There is a robust literature on the relationship between financing constraints and real investment. Little has been said on the relationship between financing constraints and capital stock in the long run. This note focuses on this last issue. To keep the model tractable, we assume that the firm...

In questo lavoro stimiamo gli effetti attesi dalle politiche a favore dell’efficienza energetica in Italia. A questo fine impieghiamo un modello vettoriale autoregressivo (VAR), e interpretiamo l’evoluzione delle variabili economiche e ambientali come il risultato della somma di shock di...

In this paper we argue that the deceleration of labour productivity is at the root of the slowdown of the Italian economic growth over the last twenty years. Using a simple model of growth accounting, we show that this poor performance can only be accounted for by a combination of two main...

In questo lavoro studiamo l’evoluzione del sistema manifatturiero romagnolo delle piccole imprese artigiane nel settore della meccanica. I dati impiegati sono forniti dalla CNA. Dall’analisi contabile dei flussi di cassa aggregati, per il periodo tra il 2008 ed il 2012, emerge, per le tre...

In what follows we show that liquidity constraints can affect a firm's investment even when the constraints are not currently effective. This happens when, at any given time, the firm believes that internal finance is likely to become a constraint in the future. In these circumstances, the value...

In this paper I study the e¤ects of environmental regulation which establishes upper and lower binding targets to pollution emissions. Essentially, I deal with the properties of a stochastic model of pollution control in continuous-time under emission targets and uncertainty, emphasizing...

In this paper we present a continuous time model with reversible abatement capital in order to analyze the effects of environmental policies on the value of the firm and investment decisions. We show that the effects depend on what sort of future policy are implemented. We focus on investment...

This is a short survey on consumption theory. Consumption is important to both fluctuation and growth. In addition, consumption introduces some important issues involving financial markets and portfolio decisions. We will describe consumption decisions in a dynamic context. Uncertainty about...

In what follows, we show that financing constraints affects firm's investment decisions before the constraints is binding. This occurs because the firm anticipates at the current time the future bound. We argue that, even with imperfect capital markets, investment policy must be such that there...