There is a general acceptance of the fact that a significant direct relationship between financial markets and macroeconomic variables exists, especially by considering the assertion that developed financial markets correspond to high GDP levels. This paper provides an investigation of the...

We study the cyclicality of public R&D in 28 OECD countries (1995 - 2017). While procyclical on average, public R&D reacts asymmetrically over different phases of the business cycle and becomes acyclical during recessions. It is also heterogeneous across countries: Innovation leaders and...

We assess the impact of the National Minimum Wage (NMW) on employment in the UK over the 1999-2010 period explicitly modelling the effect of the 2008 to 2010 recession. Identification is facilitated by using variation in the bite of the NMW across local labour markets with the use of the...

This paper describes some of the features of a new dynamic general equilibrium framework (RHOMOLO) being developed at the European Commission (JRC-IPTS, together with DG REGIO) for evaluating EU Cohesion Policy. The design of the model reflects the objectives of Cohesion Policy, and a broader...

Climate variability is one of the main environmental causes of losses to the agricultural sector. Most of the methodological tools applied to estimate its economic cost usually account only for the direct impact on agricultural activity. In this paper we use an alternative approach in which a...

Economist has traditionally been skeptical about the potential effects of place-based policies. Some authors (see, e.g., Overman and Nathan, 2013, and Kline and Moretti, 2014) argued that place-based policies are an imperfect solution to deal with social problems, for many reasons. First,...

We develop a Financial Computable General Equilibrium Model (FCGE) model that can analyse the economic impacts of the infrastructure investment projects and their financing options on growth and distribution in Indonesia economy. It is possible to estimate growth and distributional effects of...

The paper examines the impact of communication cost reductions on growth and welfare by means of an endogenous spatial growth model. Policy makers having to decide upon transport policies often claim certain policies such as infrastructure investments to have growth stimulating effects that...

This paper presents the methodological approach used to analyse and assess an active labour market policy called Dote Unica del Lavoro (DUL) implemented by the Lombardy Region with reference to the period October 2013-June 2014 and addressed to 25 thousand beneficiaries. The aim of the project...