Quaderni di Dipartimento [serie ordinaria - Anno 2013]


ELENCO DEI QUADERNI DI DIPARTIMENTO - WORKING PAPERS

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ISSN: 2279-9559 (dal n. 1 al n. 157), 2279-9567 (dal n. 158 al n. 363), 2279-9575 (dal n. 364 in poi)

396  Raffaella SANTOLINI
Electoral rules and public expenditure composition: Evidence from Italian regions [novembre 2013]
Keywords:
  local institutional design, panel data analysis, public expenditure composition, regional government
JEL Classification:
  D72 Microeconomics - Analysis of Collective Decision-Making - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
  H30 Public Economics - Fiscal Policies and Behavior of Economic Agents - General
  H72 Public Economics - State and Local Government; Intergovernmental Relations - State and Local Budget and Expenditures
Abstract:
  The paper investigates the effects produced by the electoral system on expenditure composition by exploring the case of Italian regions over the period 1986-2009. Empirical analysis shows that the regional current expenditure transfers distributed to families and firms significantly decrease when the regional electoral system moves from being proportional to mixed. Particularly striking is the reduction in pre-electoral years under the regional mixed-regime. Although not robust across different empirical specifications, an increase in the regional expenditure on local public goods is found when the regional electoral system becomes mixed.
Citations:   CitEc
 
395  Francesca DI IORIO, Stefano FACHIN, Riccardo LUCCHETTI
Can you do the wrong thing and still be right? Hypothesis Testing in I(2) and near-I(2) cointegrated VARs [novembre 2013]
Keywords:
  Cointegration, Hypothesis testing, I(2), near-I(2)
JEL Classification:
  C12 Mathematical and Quantitative Methods - Econometric and Statistical Methods and Methodology: General - Hypothesis Testing: General
  C32 Mathematical and Quantitative Methods - Multiple or Simultaneous Equation Models; Multiple Variables - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Models
  C52 Mathematical and Quantitative Methods - Econometric Modeling - Model Evaluation, Validation, and Selection
Abstract:
  We review the I(2) model in the perspective of its application to near-I(2) data, and report the results of some Monte Carlo simulations on the small sample performance of asymptotic tests on the long-run coefficients in both I(2) and near-I(2) systems. Our findings suggest that these tests suffer from some finite-sample issues, such as size bias. However, the behaviour of these statistics is not markedly different in the I(2) and near-I(2) case at ordinary sample sizes, so the usage of the I(2) model with near-I(2) data is perfectly defensible in finite samples.
Citations:   CitEc
 
394  Mihaela NICOLAU, Giulio PALOMBA, Ilaria TRAINI
Are Futures Prices Influenced by Spot Prices or Vice-versa? An Analysis of Crude Oil, Natural Gas and Gold Markets [novembre 2013]
Keywords:
  Granger-Causality, commodity markets, recursive estimation, spot and futures prices
JEL Classification:
  C32 Mathematical and Quantitative Methods - Multiple or Simultaneous Equation Models; Multiple Variables - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Models
  C58 Mathematical and Quantitative Methods - Econometric Modeling - Financial Econometrics
  G13 Financial Economics - General Financial Markets - Contingent Pricing; Futures Pricing
Abstract:
  Considering the financial theory based on cost-of-carry model, a futures contract price is always influenced by the spot price of its underlying asset, as long as the futures price is determined as the sum of the underlying asset's spot price and its cost of carrying or storing. The aim of this paper is to verify if there are dynamic connections between spot and futures prices as statued by the cost-of-carry model, and to identify the direction of causality. The empirical analysis is conducted on three different commodity markets, namely crude oil, natural gas and gold. We estimate a battery of recursive bivariate VAR models over a sample of daily spot and futures prices ranging from January 1997 to September 2013. Using the recursive Grange-rcausality analysis, we show that some interactions between spot and futures prices clearly exist and they mainly depend on market type and futures contract's maturity.
Citations:   CitEc
 
