It is argued that, differently from a diffuse practice among modern economists, one needs reading more than the first couple of pages of the Wealth of Nations in order to fully appreciate Smith’s contribution to the economics of exchange, innovation and economic evolution. In particular, by...

Growth Diagnostics, GD, by Ricardo Hausmann, Dani Rodrik and Andrés Velasco, represents a useful and practical approach in order to identify the most binding constraints to explain low economic growth. According to the authors the full list of specific economic constraints is unknowable...

Convegno in onore di Giorgio Lunghini

We study monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find the following results: (i) technology and government spending shocks have different effects on growth; (ii) disinflationary monetary policies entail positive...

This paper aims to construct a high-frequency coincident indicator of economic activity for Lombardy and for the provinces of Milan and Pavia, by using the dynamic factor model approach introduced by Stock e Watson (1998a e 1998b). The principal component technique is first used to summarize the...