This paper studies the effects of fiscal policy on private GDP, inflation and the long-term interest rate in Italy using a structural vector autoregression model. To this end, a database of quarterly cash data for selected fiscal variables for the period 1982:1-2004:4 is constructed, largely...

We assess the impact of unexpected shocks to real interest rates and GDP growth on government budgets for nine European Union countries. Shocks are estimated as onestep-ahead forecast errors arising from a recursive bivariate VAR model. Our analysis is relevant, in particular, to deciding what...

In this paper we assess the impact of unexpected shocks to real interest rates and GDP on government budgets for nine European Union countries. Shocks are estimated as onestep-ahead forecast errors arising from a recursive bivariate VAR model. To assess the impact on the budgets we use available...

The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...

We investigate the public-private pay gap in Italy in the period 1998-2008. Under random sampling we estimate an average wage di_erential in favour of public sector workers of about 14% for women and 4% for men, lower at the high tail of the wage distribution and in the Northern regions. The...

In this paper, we present a high-resolution Incoherent Quasi-elastic Neutron Scattering experiment on Crambin hydrated at h=0.6g/g. Hydration was attained by using D2O and H2O, in order to separate the contribution of the protein from that of the water. The spectra were interpreted in terms of...

The role of movements in real rates in explaining the relationship between long and short-term interest rates is explored using a model of optimal government debt management.

Drought and desertification are largely considered as the major and most complex natural hazards. This is mainly due to the complexity of the web of impacts that ripple through too many sectors causing serious economic, social and environmental consequences. Hence, a wide range of actors are...