The lecture notes describe different views in macroeconomics – i.e. how to explain the business cycle and to design economic policy ‐ using a modified workhorse AS AD model, in order to include in the simplest way uncertainty, expectations and the role of banking and finance. The bottom line...

Anecdotal evidence exists that migrants experience difficulties in complying with Italian immigration rules (i.e. permit of stay applications and renewals) because of an intricate and inconstant legal framework. As a consequence, migrants often need legal assistance in order to regularize their...

The paper deals with banking regulation and supervision from a public law perspective. After having outlined and discussed the models for baking regulation in a number of European countries, the paper deals with the European Union framework. In particular, it discusses the process of...

Medical malpractice insurance is considered a unprofitable market in many countries, and this is why many policies have been implemented to increase its attractiveness for private insurers. We test the effects of limits to noneconomic compensations- scheduled damages- using Italian data. We...

Using a sample of 1,018 Sovereign Wealth Fund (SWF) equity investments in publicly traded firms and a control sample of 5,975 transactions by private-sector financial institutions over 1980-2012, we find that announcement-period abnormal returns of SWF investments are positive, but lower than...

This paper addresses the difficulties of accurately defining a SWF, discusses the evolution of the original SWFs from stabilization to wealth funds, and examines how SWFs are organized and funded. We also detail the key measures developed to assess the operational and informational transparency...

The objective of this note is to present the evolution of both the economics and the political economy of monetary policy in the last three decades – first the Great Moderation and then the Financial Crisis – as a story of two intertwined tales: on the one side the tale of how to govern...

After the 2008 Financial Meltdown the need to reconsider the separation between commercial banking and other financial risky activities - ring fencing - in order to mitigate systemic risks and to address the too big to fail problems was publicly recognized both in the United States and in...

In the last years, the design of supervision against money laundering has become increasingly essential in agendas of governments through the creation of specialized agencies: the Financial Intelligence Units (FIUs). The economics of Anti Money Laundering (AML) suggested that the Financial model...

This paper estimates the causal impact of dismissal costs on capital deepening and productivity exploiting a reform that introduced unjust-dismissal costs in Italy for firms below 15 employees, leaving ring costs unchanged for larger firms. We show that the increase in firing costs induces an...