Firms undertaking innovative activities typically hold a larger share of immaterial assets and have a different capital structure. Differences in the propensity to innovate are likely to translate in different TFP levels. We use data on a panel of firms to study the relationship between firms'...

In recent years, internal migration in Italy has declined markedly, notwithstanding the widening of the North-South gap in terms of unemployment rates and real income. Here, the extent to which the housing market has contributed to the decline is examined. Preliminary to this analysis,...

Recent contributions have suggested that technology shocks have a negative impact on hours, contrary to the prediction of standard flexible-price models of the business cycle. Some authors have interpreted this finding as evidence in favor of sticky-price models, while others have either...

We estimate the effect of exchange rate movements on ï¬rm-level wages, using a representative panel of manufacturing ï¬rms. We show that the direction and size of wage adjustment is shaped by the international exposure of each ï¬rm on both the sale and cost side of the balance sheet,...

type="main" xml:id="twec12200-abs-0001" <title type="main">Abstract</title> <p>We estimate the effect of exchange rate movements on firm-level wages, using a representative panel of Italian manufacturing firms. We show that the direction and size of wage adjustment is shaped by the international exposure of each firm on both...</p>

A shift in the design of labor compensation occurred at around the mid-1980s in the U.S. and deals with an increased role of performance pay in driving the cyclical movements of wages. Using a DSGE model we show that this structural change accounts at least qualitatively for many observed...

This paper assesses the implications of policy reforms for the Italian economy by jointly using the Italian Treasury Econometric Model (ITEM) and QUEST III, the endogenous growth dynamic general equilibrium model of the European Commission in the version calibrated for Italy. The structural...

In this paper, we provide a description of the Italian Treasury Econometric Model (ITEM). We illustrate its general structure and model properties, especially with regard to the economy's response to changes in policy and in other dimensions of the economic environment. The model has a quarterly...

Recent contributions have suggested that technology shocks have a negative impact on hours, contrary to the prediction of standard flexible-price models of the business cycle. Some authors have interpreted this finding as evidence in favour of sticky-price models, while others have either...