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We use a unique design feature of a survey of Italian firms to study the causal effect of inflation expectations on firms' economic decisions. In the survey, a randomly chosen subset of firms is repeatedly treated with information about recent inflation whereas other firms are not. This...
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A substantial literature has investigated the role of relationship lending in shielding borrowers from idiosyncratic shocks. Much less is known about how lending relationships and bank-specific characteristics affect the functioning of the credit market in an economy-wide crisis, when banks may...
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In the last two decades of the XIX century Italy became an industrial country. Historians maintain that this process … role of the interest groups in public expenditure decisions in Italy from 1876 to 1913. We argue that a proper indicator of …
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