Using Italian data on standardized test scores, we show that the performance decline associated with question position is heterogeneous across students. This fact implies that the rank of individuals and classes depends on the length of the test. Longer tests may also exhibit larger gaps between...

The interest rate represents an important monetary policy tool to steer investment in order to reach price stability. Therefore, implications of the exact form and magnitude of the interest rate-investment nexus for the European Central Bank's effectiveness in a low interest rate environment...

Is the Euro area as a whole, or are individual Euro-area member countries facing a period of sustained lower economic growth, a phenomenon known as secular stagnation? We tackle this question by estimating equilibrium real interest rates and comparing them to actual real rates. Since the...