This paper inquires into radical innovations and into their role to promote economic growth. Can an economic system grow only in quantitative terms, or the process of structural change, that underlines the emergence of new technologies, is an essential ingredient? To put it philosophically: is...

The paper analyzes the relationship between trade, financial integration and business cycle synchronization in the euro area. The introduction of the euro has had a noticeable impact on European financial markets: we find evidence that capital markets integration exerts a positive effect on...

A dramatically large number of corner solutions occur when estimating by (Gaussian) maximum likelihood a simple model for panel data with random effects and autocorrelated errors. This can invalidate results of applications to panel data with a short time dimension, even in a correctly specified...

I negoziati multilaterali in sede WTO si sono arenati e il nodo essenziale è il negoziato sull'agricoltura. L'esame delle molteplici posizioni dei vari Paesi

The aim of the paper is to account for the choice of a definition of the banking output suitable for the efficiency analysis of the italian banking system. A short survey of the literature allows to underline that the variety of definitions is linked to the empirical background and or to the...

This paper addresses the impact of addiction and social interactions on cigarette demand, controlling for demographic and socioeconomic factors. A Box-Cox double-hurdle model for the simultaneous decisions of how much to smoke and whether to quit smoking is estimated on individual data from the...

In this paper we present a stochastic volatility model assuming that the return shock has a Skew-GED distribution. This allows a parsimonious yet flexible treatment of asymmetry and heavy tails in the conditional distribution of returns. The Skew-GED distribution nests both the GED, the...

This work explores some distributional properties of aggregate output growth-rate time series. We show that, in the majority of OECD countries, output growth-rate distributions are well-approximated by symmetric exponential-power densities with tails much fatter than those of a Gaussian. Fat...

In this paper we investigate the valuation and optimal timing of the launch of two complementary/substitute products (or projects), one of which is a pilot product. As a first step, we study the problem from a strategic point of view and analyze the ability of the pilot product per se to create...

le grandi tappe storiche dell'integrazione europea; i Trattati di Amsterdam e di Nizza; l'allargamento ad est; i criteri di Copenaghen; i negoziati di adesione.