Showing 1 - 10 of 86
This paper analyses the synchronization of business cycles between new and old EU members using various measures. The main findings are that Hungary, Poland and Slovenia have achieved a high degree of synchronization for GDP, industry and exports, but not for consumption and services. The other...
Persistent link: https://www.econbiz.de/10005792241
We propose a comprehensive methodology to characterize the business cycle comovements across European economies and some industrialized countries, always trying to ‘let the data speak’. Out of this framework, we propose a novel method to show that there is no ‘Euro economy’ that acts as...
Persistent link: https://www.econbiz.de/10005124454
We use the method of indirect inference, using the bootstrap, to test the Smets and Wouters model of the EU against a VAR auxiliary equation describing their data; the test is based on the Wald statistic. We find that their model generates excessive variance compared with the data. But their...
Persistent link: https://www.econbiz.de/10005791817
Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present for German public debt. However, these yield movements...
Persistent link: https://www.econbiz.de/10011083630
than the overall economy. Behind the dynamics of aggregate trade, Italy’s comparative advantage changed fundamentally over … foreign trade at a high level of disaggregation to document and analyze these changes. We conclude with an assessment of Italy …
Persistent link: https://www.econbiz.de/10011083644
Market thinness can be an important determinant of the riskiness of stock returns, because it reduces the reliability of stock prices as predictors of future dividends. This paper analyses the relationship between market size and risk as the outcome of rational expectations equilibrium in a...
Persistent link: https://www.econbiz.de/10005661719
product and in labour markets, in the determination of sectoral employment growth in Italy during the last forty years (1951 …
Persistent link: https://www.econbiz.de/10005666840
This paper uses comparative statistics in a simple three-period overlapping generations model to show that any pay-as-you-go mechanism for public retirement pensions, when adopted in a dualistic economic system, penalises the most dynamic demographic groups, i.e., the <MI>developing<D> rather than the...</d></mi>
Persistent link: https://www.econbiz.de/10005791243
We look at the role of the financial sector in the context of the relatively backward regions of Southern Italy (the so … considerably riskier than those elsewhere in Italy. It also indicates, however, that risk accounts for only half of the 200 basis … and argue that Southern banks tend to perform their screening function less efficiently than banks in the rest of Italy …
Persistent link: https://www.econbiz.de/10005123529
is therefore somewhat surprising to observe that Italy, in comparison to the United States, displays less inequality … around the idea that even if in Italy moving up on the social ladder is easier, the incentive to move may be lower, making …
Persistent link: https://www.econbiz.de/10005136455