We estimate various panel fiscal reaction functions, including those of main categories of general government revenue and expenditure for 12 Euro area member states over the 1970-2013 period. We find that in the peripheral countries where sovereign bond yields decreased sharply in the years...

In questo breve saggio esaminiamo l’importanza attribuita da Friedrich List allo Stato nazionale nell’emancipazione economica di un paese a fronte della visione cosmopolita del capitalismo e degli interessi dei lavoratori che Marx gli contrappone. Rifacendoci a uno spunto di Massimo Pivetti...

The legal protection of foreign investments deposited in EU financial institutions has attracted considerable attention both in the legal as well as in the business community following European Parliament’s approval on last April of the Bank Recovery and Resolution Directive which includes the...

The paper investigates the extent to which household indebtedness suppressed consumption during the economic downturn in 2008-2009. The paper uses a unique quarterly panel dataset containing financial information on over 100,000 individuals. The dataset covers the period 2005-2011, when there...

Nell’ultimo ventennio le economie europee hanno visto cambiare il contesto in cui sono immerse: alla pressione proveniente dalle grandi economie emergenti si è aggiunta quella dovuta alla cancellazione di meccanismi di isolamento nominale dai competitor interni all’Unione. Il CLUP si è...

In a recent paper Marc Lavoie (2014) has criticized my interpretation of the Eurozone (EZ) crisis as a balance of payments crisis (BoP view for short). He rather identified the original sin “in the setup and self-imposed constraint of the European Central Bank”. This is defined here as the...

Using monthly data from 1994 to 2012 we study the long-run relation between the pre-tax retail prices of petrol and heating gasoil with crude price and the nominal exchange rate. We find a strongly significant long-run relation. We then use the nonlinear ARDL (NARDL) model to assess the...

We develop a medium-sized annual macroeconometric model of the Italian economy. The theoretical framework is the usual AS/AD model, where the demand side is specified along Keynesian lines, and the supply side adopts a standard neoclassical technology, with Harrod neutral technological progress....

The paper identifies failures of corporate governance that allow non-financial companies around the world to develop hedging strategies that lead to hefty losses in the aftermath of the financial crisis. The sample is comprised of 346 companies from 10 international markets, of which 49...

Income inequality has increased in both developed and developing countries, and this growing inequality is in large part due to a shift in factor shares in favor of capital and to the detriment of labor. Factor shares have varied systematically over the post-World War II period, rising until the...