This paper tests the rational-choice approach to fertility decisions by investigating the relationship between parenthood and well-being in a large sample of individuals from 94 countries. We find that world- wide, controlling for demographic and socioeconomic characteristics, having children...

This paper provides an assessment of quality of life in Italian cities using the hedonic approach. We analyze micro-level data for housing and labor markets to estimate compensating differentials for local amenities within five domains: climate, environment, services, society and economy. The...

We consider the regulation of a monopolistic market when the prin- cipal delegates to a regulatory agency two tasks: the supervision of the firm's unknown costs and the arrangement of a pricing mechanism. As usual, the agency may have an incentive to hide information from the principal to share...

We challenge the widely held belief that New-Keynesian models cannot predict optimal positive in‡ ations. We finnd that these are justified by the Phelps argument. This mainly happens because we also consider distortionary expects of public transfers. Our predictions are broadly consistent...

What are the causes of the shadow economy? We provide new answers to this old question. The sharp distinction between theoretical priors on the institutional determinants of the shadow economy and the technique used for its measurement is the first novel contribution of the paper. The second...

When the central bank is the sole policymaker, the combination of limited asset market participation and consumption habits can have dramatic implications for the optimal monetary policy rule and for stability properties of a business cycle model characterized by price and nominal wage...

In this paper we propose a model in which there are ideological and strate- gic voters who vote under poportional rule. We prove that the behavior of ideological voters matters for the determination of the outcome. We show that a subset of strategic voters partially counteracts the votes of the...

Recent developments in macroeconomics resurrect the view that wel- fare costs of inflation arise because the latter acts as a tax on money balances. Empirical contributions show that wage re-negotiations take place while expiring contracts are still in place. Bringing these seemingly unrelated...

Economists have largely neglected the analysis of the relevant factors that induce policymakers and trade unions to sign social pacts, despite their clear implications for economic policies and the functioning of labour markets. In this paper we fill this gap. We build a simple theoretical...

La necessità di comprendere nella storia dell’impresa il tema del welfare rappresenta una finalità alquanto ambiziosa. Essa nasce da una molteplicità di suggestioni. A cominciare dalla sorprendente e duratura offerta di opere di sociali e di assistenza a favore dei propri addetti, oltre che...