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Inflation in advanced economies is low by historical standards but there is no threat of deflation. Slower economic growth is caused by supply-side constraints rather than low inflation. Below-the-target inflation does not damage the reputation of central banks. Thus, central banks should not...
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The European Central Bank is planning a gradual reduction of government bond purchases under the asset purchase program it initiated in 2015. The present study by the German Institute for Economic Research analyzes the potential macroeconomic implications of different exit strategies. The...
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to recognize that the current large regional gap in Italy is significantly linked to two policy decisions taken by the … constraint for the growth of southern Italy's mainly as a consequence of the deep process of governmental decentralization that … control for the impact of labor market reforms, a second and almost simultaneous institutional shock that took place in Italy …
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Venezia Giulia in 1947 between Italy and Yugoslavia and the subsequent integration in two distinct institutional regimes … percent higher per capita income if it had joined Italy. A battery of large- sample placebo distributions and permutation …
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