This paper empirically tests the Keynesian hypothesis that government defence spending positively impacts on aggregate output, by using a long-run equilibrium model for the US and the UK. Our contribution, with respect to previous works, is twofold. First, our inferences are adjusted for...

In this paper, we re-examine the magnitude of the impact of government spending on private consumption by a new Keynesian approach, focusing on the role of military spending. For this reason, we separate civilian and military spending in the U.S. economy and analyse their respective effects. Our...

This paper considers the effect of corruption and military spending on economic growth, analysing both the direct impact of public spending and the effect of allocating resources between categories of public spending within the framework of an endogenous growth model. The model exhibits...

We compute the expected value and the variance of the discretization error of delta hedging and of other strategies in the presence of proportional transaction costs. The method, based on Laplace transform, applies to a fairly general class of models, including Black-Scholes, Merton's...

La globalizazzione trasforma il mondo postmoderno ed attenua i confini, non solo per l'internazionalizzazione commerciale, per le nuove tecnologie nel campo delle telecomunicazioni e per la liberalizzazione del cambio e dei mercati finanziari, ma, al contempo, per...

It is common opinion that Mediterranean history will always be incomplete, even though many reflexions and discussions have been made concerning what is called this “liquid womb”. In the past few years the traditional-rational interpretations that we may consider obvious has been replaced in...

We investigate the relationship between the main indicators of the labour market in Russia. We try to construct a model of the Russian labour market and identify key relationships. Our special attention is drawn to the impact of the crisis on the Russian labour market and influence of oil price...

In the last years there has been a large diffusion of financial contracts within retail costumers and some sectors of the economic and institutional world. CONSOB, the Italian supervisory authority, in a document of 2009 (CONSOB, 2009), asserts that such contracts are often constructed through...

Un bel giorno Scilla, una persona che vuole essere molto prudente, in- veste i risparmi di una vita su un'obbligazione. Scilla è tranquilla, perché l'obbligazione, emessa dalla banca Lehman Brothers, rientra in un elenco di obbligazioni dichiarate a basso rischio/rendimento dal consorzio Patti...

Il tema del rapporto fra reddito commerciale, che deriva dalla corretta applicazione delle norme civilistiche e dei principi contabili nazionali e internazionali, e il reddito fiscale, che costituisce la base di determinazione delle imposte da corrispondere annualmente all’Erario, è stato...