Reference Type: Unpublished Work Record Number: 561 Author: Acharya, V. V.; Bisin, A. Year: 2002 Title of Work: Entrepreneurial Incentives in Stock Market Economies Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3474 Short Title: Entrepreneurial Incentives in Stock Market Economies DOI: http://www.cepr.org/pubs/dps/DP3474.asp Keywords: Incomplete Markets D520 Externalities D620 General Financial Markets: General (includes Measurement and Data) G100 Capital Budgeting Fixed Investment and Inventory Studies G310 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Compensation Packages Payment Methods J330 Abstract: A Capital Asset Pricing Model of a stock market economy is examined under different corporate governance structures in which the objectives of managers and entrepreneurs in choosing the risk composition of their firms' returns are not aligned with those of shareholders and investors because of moral hazard. It is shown that incentive compensation, by exposing managers and entrepreneurs to unhedgeable firm-specific risk, induces them to change the stochastic properties of firm cash flows. Since they can trade in markets for aggregate risk but not for firm-specific risk, managers and entrepreneurs produce excessive aggregate risk compared to the first-best allocation. This results in a diversification externality for the stock market investors who cannot share the aggregate risks amongst each other as well as they can the firm-specific risks. The optimal incentive compensation designed to address such diversification externality is fully characterized and it is demonstrated that financial markets interact with the stock market in important ways in determining the effectiveness of incentive contracts in controlling the negative welfare effects of diversification externality. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694737; Keywords: aggregate risk; CAPM; entrepreneurship; financial innovation; hedging; idiosyncratic risk; managerial incentives; stock market efficiency; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3474.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1136 Author: Acharya, V. V.; Bisin, A. Year: 2003 Title of Work: Optimal Financial Market Integration and Security Design Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3852 Short Title: Optimal Financial Market Integration and Security Design DOI: http://www.cepr.org/pubs/dps/DP3852.asp Keywords: Incomplete Markets D520 Computable and Other Applied General Equilibrium Models D580 Asset Pricing Trading volume Bond Interest Rates G120 Abstract: We study two-period pure-exchange Capital Asset Pricing Model (CAPM) economies, for given degrees of incompleteness of financial markets and given degrees of restricted participation of agents in the markets. We characterize the optimal financial market structure of this economy, as well as efficient financial innovations consisting of both the introduction of new assets and the integration of segmented markets. We show that the optimal financial market structures maximize a simple criterion that captures the dispersion of the 'betas' of the participating agents. Our results imply that, in contrast with the prescription of the Optimal Currency Area literature, maximal advantage from the integration of financial markets arises for those economic regions whose endowment processes are minimally or negatively correlated. Moreover, we show that some coordination of the innovation process, e.g., in the form of consolidation of exchanges, is likely to be desirable when the integrating economies have segmented asset markets. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0695092; Keywords: CAPM; decentralizability; financial integration; incomplete markets; restricted participation; security design; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3852.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1137 Author: Acharya, V. V.; Bisin, A. Year: 2005 Title: Optimal Financial-Market Integration and Security Design Journal: Journal of Business Volume: 78 Issue: 6 Pages: 2397-2433 Short Title: Optimal Financial-Market Integration and Security Design ISSN: 00219398 DOI: http://www.journals.uchicago.edu/JB/home.html Accession Number: 0849257 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Information and Market Efficiency Event Studies G140 Abstract: We study 2-period pure-exchange Capital Asset Pricing Model (CAPM) economies with incomplete financial markets and restricted participation. We characterize the optimal financial-market structure and efficient innovations consisting of both the introduction of new assets and the integration of segmented markets. Welfare gains from innovations are maximal when the endowments of affected agents are negatively correlated. Uncoordinated innovations lead to efficient market structures if all assets have identical participation structure or the markets being integrated trade identical assets. However, coordination failure in the introduction of new assets may result when assets have participation structures that overlap only partially. Notes: Keywords: Asset Pricing; CAPM; Capital Asset Pricing; Financial Market; Publication Type: Journal Article; Update Code: 200606 URL: http://www.journals.uchicago.edu/JB/home.html Author Address: London Business School NYU Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 993 Author: Acharya, V. V.; Bisin, A. Year: 2009 Title: Managerial Hedging, Equity Ownership, and Firm Value Journal: RAND Journal of Economics Volume: 40 Issue: 1 Pages: 47-77 Date: Spring Short Title: Managerial Hedging, Equity Ownership, and Firm Value ISSN: 07416261 DOI: http://www3.interscience.wiley.com/journal/120718852/grouphome/home.html Accession Number: 1021078 Alternate Accession Number: EP36141832 Keywords: Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Firm Performance: Size, Diversification, and Scope L250 Abstract: Suppose risk-averse managers can hedge the aggregate component of their exposure to firm's cash-flow risk by trading in financial markets but cannot hedge their firm-specific exposure. This gives them incentives to pass up firm-specific projects in favor of standard projects that contain greater aggregate risk. Such forms of moral hazard give rise to excessive aggregate risk in stock markets. In this context, optimal managerial contracts induce a relationship between managerial ownership and (i) aggregate risk in the firm's cash flows, as well as (ii) firm value. We show that this can help explain the shape of the empirically documented relationship between ownership and firm performance. Notes: Keywords: Firm; Firms; Ownership; Publication Type: Journal Article; Update Code: 200903; Copyright: Copyright of RAND Journal of Economics (Blackwell Publishing Limited) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www3.interscience.wiley.com/journal/120718852/grouphome/home.html Author Address: London Business School NYU Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 402 Author: Acharya, V. V.; Bisin, A. Year: 2011 Title of Work: Counterparty Risk Externality: Centralized Versus Over-the-counter Markets Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 17000 Short Title: Counterparty Risk Externality: Centralized Versus Over-the-counter Markets DOI: http://www.nber.org/papers/w17000.pdf Keywords: Incomplete Markets D520 General Equilibrium and Disequilibrium: Financial Markets D530 Externalities D620 Information and Market Efficiency Event Studies G140 Financial Institutions and Services: General G200 Bankruptcy Liquidation G330 Abstract: We model the opacity of over-the-counter (OTC) markets in a setup where agents share risks, but have incentives to default and their financial positions are not mutually observable. We show that this setup results in excess "leverage" in that parties take on short OTC positions that lead to levels of default risk that are higher than Pareto-efficient ones. In particular, OTC markets feature a "counterparty risk externality" that we show can lead to ex-ante productive inefficiency. This externality is absent when trading is organized via a centralized clearing mechanism that provides transparency of trade positions, or a centralized counterparty (such as an exchange) that observes all trades and sets prices competitively. While collateral requirements and subordination of OTC positions in bankruptcy can ameliorate the counterparty risk externality, they are in general inadequate in addressing it fully. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1236026; Publication Type: Working Paper; Update Code: 201106 URL: http://www.nber.org/papers/w17000.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 689 Author: A'Hearn, B.; Peracchi, F.; Vecchi, G. Year: 2009 Title: Height and the Normal Distribution: Evidence from Italian Military Data Journal: Demography Volume: 46 Issue: 1 Pages: 1-25 Short Title: Height and the Normal Distribution: Evidence from Italian Military Data ISSN: 00703370 DOI: http://muse.jhu.edu/journals/demography/ Accession Number: 1037020 Alternate Accession Number: EP36168689 Keywords: Health Production I120 Demographic Trends and Forecasts General Migration J110 Public Sector Labor Markets J450 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, and Religion: Europe: Pre-1913 N330 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Abstract: Researchers modeling historical heights have typically relied on the restrictive assumption of a normal distribution, only the mean of which is affected by age, income, nutrition, disease, and similar influences. To avoid these restrictive assumptions, we develop a new semiparametric approach in which covariates are allowed to affect the entire distribution without imposing any parametric shape. We apply our method to a new database of height distributions for Italian provinces, drawn from conscription records, of unprecedented length and geographical disaggregation. Our method allows us to standardize distributions to a single age and calculate moments of the distribution that are comparable through time. Our method also allows us to generate counterfactual distributions for a range of ages, from which we derive age-height profiles. These profiles reveal how the adolescent growth spurt (AGS) distorts the distribution of stature, and they document the earlier and earlier onset of the AGS as living conditions improved over the second half of the nineteenth century. Our new estimates of provincial mean height also reveal a previously unnoticed "regime switch" from regional convergence to divergence in this period. Notes: Keywords: Disease; Nutrition; Regional; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200905; Copyright: Copyright of Demography is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://muse.jhu.edu/journals/demography/ Author Address: Pembroke College, U Oxford U Rome 'Tor Vergata' and Einaudi Institute for Economics and Finance U Rome 'Tor Vergata' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1413 Author: Aitken, M.; Frino, A. Year: 1996 Title: The Accuracy of the Tick Test: Evidence from the Australian Stock Exchange Journal: Journal of Banking and Finance Volume: 20 Issue: 10 Pages: 1715-1729 Short Title: The Accuracy of the Tick Test: Evidence from the Australian Stock Exchange ISSN: 03784266 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Accession Number: 0402979 Keywords: General Financial Markets: General (includes Measurement and Data) G100 Abstract: In the absence of information regarding whether a trade is buyer or seller initiated, many researchers have employed the "tick" rule as a proxy. These researchers have been supported in their endeavours by the work of Lee and Ready (1991) which suggests that the tick rule is 90% accurate. Unfortunately, the difficulty of securing data on this issue has made Lee and Ready's paper somewhat unique in that there have been few attempts to confirm their result in US markets and no attempts in other markets. The purpose of this work is to test the robustness of their result in the Australian securities market. Using cleaner intra-day data we mimic the Lee and Ready study to cast some doubt upon the robustness of their findings in different markets. Our results suggest an overall accuracy of approximately 74% as opposed to Lee and Ready's 90%. However, accuracy in excess of 90% is documented when zero ticks are excluded. Further analysis provides evidence that a volatile or trending market will decrease the accuracy of the tick rule. It is also demonstrated that the tick rule is less likely to accurately classify seller initiated trades and small buyer initiated trades. Notes: Geographic Descriptors: Australia; Geographic Region: Oceania; Publication Type: Journal Article; Update Code: 199703 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Author Address: U Sydney Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1501 Author: Aleati, A.; Gottardo, P.; Murgia, M. Year: 2000 Title: The Pricing of Italian Equity Returns Journal: Economic Notes Volume: 29 Issue: 2 Pages: 153-177 Short Title: The Pricing of Italian Equity Returns ISSN: 03915026 DOI: http://www3.interscience.wiley.com/journal/118504771/home?CRETRY=1&SRETRY=0 Accession Number: 0546565 Alternate Accession Number: EP4373952 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Abstract: In this paper, we investigate the relationship between common risk factors and average returns for Italian stocks. Our research has identified the Italian stock market's economic variables by using the results from factor analyses and time series regressions. We study several multi-factor models combining the relevant macroeconomic variables with the mimicking equity portfolios SMB (small minus big) and HML (high minus low) proposed by Fama and French (1993). The key question we want to ask ourselves, is whether the influential role of the size and book-to-market equity factors in explaining average stock returns can stand up well when competing with some macroeconomic factors. In other words, do stock returns carry some risk premium that is independent of either the market return or the economic forces that underlie the common variation in returns? Our empirical work estimates risk premiums using both traditional two-pass procedures and one-pass (full information) methodologies. We show that only the market index and variables linked to interest rate shifts are consistently priced in the Italian stock returns. The role of other factors, and in particular both the size and the price-to book ratio, are crucially dependent on the estimation procedure. Notes: Keywords: Stock Market; Stocks; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200012; Copyright: Copyright of Economic Notes is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www3.interscience.wiley.com/journal/118504771/home?CRETRY=1&SRETRY=0 Author Address: Wefa Group, Milan U degli Studi di Pavia City U Business School Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1321 Author: Alessie, R.; Brugiavini, A.; Weber, G. Year: 2005 Title of Work: Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 11079 Short Title: Saving and Cohabitation: The Economic Consequences of Living with One's Parents in Italy and the Netherlands DOI: http://www.nber.org/papers/w11079.pdf Keywords: Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) E200 Household Behavior: General D100 Intertemporal Choice and Growth: General D900 Abstract: The paper deals with the e.ects of cohabitation of grown children with their parents on household saving, using data from Italy and the Netherlands. It presents a two-period gametheoretical model where the child has to decide whether to move out of the parental home. This decision is affected by transaction costs, the child%u2019s preference for independence, and by the consumption loss induced by the move (consumption is a public good while the child lives in the parental home). We show that the child%u2019s income share affects the household saving decision, in contrast with predictions of the standard unitary model of household decision making. Empirical results from both countries are supportive of the key model predictions. We find strong positive effects of the child income share on the saving rate in Italy, where we calculate saving as the difference between disposable income and consumption but cannot distinguish children who will leave from those who will stay. We also find some significant effects of the child income share on household saving rate in the Netherlands, where saving is computed as the change over time in financial wealth. In the Dutch data we distinguish between children who stay and children who leave. The effect of the child%u2019s income share is significantly negative for those who stay, positive for those who leave. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0763090; Publication Type: Working Paper; Update Code: 200502 URL: http://www.nber.org/papers/w11079.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 859 Author: Alessie, R.; Devereux, M. P.; Weber, G. Year: 1997 Title: Intertemporal Consumption, Durables and Liquidity Constraints: A Cohort Analysis Journal: European Economic Review Volume: 41 Issue: 1 Pages: 37-59 Short Title: Intertemporal Consumption, Durables and Liquidity Constraints: A Cohort Analysis ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0412655 Keywords: Intertemporal Consumer Choice Life Cycle Models and Saving D910 Consumer Economics: Empirical Analysis D120 Abstract: We provide a theoretical framework to analyse the response of life time maximizing consumers to intertemporal prices of non-durable goods and durable goods when the borrowing limit depends on the market value of the stock of durables owned by the consumer. We use pseudo panel data on purchases of non-durables and durable goods (cars) and demographic characteristics from the UK Family Expenditure Survey, as well as estimates of the durable stock constructed using the UK National Travel Survey, to estimate the equations derived in the first part of the paper. We evaluate the shadow prices of these restrictions, which were significantly positive for younger consumers in the mid-seventies and immediately prior to the 1982 financial liberalisation. Notes: Keywords: Consumer; Expenditure; Liquidity Constraints; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199706 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: Tilburg U IFS and Keele U IFS, CEPR and U Padova Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 365 Author: Alessie, R.; Hochguertel, S.; Weber, G. Year: 2001 Title of Work: Consumer Credit: Evidence from Italian Micro Data Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3071 Short Title: Consumer Credit: Evidence from Italian Micro Data DOI: http://www.cepr.org/pubs/dps/DP3071.asp Keywords: Consumer Economics: Empirical Analysis D120 Macroeconomics: Consumption Saving Wealth E210 Abstract: In this Paper we analyse unique data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data set covers a five year period (1995-99) during which the consumer credit market rapidly expanded in Italy and a new law came into force that set a limit to interest rates charged to consumers (the usury law). We investigate ways in which the law may have affected the consumer credit market and show how the applicants' pool has changed over time in comparison to a representative sample of the Italian population. We compute behavioural changes by controlling for changes in the observable characteristics of the Findomestic clientele and argue that, under suitable identifying assumptions, these changes can be given a structural interpretation. If the usury shock is assumed to have affected credit supply but not credit demand, that is if the usury law had a differential impact on the supply of various types of credit but a uniform impact on demand , we can identify and estimate a demand equation. Our key finding is that demand is interest rate elastic, particularly in the North, where the consumer credit market is more competitive. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694340; Keywords: choice-based sample; consumer credit; usury; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3071.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 364 Author: Alessie, R.; Hochguertel, S.; Weber, G. Year: 2005 Title: Consumer Credit: Evidence from Italian Micro Data Journal: Journal of the European Economic Association Volume: 3 Issue: 1 Pages: 144-178 Short Title: Consumer Credit: Evidence from Italian Micro Data ISSN: 15424766 DOI: http://www.mitpressjournals.org/loi/jeea Accession Number: 0783932 Alternate Accession Number: EP16382199 Keywords: Personal Finance D140 Consumer Protection D180 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 Abstract: In this paper we analyse unique data on credit applications received by the leading provider of consumer credit in Italy (Findomestic). The data set covers a five-year period (1995-1999) during which the consumer credit market rapidly expanded in Italy and a new law(the usury law) came into force that set a limit on interest rates charged to consumers. We compute behavioural changes by controlling for changes in the observable characteristics of the Findomestic clientele and argue that, under suitable identifying assumptions, these changes can be given a structural interpretation. If the usury shock is assumed to have affected credit supply but not credit demand--that is, if the usury law had a differential impact on the supply of various types of credit but a uniform impact on demand--then we can identify and estimate a demand equation. Our key finding is that demand is interest-rate elastic, particularly in the more affluent North. Notes: Keywords: Consumer Credit; Consumer; Credit; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200507; Copyright: Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/jeea Author Address: Utrecht U Free U Amsterdam U Padova and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 374 Author: Alessie, R.; Melenberg, B.; Weber, G. Year: 1988 Title: Consumption, Leisure and Earnings-Related Liquidity Constraints: A Note Journal: Economics Letters Volume: 27 Issue: 1 Pages: 101-104 Short Title: Consumption, Leisure and Earnings-Related Liquidity Constraints: A Note ISSN: 01651765 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Accession Number: 0225062 Keywords: Microeconomic Theory--Theory of the Household (Consumer Demand) 0222 Macroeconomics--Theory of Aggregate Demand: Consumption 0232 Abstract: The life-cycle model with liquidity constraints produces a Euler equation with unobservable Kuhn-Tucker multipliers. If borrowing restrictions depend on earnings, preferences are non-separable between goods and leisure, and individuals are employed, we derive a Euler equation involving only observable variables. Notes: Publication Type: Journal Article; Update Code: 199006 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Author Address: Tilburg U U Col, London Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1574 Author: Al-Najjar, N.; Anderlini, L.; Felli, L. Year: 2005 Title of Work: Transaction Costs and the Robustness of the Coase Theorem Institution: Georgetown University, Department of Economics, Working Papers Short Title: Transaction Costs and the Robustness of the Coase Theorem DOI: http://www.georgetown.edu/faculty/la2/Undescribable.htm Keywords: Mathematical Methods Programming Models Mathematical and Simulation Modeling: Other C690 Criteria for Decision-Making under Risk and Uncertainty D810 Information and Uncertainty: Other D890 Abstract: We develop a model of undescribable events. Examples of events that are well understood by economic agents but are prohibitively difficult to describe in advance abound in real-life. This notion has also pervaded a substantial amount of economic literature. We put forth a model of such events using a simple co-insurance problem as backdrop. Undescribable events in our model are understood by economic agents--- their consequences and probabilities are known--- but are such that every finite description of such events necessarily leaves out relevant features that have a non-negligible impact on the parties' expected utilities. We also show that two key ingredients of our model--- probabilities that are finitely additive but fail countable additivity, and a state space that is small (discrete in our model) in a measure-theoretic sense--- are necessary ingredients of any model of undescribable events that delivers our results. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0831870; Keywords: Undescribable Events, Incomplete Contracts, Finite Invariance, Fine Variability.; Publication Type: Working Paper; Update Code: 200604 URL: http://www.georgetown.edu/faculty/la2/Undescribable.htm Author Address: Department of Economics, Georgetown University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 577 Author: Altissimo, F.; Bassanetti, A.; Cristadoro, R.; Forni, M.; Hallin, M.; Lippi, M.; Reichlin, L.; Veronese, G. Year: 2001 Title of Work: EuroCOIN: A Real Time Coincident Indicator of the Euro Area Business Cycle Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3108 Short Title: EuroCOIN: A Real Time Coincident Indicator of the Euro Area Business Cycle DOI: http://www.cepr.org/pubs/dps/DP3108.asp Keywords: Model Construction and Estimation C510 Business Fluctuations Cycles E320 Technological Change Research and Development: General O300 Abstract: This Paper is the result of the Bank of Italy-CEPR project to construct a monthly coincident indicator of the business cycle of the euro area. The index is estimated on the basis of a harmonized data set of monthly statistics of the euro area (951 series) which we constructed from a variety of sources. We use the information of this large panel to obtain an indicator which has three characteristics: (i) it provides real time information on monthly coincident activity since it is updated as new information become available in a non-synchronous way; (ii) it is cleaned from noise originated from measurement error and idiosyncratic national and sectoral dynamics; (iii) it is cleaned from seasonal and short-run dynamics through a filter that requires very little revision at the end of the sample. Unlike other methods used in the literature, the procedure takes into consideration the cross-country as well as the within-country correlation structure and exploits all information on dynamic cross-correlations. As a by product of our analysis, we provide a characterization of the commonality and dynamic relations of the series in the data set with respect to the coincident indicator and a dating of the euro area cycle. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694372; Keywords: business cycle; dynamic factor model; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3108.