We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...

We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...

We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...

We prove that the change in welfare of a representative consumer is summarized by the current and expected future values of the standard Solow productivity residual. The equivalence holds if the representative household maximizes utility while taking prices parametrically. This result justifies...

In this paper we provide a detailed explanation of the methodology underlying the construction of a new labour and capital stock dataset for Italy since 1861. The existing seminal paper (Rossi, Sorgato and Toniolo 1993) only covered the period 1911-1990 for labour and 1890-1990 for capital;...

A comprehensive analysis of price and cost competitiveness warrants an assessment of a range of alternately deflated nominal effective exchange rates. Here, we focus solely on the price-competitiveness indicator currently published by the Bank of Italy (Felettigh et al., 2015), which is based on...

Based on updated datasets of value added and of labour and capital inputs, this paper provides a reassessment of the proximate causes of Italy's economic development since its political unification in 1861 to 2016. Italy's pre-WWII economy featured weak productivity growth, with the exception of...

We explore three alternative methodologies drawn from economic history literature to compute macroeconomic total-economy estimates of Italy's mark-ups since 1861, based on the new historical national accounts presented in Baffigi (2013) and Giordano and Zollino (2015). Two key features of...