In the paper we assess the convergence hypothesis for the Italian economy over the period 1951-2000, using a new methodological approach. The approach is based on a two-step recursive principal components estimator, allowing to monitor the progress of the convergence process over time and to...

In this paper we investigate the long-run growth process in Italy and the US over the period 1920-2001, using a common trends model. Coherent with the neoclassical growth model, we find that long-run economic growth can be explained by two permanent shocks, namely a technological shock and a...

In this paper the long-run trend in CPI inflation (core inflation) for Italy is estimate over the 1962-1997 period within the frame work of a multivariate common trends model. In this framework core inflation is directly linked to money and wage growth and interpreted as the long-run forecast of...

The paper considers a neoclassical model set in the cost function approach to estimate primary Energy factor demands for the Italian economy, using a translog cost function specification. Cointegration theory is employed to estimate the long-run factor share model, and the general to specific...