Narrow search
Showing 1 - 10 of 17
Cover Image
Portfolio Selection with Monotone Mean-Variance Preferences
Maccheroni, Fabio; Marinacci, Massimo; Rustichini, Aldo; … - Banca d'Italia - 2008
We propose a portfolio selection model based on a class of monotone preferences that coincide with mean-variance preferences on their domain of monotonicity, but differ where mean-variance preferences fail to be monotone and are therefore not economically meaningful. The functional associated to...
Persistent link: https://www.econbiz.de/10005113531
Cover Image
Investment and Growth in Europe and in the United States in the Nineties
Caselli, Paola; Pagano, Patrizio; Schivardi, Fabiano - Banca d'Italia - 2000
The paper analyses the sharp divergence in the nineties between capital formation in the main euro area countries, on the one hand, and the United States, on the other. We have used data from the OECD's International Sectoral Data Base (ISDB), which includes data comparable across a certain...
Persistent link: https://www.econbiz.de/10005196846
Cover Image
Memory for prices and the euro cash changeover: An analysis for cinema prices in Italy
Cestari, Vincenzo; Giovane, Paolo Del; Rossi-Arnaud, Clelia - Banca d'Italia - 2007
The question addressed by this study is whether consumers remember past prices correctly. We test Italian citizens� memory for cinema prices with questionnaires distributed to moviegoers. The analysis concentrates on the memory of pre-euro prices, but the recall for a more recent period is...
Persistent link: https://www.econbiz.de/10005770754
Cover Image
THE ROLE OF RISK AVERSION IN PREDICTING INDIVIDUAL BEHAVIOR
Guiso, Luigi; Paiella, Monica - Banca d'Italia - 2005
We use household survey data to construct a direct measure of absolute risk aversion based on the maximum price a consumer is willing to pay to buy a risky asset. We relate this measure to a set of consumers� decisions that in theory should vary with attitude towards risk. We find that...
Persistent link: https://www.econbiz.de/10005770780
Cover Image
Central bank and government in a speculative attack model
Cappelletti, Giuseppe; Esposito, Lucia - Banca d'Italia - 2013
This paper studies the interaction between monetary and fiscal authorities while investors are coordinating on a speculative attack. The authorities want to achieve specific targets for output and inflation but also to avoid a regime change (i.e. sovereign default). They use the traditional...
Persistent link: https://www.econbiz.de/10011099682
Cover Image
Trust and preferences: evidence from survey data
Albanese, Giuseppe; Blasio, Guido de; Sestito, Paolo - Banca d'Italia - 2013
This paper considers the role of preferences in explaining trust. By using the Bank of Italy�s Survey on Household Income and Wealth (SHIW), the paper shows that time preferences and risk preferences are key covariates of self-reported trust. They both predict negatively a measure of...
Persistent link: https://www.econbiz.de/10011105132
Cover Image
Lending organizational structure and the use of credit scoring: evidence from a survey on Italian banks
Albareto, Giorgio; Benvenuti, Michele; Mocetti, Sauro; … - Banca d'Italia - 2008
This paper examines the results of a survey carried out in 2007 by the Bank of Italy concerning different characteristics of the organization of lending activities. Between 2003 and 2006 the physical distance between the headquarters and the branches increased, the limits to the decision-making...
Persistent link: https://www.econbiz.de/10005113688
Cover Image
Female entrepreneurship and government policy: evaluating the impact of subsidies on firms' survival
Gennari, Elena; Lotti, Francesca - Banca d'Italia - 2013
for start-ups, we analyze survival patterns of subsidized versus non-subsidized firms. We find that subsidized firms show … higher survival rates than non-subsidized firms for a period of up to five years after incorporation. After five years the … survival patterns are very similar, leading us to conclude that the incentive scheme had no permanent effect on the subsidized …
Persistent link: https://www.econbiz.de/10011105114
Cover Image
The interbank market after the financial turmoil: squeezing liquidity in a "lemons market" or asking liquidity "on tap"
Socio, Antonio De - Banca d'Italia - 2011
After August 2007 the plumbing system that supplied banks with wholesale funding, the interbank market, failed because toxic assets obstructed the pipes. Banks were forced to squeeze liquidity in a �lemons market� or to ask for liquidity �on tap� from central banks. This...
Persistent link: https://www.econbiz.de/10009320176