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 | |
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Electoral rules and public expenditure composition: Evidence from Italian regions [novembre 2013] | |
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Keywords: | |
| local institutional design, panel data analysis, public expenditure composition, regional government | ||
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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 | |
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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. | ||
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Citations: CitEc | |
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| 395 | Francesca DI IORIO, Stefano FACHIN, Riccardo LUCCHETTI | |
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Can you do the wrong thing and still be right? Hypothesis Testing in I(2) and near-I(2) cointegrated VARs [novembre 2013] | |
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Keywords: | |
| Cointegration, Hypothesis testing, I(2), near-I(2) | ||
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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 | |
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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. | ||
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Citations: CitEc | |
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| 394 | Mihaela NICOLAU, Giulio PALOMBA, Ilaria TRAINI | |
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Are Futures Prices Influenced by Spot Prices or Vice-versa? An Analysis of Crude Oil, Natural Gas and Gold Markets [novembre 2013] | |
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Keywords: | |
| Granger-Causality, commodity markets, recursive estimation, spot and futures prices | ||
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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 | |
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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. | ||
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Citations: CitEc | |
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| 393 | Matteo PICCHIO, Stefano STAFFOLANI | |
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Does Apprenticeship Improve Job Opportunities? A Regression Discontinuity Approach [novembre 2013] | |
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Keywords: | |
| Apprenticeship, hazard function, permanent work, regression discontinuity, temporary work | ||
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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 | |
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Citations: CitEc | |
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| 392 | Giulio PALOMBA, Luca RICCETTI | |
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Asset Management with TEV and VaR Constraints: the Constrained Efficient Frontiers [ottobre 2013] | |
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Keywords: | |
| asset allocation, efficient portfolio frontiers, tracking error volatility, value at risk | ||
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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 | |
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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. | ||
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Citations: CitEc | |
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| 391 | Giovanni BUSETTA, Fabio FIORILLO | |
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Will Ugly Betty ever find a job in Italy? [ottobre 2013] | |
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Keywords: | |
| beauty premium, experimental economics, racial discrimination | ||
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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 | |
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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. | ||
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Citations: CitEc | |
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| 390 | Barbara ERMINI, Raffaella SANTOLINI | |
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Does globalization matter on fiscal decentralization of OECD? [giugno 2013] | |
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Keywords: | |
| Economic integration, Fiscal decentralization, Globalization, Panel data analysis, Political integration, Social integration | ||
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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 | |
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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. | ||
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Citations: CitEc | |
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| 389 | Fabio FIORILLO, Marco LILLA, Stefano STAFFOLANI | |
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Advertising Has Got You On The Run. Well-Being, Consumption and Leisure in a GE model [febbraio 2013] | |
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Keywords: | |
| Advertising, Welfare | ||
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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 | |
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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 e ects 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 e ects of advertising on utility are strong, a positive tax rate on advertising raises leisure, reduces consumption and increases well-being. | ||
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Citations: CitEc | |
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| 388 | Alessia LO TURCO, Daniela MAGGIONI | |
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Dissecting the impact of innovation on exporting in Turkey [gennaio 2013] | |
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Keywords: | |
| Turkey, export, process innovation, product innovation | ||
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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 | |
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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. | ||
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Citations: CitEc | |
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| 387 | Fabio FIORILLO, Dario ROMANO | |
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Alcuni profili economici della riforma IMU: un case study su Ancona e Senigallia [gennaio 2013] | |
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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. | ||
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Citations: CitEc | |
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