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 712 Author: Altissimo, F.; Siviero, S.; Terlizzese, D. Year: 2002 Title: How Deep Are the Deep Parameters? Journal: Annales d'Economie et de Statistique Issue: 67-68 Pages: 207-226 Short Title: How Deep Are the Deep Parameters? ISSN: 0769489X DOI: http://annales.ensae.fr/ Accession Number: 0656494 Keywords: Forecasting Methods Simulation Methods C530 Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook: General E600 Model Construction and Estimation C510 Abstract: Policy evaluation based on the estimation of dynamic stochastic general equilibrium models rests on the assumption that a representative agent can be identified, whose behavioural parameters are policy-independent. Building on earlier work by Geweke [1985], this paper shows that in the presence of agents' heterogeneity the representative agent, if any, is not structural, as its estimated behavioural parameters are not policy-independent. The paper identifies two sources of non-structurality and provides an example illustrating its effects. Notes: Keywords: Estimation; Heterogeneity; Policy; Publication Type: Journal Article; Update Code: 200308 URL: http://annales.ensae.fr/ Author Address: Bank of Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1098 Author: Altissimo, F.; Siviero, S.; Terlizzese, D. Year: 2006 Title: On Robust Monetary Policy Editor: L. R. Klein Book Title: Long-Run Growth and Short-Run Stabilization: Essays in Memory of Albert Ando Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 137-160 Short Title: On Robust Monetary Policy Keywords: Monetary Policy E520 Notes: Accession Number: 0916431; Reviewed Book ISBN: 1-84376-643-4; Keywords: Monetary Policy; Monetary; Policy; Publication Type: Collective Volume Article; Festschrift: Ando, Albert; Update Code: 200706 Author Address: European Central Bank Bank of Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1447 Author: Amendola, G.; Dosi, G.; Papagni, E. Year: 1993 Title: The Dynamics of International Competitiveness Journal: Weltwirtschaftliches Archiv Volume: 129 Issue: 3 Pages: 451-471 Short Title: The Dynamics of International Competitiveness ISSN: 00432636 Accession Number: 0323650 Keywords: Country and Industry Studies of Trade F140 Multinational Firms International Business F230 Technological Change: Choices and Consequences Diffusion Processes O330 Abstract: This paper focuses on the determinants of international competitiveness over the 1970s and 1980s. The theoretical framework adopted here is based on a 'technology-gap' account of trade flows. The econometric analysis relies on a dynamic model estimated by pooling time-series across countries. The short- and long-term impacts of both technical change and labor costs on trade performance are investigated. It is found that technological variables (patents and investments) play a major role in shaping dynamics of export-shares, while labor costs asymmetries among countries appear to affect trade performance only in the short term. Notes: Keywords: Competitiveness; Technical; Technology; Trade; Publication Type: Journal Article; Update Code: 199406 Author Address: ENEA U degli Studi di Roma, La Sapienza Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 454 Author: Amihud, Y.; Murgia, M. Year: 1997 Title: Dividends, Taxes, and Signaling: Evidence from Germany Journal: Journal of Finance Volume: 52 Issue: 1 Pages: 397-408 Short Title: Dividends, Taxes, and Signaling: Evidence from Germany ISSN: 00221082 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Accession Number: 0413214 Alternate Accession Number: EP9707012824 Keywords: Information and Market Efficiency Event Studies G140 Payout Policy G350 Abstract: The higher taxation of dividends in the United States gave rise to theories that explain why companies pay dividends. Tax-based signaling models propose that the higher tax on dividends is a necessary condition to make them informative about companies' values. In Germany, where dividends are not tax-disadvantaged and in fact are taxed lower for most investor classes, these models predict that dividends are not informative. However, the authors find that the stock price reaction to dividend news in Germany is similar to that found in the United States. This suggests other reasons, beyond taxation, that make dividends informative. Notes: Keywords: Dividend; Geographic Descriptors: Germany; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199706; Copyright: Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Author Address: Stern School of Business, NYU U Pavia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 768 Author: Anderlini, L.; Felli, L. Year: 1993 Title of Work: Incomplete Written Contracts: Endogenous Agency Problems (Revised version, Describability and Agency Problems, published in European Economic Review, vol.42 (1998), pp.35-59.) Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Incomplete Written Contracts: Endogenous Agency Problems (Revised version, Describability and Agency Problems, published in European Economic Review, vol.42 (1998), pp.35-59.) Abstract: This paper suggests a reason, other than asymmetric formation, why agency contracts are not explicitly contingent on the contracting parties' performances or actions. This reason is the formal nature of contracts: the form, usually written, that contracts are required to take to be enforceable in a court of law by legal prescription, common practice or simply by the contracting parties' will. We model the formal nature of contracts as the requirement that the mapping from the domain of the contract into the corresponding remunerations must be of an algorithmic nature. We show that there exist situations in which the chosen contract cannot be explicitly contingent on the parties' performance although, in principle, such performances are contractible and observable to all parties to the contract, court included. This approach allows us to interpret agency contracts as incomplete contracts. We relate this incompleteness either to the form of the parties' preferences or to the shape of the technological relationship through which the parties' contractible performances are transformed into contractible outcomes. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687463; Publication Type: Working Paper; Update Code: 200404 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 770 Author: Anderlini, L.; Felli, L. Year: 1993 Title of Work: Incomplete Written Contracts: Undescribable States of Nature (Now published in Quarterly Journal of Economics (1994), vol.109, pp.1085-1124.) Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Incomplete Written Contracts: Undescribable States of Nature (Now published in Quarterly Journal of Economics (1994), vol.109, pp.1085-1124.) Abstract: This paper extends the classic two-armed bandit problem to a many-agent setting in which N players each face the same experimentation problem. The difference with the single-agent problem is that agents can now learn from the experiments of others. Thus, experiementation produces a public good and a free-rider problem in experimentation naturally arises. More interestingly, future experimentation by others encourages current individual experimentation. The paper provides an analysis of the set of Markov equilibria in terms of the free-rider effect and the encouragement effect. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687465; Publication Type: Working Paper; Update Code: 200404 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 769 Author: Anderlini, L.; Felli, L. Year: 1994 Title: Incomplete Written Contracts: Undescribable States of Nature Journal: Quarterly Journal of Economics Volume: 109 Issue: 4 Pages: 1085-1124 Short Title: Incomplete Written Contracts: Undescribable States of Nature ISSN: 00335533 DOI: http://www.mitpressjournals.org/loi/qjec Accession Number: 0350113 Alternate Accession Number: EP9412210872 Keywords: Transactional Relationships Contracts and Reputation Networks L140 Asymmetric and Private Information D820 Abstract: This paper explores the extent to which the incompleteness of contracts can be attributed to their formal nature: the form, usually written, that contracts are required to take to be enforceable in a court of law by legal prescription, common practice, or simply the contracting parties' will. We model the formal nature of state-contingent contracts as the requirement that the mapping from states of the world to the corresponding outcomes must be of an algorithmic nature. It is shown that such algorithmic nature, although by itself is not enough to generate incomplete contracts, when paired with a similar restriction on the contracting parties' selection process yields endogenously incomplete optimal contracts. Notes: Keywords: Contracts; Publication Type: Journal Article; Update Code: 199505; Copyright: © 1994 President & Fellows of Harvard University URL: http://www.mitpressjournals.org/loi/qjec Author Address: St John's College, Cambridge London School of Econ Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 401 Author: Anderlini, L.; Felli, L. Year: 1996 Title of Work: Costly Contingent Contracts Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Costly Contingent Contracts Abstract: We identify and investigate the basic ?hold-up? problem which arises whenever each party to a contingent contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a ?contractual solution? to this hold-up problem is not available. This is because a contractual solution to the hold-up problem typically entails writing a ?contract over a contract? which generates a fresh set of ex-ante costs, and hence is associated with a new hold-up problem. We conclude the paper investigating two applications of our results to a static and to a dynamic principal-agent model. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687438; Publication Type: Working Paper; Update Code: 200404 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 398 Author: Anderlini, L.; Felli, L. Year: 1998 Title of Work: Costly Bargaining and Renegotiation - (Now published in Econometrica, 69(4) (March 2001), pp. 377-411.) Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Costly Bargaining and Renegotiation - (Now published in Econometrica, 69(4) (March 2001), pp. 377-411.) DOI: http://sticerd.lse.ac.uk/dps/te/te361.pdf Abstract: We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly, even when there are equilibria in which an agreement is reached, we find that the model always has an equilibrium in which agreement is never reached, as well as equilibria in which agreement is delayed for an arbitrary length of time. Finally, the only way in which the parties can reach an agreement in equilibrium is by using inefficient punishments for (some of) the opponent's deviations. We argue that this implies that, when the parties are given the opportunity to renegotiate out of these inefficiencies, the only equilibrium outcome which survives is the one in which agreement is never reached, regardless of the value of the transaction costs. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687422; Keywords: Optimal bargaining costs, inefficient bargaining outcomes, renegotiation, imperfect recall; Publication Type: Working Paper; Update Code: 200404 URL: http://sticerd.lse.ac.uk/dps/te/te361.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 399 Author: Anderlini, L.; Felli, L. Year: 1998 Title of Work: Costly Coasian Contracts Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Costly Coasian Contracts DOI: http://sticerd.lse.ac.uk/dps/te/te362.pdf Abstract: We identify and investigate the basic 'hold-up problem' which arises whenever each party to a contract has to pay some ex-ante cost for the contract to become feasible. We then proceed to show that, under plausible circumstances, a 'contractual solution' to this hold-up problem is not available. This is because a contractual solution to the hold-up problem typically entails writing a 'contract over a contract' which generates a fresh set of ex-ante costs, and hence is associated with a new hold-up problem. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687421; Keywords: Ex-ante contractual costs, hold-up problem, Coase theorem, contracts over contracts, incomplete contracts.; Publication Type: Working Paper; Update Code: 200404 URL: http://sticerd.lse.ac.uk/dps/te/te362.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 430 Author: Anderlini, L.; Felli, L. Year: 1998 Title: Describability and Agency Problems Journal: European Economic Review Volume: 42 Issue: 1 Pages: 35-59 Short Title: Describability and Agency Problems ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0443380 Keywords: Transactional Relationships Contracts and Reputation Networks L140 Asymmetric and Private Information D820 Abstract: This paper suggests a reason, other than asymmetric information, why agency contracts are not explicitly contingent on the agent's performance or actions. Two ingredients are essential to this reason. The first is the written form that contracts are required to take to be enforceable. The second is a form of discontinuity in the parties' preferences and in the technology that transforms actions into a (probabilistic) outcome. The authors show that under these conditions, the chosen contract may not be explicitly contingent on the agent's actions although, in principle, such actions are contractible and observable to all parties to the contract, court included. Notes: Keywords: Agency; Asymmetric Information; Contracts; Information; Publication Type: Journal Article; Update Code: 199804 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: St John's College, Cambridge London School of Econ & Political Science Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 396 Author: Anderlini, L.; Felli, L. Year: 1999 Title of Work: Costly Bargaining and Renegotiation Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 213 Short Title: Costly Bargaining and Renegotiation DOI: http://www.cesifo.de/DocCIDL/WP213.PDF Keywords: New Firms Startups M130 Socialist Institutions and Their Transitions: General P300 Abstract: We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly, even when there are equilibria in which an agreement is reached, we find that the model always has an eqilibrium in which agreement is never reached, as well as equilibria in which agreement is delayed for an a rbitrary length of time. Finally, the only way in which the parties can reach an agreement in equilibrium is by using inefficient punishments for (some of) the opponent's deviations. We argue that this implies that, when the parties are given the opportunit y to renegotiate out of these inefficiencies, the only equilibrium outcome which survives is the one in which agreement is never reached, regardless of the value of the transaction costs. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0907183; Keywords: Optional bargaining costs, inefficient bargaining outcomes, renegotiation, imperfect recall; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/WP213.PDF Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 767 Author: Anderlini, L.; Felli, L. Year: 1999 Title: Incomplete Contracts and Complexity Costs Journal: Theory and Decision Volume: 46 Issue: 1 Pages: 23-50 Short Title: Incomplete Contracts and Complexity Costs ISSN: 00405833 DOI: http://www.springerlink.com/link.asp?id=100341 Accession Number: 0499878 Keywords: Asymmetric and Private Information D820 Transactional Relationships Contracts and Reputation Networks L140 Abstract: This paper investigates, in a simple risk-sharing framework, the extent to which the incompleteness of contracts could be attributed to the complexity costs associated with the writing and the implementation of contracts. We show that, given any measure of complexity in a very general class, it is possible to find simple contracting problems such that, when complexity costs are explicitly taken into account, the contracting parties optimally choose an incomplete contract which coincides with the 'default' division of surplus. Optimal contracts with complexity costs are constrained efficient in our model. We therefore interpret our results as saying that, in the absence of a strategic role for complexity costs, their effect is entirely determined by their size relative to the size of payoffs. Notes: Keywords: Contracts; Incomplete Contracts; Publication Type: Journal Article; Update Code: 199910 URL: http://www.springerlink.com/link.asp?id=100341 Author Address: London School of Econ & Political Sciences Cambridge U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 293 Author: Anderlini, L.; Felli, L. Year: 2000 Title of Work: Bounded Rationality and Incomplete Contracts Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Bounded Rationality and Incomplete Contracts DOI: http://sticerd.lse.ac.uk/dps/te/te407.pdf Abstract: This paper explores the link between boundedly rational behaviour and incomplete contracts. The bounded rationality of the agents in our world is embodied in a constraint that the contracts they write must be algorithmic in nature. We start with a definition of contract incompleteness that seems both appealing and widely applicable. Our first task is then to show that, by itself, the algorithmic nature of contracts is not enough to generate genuinely incomplete contracts in equilibrium. As in Anderlini and Felli (1994), we call this the Approximation Result. We then consider contractual situations in which the complexity costs of a contract are explicitly taken into accoaunt. We consider a broad (axiomatically defined) class of complexity measures and in this framework we show that incomplete contracts obtain in equilibrium. We also extensively discuss some recent literature directly related to the results reported here Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687409; Keywords: Incomplete contracts, bounded rationality, complexity costs; Publication Type: Working Paper; Update Code: 200404 URL: http://sticerd.lse.ac.uk/dps/te/te407.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 400 Author: Anderlini, L.; Felli, L. Year: 2000 Title of Work: 'Costly Coasian Contracts' Institution: University of Pennsylvania Center for Analytic Research and Economics in the Social Sciences, CARESS Working Papres Short Title: 'Costly Coasian Contracts' DOI: http://econ.lse.ac.uk/staff/lfelli/papers/coase.pdf Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0727312; Publication Type: Working Paper; Update Code: 200404 URL: http://econ.lse.ac.uk/staff/lfelli/papers/coase.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 397 Author: Anderlini, L.; Felli, L. Year: 2001 Title: Costly Bargaining and Renegotiation Journal: Econometrica Volume: 69 Issue: 2 Pages: 377-411 Short Title: Costly Bargaining and Renegotiation ISSN: 00129682 DOI: http://www.econometricsociety.org Accession Number: 0561524 Keywords: Bargaining Theory Matching Theory C780 Organizational Behavior Transaction Costs Property Rights D230 Abstract: We identify the inefficiencies that arise when negotiation between two parties takes place in the presence of transaction costs. First, for some values of these costs it is efficient to reach an agreement but the unique equilibrium outcome is one in which agreement is never reached. Secondly, even when there are equilibria in which an agreement is reached, we find that the model always has an equilibrium in which agreement is never reached, as well as equilibria in which agreement is delayed for an arbitrary length of time. Finally, the only way in which the parties can reach an agreement in equilibrium is by using inefficient punishments for (some of) the opponent's deviations. We argue that this implies that, when the parties are given the opportunity to renegotiate out of these inefficiencies, the only equilibrium outcome that survives is the one in which agreement is never reached, regardless of the value of the transaction costs. Notes: Keywords: Bargaining; Cost; Equilibria; Equilibrium; Negotiation; Renegotiation; Transaction Costs; Transactions; Publication Type: Journal Article; Update Code: 200105 URL: http://www.econometricsociety.org Author Address: U Southampton and Georgetown U London School of Econ Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1571 Author: Anderlini, L.; Felli, L. Year: 2001 Title of Work: Transaction Costs and the Robustness of the Coase Theorem Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Transaction Costs and the Robustness of the Coase Theorem DOI: http://sticerd.lse.ac.uk/dps/te/te409.pdf Abstract: This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic 'hold-up problem' which arises whenever the parties to a Coasian negotiation have to pay some ex-ante costs for the negotiation to take place. We then show that a 'Coasian solution' to this hold-up problem is not available. This is because a Coasian solution to the hold-up problem typically entails a negotation about the payment of the costs associated with the future negotiation which in turn is associated with a fresh set of ex-ante costs, and hence with a new hold-up problem. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687408; Keywords: Transaction costs, Hold-up Problem, Coase Theorem, Coasian Negotiation; Publication Type: Working Paper; Update Code: 200404 URL: http://sticerd.lse.ac.uk/dps/te/te409.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 292 Author: Anderlini, L.; Felli, L. Year: 2004 Title: Bounded Rationality and Incomplete Contracts Journal: Research in Economics Volume: 58 Issue: 1 Pages: 3-30 Short Title: Bounded Rationality and Incomplete Contracts ISSN: 10909443 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622941/description#description Accession Number: 0729050 Keywords: Criteria for Decision-Making under Risk and Uncertainty D810 Asymmetric and Private Information D820 Labor Contracts J410 Abstract: This paper explores the link between boundedly rational behavior and incomplete contracts. The bounded rationality of the agents in our world is embodied in a constraint that the contracts they write must be algorithmic in nature. We start with a definition of contract incompleteness that seems both appealing and widely applicable. Our first task is then to show that, by itself, the algorithmic nature of contracts is not enough to generate genuinely incomplete contracts in equilibrium. As in Anderlini and Felli [Q. J. Econom. 109 (1994) 1085], we call this the Approximation Result. We then proceed to consider contractual situations in which the complexity costs of a contract are explicitly taken into account. We consider a broad (axiomatically defined) class of complexity measures and in this framework we show that incomplete contracts obtain in equilibrium. We also discuss extensively some recent literature directly related to the results reported here. Notes: Keywords: Bounded Rationality; Contracts; Incomplete Contracts; Rationality; Publication Type: Journal Article; Update Code: 200405 URL: http://dx.doi.org/10.1016/j.rie.2003.12.001 http://www.elsevier.com/wps/find/journaldescription.cws_home/622941/description#description Author Address: Georgetown U London School of Econ Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 527 Author: Anderlini, L.; Felli, L. Year: 2004 Title: Economics and Language. Five Essays (Book) Volume: 71 Issue: 281 Pages: 169-171 Short Title: Economics and Language. Five Essays (Book) ISSN: 00130427 Accession Number: EP12320405 Notes: Publication Type: Book Review; Copyright: Copyright of Economica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: 10.1111/j.0013-0427.2004.363_1.x Author Address: Georgetown University, Emerita London School of Economics Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1573 Author: Anderlini, L.; Felli, L. Year: 2005 Title of Work: Transaction Costs and the Robustness of the Coase Theorem Institution: Georgetown University, Department of Economics, Working Papers Short Title: Transaction Costs and the Robustness of the Coase Theorem DOI: http://www.georgetown.edu/faculty/la2/Robustness.htm Keywords: Game Theory and Bargaining Theory: General C700 Organizational Behavior Transaction Costs Property Rights D230 Welfare Economics: General D600 Information, Knowledge, and Uncertainty: General D800 Abstract: This paper explores the extent to which the presence of ex-ante transaction costs may lead to failures of the Coase Theorem. In particular we identify and investigate the basic 'hold-up problem' which arises whenever the parties to a Coasian negotiation have to pay some ex-ante costs for the negotiation to take place. We then show that a 'Coasian solution' to this hold-up problem is not available. This is because a Coasian solution to the hold-up problem typically entails a negotiation about the payment of the costs associated with the future negotiation which in turn is associated with a fresh set of ex-ante costs, and hence with a new hold-up problem Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0831869; Keywords: Transaction Costs, Hold-Up Problem, Coase Theorem, Coasian Negotiation.; Publication Type: Working Paper; Update Code: 200604 URL: http://www.georgetown.edu/faculty/la2/Robustness.htm Author Address: Department of Economics, Georgetown University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1572 Author: Anderlini, L.; Felli, L. Year: 2006 Title: Transaction Costs and the Robustness of the Coase Theorem Journal: Economic Journal Volume: 116 Issue: 508 Pages: 223-245 Short Title: Transaction Costs and the Robustness of the Coase Theorem ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0848344 Alternate Accession Number: EP19476940 Keywords: Organizational Behavior Transaction Costs Property Rights D230 Economics of Contract: Theory D860 Abstract: This paper explores the extent to which ex ante transaction costs may lead to failures of the Coase Theorem. In particular we identify the basic "hold-up problem" that arises whenever the parties to a Coasian negotiation have to pay ex ante costs for the negotiation to take place. We then show that a "Coasian solution" to this problem is not available: a Coasian solution typically entails a negotiation about the payment of the costs associated with the future negotiation, which in turn is associated with a fresh set of ex ante costs, and hence a new hold-up problem. Notes: Keywords: Cost; Hold-Up Problems; Transaction Costs; Transactions; Publication Type: Journal Article; Update Code: 200606; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: Georgetown U London School of Economics Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 962 Author: Anderlini, L.; Felli, L.; Immordino, G.; Riboni, A. Year: 2011 Title of Work: Legal Institutions, Innovation and Growth Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8433 Short Title: Legal Institutions, Innovation and Growth DOI: http://www.cepr.org/pubs/dps/DP8433.asp Keywords: Policy Objectives Policy Designs and Consistency Policy Coordination E610 Economics of Regulation L510 Technological Change Research and Development Intellectual Property Rights: General O300 Institutions and Growth O430 Abstract: We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at intermediate stages of technological development--periods when legal change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment problems are severe. For mature technologies the two legal systems are equivalent. We find that rigid legal systems may induce excessive (greater than first-best) R&D investment and output growth. