Italian Abstract: La tesi dell' austerità espansiva, che implica valori negativi per i moltiplicatori fiscali, viene criticata sia dal punto di vista teorico che da quello empirico. Gli studi più recenti stimano moltiplicatori con valori relativamente alti, in contrasto alle stime di valori...

Three industrial organization (IO) models suggested by Dornbusch (1987) are here adapted to study the labor-cost effects on relative prices of tradable goods between the regions of a monetary union. The assumption of imperfect and segmented goods and labor markets makes the analysis best suited...

This paper examines regional inflation divergence within the European EMU aiming at characterizing the properties of inflation differentials. The empirical evidence suggests that a process of price level convergence in the EMU is well on its way.