The holiday can be considered a good for which the tourist pays a two-part tariff (TPT). The variable part, roughly proportional to the length of stay, is charged on top of a fixed price, paid to get to the destination (typically due to travel costs). We analyse the policy implications of this...

Nominal wage adjustment is modelled as resulting from bargaining between a risk-neutral firm and a risk-averse worker, in an environment where the rate of inflation is a random variable. Risk aversion makes for endogenous indexation arrangements, which deliver partial indexation as they exploit...

In this paper we analyse the Local Tourist System (LTS) as a particular case of Marshallian Industrial District. The LTS allows the identification of more effective policy tools for managing tourism. First, through the concept of LTS, the policy maker can take into account the complexity of...

Different art objects are likely to be priced by means of different systems of hedonic characteristics; more precisely, different evaluation procedures for high and low price items are often postulated. However, the empirical evidence on this point is scant. The main purpose of this paper is to...

In this paper we evaluate the existence of consumption risk sharing among specific geographical areas within Italy. By using an approach based upon the cointegration properties of the series and the error correction mechanisms, we analyze the emergence of risk sharing in the long- and in the...

The use of the saving-investment regressions in the evaluation of the degree of capital mobility has promoted considerable debate since the paper by Feldstein and Horioka (1980). The high correlation at national level and the corresponding low international capital mobility might be due to the...

We estimate a model of credit risk for portfolios of Small and Medium-sized enterprises, conditional on being a non-profit or for-profit firms. The estimation is based on a unique dataset on Italian firms provided by a large commercial bank. We show that the main variables to identify...