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1256805; Keywords: Commitment; Flexibility; Growth; Innovation; Legal System; Publication Type: Working Paper; Update Code: 201109 URL: http://www.cepr.org/pubs/dps/DP8433.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 963 Author: Anderlini, L.; Felli, L.; Immordino, G.; Riboni, A. Year: 2011 Title of Work: Legal Institutions, Innovation and Growth Institution: CESifo Group Munich, CESifo Working Paper Series: 3489 Short Title: Legal Institutions, Innovation and Growth DOI: http://www.cesifo-group.de/portal/pls/portal/docs/1/1207168.PDF Keywords: Technological Change Research and Development: General O300 Institutions and Growth O430 Economics of Regulation L510 Policy Objectives Policy Designs and Consistency Policy Coordination E610 Abstract: We analyze the relationship between legal institutions, innovation and growth. We compare a rigid (law set ex-ante) legal system and a flexible one (law set after observing current technology). The flexible system dominates in terms of welfare, amount of innovation and output growth at intermediate stages of technological development--periods when legal change is needed. The rigid system is preferable at early stages of technological development, when (lack of) commitment problems are severe. For mature technologies the two legal systems are equivalent. We find that rigid legal systems may induce excessive (greater than first-best) R&D investment and output growth. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1233819; Keywords: legal system, commitment, flexibility, innovation, growth; Publication Type: Working Paper; Update Code: 201106 URL: http://www.cesifo-group.de/portal/pls/portal/docs/1/1207168.PDF Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 405 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2001 Title of Work: Courts of Law and Unforeseen Contingencies Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2835 Short Title: Courts of Law and Unforeseen Contingencies DOI: http://www.cepr.org/pubs/dps/DP2835.asp Keywords: Conflict Conflict Resolution Alliances D740 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We study a contracting model with unforeseen contingencies in which the court is an active player. Ex-ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex-post. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694103; Keywords: Incentives; Optimal Courts; Risk; Unforeseen Contingencies; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2835.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 407 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2001 Title of Work: Courts of Law and Unforeseen Contingencies Institution: Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, PIER Working Paper Archive Pages: 33 pages Short Title: Courts of Law and Unforeseen Contingencies DOI: http://www.econ.upenn.edu/Centers/pier/Archive/06-001.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We study a contracting model with unforeseen contingencies in which the court is an active player. Ex-ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex-post. There are two effects of a court that voids more contracts. The parties' incentives to undertake relationship-specific investment are reduced, while the parties enjoy greater insurance against the unforeseen contingencies which the ex-ante contract cannot take into account. In this context, we are able to characterize fully the optimal decision rule for the court. The behavior of the optimal court is determined by the tradeoff between the need for incentives and the gains from insurance that voiding in some circumstances offers to the agents. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0809836; Keywords: Courts of Law, Unforeseen Contingencies, Precedents, Incentives, Insurance; Publication Type: Working Paper; Update Code: 200601 URL: http://www.econ.upenn.edu/Centers/pier/Archive/06-001.pdf Author Address: Department of Economics, Georgetown University Department of Economics, London School of Economics Department of Economics, University of Pennsylvania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 406 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2003 Title of Work: Courts of Law and Unforeseen Contingencies Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Courts of Law and Unforeseen Contingencies DOI: http://sticerd.lse.ac.uk/dps/te/te447.pdf Abstract: We study a contracting model with unforeseen contingencies in which the court is an active player. Ex-ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex-post. There are two effects of a court that voids more contracts. The parties' incentives to undertake relationship-specific investment are reduced, while the parties enjoy greater insurance againt the unforeseen contingencies which the ex-ante contract cannot take into account. In this context, we are able to characterise fully the optimal decision rule for the court. The behaviour of the optimal court is determined by the trade-off between the need for incentives and the gains from insurance that voiding in some circumstances offers to the agents. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687394; Keywords: Court of law, unforeseen contingencies, precedents, incentives, insurance.; Publication Type: Working Paper; Update Code: 200404 URL: http://sticerd.lse.ac.uk/dps/te/te447.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1350 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2003 Title of Work: Should Courts Always Enforce What Contracting Parties Write? Institution: Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, PIER Working Paper Archive Pages: 49 pages Short Title: Should Courts Always Enforce What Contracting Parties Write? DOI: http://www.econ.upenn.edu/Centers/pier/Archive/03-026.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We find an economic rationale for the common sense answer to the question in our title -- courts should not always enforce what the contracting parties write. We describe and analyze a contractual environment that allows a role for an active court. An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. We study a buyer-seller model with asymmetric information and ex-ante investments, in which some contingencies cannot be contracted on. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, some types pool in equilibrium. By voiding some contracts that the pooling types would like the court to enforce, the court is able to induce them to separate, and hence to improve ex-ante welfare. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0775334; Keywords: Optimal Courts, Informational Externalities, Ex-ante Welfare; Publication Type: Working Paper; Update Code: 200506 URL: http://www.econ.upenn.edu/Centers/pier/Archive/03-026.pdf Author Address: Department of Economics, Georgetown University London School of Economics, Department of Economics, CESifo (Center for Economic Studies and Ifo Institute for Economic Research), Centre for Economic Policy Research (CEPR) Department of Economics, University of Pennsylvania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1351 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2003 Title of Work: Should Courts Always Enforce What Contracting Parties Write? Institution: Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, PIER Working Paper Archive Pages: 34 pages Short Title: Should Courts Always Enforce What Contracting Parties Write? DOI: http://www.econ.upenn.edu/Centers/pier/Archive/06-024.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We find an economic rationale for the common sense answer to the question in our title--courts should not always enforce what the contracting parties write. We describe and analyze a contractual environment that allows a role for an active court. An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. We study a buyer-seller multiple-widget model with risk-neutral agents, asymmetric information and ex-ante investments. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, if the court enforces all contracts, pooling obtains in equilibrium. By voiding some contracts the court is able to induce them to separate, and hence improve ex-ante welfare. In some cases, an ambiguous court that voids and upholds both with positive probability may be able to increase welfare even further. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0873492; Keywords: Optimal Courts, Informational Externalities, Ex-Ante Welfare; Publication Type: Working Paper; Update Code: 200611 URL: http://www.econ.upenn.edu/Centers/pier/Archive/06-024.pdf Author Address: Department of Economics, Georgetown University Department of Economics, London School of Economics Department of Economics, University of Pennsylvania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1354 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2004 Title of Work: Should Courts Always Enforce What Contracting Parties Write? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4197 Short Title: Should Courts Always Enforce What Contracting Parties Write? DOI: http://www.cepr.org/pubs/dps/DP4197.asp Keywords: Conflict Conflict Resolution Alliances D740 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We find an economic rationale for the common sense answer to the question in our title - courts should not always enforce what the contracting parties write. We describe and analyse a contractual environment that allows a role for an active court. An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. We study a buyer-seller model with asymmetric information and ex-ante investments, in which some contingencies cannot be contracted on. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, some types pool in equilibrium. By voiding some contracts that the pooling types would like the court to enforce, the court is able to induce them to separate, and hence to improve ex-ante welfare. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0695448; Keywords: informational externalities; optimal courts; parties' ex-ante welfare; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP4197.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 193 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2005 Title of Work: Active Courts and Menu Contracts Institution: Georgetown University, Department of Economics, Working Papers Short Title: Active Courts and Menu Contracts DOI: http://www.georgetown.edu/faculty/la2/Menus.pdf Abstract: We describe and analyze a contractual environment that allows a role for an active court. The model we analyze is the same as in Anderlini, Felli, and Postlewaite (2006). An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. In Anderlini, Felli, and Postlewaite (2006) the possibility of "menu contracts" between the informed buyer and the uninformed seller is described but not analyzed. Here, we fully analyze this case. We find that if we maintain the assumption that one of the potential objects of trade is not contractible ex-ante, the results of Anderlini, Felli, and Postlewaite (2006) survive intact. If however we let all "widgets" be contractible ex-ante, then multiple equilibria obtain. In this case the role for an active court is to ensure the inefficient pooling equilibria do not exist alongside the superior ones in which separation occurs. Classification-JEL Codes: C79, D74, D89, K40, L14. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0873324; Keywords: Optimal Courts, Informational Externalities, Ex-ante Welfare, Informed Principal, Menu Contracts.; Publication Type: Working Paper; Update Code: 200611 URL: http://www.georgetown.edu/faculty/la2/Menus.pdf Author Address: Department of Economics, Georgetown University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 408 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2005 Title of Work: Courts of Law and Unforeseen Contingencies Institution: Georgetown University, Department of Economics, Working Papers Short Title: Courts of Law and Unforeseen Contingencies DOI: http://www.georgetown.edu/faculty/la2/Courts.htm Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We study a contracting model with unforeseen contingencies in which the court is an active player. Ex-ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex-post the court observes whether an unforeseen contingency occurred, and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex-post. There are two effects of a court that voids more contracts. The parties' incentives to undertake relationship-specific investment are reduced, while the parties enjoy greater insurance against the unforeseen contingencies which the ex-ante contract cannot take into account. In this context, we are able to characterize fully the optimal decision rule for the court. The behavior of the optimal court is determined by the tradeoff between the need for incentives and the gains from insurance that voiding in some circumstances offers to the agents.. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0831868; Keywords: Optimal Courts, Unforeseen Contingencies, Risk, Incentives; Publication Type: Working Paper; Update Code: 200604 URL: http://www.georgetown.edu/faculty/la2/Courts.htm Author Address: Department of Economics, Georgetown University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1356 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2005 Title of Work: Should Courts Always Enforce What Contracting Parties Write? Institution: Georgetown University, Department of Economics, Working Papers Short Title: Should Courts Always Enforce What Contracting Parties Write? DOI: http://www.georgetown.edu/faculty/la2/Externality.htm Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We find an economic rationale for the common sense answer to the question in our title--- courts should not always enforce what the contracting parties write. We describe and analyze a contractual environment that allows a role for an active court. An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. We study a buyer-seller model with asymmetric information and ex-ante investments, in which some contingencies cannot be contracted on. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, some types pool in equilibrium. By voiding some contracts that the pooling types would like the court to enforce, the court is able to induce them to separate, and hence to improve ex-ante welfare. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0831871; Keywords: Optimal Courts, Informational Externalities, Ex-ante Welfare.; Publication Type: Working Paper; Update Code: 200604 URL: http://www.georgetown.edu/faculty/la2/Externality.htm Author Address: Department of Economics, Georgetown University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1357 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2005 Title of Work: Should Courts Always Enforce What Contracting Parties Write? Institution: Georgetown University, Department of Economics, Working Papers Short Title: Should Courts Always Enforce What Contracting Parties Write? DOI: http://www.georgetown.edu/faculty/la2/externality.pdf Abstract: We find an economic rationale for the common sense answer to the question in our title--courts should not always enforce what the contracting parties write. We describe and analyze a contractual environment that allows a role for an active court. An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. We study a buyer-seller multiple-widget model with risk-neutral agents, asymmetric information and ex-ante investments. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, if the court enforces all contracts, pooling obtains in equilibrium. By voiding some contracts the court is able to induce them to separate, and hence improve ex-ante welfare. In some cases, an ambiguous court that voids and upholds both with positive probability may be able to increase welfare even further. Classification-JEL Codes: C79, D74, D89, K40, L14. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0873323; Keywords: Optimal Courts, Informational Externalities, Ex-Ante Welfare.; Publication Type: Working Paper; Update Code: 200611 URL: http://www.georgetown.edu/faculty/la2/externality.pdf Author Address: Department of Economics, Georgetown University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 191 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2006 Title of Work: Active Courts and Menu Contracts Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1852 Short Title: Active Courts and Menu Contracts DOI: http://www.cesifo.de/DocCIDL/cesifo1_wp1852.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We describe and analyze a contractual environment that allows a role for an active court. The model we analyze is the same as in Anderlini, Felli, and Postlewaite (2006). An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. In Anderlini, Felli, and Postlewaite (2006) the possibility of "menu contracts" between the informed buyer and the uninformed seller is described but not analyzed. Here, we fully analyze this case. We find that if we maintain the assumption that one of the potential objects of trade is not contractible ex-ante, the results of Anderlini, Felli, and Postlewaite (2006) survive intact. If however we let all "widgets" be contractible ex-ante, then multiple equilibria obtain. In this case the role for an active court is to ensure the inefficient pooling equilibria do not exist alongside the superior ones in which separation occurs. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0905549; Keywords: optimal courts, informational externalities, ex-ante welfare, informed principal, menu contracts; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/cesifo1_wp1852.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 192 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2006 Title of Work: Active Courts and Menu Contracts Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Active Courts and Menu Contracts DOI: http://sticerd.lse.ac.uk/dps/te/te511.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We describe and analyze a contractual environment that allows a role for an active court.The model we analyze is the same as in Anderlini, Felli, and Postlewaite (2006). Anactive court can improve on the outcome that the parties would achieve without it. Theinstitutional role of the court is to maximize the parties' welfare under a veil ofignorance.In Anderlini, Felli, and Postlewaite (2006) the possibility of "menu contracts" betweenthe informed buyer and the uninformed seller is described but not analyzed. Here, wefully analyze this case.We find that if we maintain the assumption that one of the potential objects of trade is notcontractible ex-ante, the results of Anderlini, Felli, and Postlewaite (2006) survive intact.If however we let all "widgets" be contractible ex-ante, then multiple equilibria obtain. Inthis case the role for an active court is to ensure the inefficient pooling equilibria do notexist alongside the superior ones in which separation occurs. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0920803; Keywords: Optimal Courts, Informational Externalities, Ex-ante Welfare, Informed Principal, Menu Contracts.; Publication Type: Working Paper; Update Code: 200707 URL: http://sticerd.lse.ac.uk/dps/te/te511.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 194 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2006 Title of Work: Active Courts and Menu Contracts Institution: Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, PIER Working Paper Archive Pages: 24 pages Short Title: Active Courts and Menu Contracts DOI: http://www.econ.upenn.edu/Centers/pier/Archive/06-025.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We describe and analyze a contractual environment that allows a role for an active court. The model we analyze is the same as in Anderlini, Felli, and Postlewaite (2006). An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. In Anderlini, Felli, and Postlewaite (2006) the possibility of "menu contracts" between the informed buyer and the uninformed seller is described but not analyzed. Here, we fully analyze this case. We find that if we maintain the assumption that one of the potential objects of trade is not contractible ex-ante, the results of Anderlini, Felli, and Postlewaite (2006) survive intact. If however we let all "widgets" be contractible ex-ante, then multiple equilibria obtain. In this case the role for an active court is to ensure the inefficient pooling equilibria do not exist alongside the superior ones in which separation occurs. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0873493; Keywords: Optimal Courts, Informational Externalities, Ex-Ante Welfare, Informed Principal, Menu Contracts; Publication Type: Working Paper; Update Code: 200611 URL: http://www.econ.upenn.edu/Centers/pier/Archive/06-025.pdf Author Address: Department of Economics, Georgetown University Department of Economics, London School of Economics Department of Economics, University of Pennsylvania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1353 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2006 Title of Work: Should Courts always Enforce what Contracting Parties Write? Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1847 Short Title: Should Courts always Enforce what Contracting Parties Write? DOI: http://www.cesifo.de/DocCIDL/cesifo1_wp1847.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We find an economic rationale for the common sense answer to the question in our title--courts should not always enforce what the contracting parties write. We describe and analyze a contractual environment that allows a role for an active court. An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. We study a buyer-seller multiple-widget model with risk-neutral agents, asymmetric information and ex-ante investments. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, if the court enforces all contracts, pooling obtains in equilibrium. By voiding some contracts the court is able to induce them to separate, and hence improve ex-ante welfare. In some cases, an ambiguous court that voids and upholds both with positive probability may be able to increase welfare even further. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0905554; Keywords: optimal courts, informational externalities, ex-ante welfare; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/cesifo1_wp1847.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 409 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2007 Title: Courts of Law and Unforeseen Contingencies Journal: Journal of Law, Economics, and Organization Volume: 23 Issue: 3 Pages: 662-684 Short Title: Courts of Law and Unforeseen Contingencies ISSN: 87566222 DOI: http://jleo.oxfordjournals.org Accession Number: 0933836 Alternate Accession Number: EP26598639 Keywords: Litigation Process K410 Abstract: We study a contracting model with unforeseen contingencies in which the court is an active player. Ex ante, the contracting parties cannot include the risky unforeseen contingencies in the contract they draw up. Ex post, the court observes whether an unforeseen contingency occurred and decides whether to void or uphold the contract. If the contract is voided by the court, the parties can renegotiate a new agreement ex post. There are two effects of a court that voids contracts. The parties' incentives to undertake relationship-specific investment are reduced, and the parties enjoy greater insurance against the unforeseen contingencies that the ex ante contract cannot account for. In this context, we fully characterize the optimal decision rule for the court. The behavior of the optimal court is determined by the trade-off between the need for incentives and the gains from insurance that voiding in some circumstances offers to the agents. Notes: Keywords: Law; Publication Type: Journal Article; Update Code: 200710; Copyright: Copyright of Journal of Law, Economics & Organization is the property of Oxford University Press / UK and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://jleo.oxfordjournals.org Author Address: Georgetown U London School of Economics U PA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1355 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2009 Title of Work: Should Courts Always Enforce What Contracting Parties Write? Institution: Penn Institute for Economic Research, Department of Economics, University of Pennsylvania, PIER Working Paper Archive Pages: 16 pages Short Title: Should Courts Always Enforce What Contracting Parties Write? DOI: http://www.econ.upenn.edu/Centers/pier/Archive/09-004.pdf Keywords: Game Theory and Bargaining Theory: Other C790 Conflict Conflict Resolution Alliances D740 Information and Uncertainty: Other D890 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Transactional Relationships Contracts and Reputation Networks L140 Abstract: We find an economic rationale for the common sense answer to the question in our title--courts should not always enforce what the contracting parties write. We describe and analyze a contractual environment that allows a role for an active court. An active court can improve on the outcome that the parties would achieve without it. The institutional role of the court is to maximize the parties' welfare under a veil of ignorance. We study a buyer-seller model with risk-neutral agents and asymmetric information. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, if the court enforces all contracts, inefficient pooling obtains in equilibrium. By voiding some contracts the court is able to induce them to separate, and hence improve ex-ante welfare. