This paper explores whether the common belief that the currently observed fertility drop is a threat (or, conversely, the invoked fertility recovery is beneficial) for PAYG pensions is really always validated by the basic accounting of the PAYG pension budget. It is shown, through a simple...

This paper studies how unionisation structures that differ in the de-gree of wage setting centralisation interplay with the strategic choice of production capacity by firms and how this affects product market outcomes. When labour markets are unionised and firms compete in quantities, they...

This paper studies the dynamic interaction between product market competition and incentives against shirking. It is shown that efficiency wages can both increase and decrease when competition becomes fiercer. Instead, discretionary bonuses do not vary with competition but there exists an upper...

The paper explores the empirical relationship between the share of pension fund s’assets invested in stocks and stock market volatility in OECD markets. For this purpose, by using panel data of 34 OECD countries from 2000 to 2010, we estimate both a random effects panel model and a...

In a standard OLG model of a small open economy with logarithmic utility and endogenous fertility we show that the reversion of the relationship between fertility and wages (i.e. a transition from the Malthusian to the Modern fertility behaviour) may be possible in presence of intergenerational...

A standard Cobb Douglas labour market model is used to examine the role of changes in prices and productivity on the stability. It is shown that in this walrasian labour market deterministic endogenous economic fluctuations, which are seemingly stochastic, emerge. Therefore it may be argued that...

We deal with a class of generalized fractional programming problems having a polyhedral feasible region and as objective the ratio of an affine function and the power p 0 of an affine one. We aim to propose simplex-like sequential methods for finding the global maximum points. As the objective...

Research measures the reliability of audit firms in predi cting bankruptcy for US-listed financial institutions. Object of the analysis is the Going Concern Opinion (GCO), widely considered a bankruptcy warning signal to stakeholders. The sample is composed of 42 US- listed financial companies...

In this paper we investigate the effects of two popular labour market institutions – namely, Monopoly Union and Efficient Bargaining – on market and welfare outcomes in a Cournot duopoly. We show that depending on values of the union power, the Monopoly Union institution may be preferred by...

Una classifica robusta della sostenibilità delle regioni italiane The current economic crisis can be seen as arising from a failure to address sustainability, which is not only about Naturre, but also about the society and the economy. This paper updates and further develops a previous piece of...