393  Matteo PICCHIO, Stefano STAFFOLANI
Does Apprenticeship Improve Job Opportunities? A Regression Discontinuity Approach [novembre 2013]
Keywords:
  Apprenticeship, hazard function, permanent work, regression discontinuity, temporary work
JEL Classification:
  C36 Mathematical and Quantitative Methods - Multiple or Simultaneous Equation Models; Multiple Variables - Instrumental Variables (IV) Estimation
  C41 Mathematical and Quantitative Methods - Econometric and Statistical Methods: Special Topics - Duration Analysis; Optimal Timing Strategies
  J24 Labor and Demographic Economics - Demand and Supply of Labor - Human Capital; Skills; Occupational Choice; Labor Productivity
  J41 Labor and Demographic Economics - Particular Labor Markets - Labor Contracts
Citations:   CitEc
 
392  Giulio PALOMBA, Luca RICCETTI
Asset Management with TEV and VaR Constraints: the Constrained Efficient Frontiers [ottobre 2013]
Keywords:
  asset allocation, efficient portfolio frontiers, tracking error volatility, value at risk
JEL Classification:
  C61 Mathematical and Quantitative Methods - Mathematical Methods; Programming Models; Mathematical and Simulation Modeling - Optimization Techniques; Programming Models; Dynamic Analysis
  G10 Financial Economics - General Financial Markets - General
  G11 Financial Economics - General Financial Markets - Portfolio Choice; Investment Decisions
  G23 Financial Economics - Financial Institutions and Services - Pension Funds; Other Private Financial Institutions
Abstract:
  It is well known that investors usually assign part of their funds to asset managers who are given the task of beating a benchmark portfolio. On the other hand, the risk management office could impose some restrictions to the asset managers' activity in order to mantain the overall portfolio risk under control. This situation could lead managers to select non efficient portfolios in the total return and absolute risk perspective. In this paper we focus on portfolio efficiency when a tracking error volatility (TEV) constraint holds. First, we define the TEV Constrained-Efficient Frontier (ECTF), a set of TEV constrained portfolios that are mean-variance efficient. Second, we discuss the effects on such boundary when a VaR and/or a variance restriction is also added.
Citations:   CitEc
 
391  Giovanni BUSETTA, Fabio FIORILLO
Will Ugly Betty ever find a job in Italy? [ottobre 2013]
Keywords:
  beauty premium, experimental economics, racial discrimination
JEL Classification:
  C93 Mathematical and Quantitative Methods - Design of Experiments - Field Experiments
  J71 Labor and Demographic Economics - Labor Discrimination - Discrimination
  J78 Labor and Demographic Economics - Labor Discrimination - Public Policy
Abstract:
  This paper evaluates the impact of beauty on employability, stressing the first stage of the hiring process. In particular, we studied the Italian labor market in order to ascertain whether there exists a preference for attractive applicants according to gender and racial characteristics. The sample analyzed consists of observations collected by sending 11008 curricula vitae (henceforth CVs) to firms looking for workers in response to advertised job postings. Positive responses were obtained by 3278 CVs (almost 30% of the sample). We then compared response rates of different categories, obtaining the following results: those who receive the highest levels of positive responses are attractive subjects; most of the responses to plain subjects involve unqualified jobs; beauty appears to be essential for front clerical work; racial discrimination appears to be significant, but less so than discrimination based on physical features, especially for women.
Citations:   CitEc
 
390  Barbara ERMINI, Raffaella SANTOLINI
Does globalization matter on fiscal decentralization of OECD? [giugno 2013]
Keywords:
  Economic integration, Fiscal decentralization, Globalization, Panel data analysis, Political integration, Social integration
JEL Classification:
  F15 International Economics - Trade - Economic Integration
  F5 International Economics - International Relations and International Political Economy
  H7 Public Economics - State and Local Government; Intergovernmental Relations
  H87 Public Economics - Miscellaneous Issues - International Fiscal Issues; International Public Goods
Abstract:
  In this paper we re-examine the effects of globalization on fiscal decentralization of OECD by using the overall KOF index of globalization and its main subcomponents - economic, political and social integration. Using different indicators of fiscal decentralization, we find a positive impact of the overall index of globalization on both revenue and expenditure decentralization side, although not robust across different panel data specifications. Focusing on the links between decentralization and different aspects of globalization, we find that both economic and social integration foster fiscal decentralization, whereas political integration checks growth of it.
Citations:   CitEc
 