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1014634; Keywords: Optimal Courts, Informational Externalities, Ex-Ante Welfare; Publication Type: Working Paper; Update Code: 200902 URL: http://www.econ.upenn.edu/Centers/pier/Archive/09-004.pdf Author Address: Department of Economics, Georgetown University Department of Economics, London School of Economics and Political Science Department of Economics, University of Pennsylvania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1352 Author: Anderlini, L.; Felli, L.; Postlewaite, A. Year: 2011 Title: Should Courts Always Enforce What Contracting Parties Write? Journal: Review of Law and Economics Volume: 7 Issue: 1 Short Title: Should Courts Always Enforce What Contracting Parties Write? ISSN: 15555879 DOI: http://www.bepress.com/rle/ Accession Number: 1255612 Alternate Accession Number: EP63624959 Keywords: Asymmetric and Private Information D820 Economics of Contract: Theory D860 Contract Law K120 Abstract: We find an economic rationale for the common sense answer to the question in our title--courts (that maximize parties' welfare under a veil of ignorance) should not always enforce what the contracting parties write. Courts can improve on the outcome that the parties would achieve without their intervention. We study a buyer-seller model with risk-neutral agents and asymmetric information. The court must decide when to uphold a contract and when to void it. The parties know their private information at the time of contracting, and this drives a wedge between ex-ante and interim-efficient contracts. In particular, if the court enforces all contracts, inefficient pooling obtains in equilibrium. By voiding some contracts the court is able to induce them to separate, and hence improve ex-ante welfare. Our results can also be interpreted as supporting the normative case for mandatory rules in contract law. Notes: Keywords: Asymmetric Information; Contract Law; Contracts; Equilibrium; Ignorance; Information; Law; Publication Type: Journal Article; Update Code: 201109; Copyright: Copyright of Review of Law & Economics is the property of Berkeley Electronic Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.bepress.com/rle/ Author Address: Georgetown U London School of Economics U PA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 451 Author: Ando, A.; Guiso, L.; Terlizzese, D. Year: 1993 Title of Work: Dissaving by the Elderly, Transfer Motives and Liquidity Constraints Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 4569 Short Title: Dissaving by the Elderly, Transfer Motives and Liquidity Constraints DOI: http://www.nber.org/papers/w4569.pdf Keywords: Household Behavior: General D100 Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) E200 Abstract: Two explanations have been proposed for the observed slowness of wealth decumulation by the elderly in the literature: the precautionary saving induced by (uninsurable) uncertainty about the time of death or by the possibility of major catastrophes in old age that require large outlays; the desire to pass part of the accumulated assets on to one's heirs. We reconsider the issue of wealth decumulation by the elderly and assess the presence of a transfer motive, drawing on Italian data. We show that if intergenerational transfer of assets takes place well before the time of death, induced for instance by existence of liquidity constraints on younger families, then tests for the presence of a transfer motive based on the relative speed of decumulation of elderly households with and without a potential bequest motive might have little discriminatory power. We suggest that in this case one should look at the whole pattern of asset accumulation and decumulation. We also offer an alternative test of the bequest motive based on life insurance purchases. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0719323; Publication Type: Working Paper; Update Code: 200404 URL: http://www.nber.org/papers/w4569.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 450 Author: Ando, A.; Guiso, L.; Terlizzese, D. Year: 1994 Title: Dissaving by the Elderly, Transfer Motives and Liquidity Constraints Editor: A. Ando, L. Guiso and I. Visco Book Title: Saving and the accumulation of wealth: Essays on Italian household and government saving behavior Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 188-213 Short Title: Dissaving by the Elderly, Transfer Motives and Liquidity Constraints Keywords: Macroeconomics: Consumption Saving Wealth E210 Economics of the Elderly Economics of the Handicapped Non-labor Market Discrimination J140 Intertemporal Consumer Choice Life Cycle Models and Saving D910 Notes: Accession Number: 0415447; Reviewed Book ISBN: 0-521-45208-2; Keywords: Dissaving; Elderly; Liquidity Constraints; Publication Type: Collective Volume Article; Update Code: 199707 Author Address: U PA Bank of Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1042 Author: Angelini, P.; Del Giovane, P.; Siviero, S.; Terlizzese, D. Year: 2008 Title: Monetary Policy in a Monetary Union: What Role for Regional Information? Journal: International Journal of Central Banking Volume: 4 Issue: 3 Pages: 1-28 Short Title: Monetary Policy in a Monetary Union: What Role for Regional Information? ISSN: 18154654 DOI: http://www.ijcb.org/ Accession Number: 0995643 Keywords: Monetary Policy E520 Central Banks and Their Policies E580 International Monetary Arrangements and Institutions F330 Financial Aspects of Economic Integration F360 Abstract: Can the central bank of a monetary union, whose objectives are exclusively defined in terms of union-wide variables, improve its performance by reacting to regional variables rather than to union-wide variables only? Our answer is not clear-cut. We find the improvement to be large when we use a backward-looking model of the economy and negligible when we use a hybrid model. The main determinant of this finding seems to be the different degree of inertia (or its opposite, the forward-lookingness) characterizing the two models, rather than other model features. Notes: Keywords: Monetary; Monetary Policy; Monetary Union; Policy; Publication Type: Journal Article; Update Code: 200810 URL: http://www.ijcb.org/ Author Address: Bank of Italy Einaudi Institute for Economics and Finance and Bank of Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 202 Author: Angelini, V.; Brugiavini, A.; Weber, G. Year: 2009 Title: Ageing and Unused Capacity in Europe: Is There an Early Retirement Trap? Journal: Economic Policy Issue: 59 Pages: 463 Short Title: Ageing and Unused Capacity in Europe: Is There an Early Retirement Trap? ISSN: 02664658 DOI: http://www.economic-policy.org/ Accession Number: 1052101 Alternate Accession Number: EP42419120 Keywords: Social Security and Public Pensions H550 Welfare and Poverty: Government Programs Provision and Effects of Welfare Programs I380 Economics of the Elderly Economics of the Handicapped Non-labor Market Discrimination J140 Retirement Retirement Policies J260 Nonwage Labor Costs and Benefits Private Pensions J320 Abstract: We address the issue of how early retirement may interact with limited use of financial markets in producing financial hardship later in life, when some risks (such as long-term care) are not insured. We argue that the presence of financially attractive early retirement schemes in a world of imperfect financial and insurance markets can lead to an 'early retirement trap'. Indeed, Europe witnesses many (early) retired individuals in financial distress. In our analysis, we use data on 10 European countries, which differ in their pension and welfare systems, in prevailing retirement age and in households' access to financial markets. We find evidence that an early retirement trap exists, particularly in some Southern and Central European countries: people who retired early in life are more likely to be in financial hardship in the long run. Our analysis implies that governments should stop making early retirement attractive, let retirees go back to work, improve access to financial markets, and make sure long-term care problems are adequately insured. Notes: Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200908; Copyright: Copyright of Economic Policy is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.economic-policy.org/ Author Address: U Padua U Venice and IFS U Padua and IFS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1048 Author: Angeloni, I.; Kashyap, A. K.; Mojon, B.; Terlizzese, D. Year: 2003 Title: Monetary Policy Transmission in the Euro Area: Where Do We Stand? Editor: I. Angeloni, A. K. Kashyap and B. Mojon Book Title: Monetary policy transmission in the Euro area: A study by the Eurosystem Monetary Transmission Network Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 383-412 Short Title: Monetary Policy Transmission in the Euro Area: Where Do We Stand? Keywords: Business Fluctuations Cycles E320 Interest Rates: Determination, Term Structure, and Effects E430 Monetary Policy E520 Foreign Exchange F310 Open Economy Macroeconomics F410 International Policy Coordination and Transmission F420 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Notes: Accession Number: 0792249; Reviewed Book ISBN: 0-521-82864-3; Keywords: Monetary Policy; Monetary; Policy; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200509 Author Address: European Central Bank U Chicago Banca d'Italia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1049 Author: Angeloni, I.; Kashyap, A. K.; Mojon, B.; Terlizzese, D. Year: 2003 Title of Work: Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain it All? Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 9984 Short Title: Monetary Transmission in the Euro Area: Does the Interest Rate Channel Explain it All? DOI: http://www.nber.org/papers/w9984.pdf Keywords: Monetary Policy E520 Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) E200 Abstract: Drawing on recent Eurosystem research that uses a range of econometric techniques and a number of new data sets, we propose a comprehensive description of how monetary policy affects the euro area economy. We focus mainly on three questions: (1) what are the stylized facts concerning the transmission of monetary policy for the area as a whole and for individual countries? (2) can the classic' interest rate channel (IRC) alone, without capital market imperfections, explain these facts? (3) if not, is the bank lending channel a likely candidate to complete the story? We find plausible euro-area wide monetary policy responses for prices and output that are similar to those generally reported for the U.S. However, investment (relative to consumption) seems to play a larger role in euro area monetary policy transmission than in the U.S. We cannot reject the hypothesis that the IRC completely characterizes transmission in a few countries, and estimate it to be substantial in almost all. Where the IRC is not dominant, there is normally some direct evidence supporting the presence of a bank lending channel (or other financial transmission channel). The cases where financial effects appear important can be further split according to whether they primarily relate to consumption or investment. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0714162; Publication Type: Working Paper; Update Code: 200404 URL: http://www.nber.org/papers/w9984.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 423 Author: Aoki, M.; Brunello, G. Year: 1991 Title: Current Topics on the Japanese Economy: Introduction Journal: Ricerche Economiche Volume: 45 Issue: 2-3 Pages: 151-153 Short Title: Current Topics on the Japanese Economy: Introduction ISSN: 00355054 Accession Number: 0268385 Keywords: Economywide Country Studies: Asia including Middle East O530 Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199209 Author Address: Stanford U U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 391 Author: Aoki, M.; Dosi, G. Year: 2000 Title: Corporate Organization, Finance and Innovation Editor: G. Dosi Book Title: Innovation, organization and economic dynamics: Selected essays Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt. Pages: 642-668 Short Title: Corporate Organization, Finance and Innovation Reprint Edition: [1992] Keywords: Management of Technological Innovation and R&D O320 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Notes: Accession Number: 0639487; Reviewed Book ISBN: 1-85898-591-9; Keywords: Finance; Innovation; Publication Type: Collective Volume Article; Update Code: 200305 Author Address: Unlisted St Anna School of Advanced Studies, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1051 Author: Arena, R.; Salvadori, N. Year: 2004 Title: Money, Credit and the Role of the State: Essays in Honour of Augusto Graziani: Introduction Editor: R. Arena and N. Salvadori Book Title: Money, credit and the role of the state: Essays in honour of Augusto Graziani Publisher: Aldershot, U.K. and Burlington, Vt.: Ashgate Pages: xiii-xx Short Title: Money, Credit and the Role of the State: Essays in Honour of Augusto Graziani: Introduction Keywords: Money and Interest Rates: General E400 Notes: Accession Number: 0816568; Reviewed Book ISBN: 0-7546-4000-0; Keywords: Money; Publication Type: Collective Volume Article; Festschrift: Graziani, Augusto; Update Code: 200602 Author Address: U Nice-Sophia Antipolis U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 1050 Author: Arena, R.; Salvadori, N. e. Year: 2004 Title: Money, credit and the role of the state: Essays in honour of Augusto Graziani Publisher: Aldershot, U.K. and Burlington, Vt.: Ashgate Number of Pages: xx Short Title: Money, credit and the role of the state: Essays in honour of Augusto Graziani Keywords: Volumes A320 Abstract: Twenty-seven papers dedicated to Augusto Graziani on the occasion of his seventieth birthday take up concerns central to his work, considering the "monetary theory of production" and issues in the history of economic thought, applied economics, and economic policy. Papers address themes of money and economic activity; credit and banks; Keynes, Keynesian economics, and beyond; production and income distribution; and the role of the state. Arena is with LATAPSES-DEMOS, CNRS/University of Nice-Sophia Antipolis. Salvadori is at the University of Pisa. Index. Notes: Accession Number: 0767030; Reviewed Book ISBN: 0-7546-4000-0; ; Publication Type: Book; Festschrift: Graziani, Augusto; Update Code: 200504 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 509 Author: Ariga, K.; Brunello, G. Year: 1994 Title of Work: Earnings and Seniority in Japan. A Re-appraisal of the Existing Evidence and a Comparison with the UK Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 974 Short Title: Earnings and Seniority in Japan. A Re-appraisal of the Existing Evidence and a Comparison with the UK DOI: http://www.cepr.org/pubs/dps/DP974.asp Keywords: Wage Level and Structure Wage Differentials J310 Compensation Packages Payment Methods J330 Labor Contracts J410 Comparative Studies of Particular Economies P520 Abstract: Standard estimates of earnings profiles ignore the fact that, with unobserved heterogeneity, cross-section evidence need not reflect the 'true' relationship between earnings and tenure. In this paper we argue that the observation of the position filled by an employee in the firm hierarchy is informative about both his/her quality and the quality of his/her match. Under certain assumptions, this information can be used to construct an unbiased estimator of the effects of tenure on earnings growth. We apply this simple idea to Japanese and UK data. We find that tenure effects on earnings are positive but smaller than the effects estimated with the traditional approach. In a comparative perspective, we also find that UK and Japanese earnings profiles are rather similar in banking and finance and remarkably different in manufacturing. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692241; Keywords: Earnings; Japan; Senority Wages; Tenure; UK; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP974.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 241 Author: Ariga, K.; Brunello, G. Year: 2006 Title: Are Education and Training Always Complements? Evidence from Thailand Journal: Industrial and Labor Relations Review Volume: 59 Issue: 4 Pages: 613-629 Short Title: Are Education and Training Always Complements? Evidence from Thailand ISSN: 00197939 DOI: http://digitalcommons.ilr.cornell.edu/ilrreview/ Accession Number: 0866997 Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Personnel Economics: Training M530 Economic Development: Human Resources Human Development Income Distribution Migration O150 Abstract: This paper investigates the relationship between education and employer-provided training, both on-the-job and off-the-job, using a unique dataset drawn from a survey of Thai employees conducted in the summer of 2001. The authors find a negative and statistically significant relationship between educational attainment and on-the-job training (OJT) and a positive and statistically significant relationship between education and off-the-job training. Since the marginal monetary returns to OJT increase with education, the negative relationship between education and OJT suggests that the marginal costs of OJT are higher for the better educated, perhaps because the opportunity costs of the time spent receiving OJT increase with educational attainment. Notes: Keywords: Education; On the Job Training; Training; Geographic Descriptors: Thailand; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 200610 URL: http://digitalcommons.ilr.cornell.edu/ilrreview/ Author Address: Institute of Economic Research, Kyoto U U Padova and CESifo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1327 Author: Ariga, K.; Brunello, G.; Iwahashi, R.; Rocco, L. Year: 2007 Title of Work: School Tracking Across the Baltic Sea Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6552 Short Title: School Tracking Across the Baltic Sea DOI: http://www.cepr.org/pubs/dps/DP6552.asp Keywords: Analysis of Education I210 Abstract: In spite of their relative vicinity Scandinavian countries and Central European countries (mainly Germany) have substantially different schooling institutions. While the former group of countries delays school tracking until age 16, the latter group anticipates differentiation between age 10 and age 13. This paper proposes a simple median voter model of school design which accounts rather well for these differences. The key idea is that voters weight the potential advantages of early tracking in terms of higher wages and human capital against the information loss associated to early selection. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0938948; Keywords: Central Europe; Scandinavia; school tracking; Publication Type: Working Paper; Update Code: 200711 URL: http://www.cepr.org/pubs/dps/DP6552.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 611 Author: Ariga, K.; Brunello, G.; Ohkusa, Y. Year: 1997 Title of Work: Fast Track: Is it in the Genes? The Promotion Policy of a Large Japanese Firm Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1622 Short Title: Fast Track: Is it in the Genes? The Promotion Policy of a Large Japanese Firm DOI: http://www.cepr.org/pubs/dps/DP1622.asp Keywords: Particular Labor Markets: General J400 Firm Objectives, Organization, and Behavior: General L200 Abstract: This paper studies the promotion policy of a large, hi-tech manufacturing Japanese firm. We find that the company has multiple ports of entry and hires a significant number of employees with previous job experience. In addition, cohort-peer differentiation in promotion starts much earlier than predicted by the common view, and there are clear signs of fast-track effects, so that individuals promoted faster earlier are more likely to be promoted faster later on. Fast-track effects are not in the genes, because they survive even after controlling for time-invariant individual effects, such as innate individual ability. The last result is difficult to justify using a pure learning model, where ability is time invariant, so that a richer learning model, incorporating, say, human capital considerations, is clearly required. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692883; Keywords: Internal Labour Market; Japanese firms; Promotion Policy; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1622.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1221 Author: Ariga, K.; Brunello, G.; Ohkusa, Y. Year: 1997 Title: Promotions, Skill Formation, and Earnings Growth in a Corporate Hierarchy Journal: Journal of the Japanese and International Economies Volume: 11 Issue: 3 Pages: 347-384 Short Title: Promotions, Skill Formation, and Earnings Growth in a Corporate Hierarchy ISSN: 08891583 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Accession Number: 0437419 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Labor Contracts J410 Abstract: This paper develops a model of corporate hierarchy in which workers accumulate heterogenous human capital suitable for different positions within the hierarchy. We introduce a key parameter representing the degree of substitutability between different types of human capital. We then demonstrate that the optimal promotion policy, earnings growth, and span of control are all critically dependent upon this key parameter. This dependence gives rise to two types of firms (one with a large and the other with a small value of the substitution parameter) such that the contrast between the two fits surprisingly well into the empirical typology of the internal and occupational labor markets. (c) 1997 Academic Press Notes: Keywords: Earnings; Human Capital; Skills; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199801 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Author Address: Institute of Econ Research, Kyoto U U Venice Osaka City U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 843 Author: Ariga, K.; Brunello, G.; Ohkusa, Y. Year: 2000 Title: Internal labor markets in Japan Publisher: Cambridge; New York and Melbourne: Cambridge University Press Number of Pages: xv Short Title: Internal labor markets in Japan Keywords: Labor Contracts J410 Abstract: Explores important features of Japan's internal labor markets and recent changes in wage and employment structures in the context of Japan's recent macroeconomic troubles and demographic trends. Nests internal labor markets in a general equilibrium set-up and explores the relationship between productivity growth, labor turnover, unemployment, and the relative importance of internal labor markets. Analyzes the demand and supply of skills in a corporate hierarchy. Develops an indicator of the relative importance of internal labor markets in an economy based on the comparison between firm-specific and occupation-specific tenure, and applies it to Japanese occupational data. Empirically studies the relationship between seniority and earnings. Examines recruitment and promotion patterns in Japanese firms. Evaluates the degree to which internal labor markets are insulated from competition in the external labor market and measures interactions between internal-labor-market arrangements and product-market competition. Describes changes in employment and wage structure of Japanese firms over 1976-96. Examines whether the changing economic environment has affected Japanese earning profiles and, in particular, the returns to tenure in the firm. Analyzes, theoretically and empirically, the impact of growth and business cycles on Japanese corporate hierarchies. Ariga is at the Institute of Economic Research, Kyoto University. Brunello is at the University of Padua. Ohkusa is at the Institute of Social and Economic Research, Osaka University. Author and subject indexes. Notes: Accession Number: 0553099; Reviewed Book ISBN: 0-521-64240-X; Keywords: Internal Labor Markets; Labor Markets; Publication Type: Book; Update Code: 200102 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 610 Author: Ariga, K.; Ohkusa, Y.; Brunello, G. Year: 1999 Title: Fast Track: Is It in the Genes? The Promotion Policy of a Large Japanese Firm Journal: Journal of Economic Behavior and Organization Volume: 38 Issue: 4 Pages: 385-402 Short Title: Fast Track: Is It in the Genes? The Promotion Policy of a Large Japanese Firm ISSN: 01672681 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505559/description#description Accession Number: 0494633 Keywords: Job, Occupational, and Intergenerational Mobility Promotion J620 Labor Contracts J410 Abstract: The authors study the promotion policy of a large high-tech manufacturing Japanese firm. They find that the company has multiple ports of entry and hires a significant number of employees with previous job experience; cohort-peer differentiation in promotion starts much earlier than predicted by the common view; there are clear signs of fast track effects, so that individuals promoted faster earlier on are more likely to be promoted faster later on. Fast track effects are not in the genes, because they survive even after controlling for time-invariant individual effects, such as innate individual ability. The last result is difficult to justify using a pure learning model, where ability is time-invariant, so that a richer learning model, that incorporates perhaps human capital considerations, is clearly required. Notes: Keywords: Promotion; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199908 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505559/description#description Author Address: Institute for Econ Research, Kyoto U Osaka City U Udine U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1273 Author: Arora, A.; David, P. A.; Gambardella, A. Year: 1998 Title: Reputation and Competence in Publicly Funded Science: Estimating the Effects on Research Group Productivity Journal: Annales d'Economie et de Statistique Issue: 49-50 Pages: 163-198 Short Title: Reputation and Competence in Publicly Funded Science: Estimating the Effects on Research Group Productivity ISSN: 0769489X DOI: http://annales.ensae.fr/ Accession Number: 0502251 Keywords: Innovation and Invention: Processes and Incentives O310 Technological Change: Government Policy O380 Abstract: This paper estimates the "production function" for scientific research publications in the field of biotechnology. It utilizes an exceptionally rich and comprehensive data set pertaining to the universe of research groups that applied to a 1989-1993 research program in biotechnology and bio-instrumentation, sponsored by the Italian National research Council, CNR. A structural model of the resource allocation process in scientific research guides the selection of instruments in the econometric analysis, and controls for selectivity bias effects on estimates based on the performance of funded research units. The average elasticity of research output with respect to the research budget is estimated to be 0.6; but, for a small fraction of groups led by highly prestigious PIs this elasticity approaches 1. These estimates imply, conditional on the distribution of observed productivity, that a more unequal distribution of research funds would increase research output in the short-run. Past research publication performance is found to have an important effect on expect levels of grant funding, and hence on the unit's current productivity in terms of (quality adjusted) publications. The results show that the productivity of aggregate resource expenditures supporting scientific research is critically dependent on the institutional mechanisms and criteria employed in the allocation of such resources. Notes: Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199911 URL: http://annales.ensae.fr/ Author Address: Carnegie Mellon U Oxford U U Urbino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1272 Author: Arora, A.; David, P. A.; Gambardella, A. Year: 2000 Title: Reputation and Competence in Publicly Funded Science: Estimating the Effects on Research Group Productivity Editor: D. Encaoua and et al. Book Title: The economics and econometrics of innovation Publisher: Boston; Dordrecht and London: Kluwer Academic Pages: 141-176 Short Title: Reputation and Competence in Publicly Funded Science: Estimating the Effects on Research Group Productivity Keywords: Chemicals Rubber Drugs Biotechnology L650 Innovation and Invention: Processes and Incentives O310 Management of Technological Innovation and R&D O320 Technological Change: Government Policy O380 Notes: Accession Number: 0612636; Reviewed Book ISBN: 0-7923-7800-8; Keywords: Science; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200208 Author Address: Carnegie Mellon U Oxford U U Urbino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1005 Author: