Purpose: In this paper, the authors study the long-run determinants of total factor productivity (TFP) in three major European economies over the period 1983–2017, namely Germany, France and Italy. Design/methodology/approach: The authors focus on the capital misallocation effects, scale...

In this paper we build up a theoretical continuous time model to study how future constraints affect current investment decisions. We show that firms constrained in the future, but currently unconstrained, select an optimizing investment trajectory different from that of an identical firm that...

In this paper, we study the effects of environmental regulation which establishes binding targets to pollution accumulation. Pollution follows a geometric Brownian motion. Inside the targets, pollution behaves as if it were freely floating until it hits one of the two limits. The model provides...

This paper aims at analyzing labor productivity per hour worked in the manufacturing industries of four industrialized countries, Germany, France, Italy and the U.S., between 1950 and 2010. It uses the common trends - common cycles approach to decompose series into trends and cycles. We find...

In questo lavoro stimiamo gli effetti attesi dalle politiche a favore dell’efficienza energetica in Italia. A questo fine impieghiamo un modello vettoriale autoregressivo (VAR), e interpretiamo l’evoluzione delle variabili economiche e ambientali come il risultato della somma di shock di...

In this paper we argue that the deceleration of labour productivity is at the root of the slowdown of the Italian economic growth over the last twenty years. Using a simple model of growth accounting, we show that this poor performance can only be accounted for by a combination of two main...

This work provides an explanation for the puzzling trade-off between labor productivity and capital accumulation, occurred in Italian energy sector from the late 1980s onwards. By using a vector autoregressive model, we decompose labor productivity into technological and non technological...

In this paper we build up a theoretical continuous time model to study how future constraints affect current investment decisions. We show that firms constrained in the future, but currently unconstrained, select an optimizing investment trajectory different from that of an identical firm that...

In what follows we show that firm’s investment decisions are affected by liquidity constraints even when these constraints are not binding at the present time. This is because the forward looking firm expects that liquidity will become a constraint in the future. As a consequence, liquidity...