The paper provides an analysis of cyclically-adjusted budget balances of local governments in Italy for the period 2002-07. We find that local government balances appear to be relatively sensitive to the business cycle. In particular, a shock of 1 per cent in GDP changes their resources by...

This paper provides a review of the theory of the measurement of poverty. The axiomatic theory is described and axiomatic properties of poverty indexes are related to assumptions on their functional form. The notion of poverty ordering is then introduced and the relations between the poverty...

type="main" xml:lang="en" <title type="main">Abstract</title> <p>Liquidity constraints are an important determinant of investment in imperfect financial markets. Firm's investment is a function of marginal q, although liquidity constraints impose an upper bound on investment. Moreover, expectations over future liquidity...</p>