Arora, A.; Fosfuri, A.; Gambardella, A. Year: 2001 Title: Markets for Technology and Their Implications for Corporate Strategy Journal: Industrial and Corporate Change Volume: 10 Issue: 2 Pages: 419-451 Short Title: Markets for Technology and Their Implications for Corporate Strategy ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 0578883 Keywords: Management of Technological Innovation and R&D O320 Innovation and Invention: Processes and Incentives O310 Abstract: Although market transactions for technologies, ideas, knowledge or information are limited by several well-known imperfections, there is evidence that they have become more common than in the past. In this paper we analyze how the presence of markets for technology conditions the technology and corporate strategy of firms. The first and most obvious implication is that markets for technology increase the strategy space: firms can choose to license in the technology instead of developing it in-house or they can choose to license out their technology instead of (or in addition to) investing in the downstream assets needed to manufacture and commercialize the goods. The implications for management include more proactive management of intellectual property, greater attention to external monitoring of technologies, and organizational changes to support technology licensing, joint-ventures and acquisition of external technology. For entrepreneurial startups, markets for technology make a focused business model more attractive. At the industry level, markets for technology may lower barriers to entry and increase competition, with important implications for the firms' broader strategy as well. Notes: Keywords: Technology; Technologies; Publication Type: Journal Article; Update Code: 200109 URL: http://icc.oxfordjournals.org Author Address: Carnegie Mellon U U Carlos III Madrid and CEPR Sant'Anna School for Advanced Studies, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 1007 Author: Arora, A.; Fosfuri, A.; Gambardella, A. Year: 2001 Title: Markets for technology: The economics of innovation and corporate strategy Publisher: Cambridge and London: MIT Press Number of Pages: xi Short Title: Markets for technology: The economics of innovation and corporate strategy Keywords: Technological Change: Choices and Consequences Diffusion Processes O330 Management of Technological Innovation and R&D O320 Abstract: Explores the limitations, determinants, and functioning of markets for technology. Estimates the total value of worldwide technology transfer deals by sector and provides insights into market-mediated intersectoral technology flows. Documents the development of markets for technology in chemical, software, biotechnology, and semiconductor industries and focuses on the division of innovative labor in these high-tech industries. Considers context dependence, sticky information, and the limits of the market for technology. Addresses the suggestion that one cannot exchange tacit knowledge through arm's-length contracts, describes how this problem can be overcome, and provides empirical support using data on 144 technology import agreements by Indian firms during 1950-75. Analyzes how the number and average size of potential technology users helps determine whether a specialized technology supplier will emerge. Examines the incentives for established producers to license their own technologies. Describes the emergence of firms specializing in the design and engineering of chemical plants and the value of this upstream sector of technology suppliers to chemical firms in the less developed countries. Draws implications for corporate strategy and policy. Arora is at Carnegie Mellon University. Fosfuri is at the Universidad Carlos III. Gambardella is at the Sant'Anna School of Advanced Studies, Pisa. Index. Notes: Accession Number: 0605137; Reviewed Book ISBN: 0-262-01190-5; Keywords: Innovation; Technology; Publication Type: Book; Update Code: 200205 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1398 Author: Arora, A.; Fosfuri, A.; Gambardella, A. Year: 2001 Title: Specialized Technology Suppliers, International Spillovers and Investment: Evidence from the Chemical Industry Journal: Journal of Development Economics Volume: 65 Issue: 1 Pages: 31-54 Short Title: Specialized Technology Suppliers, International Spillovers and Investment: Evidence from the Chemical Industry ISSN: 03043878 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505546/description#description Accession Number: 0575439 Keywords: Chemicals Rubber Drugs Biotechnology L650 Technological Change: Choices and Consequences Diffusion Processes O330 Microeconomic Analyses of Economic Development O120 Industrialization Manufacturing and Service Industries Choice of Technology O140 Abstract: In this paper we study how the development of specialized upstream technology suppliers in leading countries improves technology access and lowers investment costs for downstream firms in follower countries. We test this idea using a novel database covering all investments in chemical plants in less developed countries (LDCs) during the 1980s. We find that investments in chemical plants in the LDCs are greater, the greater is the number of technology suppliers that operate in the first world. A major contribution of this paper is to identify an important but understudied mechanism through which technology is made available. Notes: Keywords: Chemical Industry; Chemicals; Development; Technology; Geographic Descriptors: LDCs; Publication Type: Journal Article; Update Code: 200108 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505546/description#description Author Address: Carnegie Mellon U U Carlos III Madrid and CEPR U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1006 Author: Arora, A.; Fosfuri, A.; Gambardella, A. Year: 2006 Title: Markets for Technology: 'Panda's Thumbs', 'Calypso Policies' and Other Institutional Considerations Editor: C. Antonelli, D. Foray, B. H. Hall and W. E. Steinmueller Book Title: New Frontiers in the Economics of Innovation and New Technology: Essays in Honour of Paul A. David Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 323-360 Short Title: Markets for Technology: 'Panda's Thumbs', 'Calypso Policies' and Other Institutional Considerations Keywords: Organizational Behavior Transaction Costs Property Rights D230 Higher Education and Research Institutions I230 Technological Change: Choices and Consequences Diffusion Processes O330 Intellectual Property Rights O340 Notes: Accession Number: 0900406; Reviewed Book ISBN: 1-84376-631-0; Keywords: Technology; Publication Type: Collective Volume Article; Festschrift: David, Paul A.; Update Code: 200705 Author Address: Carnegie Mellon U U Carlos III U Bocconi Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1163 Author: Arora, A.; Fosfuri, A.; Gambardella, A. Year: 2008 Title: Patents and the Market for Technology Editor: K. E. Maskus Book Title: Intellectual Property, Growth and Trade Publisher: Frontiers of Economics and Globalization, vol. 2. Amsterdam and Boston: Elsevier; distributed by Turpin Distribution, Bedfordshire, U.K. Pages: 123-156 Short Title: Patents and the Market for Technology Keywords: Organizational Behavior Transaction Costs Property Rights D230 Property Law K110 Contracting Out Joint Ventures Technology Licensing L240 Management of Technological Innovation and R&D O320 Intellectual Property Rights O340 Notes: Accession Number: 1088049; Reviewed Book ISBN: 978-0-444-52764-6; Keywords: Patent; Technology; Publication Type: Collective Volume Article; Update Code: 201003 Author Address: Carnegie Mellon U Boston U and U Carlos III Madrid Bocconi U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 357 Author: Arora, A.; Gambardella, A. Year: 1990 Title: Complementarity and External Linkages: The Strategies of the Large Firms in Biotechnology Journal: Journal of Industrial Economics Volume: 38 Issue: 4 Pages: 361-379 Short Title: Complementarity and External Linkages: The Strategies of the Large Firms in Biotechnology ISSN: 00221821 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-1821 Accession Number: 0235014 Alternate Accession Number: EP5169798 Keywords: Market Structure: Industrial Organization and Corporate Strategy 6110 Abstract: In biotechnology, large firms enter into different kinds of linkages with universities and small/medium sized research-intensive firms. The authors test the hypothesis that the strategies of external linkage of the large firms with other parties are complementary to one another. They show that if any two strategies are complementary (i.e., undertaking more of one strategy raises the marginal value of the other), then they are positively correlated. Using data for a sample of large U.S., European, and Japanese chemical and pharmaceutical producers, the authors find that the strategies above are positively correlated even after controlling for firm-specific characteristics. Notes: Geographic Descriptors: U.S.; Japan; W. Europe; Geographic Region: Northern America; Asia; Europe; Publication Type: Journal Article; Update Code: 199012; Copyright: Copyright of Journal of Industrial Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-1821 Author Address: Stanford U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 582 Author: Arora, A.; Gambardella, A. Year: 1994 Title: Evaluating Technological Information and Utilizing It: Scientific Knowledge, Technological Capability, and External Linkages in Biotechnology Journal: Journal of Economic Behavior and Organization Volume: 24 Issue: 1 Pages: 91-114 Short Title: Evaluating Technological Information and Utilizing It: Scientific Knowledge, Technological Capability, and External Linkages in Biotechnology ISSN: 01672681 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505559/description#description Accession Number: 0345325 Keywords: Innovation and Invention: Processes and Incentives O310 Chemicals Rubber Drugs Biotechnology L650 Abstract: Recent research in the theory of innovation has suggested that the role of collaborative alliances in the innovation process has become very important. In this paper we argue that firms differ significantly in their ability to benefit from these collaborative relationships. We relate the internal knowledge base of the firm to the number of collaborative agreements (external linkages) that it enters into with other agents (small start-up biotechnology firms, and universities) endowed with complementary assets for innovation. We distinguish between scientific and technological capabilities, the former relating to the evaluation of information, and the latter the utilization. We test the implications of the model using data on a sample of 26 large U.S. chemical and pharmaceutical companies active in the biotechnology sector in the 1980s using econometric techniques appropriate for count events. Notes: Keywords: Bio Technology; Biotechnology; Innovation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505559/description#description Author Address: Carnegie Mellon U Bocconi U and U Urbino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1230 Author: Arora, A.; Gambardella, A. Year: 1997 Title: Public Policy towards Science: Picking Stars or Spreading the Wealth Journal: Revue d'Economie Industrielle Issue: 79 Pages: 63-75 Date: 1st Trimester Short Title: Public Policy towards Science: Picking Stars or Spreading the Wealth ISSN: 01543229 DOI: http://www.editecom.com/index_rei.htm Accession Number: 0436169 Keywords: Relation of Economics to Other Disciplines A120 Innovation and Invention: Processes and Incentives O310 Technological Change: Government Policy O380 Abstract: This paper provides another rationale for public funding of scientific research. We argue that industry funding of scientific research will lead to an excessive allocation of resources to scientists with greater past reputation (the "stars"). This is because industry will have fewer incentives than society as a whole to fund researchers (e.g. young people) just for the sake of assessing whether they are "able" or not. Not only will public agencies fund less prominent researchers as well, but we show with a simple model that this strategy is efficient in the long run. Notes: Publication Type: Journal Article; Update Code: 199712 URL: http://www.editecom.com/index_rei.htm Author Address: Heinz School of Public Policy, Carnegie Mellon U Istituto di Studi Azzendah, U Urbino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 587 Author: Arora, A.; Gambardella, A. Year: 1998 Title: Evolution of Industry Structure in the Chemical Industry Editor: A. Arora, R. Landau and N. Rosenberg Book Title: Chemicals and long-term economic growth: Insights from the chemical industry Publisher: New York; Chichester and Toronto: Wiley in conjunction with the Chemical Heritage Foundation Pages: 379-413 Short Title: Evolution of Industry Structure in the Chemical Industry Keywords: Chemicals Rubber Drugs Biotechnology L650 Production, Pricing, and Market Structure Size Distribution of Firms L110 Antitrust Issues and Policies: General L400 Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Multinational Firms International Business F230 Notes: Accession Number: 0603025; Reviewed Book ISBN: 0-471-18247-8; 0-471-39962-0; Keywords: Chemical Industry; Chemicals; Geographic Descriptors: U.S.; Europe; Japan; Geographic Region: Northern America; Europe; Asia; Publication Type: Collective Volume Article; Update Code: 200205 Author Address: Carnegie Mellon U U Urbino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 300 Author: Arora, A.; Gambardella, A. Year: 2005 Title: Bridging the Gap: Conclusions Editor: A. Arora and A. Gambardella Book Title: From Underdogs to Tigers: The Rise and Growth of the Software Industry in Brazil, China, India, Ireland, and Israel Publisher: Oxford and New York: Oxford University Press Pages: 275-302 Short Title: Bridging the Gap: Conclusions Keywords: Multinational Firms International Business F230 Production, Pricing, and Market Structure Size Distribution of Firms L110 Firm Performance: Size, Diversification, and Scope L250 Information and Internet Services Computer Software L860 Industrialization Manufacturing and Service Industries Choice of Technology O140 Notes: Accession Number: 0831122; Reviewed Book ISBN: 0-19-927560-2; ; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200604 Author Address: Carnegie Mellon U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 651 Author: Arora, A.; Gambardella, A. Year: 2005 Title: From Underdogs to Tigers: The Rise and Growth of the Software Industry in Brazil, China, India, Ireland, and Israel: Introduction Editor: A. Arora and A. Gambardella Book Title: From Underdogs to Tigers: The Rise and Growth of the Software Industry in Brazil, China, India, Ireland, and Israel Publisher: Oxford and New York: Oxford University Press Pages: 1-3 Short Title: From Underdogs to Tigers: The Rise and Growth of the Software Industry in Brazil, China, India, Ireland, and Israel: Introduction Keywords: Introductory Material Y200 Notes: Accession Number: 0831113; Reviewed Book ISBN: 0-19-927560-2; ; Publication Type: Collective Volume Article; Update Code: 200604 Author Address: Carnegie Mellon U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 358 Author: Arora, A.; Gambardella, A. Year: 2006 Title: Complementarity and External Linkages: The Strategies of the Large Firms in Biotechnology Editor: M. McKelvey and L. Orsenigo Book Title: The Economics of Biotechnology. Volume 2. Publisher: Elgar Reference Collection. International Library of Critical Writings in Economics, vol. 198. Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 16-34 Short Title: Complementarity and External Linkages: The Strategies of the Large Firms in Biotechnology Reprint Edition: [1990] Keywords: Transactional Relationships Contracts and Reputation Networks L140 Firm Performance: Size, Diversification, and Scope L250 Chemicals Rubber Drugs Biotechnology L650 Notes: Accession Number: 0972916; Reviewed Book ISBN: 978-1-87376-776-3; Keywords: Bio Technology; Biotechnology; Firm; Firms; Geographic Descriptors: Europe; Japan; U.S.; Geographic Region: Asia; Europe; Northern America; Publication Type: Collective Volume Article; Update Code: 200806 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 583 Author: Arora, A.; Gambardella, A. Year: 2006 Title: Evaluating Technological Information and Utilizing It: Scientific Knowledge, Technological Capability, and External Linkages in Biotechnology Editor: M. McKelvey and L. Orsenigo Book Title: The Economics of Biotechnology. Volume 1. Publisher: Elgar Reference Collection. International Library of Critical Writings in Economics, vol. 198. Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 97-120 Short Title: Evaluating Technological Information and Utilizing It: Scientific Knowledge, Technological Capability, and External Linkages in Biotechnology Reprint Edition: [1994] Keywords: Chemicals Rubber Drugs Biotechnology L650 Innovation and Invention: Processes and Incentives O310 Notes: Accession Number: 0979122; Reviewed Book ISBN: 978-1-87376-776-3; Keywords: Bio Technology; Biotechnology; Scientific; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200807 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 735 Author: Arora, A.; Gambardella, A. Year: 2010 Title: Ideas for Rent: An Overview of Markets for Technology Journal: Industrial and Corporate Change Volume: 19 Issue: 3 Pages: 775-803 Short Title: Ideas for Rent: An Overview of Markets for Technology ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 1111672 Keywords: Contracting Out Joint Ventures Technology Licensing L240 Technological Change Research and Development: General O300 Technological Change: Choices and Consequences Diffusion Processes O330 Abstract: This article surveys some of the recent literature on technology markets, and summarizes its main issues and insights. We structure our analysis in three parts: the supply and demand of technology; the factors that condition the formation and growth of technology markets; industry structure and dynamic issues. In addition, we summarize some of the studies that have tried to document the size and growth of these markets. We find that the literature has focused mainly on the supply of technology, but several other aspects of these markets remain under-studied, including the demand for external technology, the role of uncertainty in technology markets, and the dynamic interaction between industry structure and the market for technology. Understanding these will illuminate whether markets for technology will continue to grow or remained confined to pockets of the economy. Notes: Keywords: Technology; Publication Type: Journal Article; Update Code: 201007 URL: http://icc.oxfordjournals.org Author Address: Duke U Bocconi U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 750 Author: Arora, A.; Gambardella, A. Year: 2010 Title of Work: Implications for Energy Innovation from the chemical industry Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 15676 Short Title: Implications for Energy Innovation from the chemical industry DOI: http://www.nber.org/papers/w15676.pdf Keywords: Economic History: Transport, International and Domestic Trade, Energy, Technology, and Other Services: General, International, or Comparative N700 Technological Change Research and Development: General O300 Innovation and Invention: Processes and Incentives O310 Technological Change: Choices and Consequences Diffusion Processes O330 Intellectual Property Rights O340 Technological Change: Government Policy O380 Abstract: The history of innovation in the chemical industry offers many insights for accelerating energy innovation. In this chapter, we begin by laying out the early history of the chemical industry for an overview of the role innovation has played in its development. We then explore three noteworthy historical experiences. We describe the switch in feedstocks from coal to oil, and briefly analyze two government programs that have attempted to promote innovation: synthetic rubber and synfuels. We take a close look at the role that specialized engineering firms have played in the diffusion of important innovations, and we detail the effect that government policies have had on fostering innovation. In particular, we highlight the role of anti-trust policies, and of policies for protecting intellectual property rights. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1089333; Publication Type: Working Paper; Update Code: 201003 URL: http://www.nber.org/papers/w15676.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1147 Author: Arora, A.; Gambardella, A.; Klepper, S. Year: 2005 Title: Organizational Capabilities and the Rise of the Software Industry in the Emerging Economies: Lessons from the History of Some US Industries Editor: A. Arora and A. Gambardella Book Title: From Underdogs to Tigers: The Rise and Growth of the Software Industry in Brazil, China, India, Ireland, and Israel Publisher: Oxford and New York: Oxford University Press Pages: 171-206 Short Title: Organizational Capabilities and the Rise of the Software Industry in the Emerging Economies: Lessons from the History of Some US Industries Keywords: Multinational Firms International Business F230 Production, Pricing, and Market Structure Size Distribution of Firms L110 Industry Studies: Manufacturing: General L600 Information and Internet Services Computer Software L860 Notes: Accession Number: 0831119; Reviewed Book ISBN: 0-19-927560-2; Keywords: KW Software; Software; Software; Geographic Descriptors: Selected Countries; U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200604 Author Address: Carnegie Mellon U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 457 Author: Arora, A.; Gambardella, A.; Rullani, E. Year: 1997 Title: Division of Labour and the Locus of Inventive Activity Journal: Journal of Management and Governance Volume: 1 Issue: 1 Pages: 123-140 Short Title: Division of Labour and the Locus of Inventive Activity ISSN: 13853457 DOI: http://www.springerlink.com/link.asp?id=102940 Accession Number: 0591945 Alternate Accession Number: EP16905238 Keywords: Innovation and Invention: Processes and Incentives O310 Abstract: This paper argues that modularity of knowledge and technologies has important implications for the locus of inventive activities. This is because modularity allows for a separation of the innovation process in two main activities: The production of basic (standardised) modules, and their combination to produce variants of technologies or product designs that are better suited to the special needs of individual users or markets. This gives rise to a division of labour whereby the production of modules will be performed by specialised upstream suppliers (who enjoy economies of scale), while the combination of modules will be performed by firms further downstream or by the users themselves. We then suggest that this pattern can explain a variety of phenomena such as why users "co-produce" their innovations, and how small regions can support innovative activity despite the apparent efficiency advantage of larger regions. Notes: Keywords: Innovation; Technologies; Publication Type: Journal Article; Update Code: 200201; Copyright: Copyright of Journal of Management & Governance is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.springerlink.com/link.asp?id=102940 Author Address: Carnegie Mellon U Istituto di Studi Aziendali, U Urbino U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 757 Author: Arora, A.; Gambardella, A.; Torrisi, S. Year: 2004 Title: In the Footsteps of the Silicon Valley? Indian and Irish Software in the International Division of Labor Editor: T. Bresnahan and A. Gambardella Book Title: Building high-tech clusters: Silicon Valley and beyond Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 78-120 Short Title: In the Footsteps of the Silicon Valley? Indian and Irish Software in the International Division of Labor Keywords: Country and Industry Studies of Trade F140 Higher Education and Research Institutions I230 Information and Internet Services Computer Software L860 Industrialization Manufacturing and Service Industries Choice of Technology O140 International Linkages to Development Role of International Organizations O190 Other Production and Pricing Analysis R320 Notes: Accession Number: 0804917; Reviewed Book ISBN: 0-521-82722-1; Keywords: Software; Geographic Descriptors: India; Ireland; Geographic Region: Asia; Europe; Publication Type: Collective Volume Article; Update Code: 200511 Author Address: Carnegie Mellon U Sant'Anna School of Advanced Study, Pisa U Camerino and Sant'Anna School of Advanced Study, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 650 Author: Arora, A.; Gambardella, A. e. Year: 2005 Title: From Underdogs to Tigers: The Rise and Growth of the Software Industry in Brazil, China, India, Ireland, and Israel Publisher: Oxford and New York: Oxford University Press Number of Pages: x Short Title: From Underdogs to Tigers: The Rise and Growth of the Software Industry in Brazil, China, India, Ireland, and Israel Keywords: Information and Internet Services Computer Software L860 Automobiles Other Transportation Equipment L620 Microelectronics Computers Communications Equipment L630 Multinational Firms International Business F230 Industrialization Manufacturing and Service Industries Choice of Technology O140 Human Capital Skills Occupational Choice Labor Productivity J240 International Migration F220 Abstract: Eight papers study the software industry in five emerging economies, seek to explain the spectacular growth of software in these economies, and draw lessons for other developing countries. Papers discuss the Indian software industry; the Irish software industry; the Israeli software industry; the Brazilian software industry; the Chinese software industry; insights from the evolution of four U.S. industries--automobiles, automobile tires, television receivers, and lasers; the role of multinational companies in the development of the software industry in India, Ireland, and Israel; and the implications of skilled emigration for the development of the software sector in India, Ireland, and Israel. Arora is at Carnegie Mellon University and with its Software Industry Centre. Gambardella is at the Universita Commerciale "L. Bocconi." Index. Notes: Accession Number: 0802857; Reviewed Book ISBN: 0-19-927560-2; Keywords: Automobile; Developing Countries; Development; Multinational; Software; Television; Publication Type: Book; Update Code: 200511 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1198 Author: Aspris, A.; Cummings, J. R.; Frino, A. Year: 2009 Title: Price Formation and Liquidity Surrounding Large Trades in Interest Rate and Equity Index Futures Journal: Review of Futures Markets Volume: 17 Issue: 4 Pages: 383-407 Date: Spring Short Title: Price Formation and Liquidity Surrounding Large Trades in Interest Rate and Equity Index Futures ISSN: 0898011X DOI: http://business.kent.edu/rfm/ Accession Number: 1101557 Keywords: Contingent Pricing Futures Pricing option pricing G130 Abstract: This paper examines the effects of the direction of trade