389  Fabio FIORILLO, Marco LILLA, Stefano STAFFOLANI
Advertising Has Got You On The Run. Well-Being, Consumption and Leisure in a GE model [febbraio 2013]
Keywords:
  Advertising, Welfare
JEL Classification:
  D11 Microeconomics - Household Behavior and Family Economics - Consumer Economics: Theory
  D43 Microeconomics - Market Structure and Pricing - Oligopoly and Other Forms of Market Imperfection
  D60 Microeconomics - Welfare Economics - General
  M37 Business Administration and Business Economics; Marketing; Accounting - Marketing and Advertising - Advertising
Abstract:
  This paper presents a general equilibrium model where rms producing the consumption good in an oligopolistic market purchase advertising in order to increase their market shares. The model aims to evaluate the general equilibrium consequences of such a behaviour. It analyses the eects of a taxation of advertising on demand for the nal good, on working time and on individual well-being. We conclude that, unless the direct eects of advertising on utility are strong, a positive tax rate on advertising raises leisure, reduces consumption and increases well-being.
Citations:   CitEc
 
388  Alessia LO TURCO, Daniela MAGGIONI
Dissecting the impact of innovation on exporting in Turkey [gennaio 2013]
Keywords:
  Turkey, export, process innovation, product innovation
JEL Classification:
  D22 Microeconomics - Production and Organizations - Firm Behavior: Empirical Analysis
  F10 International Economics - Trade - General
  F14 International Economics - Trade - Country and Industry Studies of Trade
  O31 Economic Development, Technological Change, and Growth - Technological Change; Research and Development - Innovation and Invention: Processes and Incentives
Abstract:
  Making use of an original firm level dataset, we explore the causal impact of innovation on the manufacturing firm export activity in Turkey. We model process and product innovation as separately - through cost savings and product quality improvements, respectively - affecting the firm profitability and, consequently, the firm export propensity. This modeling choice highlights heterogeneous effects across high and low income destination markets. In a Multiple Propensity Score Matching framework, we, then, test the impact of each innovation activity and of their joint adoption. We find that only the latter fosters the first time entry into exporting, when the destination market is high income. Nevertheless, innovation positively affects the firmexport propensity. New product introduction is more rewarding than process innovation, especially for exporting to lowincome economies. Process innovation, though, strengthens the positive role of product innovation for exporting to more advanced markets.
Citations:   CitEc
 
387  Fabio FIORILLO, Dario ROMANO
Alcuni profili economici della riforma IMU: un case study su Ancona e Senigallia [gennaio 2013]
Abstract:
  Il 2012 è il primo anno di introduzione della principale nuova imposta prevista dal D.L. 23/2011 sul federalismo municipale. Com'è noto, infatti, l'introduzione dell'IMU, prevista a partire dal 2014, è stata anticipata dal cosiddetto decreto Salva Italia. Tale anticipazione, tuttavia si è accompagnata a una modifica della natura dell'imposta, ora non più unicamente imposta municipale, e ha posto ai Comuni una serie di problemi di non semplice soluzione. In questo lavoro si cerca di valutare quanto la nuova imposta colga effettivamente l'obiettivo dichiarato del federalismo: aumentare l'autonomia fiscale e impositiva dei livelli amministrativi decentrati. Inoltre saranno analizzati due problemi connessi all'introduzione dell'IMU. Da un lato il meccanismo con cui si calcolano i minori trasferimenti agli enti locali a compensazione delle maggiori entrate fiscali. Dall'altro ci si porrà un problema distributivo e si proporrà un meccanismo per rivedere le rendite catastali in modo da renderle proporzionali all'effettivo prezzo di mercato. L'analisi si baserà sui case studies di Ancona e Senigallia. La prima perché capoluogo di Regione, città più grande e popolata delle Marche. La seconda perché centro tra i simboli del turismo balneare marchigiano e nazionale, caratterizzata da un'elevata presenza di seconde case sfitte per gran parte dell'anno.
Citations:   CitEc