The problem of instrument proliferation and its consequences (overfitting of endogenous variables, bias of estimates, weakening of Sargan/Hansen test) are well known. The literature provides little guidance on how many instruments is too many. It is common practice to report the instrument count...

This paper describes the role of social cooperatives in Italy as a type of economic, nonprofit organization that is assuming an increasingly central role in the country, by contributing to its economic and social growth. In the last decade many agencies, institutions and research centres (Istat...

What are the drivers of business cycle fluctuations? And how many are there? By documenting strong and predictable co-movement of real variables during the business cycle in a sample of advanced economies, we argue that most business cycle fluctuations are driven by one major factor. The...