initiation and trade size on the resiliency of financial futures markets by analyzing quote prices, bid-ask spreads, and depths. The price and liquidity reactions reveal the unexpected information content of large trades. In the market adjustment process, the size of quotes posted by liquidity providers is shown to play a more important role in futures markets than in previous research for equity markets. The liquidity cost of a large futures trade is mainly a pecuniary externality borne by other traders by impairing their continued ability to trade. Notes: Keywords: Futures Market; Geographic Descriptors: Australia; Geographic Region: Oceania; Publication Type: Journal Article; Update Code: 201005 URL: http://business.kent.edu/rfm/ Author Address: U Sydney Australian Prudential Regulation Authority Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 500 Author: Atella, V.; Peracchi, F.; Depalo, D.; Rossetti, C. Year: 2006 Title: Drug Compliance, Co-payment and Health Outcomes: Evidence from a Panel of Italian Patients Journal: Health Economics Volume: 15 Issue: 9 Pages: 875-892 Short Title: Drug Compliance, Co-payment and Health Outcomes: Evidence from a Panel of Italian Patients ISSN: 10579230 DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/5749 Accession Number: 0870075 Keywords: Analysis of Health Care Markets I110 Health Production I120 Abstract: This paper studies the relationship between medical compliance and health outcomes--hospitalization and mortality rates--using a large panel of patients residing in a local health authority in Italy. These data allow us to follow individual patients through all their accesses to public health care services until they either die or leave the local health authority. We adopt a disease specific approach, concentrating on hypertensive patients treated with ACE-inhibitors. Our results show that medical compliance has a clear effect on both hospitalization and mortality rates: health outcomes clearly improve when patients become more compliant to drug therapy. At the same time, we are able to infer valuable information on the role that drug co-payment can have on compliance, and as a consequence on health outcomes, by exploiting the presence of two natural experiments during the period of analysis. Our results show that drug co-payment has a strong effect on compliance, and that this effect is immediate. Notes: Keywords: Disease; Health Care; Health; Hospitalization; Mortality Rates; Mortality; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200611 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/5749 Author Address: U Rome 'Tor Vergata' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1435 Author: Attanasio, O.; Guiso, L.; Jappelli, T. Year: 1998 Title of Work: The Demand for Money, Financial Innovation and the Welfare Cost of Inflation: An Analysis with Households' Data Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1927 Short Title: The Demand for Money, Financial Innovation and the Welfare Cost of Inflation: An Analysis with Households' Data DOI: http://www.cepr.org/pubs/dps/DP1927.asp Keywords: Demand for Money E410 Abstract: How far can shoe-leather go in explaining the welfare cost of inflation? Using a unique set of microeconomic data on households, we estimate the parameters of the demand for money derived from a generalized Baumol-Tobin model. Our data set contains information on average holdings of cash, on deposits and other interest bearing accounts, on the number of trips to the bank, on the size of withdrawals and on the ownership and use of ATM cards. We model the adoption of new transaction technologies and use these estimates to correct for the selectivity bias induced by some households choosing to hold no interest bearing assets and some using an ATM card. The interest rate and expenditure flow elasticities of the demand for cash are close to the theoretical values implied by standard inventory models. We find significant differences, however, between the individuals with an ATM card and those without. The estimates of the demand for cash allow us to calculate a measure of the welfare cost of inflation analogous to Bailey's triangle, but based on a rigorous microeconometric framework. The welfare cost of inflation varies considerably within the population, but never turns out to be very large (about 0.1% of consumption or less). Our results are robust to various changes in the specification. In addition to the main results based on the average stock of cash held, we provide some evidence based on the number of trips to the bank and on the average withdrawals that confirm our basic findings. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693193; Keywords: Demand for Money; Financial Innovation; Welfare Cost of Inflation; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1927.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 375 Author: Attanasio, O.; Weber, G. Year: 1990 Title of Work: Consumption, Product Growth and the Interest Rate Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 476 Short Title: Consumption, Product Growth and the Interest Rate DOI: http://www.cepr.org/pubs/dps/DP476.asp Abstract: In this paper we present empirical evidence of the importance of aggregation bias in Euler equations for consumption. The main result is that estimates of the elasticity of intertemporal substitution for consumption are consistently lower for aggregate data than for average cohort data. In trying to explain these differences we find that a major role is played by the non-linearity of the estimable equation and by omitted demographic factors (normally unobservable on aggregate data). Even when these sources of aggregation bias are corrected for, however, the estimates of the elasticity of intertemporal substitution obtained from aggregate consumption growth depend on expected productivity and income growth. This suggests that entries and exits from the consumption pool, or more generally finite horizons and incomplete markets, might explain some of the difference. In the second half of this paper we investigate theoretical explanations of our empirical results. We develop an overlapping generations model that enables us to evaluate analytically the effects of entries into and exits out of the consumption pool. This results in a negative bias caused by an omitted variable correlated to productivity growth. Such a model could be interpreted as a formalization of a missing market environment. We also discuss some other aggregate problems that can result in a biased estimate of the elasticity of intertemporal substitution. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0691750; Keywords: Aggregation; Consumption Growth; Euler Equations; Intertemporal Substitution; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP476.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 731 Author: Attanasio, O. P.; Banks, J.; Meghir, C.; Weber, G. Year: 1995 Title of Work: Humps and Bumps in Lifetime Consumption Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 5350 Short Title: Humps and Bumps in Lifetime Consumption DOI: http://www.nber.org/papers/w5350.pdf Abstract: In this paper we argue that once one departs from the simple classroom example, or 'stripped down life-cycle model,' the empirical model for consumption growth can be made flexible enough to fit the main features of the data. More specifically, we show that allowing demographics to affect household preferences and relaxing the assumption of certainty equivalence can generate hump-shaped consumption profiles over age that are very similar to those observed in household-level data sources, without appealing to alternative explanations (such as liquidity constraints, myopia or mental accounting). The hump-shape is partly attributable to precautionary savings, and partly due to demographics; the tracking (whereby consumption jumps with income) is instead due to the permanent nature of the income shocks. We use US household-level data to estimate preference parameters and income profiles, and then simulate consumption profiles for different education groups. Our simulated profiles show that the key features observed in the data can be closely matched in simulation. We also show that neglecting uncertainty produces consumption profiles that are 'too flat,' whereas neglecting demographics generates consumption profiles that peak 'too late.' Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0718667; Publication Type: Working Paper; Update Code: 200404 URL: http://www.nber.org/papers/w5350.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 730 Author: Attanasio, O. P.; Banks, J.; Meghir, C.; Weber, G. Year: 2000 Title of Work: Humps and bumps in lifetime consumption Institution: Institute for Fiscal Studies, IFS Working Papers Short Title: Humps and bumps in lifetime consumption Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0709611; Publication Type: Working Paper; Update Code: 200404 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1436 Author: Attanasio, O. P.; Guiso, L.; Jappelli, T. Year: 2002 Title: The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data Journal: Journal of Political Economy Volume: 110 Issue: 2 Pages: 317-351 Short Title: The Demand for Money, Financial Innovation, and the Welfare Cost of Inflation: An Analysis with Household Data ISSN: 00223808 DOI: http://www.journals.uchicago.edu/JPE/ Accession Number: 0606234 Alternate Accession Number: EP6444856 Keywords: Price Level Inflation Deflation E310 Demand for Money E410 Consumer Economics: Empirical Analysis D120 Notes: Keywords: Households; Inflation; Money; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200206; Copyright: Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.journals.uchicago.edu/JPE/ Author Address: U College London, Institute for Fiscal Studies, and NBER U Sassari, Ente Luigi Einaudi, and CEPR U Calerno and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 857 Author: Attanasio, O. P.; Jappelli, T. Year: 1998 Title of Work: Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 6560 Short Title: Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility DOI: http://www.nber.org/papers/w6560.pdf Keywords: Macroeconomics: Consumption Saving Wealth E210 Abstract: The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption and yields a well-specified statistical test. This test is applied to data from the United States, the United Kingdom and Italy. The results are remarkably consistent with the restrictions implied by the theory of intertemporal consumption choices. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0717542; Publication Type: Working Paper; Update Code: 200404 URL: http://www.nber.org/papers/w6560.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 856 Author: Attanasio, O. P.; Jappelli, T. Year: 2001 Title: Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility Journal: Review of Economics and Statistics Volume: 83 Issue: 1 Pages: 13-27 Short Title: Intertemporal Choice and the Cross-Sectional Variance of Marginal Utility ISSN: 00346535 DOI: http://www.mitpressjournals.org/loi/rest Accession Number: 0565841 Alternate Accession Number: EP4101665 Keywords: Intertemporal Consumer Choice Life Cycle Models and Saving D910 Macroeconomics: Consumption Saving Wealth E210 Abstract: The theory of intertemporal choice predicts that the cross-sectional variance of the marginal utility of consumption is equal to its own lag plus a constant and a random component. Using general preference specifications and some assumptions about the nature of the random component, we provide an explicit test of this hypothesis. Our approach circumvents the necessity to identify a pure age profile of the cross-sectional variance of consumption and yields a well-specified statistical test. This test is applied to data from the United States, the United Kingdom, and Italy. The results are remarkably consistent with the restrictions implied by the theory of intertemporal consumption choices. Notes: Keywords: Consumption; Geographic Descriptors: Italy; U.S.; U.K.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 200106; Copyright: Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/rest Author Address: U College, Institute for Fiscal Studies, CEPR, and NBER CSEF, U Salerno and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 862 Author: Attanasio, O. P.; Weber, G. Year: 1989 Title: Intertemporal Substitution, Risk Aversion and the Euler Equation for Consumption Journal: Economic Journal Volume: 99 Issue: 395 Pages: 59-73 Short Title: Intertemporal Substitution, Risk Aversion and the Euler Equation for Consumption ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0219748 Alternate Accession Number: EP4530701 Keywords: Microeconomics of Intertemporal Choice 0229 Capital Markets: Theory, Including Portfolio Selection, and Empirical Studies Illustrating Theory 3131 Consumer Economics--Living Standards, Composition of Overall Expenditures, and Empirical Consumption and Savings Studies 9211 Abstract: This paper investigates the empirical performance of intertemporal optimization models that relax the restriction imposed by expected utility that risk aversion and intertemporal substitution are negatively related. The authors estimate a system of rates of return and consumption growth equations, and interpret their results in the light of the expected utility, the ordinal certainty equivalence, and the Kreps and Porteus (1978) models. Their results are based on average cohort data for consumption, and thus should not reflect births or deaths. They suggest that non-expected-utility models afford major efficiency gains in the estimation of the elasticity of intertemporal substitution by providing simple cross-equation restrictions. Notes: Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199006; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 372 Author: Attanasio, O. P.; Weber, G. Year: 1993 Title: Consumption Growth, the Interest Rate and Aggregation Journal: Review of Economic Studies Volume: 60 Issue: 3 Pages: 631-649 Short Title: Consumption Growth, the Interest Rate and Aggregation ISSN: 00346527 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527 Accession Number: 0299816 Alternate Accession Number: EP4618966 Keywords: Macroeconomics: Consumption Saving Wealth E210 Abstract: In this paper, the authors present empirical evidence on aggregation problems with Euler equations for consumption. Their main results are that the estimates of the elasticity of intertemporal substitution for consumption are consistently lower for aggregate data than for average cohort data and the theoretical model is statistically rejected on aggregate data, not rejected on average cohort data. In trying to explain these differences, the authors find that a major role is played by the nonlinearity of the estimable equation and by omitted demographic factors (normally unobservable on aggregate data). Notes: Keywords: Consumption; Publication Type: Journal Article; Update Code: 199403; Copyright: © 1993 Review of Economic Studies Ltd URL: http://www.blackwellpublishing.com/journal.asp?ref=0034-6527 Author Address: Stanford U and CEPR U Venezia and IFS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 417 Author: Attanasio, O. P.; Weber, G. Year: 1993 Title: Credit, Money and Consumption: Time-Series Evidence for Italy Editor: V. Conti and R. Hamaui Book Title: Financial markets' liberalisation and the role of banks Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 36-51 Short Title: Credit, Money and Consumption: Time-Series Evidence for Italy Keywords: Consumer Economics: Empirical Analysis D120 Macroeconomics: Consumption Saving Wealth E210 Money Supply Credit Money Multipliers E510 Portfolio Choice Investment Decisions G110 Notes: Accession Number: 0387323; Reviewed Book ISBN: 0-521-41982-4; Keywords: Consumption; Credit; Money; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199607 Author Address: Stanford U and CEPR U College London, IFS, and Innocenzo Gasparini Institute for Econ Research Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 889 Author: Attanasio, O. P.; Weber, G. Year: 1994 Title of Work: Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 4795 Short Title: Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey DOI: http://www.nber.org/papers/w4795.pdf Keywords: Distribution: General D300 Intertemporal Consumer Choice Life Cycle Models and Saving D910 Abstract: In this paper we show that some of the predictions of models of consumer intertemporal optimization are not inconsistent with the patterns of non-durable expenditure observed in US household-level data. Our results and our approach are new in several respects. First, we use the only US micro data set which has direct and complete information on household consumption. The microeconomic data sets used in most of the consumption literature so far contained either very limited information on consumption (like the PSID) or none at all, in which case consumption had to be obtained indirectly from income and changes in assets. Second, we propose a flexible and novel specification of preferences which is easily estimable and allows a general treatment jof multiple commodities. We show that aggregation over commodities can be important, both theoretically and in practice. Third, we present empirical results that show that it is possible to find a reasonably simple specification of preferences, which controls for the effects of changes in demographics and labor supply behavior over the life cycle and which is not rejected by the available data. On our preferred specification, we obtain sharp estimates of key behavioral parameters (including the elasticity of intertemporal substitution) and no rejections of theoretical restrictions. Our results contrast sharply with most of the previous evidence, which has typically been interpreted as rejection of the theory. We show that previous rejections can be explained by the simplifying assumptions made to derive empirically tractable equations. We also show that results obtained using food consumption or aggregate data can be extremely misleading. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0719143; Publication Type: Working Paper; Update Code: 200404 URL: http://www.nber.org/papers/w4795.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1543 Author: Attanasio, O. P.; Weber, G. Year: 1994 Title: The UK Consumption Boom of the Late 1980s: Aggregate Implications of Microeconomic Evidence Journal: Economic Journal Volume: 104 Issue: 427 Pages: 1269 Short Title: The UK Consumption Boom of the Late 1980s: Aggregate Implications of Microeconomic Evidence ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0402685 Alternate Accession Number: EP9501121629 Keywords: Macroeconomics: Consumption Saving Wealth E210 Consumer Economics: Empirical Analysis D120 Abstract: Two competing explanations of the UK consumer boom in the late 1980s are the financial liberalization-imperfect housing market hypothesis of Muellbauer and Murphy and the hypothesis of King. We use 15 years of Family Expenditure Surveys, and cohort analysis, to investigate to what extent these two hypotheses agree with observed changes in consumption patterns. We find that the housing markets explanation accounts for much of the increase by older cohorts, but cannot be reconciled with the marked rise in expenditure levels of younger households. A simple simulation exercise shows instead that the expectations hypothesis can generate increases of expenditure by young consumers of the magnitude observed in our data. Notes: Keywords: Consumer; Consumption; Expenditure; Microeconomics; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199703; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: Stanford U, U Bologna, NBER and IFS U Venice and IFS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 888 Author: Attanasio, O. P.; Weber, G. Year: 1995 Title: Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey Journal: Journal of Political Economy Volume: 103 Issue: 6 Pages: 1121-1157 Short Title: Is Consumption Growth Consistent with Intertemporal Optimization? Evidence from the Consumer Expenditure Survey ISSN: 00223808 DOI: http://www.journals.uchicago.edu/JPE/ Accession Number: 0374152 Alternate Accession Number: EP9601263669 Keywords: Intertemporal Consumer Choice Life Cycle Models and Saving D910 Consumer Economics: Empirical Analysis D120 Abstract: In this paper, the authors show that some of the predictions of models of consumer intertemporal optimization are in line with the patterns of nondurable expenditure observed in U.S. household-level data. They propose a flexible specification of preferences that allows multiple commodities and yields empirically tractable equations. The authors estimate preference parameters using the only U.S. micro data set with complete consumption information. They show that previous rejections can be explained by the simplifying assumptions made in previous studies. The authors also show that results obtained using good consumption or aggregate data can be misleading. Notes: Keywords: Consumer; Expenditure; Households; Preference; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199603; Copyright: Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.journals.uchicago.edu/JPE/ Author Address: Stanford U, U Bologna, NBER, and IFS U Padova and IFS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1099 Author: Attanasio, O. P.; Weber, G. Year: 1995 Title: On the Aggregation of Euler Equations for Consumption in Simple Overlapping-Generations Models Journal: Economica Volume: 62 Issue: 248 Pages: 565-576 Short Title: On the Aggregation of Euler Equations for Consumption in Simple Overlapping-Generations Models ISSN: 00130427 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Accession Number: 0373656 Alternate Accession Number: EP9512202825 Keywords: Macroeconomics: Consumption Saving Wealth E210 Abstract: If consumers have finite lives, the aggregate consumption growth equation is affected by entries and exits (births and deaths). The authors use two- and three-period overlapping-generations models to show that entries and exits produce a relationship between aggregate consumption growth and the interest rate that is fundamentally different from the individual Euler equation for consumption. If aggregate data are used to estimate an 'aggregate' Euler equation, under plausible assumptions they show that the estimate of the elasticity of intertemporal substitution is downward biased and that consumption growth exhibits excess sensitivity to labor income. Notes: Keywords: Aggregate Consumption; Consumer; Consumption; Publication Type: Journal Article; Update Code: 199603; Copyright: Copyright of Economica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Author Address: Stanford U, U Bologna, and NBER U Venezia and IFS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 369 Author: Attanasio, O. P.; Weber, G. Year: 2010 Title of Work: Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 15756 Short Title: Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy DOI: http://www.nber.org/papers/w15756.pdf Keywords: Consumer Economics: Theory D110 Consumer Economics: Empirical Analysis D120 Macroeconomics: Consumption Saving Wealth E210 Abstract: This paper provides a critical survey of the large literature on the life cycle model of consumption, both from an empirical and a theoretical point of view. It discusses several approaches that have been taken in the literature to bring the model to the data, their empirical successes and failures. Finally, the paper reviews a number of changes to the standard life cycle model that could help solve the remaining empirical puzzles. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1089413; Publication Type: Working Paper; Update Code: 201003 URL: http://www.nber.org/papers/w15756.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 370 Author: Attanasio, O. P.; Weber, G. Year: 2010 Title: Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy Journal: Journal of Economic Literature Volume: 48 Issue: 3 Pages: 693-751 Short Title: Consumption and Saving: Models of Intertemporal Allocation and Their Implications for Public Policy ISSN: 00220515 DOI: http://www.aeaweb.org/jel/index.php Accession Number: 1125788 Alternate Accession Number: EP53875930 Keywords: Intertemporal Consumer Choice Life Cycle Models and Saving D910 Macroeconomics: Consumption Saving Wealth E210 Notes: Keywords: Consumption; Saving; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201009; Copyright: Copyright of Journal of Economic Literature is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://dx.doi.org/10.1257/jel.48.3.693 http://www.aeaweb.org/jel/index.php Author Address: U College London and IFS, London U Padova and IFS, London Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 1076 Author: Audretsch, D. B.; Battista Dagnino, G.; Faraci, R.; Hoskisson, R. E. e. Year: 2010 Title: New Frontiers in Entrepreneurship: Recognizing, Seizing, and Executing Opportunities Publisher: International Studies in Entrepreneurship. New York and Dordrecht: Springer Number of Pages: viii Short Title: New Frontiers in Entrepreneurship: Recognizing, Seizing, and Executing Opportunities Keywords: Entrepreneurship L260 New Firms Startups M130 Firm Performance: Size, Diversification, and Scope L250 Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Abstract: Ten papers provide a systematic analysis of both theory and practice associated with the current evolving contours of strategic entrepreneurship. Papers discuss the influence of boards on agency costs in initial public offering firms; horizontal and vertical relationships in developing economies--implications for small- and medium-sized enterprises' access to global markets; corporate governance systems--effects of capital and labor market congruency on corporate innovation and global competitiveness; the entrepreneurial society; mobilizing capital for fostering the early growth of firms--the role of business angels in nascent European entrepreneurship; venture capital financing and the growth of new technology-based firms--correcting for sample self-selection; creating exploratory innovations by learning from entrepreneurial ventures; business-university alliances and innovation in new and adolescent technology ventures; a test of Lazear's theory of entrepreneurship in the open source software virtual community; and open innovation and the implications for sustainable profits. Audretsch is at the Max Planck Institute of Economics and Indiana University. Dagnino and Faraci are at the University of Catania. Hoskisson is at Rice University. Index. Notes: Accession Number: 1123061; Reviewed Book ISBN: 978-1-4419-0057-9; Keywords: Capital; Corporate Governance; Enterprise; Entrepreneurial; Entrepreneurship; Firm; Firms; Governance; Publication Type: Book; Update Code: 201009 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1075 Author: Audretsch, D. B.; Dagnino, G. B.; Faraci, R.; Hoskisson, R. E. Year: 2010 Title: New Frontiers in Entrepreneurship: Introduction Editor: D. B. Audretsch, G. Battista Dagnino, R. Faraci and R. E. Hoskisson Book Title: New Frontiers in Entrepreneurship: Recognizing, Seizing, and Executing Opportunities Publisher: International Studies in Entrepreneurship. New York and Dordrecht: Springer Pages: 1-7 Short Title: New Frontiers in Entrepreneurship: Introduction Keywords: Introductory Material Y200 Notes: Accession Number: 1131069; Reviewed Book ISBN: 978-1-4419-0057-9; ; Publication Type: Collective Volume Article; Update Code: 201010 Author Address: Max Planck Institute of Economics and IN U U Catania Rice U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 873 Author: Augier, M.; Dosi, G.; Levinthal, D. Year: 2006 Title: Introduction to Sidney G. Winter: Special Section Journal: Industrial and Corporate Change Volume: 15 Issue: 1 Pages: 123-123 Short Title: Introduction to Sidney G. Winter: Special Section ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 0852256 Keywords: Introductory Material Y200 Notes: Publication Type: Journal Article; Update Code: 200607 URL: http://icc.oxfordjournals.org Author Address: Stanford U Sant'Anna School of Advanced Studies, Pisa U PA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 325 Author: Baccara, M.; Collard-Wexler, A.; Felli, L.; Yariv, L. Year: 2010 Title of Work: Child-Adoption Matching: Preferences for Gender and Race Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 16444 Short Title: Child-Adoption Matching: Preferences for Gender and Race DOI: http://www.nber.org/papers/w16444.pdf Keywords: Bargaining Theory Matching Theory C780 Fertility Family Planning Child Care Children Youth J130 Economics of Minorities and Races Non-labor Discrimination J150 Economics of Gender Non-labor Discrimination J160 Abstract: This paper uses a new data set on child-adoption matching to document the preferences of potential adoptive parents over U.S.