The COVID-19 pandemic is an unprecedented worldwide event with a massive impact on the economic system. The first Western country that had to face the COVID-19 crisis was Italy, which therefore represents a natural “case study.” By using the microdata and granular policy information...

Uncertainty is a challenge for monetary policy. This paper introduces model uncertainty into a behavioral New Keynesian DSGE framework to derive robust optimal monetary policies. We consider two potential forms of agents’ heterogeneity, which refer to two mechanisms of expectation formation...

This paper aims at assessing the macroeconomic and distributional impact of the Italian National Recovery and Resilience Plan (NRRP), which translates the Next Generation EU into action. We use a large-scale dynamic stochastic general equilibrium model adapted to capture the effects of the NRRP...

We explore gender differences in how people are motivated. We focus on guilt aversion, a surprisingly relatively unexplored issue. Our experiment supports the idea that men are more guilt averse than women. We provide a potential intuition for our findings based on the pregnancy-related...

The economics of rare earth elements (REEs) has become a critical issue due to the growing demand for these crucial materials in the transition to renewable energies. The monopolistic structure of the REE market dominated by China and its unstable supply of REEs has raised concerns globally...

In a game with pre-play bilateral communication, messages may trigger moral incentives to honor promises or agreements. We hypothesize that individuals’ inclination to keep a promise is highest if the counterpart requited the promise. We interpret this as an inclination to honor agreements. We...

This paper investigates the Italian insurance system by analyzing the (interlock) linkages among companies created through their directors. This approach defines interlocking directorates as the tie created between two companies when a person is a member of both boards of directors; each case of...

In this paper, we analyze coordination of macroeconomic stabilization policies within the EMU by focusing, in a dynamic set-up, on asymmetries, externalities, and the existence of a multi-country context. We study how coalitions among fiscal and monetary authorities are formed and what are their...

This paper investigates the market structure of the insurance business by analyzing the (interlock) linkages among companies created by their directors. We focus on the non-life business since this is a sector relatively closed with respect to the competition with other financial activities; an...