Quaderni di Dipartimento [serie ordinaria - Anno 2014]


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)

407  Daniela MAGGIONI, Alessia LO TURCO, Mauro GALLEGATI
Does export complexity matter for firms' output volatility? [dicembre 2014]
Keywords:
  Capabilities, Demand and supply channels, Output fluctuations, Product Sophistication
JEL Classification:
  D22 Microeconomics - Production and Organizations - Firm Behavior: Empirical Analysis
  E32 Macroeconomics and Monetary Economics - Prices, Business Fluctuations, and Cycles - Business Fluctuations; Cycles
  F43 International Economics - Macroeconomic Aspects of International Trade and Finance - Economic Growth of Open Economies
  O12 Economic Development, Technological Change, and Growth - Economic Development - Microeconomic Analyses of Economic Development
Abstract:
  With this paper we provide, for the first time to our knowledge, micro-level evidence on the negative linkage between firm complexity and volatility. A higher sophistication level of a firm's export basket reduces its output fluctuations. When focusing on a sample of exporting and non exporting firms, the average complexity of the production mix equally affects stability of sales of both groups. The stabilising role of firms' production sophistication is driven by complex products' higher income elasticity, technological diversification and market entry barriers.
Citations:   CitEc
 
406  Eralba CELA
  Motivations behind the size of remittances. Evidence from Albanians in Italy [ottobre 2014]
Keywords:
  Albania, Italy, determinants of remittances, migration
JEL Classification:
  F22 International Economics - International Factor Movements and International Business - International Migration
  F24 International Economics - International Factor Movements and International Business - Remittances
Abstract:
  Remittances represent the most important outcome of migration for developing countries which strongly rely on this resources for their economic survival. Remittances are however individual transfers that depend on a wide variety of private motivations. The present study explores the reasons behind the amount of remittance along the Italy-Albania corridor. Data come from a survey carried out in 2007 among 400 Albanians living in two Italian regions, Marche and Apulia. The results show that the most important determinants of remittances are the economic integration and the contextual specificities where migrants reside, along with strong ties with the country of origin.
Citations:   CitEc
 
405  Raffaella SANTOLINI, David BARTOLINI
Political institutions behind good governance [settembre 2014]
Keywords:
  electoral rule, government eectiveness, political system, regulatory quality
JEL Classification:
  D72 Microeconomics - Analysis of Collective Decision-Making - Political Processes: Rent-Seeking, Lobbying, Elections, Legislatures, and Voting Behavior
  H11 Public Economics - Structure and Scope of Government - Structure, Scope, and Performance of Government
Abstract:
  The present work looks at the role of political institutions - political regimes and electoral rules - in determining the performance of the government to define and implement sound policies for the economy. The results of the empirical investigation on a panel of 80 democracies over the period 1996-2011, show an important impact of the political regime on the performance of the government - the presidential regimes reduces the quality of the government -, while electoral rules do not matter. However, the analysis shows that the interaction between political regimes and electoral rules plays a crucial role for the quality of the government. In particular, a presidential regime improves the government performance when associated with a majoritarian rule, while worsens it when combined with a proportional rule.
Citations:   CitEc
 
404  Annarita COLASANTE, Alberto RUSSO
Reciprocity in the labour market: experimental evidence [agosto 2014]
Keywords:
  Gift Exchange, Reciprocity, Unemployment
JEL Classification:
  C91 Mathematical and Quantitative Methods - Design of Experiments - Laboratory, Individual Behavior
  E24 Macroeconomics and Monetary Economics - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital
  J28 Labor and Demographic Economics - Demand and Supply of Labor - Safety; Job Satisfaction; Related Public Policy
  J30 Labor and Demographic Economics - Wages, Compensation, and Labor Costs - General
Abstract:
  In this paper we focus on the impact of involuntary unemployment on wage formation using experimental evidence. We use the well-known Gift Exchange Game to analyze players' interaction in a simplified job market. The aim of this paper is twofold: on the one hand, we are interested in analyzing the relation between involuntary unemployment and wages; on the other hand, we aim at understanding whether the interaction between employers and employees could be affected by reciprocity. Our results show that unemployment has a negative impact on wages. Moreover, there is a positive correlation between wage and effort.
Citations:   CitEc
 
403  Roberto ESPOSTI
To match, not to match, how to match: Estimating the farm-level impact of the CAP-first pillar reform (or: How to Apply Treatment-Effect Econometrics when the Real World is a Mess) [giugno 2014]
Keywords:
  common agricultural policy, farm production choices, matching, treatment effects
Abstract:
  This paper aims at evaluating the impact of the 2003/2005 CAP reform on farm production choices. The outcome of "market orientation" is measured by considering both the short-term production choices and the long-term investment decisions. The Treatment Effect (TE) is estimated through alternative approaches due to the difficulties encountered in finding appropriate counterfactuals. Different versions of the Propensity Score Matching (PSM) estimators, the Difference-In-Difference (DID) estimate, and alternative multiple/continuous TEs estimates, based on the Generalized Propensity Score (GPS), are performed, their statistical robustness assessed and results compared. Results show that the 2003/2005 reform of the first pillar of the CAP actually had an impact more in (re)orienting short-term farm production choices then investment decisions and this effect is significantly more evident for farms with a limited contribution of the CAP on their own Gross Production Value.
Citations:   CitEc
 
