This paper aims to test the conjecture advanced in a recent work by Bianchi and Menegatti (2007) that usual !convergence panel regressions may produce biased evidence, due to their inability to distinguish between actual catching-up across countries and decreasing growth rates over time within...

We present a simple financial market model with interacting chartists and fundamentalists. Since some of these speculators only become active when a certain misalignment level has been crossed, the dynamics are driven by a discontinuous piecewise linear map. The model endogenously generates...

We move from a triopoly game with heterogeneous players (E.M.Elabassy et al., 2009. Analysis of nonlinear triopoly game with heterogeneous players. Computers and Mathematics with Applications 57, 488-499). We remove the nonlinearity from the cost function and introduce it in the demand function....

Real world monetary policy is complicated by long and variable lags in the transmission of the policy to the economy. Most of the policy models, however, abstracts from policy lags. This paper presents a model where transmission lags depend on the behaviour of a two-sector supply side of the...

The structural changes that occurred in the last 30 years have substantially modified the capitalistic organization of society, both at national and international level. A new regime of accumulation devoid of a stable mode of regulation and centred on financial valorisation of new socio-economic...

The paper explores the relationship between per capita income and three air pollutants, CO, NMVOCs and SOx, using a novel dataset based on the Italian regions. Given the central role of technological progress in long-term environmental problems, we empirically investigate the influence of...

Conventional RBC models have been heavily criticized for their inability to generate the estimated negative correlations of hours and productivity in response to technology shocks ('productivity-hours puzzle'). In this paper we show that by just enhancing the standard frame- work with investment...

Successful disinflation episodes have been shown to involve a sustained period of output contraction. We revisit the largely debated issue on the costs of different speed and timing of disinflations when monetary policy is implemented either via a money supply rule (MSR) or an interest rate rule...

Let L be a linear space of real bounded random variables on the probability space (omega,A, P0). There is a finitely additive probability P on A, such that P tilde P0 and EP (X) = 0 for all X in L, if and only if cEQ(X) = ess sup(-X), X in L, for some constant c 0 and (countably additive)...

Directed Acyclic Graphical (DAG) models are increasingly employed in the study of physical and biological systems, where directed edges between vertices are used to model direct influences between variables. Identifying the graph from data is a challenging endeavor, which can be more reasonably...