This paper presents a new mixed frequency methodology to estimate output gaps and poten- tial output on a quarterly basis. The methodology strongly relies on the production function method commonly agreed at the European level (D'Auria et. al., 2010) but signicantly improves it as allows to...

In this paper we suggest a new measure of discretionary government spending for OECD countries over the period 1980-2011. To identify the components of discretionary expenditure, we use the volatility and persistence properties of the expenditure series. Discretionary policy cannot be inertial...

This paper studies the relationship between export policy and food prices. We show that, when individuals are loss averse, food exporters may use trade policy to shield the domestic economy from large price shocks. This creates a complementarity between the price of food in international markets...

We present a harmonized data set on intangible investment for a number of EU countries and an analysis of growth.

This paper investigates the \education-total factor productivity trade-o " in explaining per worker income dierences between Sub-Saharan (unlucky) and G7 (lucky) economies. Following Hall and Jones (1999) and Caselli (2005), on a country basis, I am able to study separately the dynamic of the...

We analyze productivity growth differentials across the EU in the perspective of intangible, as well as tangible, capital accumulation. Based on a new international dataset on intangibles, we identify three main EU regions corresponding to the Northern area, Central Europe and the Mediterranean...

We study the Italian monetary regime from 1861 to the creation of the Bank of Italy in 1893. The regime was characterized by a multi- plicity of note issuers although one of them, the BNS, rapidly became the dominant bank of the country following a process of territorial expansion. We carefully...

We study the relation between service off-shoring and productivity growth in the manufacturing sector of a set of European economies in 1995-2005. We document that those countries resorting more to service off-shoring in 1995 experienced faster productivity growth in ICT/R&D intensive industries...

This paper describes four key drivers behind the adjustment difficulties in the periphery of the eurozone. The adjustment will be particularly difficult for Greece and Portugal, as two relatively closed economies with low savings rates. Both of these countries combine high external debt levels...

We propose a theoretical framework for analyzing the problems associated to unilateral immigration policy in receiving countries and for evaluating the grounds for reform of international institutions governing immigration. We build a model with multiple destination countries and show that...