Search results for "Economica"
showing 10 items of 487 documents
Monetary policy and the redistribution of net worth in the U.S
2021
The view that expansionary monetary policy can exacerbate both income and wealth inequality by increasing asset prices has become increasingly popular. The aim of this paper is to study the distributive effects of monetary policy on wealth inequality. In the first part of this research, we develop a simple framework based on accounting identity to examine the redistributive repercussions of changes in monetary policy on net worth through different channels. Based on this framework, in the second part of the paper, we show empirical evidence concerning the effects of monetary policy on wealth inequality in the US. To derive this, we combined macro and micro data, and proceeded in two steps. …
Pandemics and Inequality: Assessing the Impact of COVID-19
2020
This chapter provides evidence on the impact of major epidemics from the past two decades on inequality and job prospects. Our results justify the concern that the COVID-19 pandemic could significantly raise inequality; past events of this kind, even though much smaller in scale, have led to increases in the Gini coefficient, lowered the employment-to-population ratio for those with basic education compared to those with higher education, and pushed people into precarious work in the form of self-employment or in the informal sector.
Will the Economic Impact of COVID-19 Persist? Prognosis from 21st Century Pandemics
2021
COVID-19 has had a disruptive economic impact in 2020, but how long its impact will persist remains unclear. We offer a prognosis based on an analysis of the effects of five previous major epidemics in this century. We find that these pandemics led to significant and persistent reductions in disposable income, along with increases in unemployment, income inequality and public debt-to-GDP ratios. Energy use and CO2 emissions dropped, but mostly because of the persistent decline in the level of economic activity rather than structural changes in the energy sector. Applying our empirical estimates to project the impact of COVID-19, we foresee significant scarring in economic performance and in…
Global factors, uncertainty, weather conditions and energy prices: On the drivers of the duration of commodity price cycle phases
2020
We investigate the role of global factors in explaining the length of commodity price cycle phases, using a continuous-time Weibull duration model and data for a panel of 33 countries over the period 1980Q1-2015Q4. We find evidence of increasing (constant) positive duration dependence for commodity price booms and busts (normal time spells). Global macroeconomic conditions - in particular, inflation, economic policy uncertainty and monetary policy actions - significantly affect the duration of all commodity price cycle phases. Global environmental conditions also impact the duration of commodity price booms, with a rise in average temperature (rainfall) increasing (reducing) their length. A…
How does monetary policy respond to the dynamics of the shadow banking sector?
2020
We investigate the response of the central bank to the change in size of non-bank financial intermediaries. Using quarterly data for the U.S. over the period 1946:Q1-2016Q4, we find that when faced with an increase in the asset growth of the securities' brokers and dealers and the shadow banking sector, the monetary authority reacts by raising the short-term nominal interest rate. This response is stronger in the case of sharp variation in the size of the balance sheet of nonbank financial intermediaries. From a policy perspective, our study suggests that an extended version of the original Taylor rule - embedding both price stability and financial stability concerns – provides a good chara…
On the duration of sovereign ratings cycle phases
2021
Abstract Using long-term sovereign ratings data for a panel of 130 countries over the last three decades, we investigate the duration and determinants of sovereign rating phases through the lens of discrete-time Weibull models. We find that the likelihood of the end of the ‘speculative-grade’ phase increases as time goes by (i.e. there is positive duration dependence), but the ‘investment-grade’ phase is not duration dependent. Thus, for sovereigns rated as speculative, the build-up of reputation as good borrowers is a gradual process, whereas the reputation of investment-grade sovereigns solidifies and remains unchanged as time passes. However, the length of both phases significantly depen…
Infrastrutture: efficienza, accessibilità ed attrattività come elementi del capitale territoriale
2012
Le infrastrutture rappresentano uno dei fattori di competitività di un territorio non soltanto rispetto alla sua componente “fisica” e trasportistica ma anche rispetto alla componente qualitativa e sociale. L’idea di fondo di questo paper è proprio quella di individuare quali, tra gli aspetti citati, possano influenzare maggiormente la dotazione di Capitale Territoriale definito da Camagni (2008). In particolare, riteniamo che, al fine di trovare le giuste risposte in termini di differenziali di sviluppo si debbano osservare caratteristiche che prescindono dalla mera “dotazione” e che invece si mescolano con una dimensione geografica e spaziale che si materializza negli aspetti della retico…
Crescita e resilienza nelle isole mediterranee europee: il ruolo del turismo nel confronto con le regioni non insulari
2020
Il contributo illustra le difformità di crescita esistenti tra le economie insulari e le altre economie regionali appartenenti agli stessi paesi, prestando particolare attenzione alla resilienza al periodo di crisi. I risultati dell’analisi confermano l’ipotesi di fondo che vi sia una maggiore rilevanza per le variabili legate alla domanda e all’offerta turistica nei processi di crescita delle isole e mostrano altresì l’importanza di altre variabili (quali le economie di agglomerazione e l’apertura commerciale). Sebbene tutte le determinanti della crescita siano state fortemente influenzate dalla Grande Recessione, questa sembra avere generato un più ridotto impatto negativo sulla crescita …
Risparmio per investimenti: Crediop, Icipu e lo sviluppo del modello Beneduce
2014
Exploring the tourism markets’ convergence hypothesis in Italy
2020
This article aims at investigating the tourism markets’ convergence hypothesis across Italy’s 20 major source markets. To reach our goal, we use monthly data of tourist arrivals and overnights over the period 2008–2018 and the time-varying factor model developed by Phillips and Sul (2007, 2009). Our findings suggest the absence of full (absolute) convergence, leading us to accept the hypothesis of club convergence. We show that the traditionally more important source markets have a tendency to persist, while Asian countries show heterogeneous behaviour. Furthermore, the relative decline in the contribution to total arrivals and overnights of several international source markets calls for a…