Castagnetti, Rossi and Trapani (2014) propose two max-type statistics to test for the presence of a factor structure in a large stationary panel data model. We investigate the use of alternative approaches as average-type and Hausman-type statistics. We show that both approaches can not be used....

This paper assesses the importance of firms' financial resources that are necessary to overcome sunk entry costs associated with export. We propose a new methodology to identify \textit{a priori} constrained firms, exploiting a rich data-set on Italian firms' assets and liabilities. We provide...

The purpose of this paper is twofold; first, to present a simple proof of the Farkas theorem (or Farkas lemma or Farkas-Minkowski lemma), proof performed through a nonlinear theorem of the alternative; second, to present various new proofs of the so-called "Tucker key theorem", and to show that...

We give an overview and make some remarks on the approximate optimality conditions, for a nonlinear programming problem, given by Haeser and Schuverdt (2011) and by Fiacco and McCormick (1968a). Other first-order optimality conditions in absence of constraint qualifications are examined....

The Gross National Income (GNI) is often used as an indicator for a country’s living standards. Yet, it does not record unilateral transfers and notably remittances, which in the last decades have gained growing importance as a source of income for developing countries. Gross National...

In the recent years the Colombian economy grew relatively rapidly, but it was a biased growth. The energy sector (the locomotora minero-energetica, to use the rhetorical expression of President Juan Manuel Santos) grew much faster than the rest of the economy. The manufacturing sector registered...

In this paper we describe the medium-run macroeconomic effects and long-run development consequences of a financial Dutch disease that may takes place in a small developing country with abundant natural resources. The first move of such a peculiar Dutch disease is on financial markets. An...

We derive a New Keynesian Phillips Curve under Calvo staggered pricing and price competition. Firms strategic interactions induce price adjusters to change their prices less when there are more firms that do not adjust. This reduces the slope of the Phillips curve and generates an additional...

We study the effects of real uncertainty on long-run growth under different Taylor-type rules. We fi…nd a non-negligible relationship between real uncertainty and growth, which depends on the source of real uncertainty as well as the type of the Taylor rule considered. Importantly, when...

I consider a NK-DSGE model with endogenous firms' exit and entry together with a monopolistic competitive banking sector, where defaulting firms do not repay loans to banks. I show that the exit margin is an important shock transmission channel. It implies: i) an endogenous countercyclical...