In this paper we show that a money supply rule (a Taylor-type rule) and a Taylor rule produce substantial stochastic differences in the behavior of the economy. Hence it remains an open question whether one or other type of central bank behavior does a better job in welfare terms-contrary to a...

In the past few years the view has commonly been expressed that central banks follow `Taylor Rules' (as first promulgated by Henderson and McKibbin (1993)). We show that the appearance of such an interest rate rule – a ‘pseudo-Taylor rule’ – can be created by a standard macro model in...

Start-ups increasingly find the prospect of university-industry collaborations to be a powerful driver of innovation and entrepreneurship activity. Moreover, at the geographical level, they are attracted by teaching and research institutions, either public or private. This paper focuses on the...

In a variety of recent papers, researchers have found that interest rate behaviour approximately follows a Taylor rule. From this they have concluded that the central bank is following a Taylor rule as its monetary policy reaction function. We show that such interest rate behaviour results when...

La crisi internazionale del 2009 e la fase recessiva che ha interessato l’Italia nell’ultimo triennio hanno colpito il sistema manifatturiero regionale in modo maggiore di quanto avvenuto nella media nazionale. Le ragioni di ciò vanno ricercate nel peculiare modello di specializzazione...

Collaboration with firms and public research institutions (PRI) is expected to raise the innovative performance of firms. Collaboration is also likely to increase the cost of innovation because of leakages of strategic information, appropriability and coordination problems. When collaborating...