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Endogenous Growth with Intertemporally Dependent Preferences

Ferraguto, Giuseppe; Pagano, Patrizio - Banca d'Italia - 2000

This paper presents an endogenous growth model with intertemporally dependent preferences and "Ak" technology. We … derive sufficient conditions for a balanced growth path to be an equilibrium, provide a full characterization of the … equilibrium dynamics of the economy, and explore the implications of habit formation for the patterns of cross-country growth and …

Persistent link: https://www.econbiz.de/10005609353

Investment and Growth in Europe and in the United States in the Nineties.

Caselli, P.; Pagano, P.; Schivardi, F. - Banca d'Italia - 2000

that links the growth of capital stock to value added for both the euro-area countries and the Anglo-Saxon countries. This …

Persistent link: https://www.econbiz.de/10005671398

Endogenous Growth with Intertemporally Dependent Preferences.

Ferraguto, G.; Pagano, P. - Banca d'Italia - 2000

This paper presents an endogenous growth models with intertemporally dependent preferences and "Ak" technology. We … derive sufficient conditions for a balanced growth path to be an equilibrium, provide a full characterization of the … equilibrium dynamics of the economy, and explore the implications of habit formation for the patterns of cross-country growth and …

Persistent link: https://www.econbiz.de/10005780679

Macroeconomic effects of precautionary demand for oil

Anzuini, Alessio; Pagano, Patrizio; Pisani, Massimiliano - Banca d'Italia - 2013

We evaluate the macroeconomic effects of shocks specific to the oil market, which mainly reflect fluctuations in precautionary demand for oil driven by uncertainty about future supplies. A two-stage identification procedure is used. First, daily changes in the futures-spot spread proxy for...

Persistent link: https://www.econbiz.de/10011099680

Public expenditure distribution, voting, and growth

Burlon, Lorenzo - Banca d'Italia - 2014

time. To this end we propose a general equilibrium model that delivers two structural relations. On the one hand, the … vested interests across sectors determines public policy decisions. The model predicts that different initial sectoral …

Persistent link: https://www.econbiz.de/10011105139

Oil supply news in a VAR: Information from financial markets

Anzuini, Alessio; Pagano, Patrizio; Pisani, Massimiliano - Banca d'Italia - 2007

This paper analyzes the macroeconomic effects on the U.S. economy of news about oil supply by estimating a VAR. Information contained in daily quotations of oil futures contracts is exploited to estimate the dynamic path of oil prices following a shock. Hence, differently from the VAR literature...

Persistent link: https://www.econbiz.de/10005113603

Social mobility and endogenous cycles in redistribution

Zollino, Francesco - Banca d'Italia - 2004

By allowing median voterï¿½s location and preferred policy to change over time, a variety of redistributive policies results in the long-run with no unique relationship to inequality. Single outcome depends on the interaction between the pure economic structure and policy action in...

Persistent link: https://www.econbiz.de/10005113658

Fiscal policy and growth

Franco, Daniele; Marino, Maria Rosaria; Tommasino, Pietro - Banca d'Italia - 2012

from 29 to 31 March 2012. The workshop focused on the interaction between fiscal policy and growth and was organised in … relationship between government budgets and potential growth. The third session analysed the effects of taxation, regulation and … public services on growth. The last session concentrated on policies aimed at promoting sustainable growth. …

Persistent link: https://www.econbiz.de/10011277928

Structural change and human capital in Italyï¿½s productive economy

Torrini, Roberto; Schivardi, Fabiano - Banca d'Italia - 2011

sector. Firm-level evidence shows that the growth in graduate employment is due almost entirely to a ï¿½withinï¿½ firm … productivity growth. This suggests that increasing the workforceï¿½s level of educational attainment is crucial to overcome the …

Persistent link: https://www.econbiz.de/10009386399

Real Exchange Rates, Trade, and Growth: Italy 1861-2011

Nino, Virginia Di; Eichengreen, Barry; Sbracia, Massimo - Banca d'Italia - 2011

What is the relationship between real exchange rate misalignments and economic growth? And what effect, if any, did … undervaluations or overvaluations of the lira/euro have on Italy's growth? We address these questions by presenting, first, three main … facts: (i) there is a positive relationship between undervaluation and growth; (ii) this relationship is strong for …

Persistent link: https://www.econbiz.de/10009364463