We study the creation, destruction and reallocation of jobs in Italy over a period of almost forty years, until 2021. The size of gross job flows was large and in line with other developed economies. Every year, around 13 per cent of jobs are created and 12 per cent are destroyed. Most of this...

This paper investigates the incentives of experts competing to influence decision making. Competition for influence is shown to have an ambiguous effect on truthtelling incentives and a decision maker might be better off relying on one source of information only. This result has important...

We provide new evidence on how deposit funding affects bank lending. For identification, we exploit a tax reform in Italy that induced households to substitute bank bonds with deposits. We find that banks with larger increases in deposits expand the supply of credit lines and long-term credit to...

We provide new evidence on how deposit funding affects bank lending. For identification, we exploit a tax reform in Italy that induced households to substitute bank bonds with deposits. We find that banks with larger increases in deposits expand the supply of credit lines and long-term credit to...

Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers. In crisis times, with higher ECB liquidity, less...

Do banks with low capital extend excessive credit to weak firms, and does this matter for aggregate efficiency? Using a unique data set that covers almost all bank-firm relationships in Italy in the period 2004-2013, we find that, during the Eurozone financial crisis: (i) Under-capitalized banks...