Nominal wage adjustment is modelled as resulting from bargaining between a risk-neutral firm and a risk-averse worker, in an environment where the rate of inflation is a random variable. Risk aversion makes for endogenous indexation arrangements, which deliver partial indexation as they exploit...

Il lavoro analizza la relazione tra la diversa performance nella crescita economica delle regioni italiane nel periodo 1970-91, da un lato, e le caratteristiche di assetto istituzionale e di stabilità economica e sociale dall'altro. Gli indicatori per tali fenomeni, che risultano rilevanti...

This paper analyzes the stochastic convergence in per capita income levels among the current G-7 over the period 1900-89. We show that, in the presence of possible structural breaks, the strong condition of stationary pair-wise differences between per capita GDP holds in more cases than...

In this paper we evaluate the existence of consumption risk sharing among specific geographical areas within Italy. By using an approach based upon the cointegration properties of the series and the error correction mechanisms, we analyze the emergence of risk sharing in the long- and in the...