This paper purports to apply the Kydland-Prescott framework of dynamic inconsistency to the case of fiscal policy, by considering the trade-off between output and debt stabilization. The Government budget constraint provides the link between debt dynamics and the level of activity, influenced by...

This paper tests for the existence of neoclassical and/or technological catching up between the Italian regions in the last three decades. The tests are performed by means of a modified b-convergence equation and of a model based on the decomposition of output growth. The results imply that...

Il lavoro esamina la relazione fra disuguaglianza e crescita nelle regioni italiane nel periodo 1990-2003. I risultati ottenuti confermano, in primo luogo, la congettura formulata dalla teoria economica più recente per cui una maggiore disuguaglianza nella distribuzione personale dei redditi...

We show that the use of pooled and panel data in estimating convergence across countries (or other territorial areas) may involve some pitfalls since this type of data cannot properly distinguish between actual convergence and the possibility of decreasing growth rates over time within each...

This paper aims to test the conjecture advanced in a recent work by Bianchi and Menegatti (2007) that usual !convergence panel regressions may produce biased evidence, due to their inability to distinguish between actual catching-up across countries and decreasing growth rates over time within...

This paper studies the empirical relationship between consumption and saving under two different sources of uncertainty: financial risk and environmental risk. The analysis is carried out using time series data for six advanced economies in the period 1965-2007. The results support the...

This paper empirically estimates a micro-founded model which studies the macroeconomic impact of environmental and financial risks on consumption choices in the Mediterranean Region. The analysis is carried out using time series aggregate data for fourteen Mediterranean countries over the period...