The wide gap between tax theory and tax practice may be traced back, among other things, to the focus in tax theory on the level and optimal structure of tax rates, assuming that tax bases are consistently defined, precisely measurable and readily and uniformly assessable. This approach...

I review in this paper some recent literature that deals with the coexistence of inside and outside money in a matching model of money à la Kiyotaki and Wright. I examine first a class of models that introduce credit by assuming that some agents’ actions can be monitored and punished by the...

In this paper, we study a two-period economy with production, capital goods and storage. For this economy, we propose a suitable equilibrium concept, and we prove existence of equilibrium. We also show that equality of rates of return for stored capital goods endogenously emerges as a...

Investigating on the reasons of British overseas investments (1850-1913) we analyze two different approaches on data concluding that they are not different from a stochastic view. Inquiring on ‘push’ approach, we find that exists negative correlation between GDP and overseas...

This paper studies the interaction between two autonomous policymakers, the central bank and the government, in managing public debt as the result of a two-stage game. In the first stage the institutional regime is established. This determines the equilibrium solution to be applied in the second...

The aim is to investigate the difference in the functional dependence between incentives based on output and incentives based on an actual share of profit. Although the incentive role of profit sharing in contracts is an established result, we were looking for a functional solution form, able to...

In this paper we integrate the dynamic models formulated by the microeconomic theory of trade unions and the differential games approach. We demonstrate that the results of the dynamic monopoly union model, elaborated by Kidd and Oswald (1987) and Jones and McKenna (1994), can be obtained as...

In this paper I analyse the reasons for the low rate of growth of averagelevel of education in the South of Italy from the labour supply side point of view. In particular I try to develop a theoretical and empirical model based on the hypothesis that the lower income of southern families...

This paper evaluates whether excess returns on holding Deutschmarks against French Francs, Italian Liras and British Pounds have been recently characterized by (temporary) speculative bubbles. We propose a two-step, distribution-free procedure. First, nonzero-median subperiods are significantly...

This paper presents a simple model of a non-competitive market with demand uncertainty in which firms can choose their technology of production. Technology is characterised by two parameters: capacity and flexibility. The first has a strong commitment value while flexibility is needed to face...