This paper demonstrates, in a dynamic model of monopoly regulation with price-cap, that a periodic price review may increase productive efficiency. When the firm's choice of cost-reducing effort depends on the volume of output supplied, a periodic revision allows the regulator to set more...

IRPEF - the Italian personal income tax - is the leading tax in terms of share of total government revenue in Italy. After a decade of reforms, the tax-benefit structure still exhibits several critical issues that need to be addressed. The paper presents a tax-benefit design proposal for Italy...

This paper proposes a theoretical two-sectors growth model for an economy in transition. The model stresses that long term output and employment dynamics as well as the actual transition pace are affected by demand-side factors and their interaction with supply-side factors. It derives a set of...