-born and unborn children relinquished for adoption by their birth mothers. We show that adoptive parents exhibit significant preferences in favor of girls and against African-American children. A non-African-American child relinquished for adoption attracts the interest of potential adoptive parents with probability 11.5% if it is a girl and 7.9% if it is a boy. As for race, a non-African-American child has a probability of attracting the interest of an adopting parent at least seven times as high as the corresponding probability for an African-American child. In addition, we show that a child's desirability in the adoption process depends significantly on time to birth (increasing over the pregnancy, but decreasing after birth) and on adoption costs. We also document the attitudes toward children' characteristics across different categories of adoptive parents--heterosexual and same-sex couples, as well as single women and foreign couples. Finally, we consider several recently discussed policies excluding same-sex and foreign couples from the adoption process. In our data, such policies would reduce the number of adopted children by 6% and 33%, respectively, and have a disproportionate effect on African-American children. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1141081; Publication Type: Working Paper; Update Code: 201012 URL: http://www.nber.org/papers/w16444.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 660 Author: Baccara, M.; Collard-Wexler, A.; Felli, L.; Yariv, L. Year: 2010 Title of Work: Gender and Racial Biases: Evidence from Child Adoption Institution: CESifo Group Munich, CESifo Working Paper Series: CESifo Working Paper No. 2921 Short Title: Gender and Racial Biases: Evidence from Child Adoption DOI: http://www.cesifo.de/DocCIDL/cesifo1_wp2921.pdf Keywords: Bargaining Theory Matching Theory C780 Fertility Family Planning Child Care Children Youth J130 Economics of Minorities and Races Non-labor Discrimination J150 Economics of Gender Non-labor Discrimination J160 Abstract: This paper uses a new data set on domestic child adoption to document the preferences of potential adoptive parents over born and unborn babies relinquished for adoption by their birth mothers. We show that adoptive parents exhibit significant biases in favor of girls and against African-American babies. A non-African-American baby relinquished for adoption attracts the interest of potential adoptive parents with probability 11.5% if it is a girl and 7.9% if it is a boy. As for race, a non-African-American baby has a probability of attracting the interest of an adopting parent at least seven times as high as the corresponding probability for an African-American baby. In addition, we show that a child's desirability in the adoption process depends significantly on time to birth (increasing over the pregnancy, but decreasing after birth) and on adoption costs. We also document the attitudes toward babies' characteristics across different categories of adoptive parents--heterosexual and same-sex couples, as well as single women and foreign couples. Finally, we consider several recently discussed policies excluding same-sex and foreign couples from the adoption process. In our data, such policies would reduce the number of adopted babies by 6% and 33%, respectively. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1088520; Keywords: child adoption, gender bias, racial bias, search, matching; Publication Type: Working Paper; Update Code: 201003 URL: http://www.cesifo.de/DocCIDL/cesifo1_wp2921.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 661 Author: Baccara, M.; Collard-Wexler, A.; Felli, L.; Yariv, L. Year: 2010 Title of Work: Gender and Racial Biases: Evidence from Child Adoption Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7647 Short Title: Gender and Racial Biases: Evidence from Child Adoption DOI: http://www.cepr.org/pubs/dps/DP7647.asp Keywords: Bargaining Theory Matching Theory C780 Fertility Family Planning Child Care Children Youth J130 Economics of Minorities and Races Non-labor Discrimination J150 Economics of Gender Non-labor Discrimination J160 Abstract: This paper uses a new data set on domestic child adoption to document the preferences of potential adoptive parents over born and unborn babies relinquished for adoption by their birth mothers. We show that adoptive parents exhibit significant biases in favor of girls and against African-American babies. A non-African-American baby relinquished for adoption attracts the interest of potential adoptive parents with probability 11.5% if it is a girl and 7.9% if it is a boy. As for race, a non-African-American baby has a probability of attracting the interest of an adopting parent at least seven times as high as the corresponding probability for an African-American baby. In addition, we show that a child's desirability in the adoption process depends significantly on time to birth (increasing over the pregnancy, but decreasing after birth) and on adoption costs. We also document the attitudes toward babies' characteristics across different categories of adoptive parents--heterosexual and same-sex couples, as well as single women and foreign couples. Finally, we consider several recently discussed policies excluding same-sex and foreign couples from the adoption process. In our data, such policies would reduce the number of adopted babies by 6% and 33%, respectively. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1115432; Keywords: Child Adoption; Gender Bias; Matching; Racial Bias; Search; Publication Type: Working Paper; Update Code: 201007 URL: http://www.cepr.org/pubs/dps/DP7647.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 821 Author: Balducci, R.; Salvadori, N. Year: 2005 Title: Innovation, Unemployment and Policy in the Theories of Growth and Distribution: Introduction Editor: N. Salvadori and R. Balducci Book Title: Innovation, Unemployment and Policy in the Theories of Growth and Distribution Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: xi-xxix Short Title: Innovation, Unemployment and Policy in the Theories of Growth and Distribution: Introduction Keywords: Personal Income, Wealth, and Their Distributions D310 Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Trade Unions: Objectives, Structure, and Effects J510 Technological Change Research and Development: General O300 Economic Growth and Aggregate Productivity: General O400 Notes: Accession Number: 0888911; Reviewed Book ISBN: 1-84542-321-6; Keywords: Distribution; Growth; Publication Type: Collective Volume Article; Update Code: 200702 Author Address: Polytechnical U Marche U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 200 Author: Barba Navaretti, G.; Checchi, D.; Turrini, A. Year: 2003 Title: Adjusting Labor Demand: Multinational versus National Firms: A Cross-European Analysis Journal: Journal of the European Economic Association Volume: 1 Issue: 2-3 Pages: 708-719 Short Title: Adjusting Labor Demand: Multinational versus National Firms: A Cross-European Analysis ISSN: 15424766 DOI: http://www.mitpressjournals.org/loi/jeea Accession Number: 0666935 Alternate Accession Number: EP12231115 Keywords: Multinational Firms International Business F230 Labor Demand J230 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: This paper provides a cross-country perspective to the firm-level analysis of the relation between foreign ownership and labor demand in host countries. We estimate labor demand equations in eleven European countries using dynamic panel data techniques on samples that permit to distinguish the ownership status of firms. We find that the employment adjustment is significantly faster in Multinational's affiliates (MNEs) compared with national firms (NEs), irrespective of the country investigated. As for the wage elasticity of labor demand, MNEs show smaller elasticities and very little variation across countries. Cross-country correlations show that the relative size of wage elasticities in MNEs on that in NEs is positively related to country-level indexes of labor market regulation. We interpret the results as follows. MNEs tend to have a more rigid demand for total labor (possibly due to a different skill composition). However, being MNEs relatively "footloose," this difference tends to vanish as the rigidity of employment regulations rises. Notes: Keywords: Foreign Ownership; Labor Demand; MNE; Multinational; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200311; Copyright: Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/jeea Author Address: U Milan and Centro Studi Luca d'Agliano U Milan and wTw European Commission and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 499 Author: Barca, F.; Felli, L. Year: 1993 Title: Doveri fiduciari, proprieta e controllo. (With English summary.) Journal: Politica Economica Volume: 9 Issue: 3 Pages: 397-412 Short Title: Doveri fiduciari, proprieta e controllo. (With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0331696 Keywords: Firm Behavior: Theory D210 Transactional Relationships Contracts and Reputation Networks L140 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Notes: Language: Italian; Publication Type: Journal Article; Update Code: 199412 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: Bank of Italy London School of Econ Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 348 Author: Bartelsman, E.; Scarpetta, S.; Schivardi, F. Year: 2003 Title of Work: Comparative Analysis of Firm Demographics and Survival: Micro-Level Evidence for the OECD Countries Institution: OECD Economics Department, OECD Economics Department Working Papers: 348 Short Title: Comparative Analysis of Firm Demographics and Survival: Micro-Level Evidence for the OECD Countries DOI: http://www.sourceoecd.org/10.1787/010021066480 Keywords: Bankruptcy Liquidation G330 Production, Pricing, and Market Structure Size Distribution of Firms L110 New Firms Startups M130 Abstract: This paper presents evidence on firm demographics and firm survival for a group of ten OECD countries. For each country a dataset of sectoral indicators of firm dynamics has been created using information from business registers. The patterns of firm entry, exit, survival and employment growth are described and analysed across countries, sectors, and over time. We find that both sectoral and country effects are important in determining firms demographics. We also find that entry and exit rates are fairly similar across countries, while post entry performance differ markedly between Europe and the US, a potential indication of the importance of barriers to firm growth as opposed to barriers to entry. Further, the paper provides a discussion of how these data may be used to gain a better understanding of the process through which economic policy and institutions may affect aggregate patterns of employment, output, and productivity growth ... Analyse comparative de la demographie et de la survie des entreprises : Evidence micro-economique pour les pays de l'OCDE Ce papier propose une analyse des donnees demographiques et de survie d'entreprises d'un groupe de dix pays de l'OCDE. Pour chaque pays, une base de donnees d'indicateurs sectoriels sur la dynamique des entreprises a ete cree, en utilisant des informations provenant de registres d'entreprises. L'evolution de l'entree, de la sortie, de la survie des entreprises et de la croissance de l'emploi est decrite et analysee selon les pays, les secteurs et le temps. Il ressort o--a la fois les effets sectoriels et les effets pays jouent un role important dans la demographie des firmes. Nous trouvons egalement que les taux d'entree et de sortie sont assez similaires selon les pays, bien que la performance apres entree differe sensiblement entre l'Europe et les Etats-Unis, suggerant potentiellement l'importance des barrieres a l'expansion des entreprises plutot que des barrieres a l'entree. De plus, cet article fournit une discussion sur la facon dont ces donnees pourraient etre utilisees pour ... Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0911412; Keywords: micro-donnees, firm size, entry, exit, survival, micro data, entree, sortie, survie, taille des firmes; Publication Type: Working Paper; Update Code: 200706 URL: http://www.sourceoecd.org/10.1787/010021066480 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 347 Author: Bartelsman, E.; Scarpetta, S.; Schivardi, F. Year: 2005 Title: Comparative Analysis of Firm Demographics and Survival: Evidence from Micro-level Sources in OECD Countries Journal: Industrial and Corporate Change Volume: 14 Issue: 3 Pages: 365-391 Short Title: Comparative Analysis of Firm Demographics and Survival: Evidence from Micro-level Sources in OECD Countries ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 0793981 Keywords: Labor Turnover Vacancies Layoffs J630 Production, Pricing, and Market Structure Size Distribution of Firms L110 Firm Performance: Size, Diversification, and Scope L250 Abstract: In this paper, we present cross-country evidence on firm size distribution, firm demographic and post-entry performance for 10 OECD countries. We use harmonized firm-level data drawn from business registers or social security records. These data enable international comparisons and the identification of idiosyncratic country effects. While average firm size differs across countries, due to both sectoral specialization and within-sector characteristics, we find similar degrees of firm churning across countries. In most of them, about 20% of firms enter and exit most markets every year; and about 20-40% of entering firms fail within the first 2 years of life. However, post-entry growth of successful entrants is much higher in the USA than in Europe, which may be indicative of barriers to firm growth as opposed to barriers to entry. Notes: Keywords: Entry; Firm Size; Firm; Firms; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 200509 URL: http://icc.oxfordjournals.org Author Address: Unlisted World Bank Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 167 Author: Bartolucci, F.; Farcomeni, A. Year: 2009 Title: A Multivariate Extension of the Dynamic Logit Model for Longitudinal Data Based on a Latent Markov Heterogeneity Structure Journal: Journal of the American Statistical Association Volume: 104 Issue: 486 Pages: 816-831 Short Title: A Multivariate Extension of the Dynamic Logit Model for Longitudinal Data Based on a Latent Markov Heterogeneity Structure ISSN: 01621459 DOI: http://pubs.amstat.org/loi/jasa Accession Number: 1137093 Keywords: Single Equation Models Single Variables: Models with Panel Data Longitudinal Data Spatial Time Series C230 Single Equation Models Single Variables: Discrete Regression and Qualitative Choice Models Discrete Regressors Proportions C250 Multiple or Simultaneous Equation Models: Models with Panel Data Longitudinal Data Spatial Time Series C330 Multiple or Simultaneous Equation Models: Discrete Regression and Qualitative Choice Models Discrete Regressors Proportions C350 Fertility Family Planning Child Care Children Youth J130 Economics of Gender Non-labor Discrimination J160 Abstract: For the analysis of multivariate categorical longitudinal data, we propose an extension of the dynamic logit model. The resulting model is based on a marginal parameterization of the conditional distribution of each vector of response variables given the covariates, the lagged response variables, and a set of subject-specific parameters for the unobserved heterogeneity. The latter ones are assumed to follow a first-order Markov chain. For the maximum likelihood estimation of the model parameters, we outline an EM algorithm. The data analysis approach based on the proposed model is illustrated by a simulation study and an application to a dataset, which derives from the Panel Study on Income Dynamics and concerns fertility and female participation to the labor market. Notes: Keywords: Estimation; Female; Fertility; Logit Model; Markov Chain; Multivariate; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201011 URL: http://pubs.amstat.org/loi/jasa Author Address: U Perugia U Rome 'La Sapienza' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 606 Author: Bartolucci, F.; Forcina, A. Year: 2002 Title: Extended RC Association Models Allowing for Order Restrictions and Marginal Modeling Journal: Journal of the American Statistical Association Volume: 97 Issue: 460 Pages: 1192-1199 Short Title: Extended RC Association Models Allowing for Order Restrictions and Marginal Modeling ISSN: 01621459 DOI: http://www.amstat.org/publications/jasa/ Accession Number: 0635910 Keywords: Multiple or Simultaneous Equation Models: Other C390 Abstract: In the context of two-way contingency tables, the RC model may be seen as a way of modeling the set of log-odds ratios for adjacent 2 x 2 subtables through row and column scores. This article presents an extended class of RC models that allows simultaneous modeling of the marginal distributions and the association between two categorical variables; these components are parameterized with logits and log-odds ratios that may be of different types (e.g., global or continuation) to suit the nature of the data and the type of dependence of interest. An algorithm for maximum likelihood estimation under equality and inequality constraints is presented, the asymptotic distribution of the likelihood-ratio statistic to test some interesting hypotheses is derived, and extensions to multiway tables are outlined. Three examples are presented to highlight the features of the new approach. Notes: Publication Type: Journal Article; Update Code: 200303 URL: http://www.amstat.org/publications/jasa/ Author Address: U Perugia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 150 Author: Bartolucci, F.; Forcina, A. Year: 2006 Title: A Class of Latent Marginal Models for Capture-Recapture Data with Continuous Covariates Journal: Journal of the American Statistical Association Volume: 101 Issue: 474 Pages: 786-794 Short Title: A Class of Latent Marginal Models for Capture-Recapture Data with Continuous Covariates ISSN: 01621459 DOI: http://www.amstat.org/publications/jasa/ Accession Number: 0864069 Keywords: Related Disciplines Y800 Abstract: We introduce a new family of latent class models for the analysis of capture-recapture data where continuous covariates are available. The present approach exploits recent advances in marginal parameterizations to model simultaneously, and conditionally on individual covariates, the size of the latent classes, the marginal probabilities of being captured by each list given the latent, and possible higher-order marginal interactions among lists conditionally on the latent. An EM algorithm for maximum likelihood estimation is described, and an expression for the expected information matrix is derived. In addition, a new method for computing confidence intervals for the size of the population having given covariate configurations is proposed and its asymptotic properties are derived. Applications to data on patients with human immunodeficiency virus, in the region of Veneto, Italy, and to new cases of cancer in Tuscany are discussed. Notes: Publication Type: Journal Article; Update Code: 200609 URL: http://www.amstat.org/publications/jasa/ Author Address: U Perugia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1031 Author: Bartolucci, F.; Grilli, L. Year: 2011 Title: Modeling Partial Compliance through Copulas in a Principal Stratification Framework Journal: Journal of the American Statistical Association Volume: 106 Issue: 494 Pages: 469-479 Short Title: Modeling Partial Compliance through Copulas in a Principal Stratification Framework ISSN: 01621459 DOI: http://pubs.amstat.org/loi/jasa Accession Number: 1255110 Keywords: Related Disciplines Y800 Abstract: Within the principal stratification framework for causal inference, modeling partial compliance is challenging because the continuous nature of the principal strata raises subtle specification issues. In this context, we propose an approach based on the assumption that the joint distribution of the degree of compliance to the treatment and the degree of compliance to the control follows a Plackett copula, so that their association is modeled in a flexible way through a single parameter. Moreover, given the two compliances, the distribution of the outcomes is parameterized in a flexible way through a regression model which may include interaction and quadratic terms and may also be heteroscedastic. In order to estimate the parameters of the resulting model, and then the causal effect of the treatment, we adopt a maximum likelihood approach via the EM algorithm. In applying this approach, the marginal distributions of the two compliances are estimated by their empirical distribution functions, so that no constraints are posed on these distributions. Since the two compliances cannot be jointly observed, there is not direct empirical support for the association parameter. We describe a strategy for studying this parameter by a profile likelihood method and discuss an analysis of the sensitivity of the causal inference results to its value. We apply the proposed approach to data from a study about a drug for lowering cholesterol levels previously analyzed by Efron and Feldman and by Jin and Rubin. Estimated causal effects are in line with those of previous analyses, but the pattern of association between the compliances is qualitatively different, apparently due to the flexibility of the copula and to allowing regression equations in the proposed method to include interactions and heteroscedasticity. Notes: Publication Type: Journal Article; Update Code: 201109 URL: http://pubs.amstat.org/loi/jasa Author Address: U Perugia U Florence Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 158 Author: Bartolucci, F.; Nigro, V. Year: 2010 Title: A Dynamic Model for Binary Panel Data with Unobserved Heterogeneity Admitting a Square-Root-of-n-Consistent Conditional Estimator Journal: Econometrica Volume: 78 Issue: 2 Pages: 719-733 Short Title: A Dynamic Model for Binary Panel Data with Unobserved Heterogeneity Admitting a Square-Root-of-n-Consistent Conditional Estimator ISSN: 00129682 DOI: http://www.econometricsociety.org Accession Number: 1106453 Keywords: Single Equation Models Single Variables: Models with Panel Data Longitudinal Data Spatial Time Series C230 Single Equation Models Single Variables: Discrete Regression and Qualitative Choice Models Discrete Regressors C250 Abstract: A model for binary panel data is introduced which allows for state dependence and unobserved heterogeneity beyond the effect of available covariates. The model is of quadratic exponential type and its structure closely resembles that of the dynamic logit model. However, it has the advantage of being easily estimable via conditional likelihood with at least two observations (further to an initial observation) and even in the presence of time dummies among the regressors. Notes: Keywords: Logit Model; Panel Data; Publication Type: Journal Article; Update Code: 201006 URL: http://www.econometricsociety.org Author Address: U Perugia U Rome 'Tor Vergata' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 163 Author: Bartolucci, F.; Pennoni, F.; Francis, B. Year: 2007 Title: A Latent Markov Model for Detecting Patterns of Criminal Activity Journal: Journal of the Royal Statistical Society: Series A (Statistics in Society) Volume: 170 Issue: 1 Pages: 115-132 Short Title: A Latent Markov Model for Detecting Patterns of Criminal Activity ISSN: 09641998 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0964-1998 Accession Number: 0897585 Alternate Accession Number: EP24394441 Keywords: Model Construction and Estimation C510 Illegal Behavior and the Enforcement of Law K420 Abstract: The paper investigates the problem of determining patterns of criminal behaviour from official criminal histories, concentrating on the variety and type of offending convictions. The analysis is carried out on the basis of a multivariate latent Markov model which allows for discrete covariates affecting the initial and the transition probabilities of the latent process. We also show some simplifications which reduce the number of parameters substantially; we include a Rasch-like parameterization of the conditional distribution of the response variables given the latent process and a constraint of partial homogeneity of the latent Markov chain. For the maximum likelihood estimation of the model we outline an EM algorithm based on recursions known in the hidden Markov literature, which make the estimation feasible also when the number of time occasions is large. Through this model, we analyse the conviction histories of a cohort of offenders who were born in England and Wales in 1953. The final model identifies five latent classes and specifies common transition probabilities for males and females between 5-year age periods, but with different initial probabilities. Notes: Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200704; Copyright: Copyright of Journal of the Royal Statistical Society: Series A (Statistics in Society) is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0964-1998 Author Address: U Perugia U Milano-Bicocca Lancaster U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 911 Author: Basile, L.; Salvadori, N. Year: 1985 Title: Kalecki's Pricing Theory Journal: Journal of Post Keynesian Economics Volume: 7 Issue: 2 Pages: 249-262 Date: Winter 1984-85 Short Title: Kalecki's Pricing Theory ISSN: 01603477 DOI: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Accession Number: 0159276 Alternate Accession Number: EP8626605 Keywords: Microeconomics--Theory of Firm and Industry under Imperfectly Competitive Market Structures 0226 Macroeconomics--Theory of Aggregate Distribution 0235 History of Economic Thought--Individuals 0322 Notes: Named Person: Kalecki, Michal; Publication Type: Journal Article; Update Code: 199006; Copyright: Copyright of Journal of Post Keynesian Economics is the property of M.E. Sharpe Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 914 Author: Basile, L.; Salvadori, N. Year: 1986 Title: Kalecki's Pricing Theory: A Reply Journal: Journal of Post Keynesian Economics Volume: 9 Issue: 1 Pages: 159-160 Date: Fall Short Title: Kalecki's Pricing Theory: A Reply ISSN: 01603477 DOI: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Accession Number: 0195142 Alternate Accession Number: EP8627541 Keywords: Microeconomics--Theory of Firm and Industry under Imperfectly Competitive Market Structures 0226 Macroeconomics--Theory of Aggregate Distribution 0235 History of Economic Thought--Individuals 0322 Notes: Named Person: Kalecki, Michal; Publication Type: Journal Article; Update Code: 199006; Copyright: Copyright of Journal of Post Keynesian Economics is the property of M.E. Sharpe Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 913 Author: Basile, L.; Salvadori, N. Year: 1991 Title: Kalecki's Pricing Theory Revisited: Comment Journal: Journal of Post Keynesian Economics Volume: 13 Issue: 2 Pages: 293-297 Date: Winter 1990-91 Short Title: Kalecki's Pricing Theory Revisited: Comment ISSN: 01603477 DOI: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Accession Number: 0242874 Alternate Accession Number: EP8627747 Notes: Named Person: Kalecki, Michal; Publication Type: Journal Article; Update Code: 199106; Copyright: Copyright of Journal of Post Keynesian Economics is the property of M.E. Sharpe Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Author Address: U Naples Maritime U Institute, Naples Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 910 Author: Basile, L.; Salvadori, N. Year: 1992 Title: Kalecki's Pricing Theory Editor: M. Blaug Book Title: Michal Kalecki (1899-1970) Publisher: Elgar Reference Collection series. Pioneers in Economics series, vol. 39. Aldershot, U.K.: Elgar; distributed in the U.S. by Ashgate, Brookfield, Vt. Pages: 115-128 Short Title: Kalecki's Pricing Theory Reprint Edition: [1984] Keywords: History of Economic Thought: Microeconomics B210 History of Economic Thought: Individuals B310 Economic Methodology B410 Notes: Accession Number: 0364747; Reviewed Book ISBN: 1-85278-503-9; ; Named Person: Kalecki, Michal; Publication Type: Collective Volume Article; Update Code: 199512 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1105 Author: Basile, L.; Salvadori, N. Year: 1994 Title: On the Existence of a Solution to Kalecki's Pricing Equations Journal: Journal of Post Keynesian Economics Volume: 16 Issue: 3 Pages: 435-438 Date: Spring Short Title: On the Existence of a Solution to Kalecki's Pricing Equations ISSN: 01603477 DOI: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Accession Number: 0331294 Alternate Accession Number: EP9410313344 Keywords: Market Structure and Pricing: Oligopoly and Other Forms of Market Imperfection D430 Notes: Keywords: Pricing; Publication Type: Journal Article; Update Code: 199412; Copyright: Copyright of Journal of Post Keynesian Economics is the property of M.E. Sharpe Inc. