Relatively small sectoral productivity shocks could lead to sizable macroeconomic variability. Whereas most contributions in the literature analyze the issue of aggregate sensitivity using simple general equilibrium models, a novel approach is proposed in this paper, based on stochastic...

Hosting mega-events has long been regarded as an opportunity for economic growth, creating long-lasting benefits and attaining international recognition. Recently, both the scientific community and the public opinion at large have turned much more skeptical about the impact of mega-events. Why...

Network markets are characterized by composite goods or services that can be obtained from alternative combinations of basic products. Examples are complex, multistage production and consumption systems, transport and communications. Efficiency in these markets depends on the net effect of the...