Transfers can do good; however, they can also result in massive failures. This paper presents a model that highlights the ambiguous nature of the impact of transfers on local endowments of social capital. It then describes an empirical investigation that illustrates that the receipt of EU...

In Italy, Patti Territoriali (Territorial Pacts, TPs) are one of the most important government sponsored programs aimed at fostering growth in disadvantaged areas. A TP is an agreement between local governments and representatives of civil society (mainly entrepreneurs and trade unions) of a...

This paper considers the “share-altering†technical change hypothesis in a spatial general equilibrium model where individuals have different levels of skills. Building on a simple Cobb-Douglas production function, our model shows that the implementation of skill-biased technologies...

The paper introduces mobility costs and non-competitive wage setting into the spatial equilibrium model to analyse regional differences in rents, wages, unemployment and populations. It also considers the impact of policies, such as transfer payments to households and subsidies to firms, and...

We produce predictions of Norwegian GDP. To this end, we estimate a Bayesian dynamic factor model on a panel of fourteen variables (all followed closely by market operators) ranging from 1990 to 2011. By means of a pseudo real-time exercise, we show that the Bayesian dynamic factor model...

We produce predictions of the previous, the current, and the next quarter of NorwegianGDP. To this end, we estimate a Bayesian Dynamic Factor model on a panel of 14variables (all followed closely by market operators) ranging from 1990 to 2011. By meansof a real time forecasting exercise we show...

We introduce TailCoR, a new measure for tail correlation that is a function of linear and non-linear correlations, the latter characterized by the tail index. TailCoR can be exploited in a number of financial applications, such as portfolio selection where the investor faces risks of a linear...

We introduce TailCoR, a new measure for tail correlation that is a function of linear and non–linear contributions, the latter characterized by the tails. TailCoR can be exploited in a number of financial applications, such as portfolio selection where the investor faces risks of linear and...