Although it is often asserted that the housing cost burden is one of the key determinants of household economic hardship, in practice the linkage between the two has been rarely explored. The focus has been instead on the role played by income or other socio-economic determinants of household...

Several models have been developed to capture the dynamics of the conditional correlations between time series of financial returns, but few studies have investigated the determinants of the correlation dynamics. A common opinion is that the market volatility is a major determinant of the...

This study examines the volatility transmissions across the Gulf Arab states (GCC) stock markets and the linkages between these markets and the United States stock and oil markets, using the Multi-chain Markov Switching model. This approach enables the distinction between different transmission...

This paper analyzes the relation between resource inputs and managerial effort in firms. The discussion is motivated by a theoretical model that suggests that firms use managerial effort as a substitute of capital resources in the production process. In this framework, different levels of effort...

It has been debated that pension funds should have limitations on their asset allocation, based on the risk profile of the different financial instruments available on the financial markets. This issue proves to be highly relevant at times of market crisis, when a regulation establishing limits...

We examine business cycle fluctuations in a dynamic macroeconomic model that incorporates firm-level borrowing constraints, competitive loan production, and rigidities on both setting prices and wages. The external finance premium (interest-rate spread) is countercyclical with technology and...

Building on previous literature providing extensive evidence on flows of knowledge generated by inter-firm agreements, in this paper we aim to analyse how the occurrence of such collaborations is driven by the multi-dimensional proximity among participants and by their position within firms’...

The purpose of the present paper is to empirically test the relationship between tourism-and tourist related activities- and house prices. Using a System GMM approach for the time span 1996–2007, the authors empirically test whether house prices in Italy are affected by tourism. This...

This paper examines the length of stay of cultural tourists in a mountain destination, on the North-East of Italy. A microeconomic perspective of cultural tourism is provided, where the interest is to analyse the attitude of visitors regarding culture and their overall vacation. To this aim,...

This paper offers an empirical analysis of the impact of reforms in the natural gas industry on consumer prices across the EU-15 area. After briefly reviewing the most recent reforms, we study the relationship between regulatory indicators and price dynamics by means of panel data econometrics....