The article investigates the relationship between GDP and prices in Italy in the long-run, from the country's Unification (1861) up to present day. By using the new national accounts data, over the period 1861–2012, we were able to make Italy the third country to have a historical test of the...

We present a parsimonious representation of debt-ratio dynamics that is able to nest the Trade-Off, Pecking-Order and Market-Timing theoretical models, at the same time avoiding the poolability of the slope parameters. The inference on the heterogeneous speed of adjustment of the firm towards...

Theoretically, the effect on investment of uncertainty over the demand for a firm's product is unclear because of the influence of several factors, such as the production technology and the amount of competition in the product market. It has not been possible, until now, to investigate more...

We carefully review the recent Italian reform of business taxation, compare it with other international experiences and theoretical proposals, and calculate its effects on the cost of capital and on the effective average corporate tax rate. We argue that the Italian reform is an original attempt...

The econometric literature on measuring returns on intangible capital is vast, but we still know little about the effects on productivity of different types of intellectual capital (R&D and patents) and customer capital (trademarks and advertising). The aim of this paper is to estimate the...