At the extraordinary EU Council of 21 July European leaders have to accomplish a triple-mission. First, they should pave the way to restoring solvency in Greece by initiating debt reduction. Softening the Greek debt burden implies i) reducing the interest rate on official lending, ii) requesting...

This paper analyses the determinants of Germany's wage growth relative to the other members of the euro-zone with the aim of isolating the factor(s) that triggered the country's recent impressive gain in relative cost competitiveness. To our knowledge, this is the first exercise that uses...

By introducing the concepts of implicit coalitions and conflict of interests in a multiple-player context, this paper generalizes some theorems on policy invariance and equilibrium existence and uniqueness for LQ policy games.

L’idea di questo lavoro è quella di tracciare un profilo del cosiddetto lavoratore povero, ovvero delle persone che pur essendo occupate, percepiscono un basso reddito, normalmente inadeguato rispetto ai bisogni di mantenimento di sé e dei familiari a carico. Si tratta di una prima analisi...

Our paper aims to investigate conditional and unconditional motivations in investment games by using a counterfactual methodology and attitudinal survey and self-reported information about participants’ behavior. We have combined different methodologies to verify the coherence between...

By making use of a hazard function we derive a hybrid New Keynesian Wage Phillips curve (NKWPC) that is able to account for in‡ation persistence. This approach relies on the assumption that the probability to change a wage is a positive function of the time elapsed from last reset. By using...

This paper analyzes strategic interactions and contagion effects in countries joined to a monetary union. Using game theory and a cost-benefit analysis, the paper determines the set of equilibrium solutions under which country-specific shocks are transmitted to other member countries giving rise...

Questo lavoro si pone come obiettivo quello di proporre una definizione di innovazione sociale utile per analizzare dei processi sociali che si sviluppano dal basso, attraverso l’azione trasversale di individui, per affrontare bisogni insoddisfatti dalle istituzioni tradizionali con l'utilizzo...

We derive and estimate a small-scale DSGE model augmented with price and wage adjustment governed by a time-dependent mechanisms. Byusing positively sloping hazard functions, we micro-found price and wage inflation intrinsic persistence, as we derive price and wage Phillips curves characterized...