This contribution attempts to systematize some first evidence on the sustainability and resilience of local production systems in the economic recession and first hypothetical phases of recovery, 2007 to 2011, focusing on the role played by diversified economy, related and unrelated variety and...

Evidence of the evolution of ideas on central bank transparency can be found in the central bankersÕ speeches during the period 1997-2012. Exploratory analysis of the central bankersÕ speeches provides an overview of their use of language: speeches define the historical evolution of central...

Moving from the hypothesis of firm heterogeneity, we analyze whether the firmÕs experience, product and process innovation as well as a clear international marketing strategy affect firmsÕ probabilities of entering export markets and their export intensities (sales achieved abroad). The paper...

We employ a nonlinear VAR to document the asymmetric reaction of real economic activity to uncertainty shocks. An uncertainty shock occurring in recessions triggers an abrupt and deep drop followed by a quick rebound and a temporary overshoot. The same shock hitting in expansions induces a...

Over the past thirty years, health expenditure has grown at a faster rate than the economy in almost every OECD country. The main drivers of public health spending are income growth, insurance coverage, demographics, and, above all, technological change. According to the projections of the major...

This paper studies the benefit coming from bundling two sequential activities in a context of Public Private Partnerships (PPPs). Differently from previous literature, I introduce a source of asymmetric information in the form of an externality parameter linking the building stage with...

We study contributions and punishment in a linear public goods game, where group members differ in the sources of their endowments. We compare homogenous groups in which subjects are exogenously assigned to the same endowments with heterogeneous groups in which half of the group members invest...

The realized volatility of financial returns is characterized by persistence and occurrence of unpredictable large increments. To capture those features, we introduce the Multiplicative Error Model with jumps (MEM-J). When a jump component is included in the multiplicative specification, the...

This paper investigates the interaction between uncertainty and monetary policy by estimating a non-linear VAR with US post-WWII data. The uncertainty indicator is treated both as an endogenous variable in the VAR and as the transition indicator discriminating "high" vs. "low" uncertainty...

We propose a novel identification-robust test for the null hypothesis that an estimated new-Keynesian model has a reduced form consistent with the unique stable solution against the alternative of sunspot-driven multiple equilibria. Our strategy is designed to handle identification failures as...