402  Alessia LO TURCO, Daniela MAGGIONI
On firms' product space evolution: the role of firm and local product relatedness [giugno 2014]
Keywords:
  Firm heterogeneity, Product Innovation
JEL Classification:
  D22 Microeconomics - Production and Organizations - Firm Behavior: Empirical Analysis
  O12 Economic Development, Technological Change, and Growth - Economic Development - Microeconomic Analyses of Economic Development
  O53 Economic Development, Technological Change, and Growth - Economywide Country Studies - Asia including Middle East
Abstract:
  We explore the role of firm and local product-specific capabilities in fostering the introduction of new products in the Turkish manufacturing. Firms' product space evolution is characterised by strong cognitive path dependence which, however, is relaxed by firm heterogeneity in terms of size, efficiency and international exposure. The introduction of new products in laggard Eastern regions, which is importantly related to the evolution of their industrial output, is mainly affected by firm internal product specific resources. On the contrary, product innovations in Western advanced regions hinge relatively more on the availability of suitable local competencies.
Citations:   CitEc
 
401  Annarita COLASANTE, Alberto RUSSO
The Impact of Inequality on Cooperation: An Experimental Study [maggio 2014]
Keywords:
  Inequality, Public Good Game, Reciprocity
JEL Classification:
  C9 Mathematical and Quantitative Methods - Design of Experiments
  D7 Microeconomics - Analysis of Collective Decision-Making
  H41 Public Economics - Publicly Provided Goods - Public Goods
Abstract:
  This paper analyzes the impact of inequality in the distribution of endowments on contributions. We conduct a lab experiment using the well-known Public Good Game to test the relation between inequality and contribution to a public fund. We introduce the possibility to choose among three different redistribution rules: equidistribution, proportional to contribution and progressive to endowment. This novelty, combined with a payoff function that depends also on previous period behavior, allows us to verify the hypothesis that players show inequity averse preferences. Results show that inequality has a negative impact on individual contribution. Since inequality is decreasing during repetitions, we deduce that players show inequity averse preferences.
Citations:   CitEc
 
400  Maurizio MARIOTTI, Massimo TAMBERI
DiSES Working Papers - 30 Years and 400 Papers After [maggio 2014]
Keywords:
  Publishing, Research in Economics
JEL Classification:
  A General Economics and Teaching
Abstract:
  With this paper we celebrate thirty years (1983-2013) of the present series of research papers "Quaderni di ricerca", after 400 issues of the publication. We analyze the available quantitative information from a descriptive point of view, evidencing the main research fields, and stressing, among other aspects, the progressive integration of the research of our department in the international community of researchers. From the qualitative side, we analyze the position of the series within the RePEc archive, in terms of total downloads and of two bibliometric indexes, showing the progressive improvement of the ranking of the "Quaderni".
Citations:   CitEc
 
399  Beatrice CAMAIONI, Roberto ESPOSTI, Francesco PAGLIACCI, Franco SOTTE
How does space affect the allocation of the EU rural development policy's expenditure? An econometric assessment [maggio 2014]
Abstract:
  This paper focuses on the main drivers of the distribution of the Rural Development Policy's expenditure throughout the EU. Ex-post funds distribution across EU NUTS3 regions is considered. Three effects are admitted as major drivers: the "country effect"; the "rural effect" (i.e., the more rural a region the larger the amount of support it is expected to receive); the "pure spatial effect" (i.e. the influence of bordering regions and, in particular, of their degree of rurality). These effects are estimated adopting alternative spatial model specifications: spatial Durbin model, SEM and SAR model. Results differ across alternative specifications and definitions of rurality, but the prevalent evidence suggests that rurality matters in a counterintuitive direction, while also neighbouring regions play a role.
Citations:   CitEc
 
398  Federico GIRI
Does Interbank Market Matter for Business Cycle Fluctuation? An Estimated DSGE Model with Financial Frictions for the Euro Area [marzo 2014]
Keywords:
  Bayesan estimation, DSGE model, financial frictions, interbank market
JEL Classification:
  E30 Macroeconomics and Monetary Economics - Prices, Business Fluctuations, and Cycles - General
  E44 Macroeconomics and Monetary Economics - Money and Interest Rates - Financial Markets and the Macroeconomy
  E51 Macroeconomics and Monetary Economics - Monetary Policy, Central Banking, and the Supply of Money and Credit - Money Supply; Credit; Money Multipliers
Abstract:
  The aim of this paper is to assess the impact of the interbank market on the business cycle fluctuations. We build a DSGE model with heterogeneous households and banks. Two kind of banks are in the model: Deficit banks which are net borrowers on the interbank market and they provide credit to the real economy. The surplus bank are net lender and they could choose to provide interbank lending or purchase government bonds. The portfolio choice of the surplus bank is affected by an exogenous shock that modifies the riskiness of the interbank lending thus allowing us to capture the collapse of the interbank market and the fl y to quality mechanism underlying the 2007 financial crisis. The main result is that an interbank riskiness shock seems to explain part of the 2007 downturn and the rise of the interest rate on the credit market just after the financial turmoil.
Citations:   CitEc
 
397  Riccardo LUCCHETTI, Claudia PIGINI
A simple and effective misspecification test for the double-hurdle model [gennaio 2014]
Keywords:
  Bootstrap, Double-Hurdle model, Information Matrix Test
JEL Classification:
  C02 Mathematical and Quantitative Methods - General - Mathematical Methods
  C12 Mathematical and Quantitative Methods - Econometric and Statistical Methods and Methodology: General - Hypothesis Testing: General
  C15 Mathematical and Quantitative Methods - Econometric and Statistical Methods and Methodology: General - Statistical Simulation Methods: General
Abstract:
  The commonly-used version of the double-hurdle model rests on a rather restrictive set of statistical assumptions, which are very seldom tested by practitioners, mainly because of the lack of a standard procedure for doing so, although violation of such assumptions can lead to serious modelling aws. We propose here a bootstrap-corrected conditional moment portmanteau test which is simple to implement and has good size and power properties.
Citations:   CitEc