In this paper we build up a theoretical continuous time model to study how future constraints affect current investment decisions. We show that firms constrained in the future, but currently unconstrained, select an optimizing investment trajectory different from that of an identical firm that...

By using a vector autoregressive model, this paper decomposes labor productivity of the Italian energy sector, into technological and non technological shocks. We take the approach to use economic theory about long-run impacts of different shocks to identify the empirical model, and to measure...

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...