The transition from a planned to a decentralised market economy amongst the new independent republics of the former Soviet Union has often been accompanied by harsh political competition to obtain the responsibility for implementing the required institutional reforms. A brief overview is...

The transition from a planned to a decentralised market economy amongst the new independent republics of the former Soviet Union has often been accompanied by harsh political competition to obtain the responsibility for implementing the required institutional reforms. A brief overview is...

What kind of information do stock prices offer for predicting velocity? This paper develops previous work by Milton Friedman for the US economy and shows that a wealth effect derived from the stock market has negatively influenced the ratio of nominal income to a broad definition of money in a...

This paper analyzes the procyclical behavior of Chinese Total Factor Productivity (TFP). It shows that measured Solow residuals are correlated to the growth rate of real imports per worker and to other macroeconomic variables that fluctuate at cyclical frequencies. The magnitude of the trend...

This paper evaluates the effects of unanticipated monetary policy shocks on Italian output on the basis of highly disaggregated data and a VAR methodology. The impact of unexpected changes in the money market interest rate on the pattern of industrial production - based on qualitative business...

This paper evaluates the effects of unanticipated monetary policy shocks on Italian output on the basis of highly disaggregated data and a VAR methodology. The impact of unexpected changes in the money market interest rate on the pattern of industrial production – based on qualitative business...

This essay examines some asymmetries in the productivity catch up across industries and regions and in the role of investment to foster output dynamics. Results from OLS, probit and truncated regressions for predicting whether output per worker across local economic sectors in the Italian...

This paper offers a brief survey of the empirical literature on the consumption insurance hypothesis and an econometric analysis of risk- sharing in an integrated economic area. The results in­dicate that the observed departures from full consumption smoothing across the Italian regions are...

This paper examines the impact of stock market fluctuations on money demand in Italy from a long-run perspective. The money demand function estimated by Muscatelli and Spinelli (2000) for a long time span is utilized as a benchmark, adding to the specification information on share prices from...

The robustness of the relationship between the persistence of output fluctuations and trend growth is evaluated. The analysis introduces discontinuities in output processes and examines the role of convergence across countries. Breaking trends influence the world distribution of permanent shocks...