in these relationships over time. Using two filtering techniques for separating trend and cycle, we find that long-run trends show evidence of decoupling in richer nations—particularly in European countries—but not yet in developing economies, and that there is stronger evidence of decoupling over the 1990 to 2018 sub-period than over the earlier 1960 to 1989 sub-period. There is also a strong cyclical relationship between emi…
The links between smart specialisation strategy, the quintuple helix model and living labs
2018
This paper analyzes how the Living Labs can be designed as tools for a more effective implementation of the Smart Specialisation Strategy (S3) within the Quintuple Helix Model. Above all, the Quintuple Helix espouses the formation of a constructive situation encompassing ecology, knowledge and innovation, and creating extensive synergy between economy, society, and democracy. In this paper, we shall be focusing on the Quintuple Helix and Living Labs geared towards creating a shared arena in which services, processes and new ways of working via technology can be developed and tested with user representatives and researchers. Since the Living Lab is a rather new research area, the number of s…
Capitale territoriale e partenariato pubblico-privato: un'analisi dei fattori locali di successo
2011
Al centro di una possibile tassonomia del capitale territoriale si collocano le reti di cooperazione ed, in particolare, i servizi in partenariato pubblico-privato (PPP) che rappresentano beni e servizi ad un intermedio livello di materialità e rivalità. Questa categoria di beni consente di sfruttare le complementarietà tra pubblico e privato e, attraverso un complesso meccanismo di distribuzione del rischio e dei profitti tra i soggetti coinvolti, di accrescere l’efficienza complessiva dei progetti di investimento. Nel presente lavoro sono state analizzate le possibili determinanti territoriali degli esiti dei bandi di PPP promossi in Italia. Tali determinanti riguardano aspetti relativi a…
Systemic financial crises and the housing market cycle
2017
Using quarterly data for a group of 20 industrialized countries and both continuous- and discrete-time duration models, we show that financial crisis recessions are associated with a two- to three-fold increase in the likelihood of the end of a housing boom. Additionally, recessions preceded by booms in mortgage credit are especially damaging, as their occurrence coincides with an increase in the duration of housing market slumps of almost 90%.