The European enlargement provides new space for re-organizing the production and re-locating the plants. Few studies approach the complex theme of industrial location in the EU new-comers: statistics are still scarce, language constitutes a barrier for assuming reliable information, and the...

In light of recent global economic and geopolitical shocks threatening trade openness, this report aims to shed light on geoeconomic fragmentation and develops a rich set of new tools to assess its economic effects and implications for central banks. The report shows that, although global trade...

This paper investigates the relationship between public and private wages in the five largest euro area countries for the period 1997-2017. The analysis shows that there exists a positive and significant response of private wages to a public wage shock. This effect is found to be temporary and...

We review the determinants of the discretionary fiscal policy action of governments in the euro area and in other advanced economies during the past 20 years. This is done by estimating fiscal reaction functions using dynamic panel techniques and country-by-country estimates. The results suggest...

In this paper we use a medium-scale DSGE model to quantitatively assess the macroeconomic stabilisation properties of a supranational unemployment insurance scheme. The model is calibrated to the euro area's core and periphery and features a rich fiscal sector, sovereign risk premia and labour...

This paper studies the effects of fiscal consolidation on the debt-to-GDP ratio of 11 Euro area countries. Using a quarterly fiscal Panel VAR allows us to trace out the dynamics of the debt-to-GDP ratio following a fiscal shock and to disentangle the main channels through which fiscal...

The paper is about the political consequences of increasing economic inequality in Western economies. Political theorists have often stressed that democracy is in troubles when its population is not broadly uniform in income and wealth because unequal economic resources can easily translate into...

Di poche parole si è così abusato, nei dibattiti sui problemi economici, come del termine "competitività". Essa è al centro di programmi politici, di indirizzi di governo, di inchieste e articoli giornalistici. A fronte dello smodato utilizzo del termine, però, non fa riscontro una chiara e...

Economic theory has not been delving extensively and systematically into the strictly related phenomena of Foreign Direct Investment (FDI) and Multinational Enterprise (MNE) until the 1980s.1 Two distinct circumstances have been favouring this recent renewed interest: a big surge in the former...

This paper presents an empirical investigation about the effect of an increase in economic inequality on some aspects of the quality of a democracy. The main novelty of the paper lies in its methodology: it applies to a single country (instead of a pool of countries) - the UK - in a long run...