Financial time series analysis has focused on data related to market trading activity. Next to the modeling of the conditional variance of returns within the GARCH family of models, recent attention has been devoted to other variables: first, and foremost, volatility measured on the basis of...

This paper supports the view that the deep roots of the current global crisis, which has taken the form of a mainly financial crisis, are related to a global fundamental unbalance in income distribution. There are two dimensions of the unbalance. The first one is between capital and labour...

The economic collapse of 2007-10 is described as a debt deflation crisis triggered by a speculative bubble. The basic causes are traced back to the policy choices of the great capitalist powers governing globalization. Market liberalization and the TRIPS agreements work as a sort of global...

Italian Abstract: Presentiamo un modello stocastico multivariato, per sviluppare stress test finalizzati a valutare l'adeguatezza patrimoniale delle banche e il loro grado di fragilità finanziaria. L'articolo fornisce una descrizione teorica del metodo e delle caratteristiche essenziali del...

Italian Abstract: Il processo di decarbonizzazione ha reso desueto il tradizionale modello di creazione di valore delle aziende che operano nel settore dell'energia elettrica (utilities energetiche – UEN) colpendo in particolare le società con un energy mix più orientato alle fonti fossili...

Incomes policy started with the San Valentine's decree of 1984, which marks the beginning of the process that led to the abolishment of Scala Mobile and reached its peak with the Protocollo d'intesa of 1993. The work proposes to study by cointegration analysis the effects of incomes policy on...

The aim of this work is to estimate the relationship between tariff barriers and trade growth at the world level applying a long-term approach and comparing different trade regimes. At the same time it aims at giving useful insights to assess the effectiveness of the current multilateral trading...

Introduzione – 1. La domanda di calcio in Italia: i fatti stilizzati – 2. La domanda di calcio: letteratura ed evidenze empiriche – 3.1 La stima dei per game tickets – 3.2 La stima dei seasonal tickets – 4. Conclusioni

The paper surveys different approaches to the estimation of the underground economy. First, the focus is on the methodologies adopted by the Italian and French Statistical Institutes, respectively based on the exhaustive estimate of the labour input and on tax compliance data. Secondly, we...

Nonlinear time series models can exhibit components such as long range trends and seasonalities that may be modeled in a flexible fashion. The resulting unconstrained maximum likelihood estimator can be too heavily parameterized and suboptimal for forecasting purposes. The paper proposes the use...