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Cingano F.,Bank of Italy | Leonardi M.,University of Milan | Messina J.,The World Bank | Pica G.,University of Salerno
Economic Policy

Exploiting information from a panel of European firms we study the joint effect of EPL and financial market imperfections on investment, capital-labour substitution, labour productivity and job reallocation. We find that EPL reduces investment per worker, capital per worker and value added per worker in high reallocation sectors relative to low reallocation sectors, while increasing the average frequency at which firms adjust their capital stock. The reduction in capital per worker and value added per worker is less pronounced in financially sound firms. Also, the propensity to invest appears to increase only in firms that are likely to be financially unconstrained. Overall, poor access to credit markets seems to exacerbate the negative effects of EPL on capital deepening and productivity. © CEPR, CES, MSH, 2010. Source

de Blasio G.,Bank of Italy | Nuzzo G.,Roma Financial
Journal of Regional Science

The paper investigates the importance of history for local economic performance in Italy by studying the role of social capital, which refers to trust, reciprocity and habits of co-operation that are shared among members of a local community. The paper presents a test based on worker productivity, entrepreneurship, and female labor market participation. Using as instruments regional differences in civic involvement in the late 19th century and local systems of government in the middle ages, it shows that social capital does have economic effects. © 2009, Wiley Periodicals, Inc. Source

Sbrana G.,NEOMA Business School | Silvestrini A.,Bank of Italy
International Journal of Production Economics

Exponential smoothing models represent an important prediction tool both in business and in macroeconomics. This paper provides the analytical forecasting properties of the random coefficient exponential smoothing model in the "multiple source of error" framework. The random coefficient state-space representation allows for switching between simple exponential smoothing and local linear trend. Therefore it enables controlling, in a flexible manner, the random changing dynamic behavior of the time series. The paper establishes the algebraic mapping between the state-space parameters and the implied reduced form ARIMA parameters. In addition, it shows that the parametric mapping allows overcoming the difficulties that are likely to emerge in estimating directly the random coefficient state-space model. Finally, it presents an empirical application comparing the forecast accuracy of the suggested model vis-à-vis other benchmark models, both in the ARIMA and in the exponential smoothing class. Using time series relative to wholesalers inventories in the USA, the out-of-sample results show that the reduced form of the random coefficient exponential smoothing model tends to be superior to its competitors. © 2014 Elsevier B.V. Source

Dalmazzo A.,University of Siena | De Blasio G.,Bank of Italy
Papers in Regional Science

By exploiting the Roback model, we analyze the impact of agglomeration on both production and consumption. We postulate that the evaluation of urban amenities may vary across skill-groups. Empirically, we use the Bank of Italy's survey of household income and wealth (SHIW) dataset, and find evidence of a substantial urban rent premium, while we do not find support for an urban wage premium. We conclude that urban agglomeration is predominantly a source of positive amenities for residents and, in particular, highly-educated individuals seem to care about the welfare effects of agglomeration more than their less-educated counterparts. Survey results also suggest that urban skilled workers benefit from jobs of higher quality, and from shopping possibilities and cultural consumption opportunities, such as cinemas, theatres, and museums. Resumen: Aprovechándonos del modelo de Roback, analizamos el impacto de la aglomeración tanto en la producción como en el consumo. Postulamos que la valoración de la oferta de servicios urbanos puede variar entre grupos con un grado diferente de cualificación. Empíricamente, utilizamos los datos de la encuesta del Banco de Italia sobre ingresos familiares y patrimonio (SHIW, siglas en inglés), y mientras que encontramos pruebas de una prima de renta urbana sustancial no las encontramos para una prima salarial urbana. Concluimos que la aglomeración urbana es predominantemente una fuente de ventajas positivas para los residentes y, en particular, parece que a las personas con un alto nivel educativo les importa más los efectos de bienestar de la aglomeración que a quienes poseen un nivel educativo más bajo. Los resultados de la encuesta sugieren también que la mano de obra urbana cualificada disfruta tanto de mejores puestos de trabajo como de una mayor oferta al ir de compras y oferta cultural en cuanto a cines, teatros y museos. © 2010 the author(s). Papers in Regional Science © 2010 RSAI. Source

Brau R.,University of Cagliari | Doronzo R.,Bank of Italy | Fiorio C.V.,University of Milan | Florio M.,University of Milan
Energy Journal

This paper offers an empirical analysis of the impact of reforms in the natural gas industry on consumer prices across the EU-15 area. After briefly reviewing the most recent reforms, we study the relationship between regulatory indicators and price dynamics by means of panel data econometrics. Our findings suggest that so far there is limited evidence of beneficial effects for European consumers from the standard package of gas industry reforms. Copyright © 2010 by the IAEE. All rights reserved. Source

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