This paper aims at analyzing whether Active Labour Market Programs (ALMP) could have different effects on unemployment and employment dynamics according to the particular region where the program is implemented. To this end, the research analyses alternative theoretical and econometric models...

This paper studies labour market transitions out of temporary jobs in Italy, focussing on the period that immediately follows the last 2003 labour market reform, and immediately preceding the economic downturn of the second half of 2007. The data-set used is the 2004-2007 IT-SILC individual...

The paper compares the di¤erent timing and magnitude of mon-etary shocks across European countries. The problem the European Central Bank faces in setting a single monetary policy rule is analyzed starting from the di¤erences in the monetary transmission mechanism across EMU members. The...

The paper attempts to exploit whether monetary authorities have a different behaviour during recession and expansion. To this end, a multivariate extension of Hamilton Markov-switching model is adopted. First, regime dependent Taylor-type rules are estimated for the Euro Area and the United...

This paper analyzes monetary policy asymmetries in EMU participating countries. In particular, we use a structural dynamic modelling approach to investigate asymmetric monetary transmission in Europe. Asymmetries are investigated in two different ways. First, we restrict the estimated structural...

This paper explores the role that inflation forecasts play in the uncertainty surrounding the estimated effects of alternative monetary rules on unemployment dynamics in the euro area and the US. We use the inflation forecasts of 8 competing models in a standard Bayesian VAR to analyse the size...

This paper investigates the out-of-sample forecast performance of a set of competing models of exchange rate determination. We compare standard linear models with models that characterize the relationship between exchange rate and its underlying fundamentals by nonlinear dynamics. Linear models...

This paper investigates the relationship between the euro-dollar exchange rate and its underlying fundamentals. First, we develop a simple theoretical model in which chartists and fundamentalists interact. This model predicts the existence of different regimes, and thus non-linearities in the...