We propose a model in which money performs an essential role in the process of exchange, despite the presence of a multilateral clearing house. Agents are assumed to be anonymous and unable to make binding commitments. The clearing house can detect deviations but it cannot identify the...

The article empirically analyses the phenomenon of vulnerability to poverty – meant as an individual’s likelihood of becoming poor in the future. On the basis of studies conducted by the Italian Institute of Statistics on the consumption of Italian households in the years 1985-2001 and whose...

The paper focuses on durable goods and their role in the measurement of living standards. The paper reviews the theoretical underpinnings of the methods available to estimate the value of the services flowing from consumer durable goods. It also provides a unified framework that encompasses the...

Despite the fact that in 2011 Italy will celebrate the 150th anniversary of its political unification, geographical disparities stand out as a prominent characteristic of the country. The paper estimates the trend of the cost-of-living differentials across regions in the half-century after the...

The article empirically analyses the phenomenon of vulnerability to poverty – meant as an individual’s likelihood of becoming poor in the future. On the basis of studies conducted by the Italian Institute of Statistics on the consumption of Italian households in the years 1985-2001 and whose...

We modify the standard Kiyotaki-Wright model (1993) in order to add an autarkic option in the agents' choice set. The value of the autarkic option is independent of strategic coordination problems and represents a sort of reservation utility with respect to exchange activity. This allows us to...

According to Engineer and Shi (1998, 2001) and Berentsen and Rocheteau (2003), the double coincidence of wants problem seems to be not essential to rationalize the use of money in a search theoretic framework. This paper analyzes an endogenous price search model of money where there is universal...

Despite the fact that in 2011 Italy will celebrate the 150th anniversary of its political unification, geographical disparities stand out as a prominent characteristic of the country. The paper estimates the trend of the cost-of-living differentials across regions in the half-century after the...

We modify the standard Kiyotaki-Wright model (1993) in order to add an autarkic option in the agents' choice set. The value of the autarkic option is independent of strategic coordination problems and represents a sort of reservation utility with respect to exchange activity. This allows us to...

According to Engineer and Shi (1998, 2001) and Berentsen and Rocheteau (2003), the double coincidence of wants problem seems to be not essential to rationalize the use of money in a search theoretic framework. This paper analyzes an endogenous price search model of money where there is universal...