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mesharpe.com/mall/results1.asp?ACR=PKE Author Address: U Naples U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 912 Author: Basile, L.; Salvadori, N. Year: 1999 Title: Kalecki's Pricing Theory Editor: M. C. Sawyer Book Title: The legacy of Michal Kalecki. Volume 1 Publisher: Elgar Reference Collection. Intellectual Legacies in Modern Economics, vol. 5. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt. Pages: 316-329 Short Title: Kalecki's Pricing Theory Reprint Edition: [1984] Keywords: History of Economic Thought: Microeconomics B210 History of Economic Thought: Individuals B310 Economic Methodology B410 Capitalist Enterprises P120 Notes: Accession Number: 0729421; Reviewed Book ISBN: 1-84064-055-3; ; Named Person: Kalecki, Michal; Publication Type: Collective Volume Article; Update Code: 200405 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 895 Author: Bassanini, A.; Brunello, G. Year: 2008 Title: Is Training More Frequent When the Wage Premium Is Smaller? Evidence from the European Community Household Panel Journal: Labour Economics Volume: 15 Issue: 2 Pages: 272-290 Short Title: Is Training More Frequent When the Wage Premium Is Smaller? Evidence from the European Community Household Panel ISSN: 09275371 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Accession Number: 0963977 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Personnel Economics: Training M530 Abstract: According to Becker [Becker, G., 1964, Human Capital, NBER, New York], when labour markets are perfectly competitive, general training is paid by the worker, who reaps all the benefits from the investment. Therefore, ceteris paribus, the greater the training wage premium, the greater the investment in general training. Using data from the European Community Household Panel, we compute a proxy of the training wage premium in clusters of homogeneous workers and find that smaller premia induce greater incidence of off-site training, which is likely to impart general skills. Our findings suggest that the Becker model provides insufficient guidance to understand empirical training patterns. Conversely, they are not inconsistent with theories of training in imperfectly competitive labour markets, in which firms may be willing to finance general training if the wage structure is compressed, that is, if the increase in productivity after training is greater than the increase in pay. Notes: Keywords: Human Capital; Pay; Productivity; Skill; Training; Wage; Geographic Descriptors: EU; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200804 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Author Address: OECD, Paris and CEPN, U Paris XIII, Nord U Padova and IZA, Bonn Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 270 Author: Bassanini, A.; Brunello, G. Year: 2010 Title of Work: Barriers to Entry, Deregulation and Workplace Training: A Theoretical Model with Evidence from Europe Institution: CESifo Group Munich, CESifo Working Paper Series: CESifo Working Paper No. 2945 Short Title: Barriers to Entry, Deregulation and Workplace Training: A Theoretical Model with Evidence from Europe DOI: http://www.cesifo.de/DocCIDL/cesifo1_wp2945.pdf Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Production, Pricing, and Market Structure Size Distribution of Firms L110 Institutions and Growth O430 Abstract: We study the impact of barriers to entry on workplace training. Our theoretical model indicates that there are two contrasting effects of deregulation on training. With a given number of firms, deregulation reduces the size of rents per unit of output that firms can reap by training their employees. Yet, the number of firms increases, thereby raising output and profit gains from training and improving investment incentives. The latter effect always prevails. Our empirical analysis, based on repeated cross-section data from 15 European countries and 12 industries, confirms the predictions of the model and shows that deregulation increases training incidence. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1088496; Keywords: training, product market competition, Europe; Publication Type: Working Paper; Update Code: 201003 URL: http://www.cesifo.de/DocCIDL/cesifo1_wp2945.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 351 Author: Bassanini, A.; Dosi, G. Year: 1999 Title of Work: Competing Technologies, Technological Monopolies and the Role of Convergence to a Stable Market Structure Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Competing Technologies, Technological Monopolies and the Role of Convergence to a Stable Market Structure DOI: http://www.lem.sssup.it/WPLem/files/1999-03.pdf Abstract: Empirically the diffusion of competing technologies most often displays either "lock-in" to a quasi-monopoly or apparent turbulence but rarely stable market-sharing. In contrast with widespread views, we show that, first, unbounded increasing returns are neither necessary nor sufficient to lead to technological monopolies. Rather, asymptotic patterns depend on the relative impact of increasing returns and the degree of adopters heterogeneity. Second, the unlikely empirical occurence of stable market-sharing is slower then to monopoly; thus, in the former case, the enviroment often changes before the market-share trajectory becomes stable. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034861; Keywords: Competing Technologies, Product Selection, Unbounded Returns, Network Externalities, Heterogeneity, Technological Monopolies; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/1999-03.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 692 Author: Bassanini, A.; Dosi, G. Year: 1999 Title of Work: Heterogenous Agents, Complementaries, and Diffusion. Do Increasing Returns Imply Convergence to International Technological Monopolies? Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Heterogenous Agents, Complementaries, and Diffusion. Do Increasing Returns Imply Convergence to International Technological Monopolies? DOI: http://www.lem.sssup.it/WPLem/files/1999-04.pdf Abstract: This work concerns some generic properties of the international diffusion of technologies and products in markets which are interdependent but displays, to varying degrees, location specific forms of dynamic increasing returns and externalities. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034860; Keywords: -; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/1999-04.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 693 Author: Bassanini, A. P.; Dosi, G. Year: 2000 Title: Heterogenous Agents, Complementarities, and Diffusion: Do Increasing Returns Imply Convergence to International Technological Monopolies? Editor: D. Delli Gatti, M. Gallegati and A. P. Kirman Book Title: Interaction and market structure: Essays on heterogeneity in economics Publisher: Lecture Notes in Economics and Mathematical Systems, vol. 484. Heidelberg and New York: Springer Pages: 185-206 Short Title: Heterogenous Agents, Complementarities, and Diffusion: Do Increasing Returns Imply Convergence to International Technological Monopolies? Keywords: Innovation and Invention: Processes and Incentives O310 Technological Change: Choices and Consequences Diffusion Processes O330 Multinational Firms International Business F230 Notes: Accession Number: 0612607; Reviewed Book ISBN: 3-540-66979-5; Keywords: Diffusion; Publication Type: Collective Volume Article; Update Code: 200208 Author Address: OECD Sant'Anna School for Advanced Studies, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 350 Author: Bassanini, A. P.; Dosi, G. Year: 2006 Title: Competing Technologies, Technological Monopolies and the Rate of Convergence to a Stable Market Structure Editor: C. Antonelli, D. Foray, B. H. Hall and W. E. Steinmueller Book Title: New Frontiers in the Economics of Innovation and New Technology: Essays in Honour of Paul A. David Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 23-50 Short Title: Competing Technologies, Technological Monopolies and the Rate of Convergence to a Stable Market Structure Keywords: Production, Pricing, and Market Structure Size Distribution of Firms L110 Technological Change: Choices and Consequences Diffusion Processes O330 Notes: Accession Number: 0900396; Reviewed Book ISBN: 1-84376-631-0; Keywords: Market Structure; Technologies; Publication Type: Collective Volume Article; Festschrift: David, Paul A.; Update Code: 200705 Author Address: OECD Sant'Anna School of Advanced Studies Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1274 Author: Battalio, R.; Ellul, A.; Jennings, R. Year: 2007 Title: Reputation Effects in Trading on the New York Stock Exchange Journal: Journal of Finance Volume: 62 Issue: 3 Pages: 1243-1271 Short Title: Reputation Effects in Trading on the New York Stock Exchange ISSN: 00221082 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Accession Number: 0914458 Alternate Accession Number: EP24998662 Keywords: Asymmetric and Private Information D820 Asset Pricing Trading volume Bond Interest Rates G120 Information and Market Efficiency Event Studies G140 Abstract: Theory suggests that reputations allow nonanonymous markets to attenuate adverse selection in trading. We identify instances in which New York Stock Exchange (NYSE) stocks experience trading floor relocations. Although specialists follow the stocks to their new locations, most brokers do not. We find a discernable increase in liquidity costs around a stock's relocation that is larger for stocks with higher adverse selection and greater broker turnover. We also find that floor brokers relocating with the stock obtain lower trading costs than brokers not moving and brokers beginning trading post-move. Our results suggest that reputation plays an important role in the NYSE's liquidity provision process. Notes: Keywords: Adverse Selection; NYSE; Stocks; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200706; Copyright: Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Author Address: U Notre Dame IN U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 380 Author: Battilani, P.; Zamagni, V. Year: 2010 Title: Cooperation: The Importance of Networking: Co-operatives (1951-2001) Editor: A. Colli and M. Vasta Book Title: Forms of Enterprise in 20th Century Italy: Boundaries, Structures and Strategies Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 273-293 Short Title: Cooperation: The Importance of Networking: Co-operatives (1951-2001) Keywords: Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Production, Pricing, and Market Structure Size Distribution of Firms L110 Transactional Relationships Contracts and Reputation Networks L140 Industrial Organization and Macroeconomics: Industrial Structure and Structural Change Industrial Price Indices L160 Micro-Business History: Europe: 1913- N840 Cooperative Enterprises P130 Notes: Accession Number: 1242193; Reviewed Book ISBN: 978-1-84720-383-0; Keywords: Co-operatives; Networking; Geographic Descriptors: Italy; Selected Countries; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 201107 Author Address: U Bologna Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1515 Author: Battistin, E.; Brugiavini, A.; Rettore, E.; Weber, G. Year: 2008 Title of Work: The retirement consumption puzzle: evidence from a regression discontinuity approach Institution: Institute for Fiscal Studies, IFS Working Papers: W08/05 Short Title: The retirement consumption puzzle: evidence from a regression discontinuity approach DOI: http://www.ifs.org.uk/wps/wp0805 Keywords: Intertemporal Choice and Growth: General D900 Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) E200 Abstract: In this paper we investigate the size of the consumption drop at retirement in Italy. We use micro data on food and total non-durable household spending covering the period 1993-2004, and evaluate the change in consumption that accompanies retirement by exploiting the exogenous variability in pension eligibility to correct for the endogenous nature of the retirement decision. We take a regression discontinuity approach, and make the identifying assumption that consumption would be the same around the threshold for pension eligibility if individuals would not retire. We check in our data that a non-negligible fraction of individuals retire as soon as they become eligible, and estimate at 9:8% the part of the non-durable consumption drop that is associated with retirement induced by eligibility. We show that such fall is not driven by liquidity problems for the less well off in the population, and can be accounted for by drops in goods that are work-related expenses or leisure substitutes. However, we also show that retirement induces a significant drop in the number of grown children living with their parents, and this can account for most of the retirement consumption drop. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1033067; Keywords: Consumption, regression discontinuity design, retirement; Publication Type: Working Paper; Update Code: 200905 URL: http://www.ifs.org.uk/wps/wp0805 Author Address: Institute for Fiscal Studies Institute for Fiscal Studies and University of Venice Unlisted Institute for Fiscal Studies and University of Padua Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1514 Author: Battistin, E.; Brugiavini, A.; Rettore, E.; Weber, G. Year: 2009 Title: The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach Journal: American Economic Review Volume: 99 Issue: 5 Pages: 2209-2226 Short Title: The Retirement Consumption Puzzle: Evidence from a Regression Discontinuity Approach ISSN: 00028282 DOI: http://www.aeaweb.org/aer/ Accession Number: 1068435 Alternate Accession Number: EP45683756 Keywords: Intertemporal Consumer Choice Life Cycle Models and Saving D910 Macroeconomics: Consumption Saving Wealth E210 Retirement Retirement Policies J260 Nonwage Labor Costs and Benefits Private Pensions J320 Abstract: We investigate the size of the consumption drop at retirement in Italy by exploiting pension eligibility information to correct for endogenous retirement. We take a regression discontinuity approach and assume that spending would be smooth around pension eligibility if individuals did not retire. We estimate a 9.8 percent drop associated to retirement. This fall is not driven by liquidity problems for the less well off and can be accounted for by drops in work-related expenses. Retirement also induces a significant drop in the number of grown children living with their parents and this explains most of the retirement consumption drop. Notes: Keywords: Consumption; Pension; Retirement; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200911; Copyright: Copyright of American Economic Review is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://dx.doi.org/10.1257/aer.99.5.2209 http://www.aeaweb.org/aer/ Author Address: U Padova and IRVAPP U Venice 'Ca'Foscari' U Padova and IFS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1106 Author: Bellini, F.; Frittelli, M. Year: 2002 Title: On the Existence of Minimax Martingale Measures Journal: Mathematical Finance Volume: 12 Issue: 1 Pages: 1-21 Short Title: On the Existence of Minimax Martingale Measures ISSN: 09601627 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Accession Number: 0600604 Alternate Accession Number: EP6183354 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Abstract: Embedding asset pricing in a utility maximization framework leads naturally to the concept of minimax martingale measures. We consider a market model where the price process is assumed to be an R[open][superscript d]-semimartingale X and the set of trading strategies consists of all predictable, X-integrable, R[open][superscript d]-valued processes H for which the stochastic integral (H.X) is uniformly bounded from below. When the market is free of arbitrage, we show that a sufficient condition for the existence of the minimax measure is that the utility function u: R[open] approaches R[open] is concave and nondecreasing. We also show the equivalence between the no free lunch with vanishing risk condition, the existence of a separating measure, and a properly defined notion of viability. Notes: Keywords: Arbitrage; Asset Pricing; Publication Type: Journal Article; Update Code: 200204; Copyright: Copyright of Mathematical Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1338 Author: Benedetti, M.; Giavazzi, F.; Jappelli, T.; Pagano, M. Year: 2005 Title of Work: Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5272 Short Title: Searching for Non-Monotonic Effects of Fiscal Policy: New Evidence DOI: http://www.cepr.org/pubs/dps/DP5272.asp Keywords: Macroeconomics: Consumption Saving Wealth E210 Fiscal Policy E620 Fiscal Policies and Behavior of Economic Agents: Household H310 Abstract: Data revisions and the availability of a longer sample offer the opportunity to reconsider the empirical findings that suggest that in the OECD countries national saving responds non-monotonically to fiscal policy. The paper confirms that the circumstance most likely to give rise to a non-monotonic response of national saving to a fiscal impulse is a 'large and persistent impulse', defined as one in which the full employment surplus, as a percent of potential output, changes by at least 1.5 percentage points per year over a two-year period. This particular circumstance remains the only statistically significant one even when we allow for non-monotonic responses to arise when public debt is growing rapidly or interest rate spreads are widening. We find that non-monotonic responses are similar for fiscal contractions and expansions. In particular, an increase in net taxes has no effect on national saving during large fiscal contractions or expansions. For government consumption there is a large, albeit in some specifications less then complete, offset during expansions or contractions. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0806889; Keywords: fiscal policy; national saving; Publication Type: Working Paper; Update Code: 200512 URL: http://www.cepr.org/pubs/dps/DP5272.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1030 Author: Benhabib, J.; Bisin, A. Year: 2005 Title: Modeling Internal Commitment Mechanisms and Self-Control: A Neuroeconomics Approach to Consumption-Saving Decisions Journal: Games and Economic Behavior Volume: 52 Issue: 2 Pages: 460-492 Short Title: Modeling Internal Commitment Mechanisms and Self-Control: A Neuroeconomics Approach to Consumption-Saving Decisions ISSN: 08998256 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622836/description#description Accession Number: 0812143 Keywords: Intertemporal Consumer Choice Life Cycle Models and Saving D910 Macroeconomics: Consumption Saving Wealth E210 Abstract: We provide a new model of consumption-saving decisions which explicitly allows for internal commitment mechanisms and self-control. Agents have the ability to invoke either automatic processes that are susceptible to the temptation of "over-consuming," or alternative control processes which require internal commitment but are immune to such temptations. Standard models in behavioral economics ignore such internal commitment mechanisms. We justify our model by showing that much of its construction is consistent with dynamic choice and cognitive control as they are understood in cognitive neuroscience. The dynamic consumption-saving behavior of an agent in the model is characterized by a simple consumption-saving goal and a cut-off rule for invoking control processes to inhibit automatic processes and implement the goal. We discuss empirical tests of our model with available individual consumption data and we suggest critical tests with brain-imaging and experimental data. Notes: Keywords: Consumption; Saving; Publication Type: Journal Article; Update Code: 200601 URL: http://dx.doi.org/10.1016/j.geb.2004.10.004 http://www.elsevier.com/wps/find/journaldescription.cws_home/622836/description#description Author Address: NYU Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1442 Author: Benhabib, J.; Bisin, A. Year: 2009 Title of Work: The distribution of wealth and fiscal policy in economies with finitely lived agents Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 14730 Short Title: The distribution of wealth and fiscal policy in economies with finitely lived agents DOI: http://www.nber.org/papers/w14730.pdf Keywords: Macroeconomics: Consumption Saving Wealth E210 Aggregate Factor Income Distribution E250 Abstract: We study the dynamics of the distribution of overlapping generation economy with finitely lived agents and inter-generational transmission of wealth. Financial markets are incomplete, exposing agents to both labor income and capital income risk. We show that the stationary wealth distribution is a Pareto distribution in the right tail and that it is capital income risk, rather than labor income, that drives the properties of the right tail of the wealth distribution. We also study analytically the dependence of the distribution of wealth, of wealth inequality in particular, on various fiscal policy instruments like capital income taxes and estate taxes. We show that capital income and estate taxes can significantly reduce wealth inequality. Finally, we characterize optimal redistributive taxes with respect to a utilitarian social welfaremeasure. Social welfare is maximized short of minimal wealth inequality and with zero estate taxes. Finally, we study the effects of different degrees of social mobility on the wealth distribution. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1033793; Publication Type: Working Paper; Update Code: 200905 URL: http://www.nber.org/papers/w14730.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1191 Author: Benhabib, J.; Bisin, A.; Schotter, A. Year: 2010 Title: Present-Bias, Quasi-hyperbolic Discounting, and Fixed Costs Journal: Games and Economic Behavior Volume: 69 Issue: 2 Pages: 205-223 Short Title: Present-Bias, Quasi-hyperbolic Discounting, and Fixed Costs ISSN: 08998256 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622836/description#description Accession Number: 1119225 Keywords: Behavioral Economics: Underlying Principles D030 Intertemporal Consumer Choice Life Cycle Models and Saving D910 Abstract: In this paper we elicit preferences for money-time pairs via experimental techniques. We estimate a general specification of discounting that nests exponential and hyperbolic discounting, as well as various forms of present bias, including quasi-hyperbolic discounting. We find that discount rates are high and decline with both delay and amount, as most of the previous literature. We also find clear evidence for present bias. When identifying the form of the present bias, little evidence for quasi-hyperbolic discounting is found. The data strongly favor instead a specification with a small present bias in the form of a fixed cost, of the order of $4 on average across subjects. With such a fixed cost the curvature of discounting is imprecisely estimated and both exponential and hyperbolic discounting cannot be rejected for several subjects. Notes: Keywords: Discounting; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201008 URL: http://dx.doi.org/10.1016/j.geb.2009.11.003 http://www.elsevier.com/wps/find/journaldescription.cws_home/622836/description#description Author Address: NYU NYU and CESS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1441 Author: Benhabib, J.; Bisin, A.; Zhu, S. Year: 2011 Title: The Distribution of Wealth and Fiscal Policy in Economies with Finitely Lived Agents Journal: Econometrica Volume: 79 Issue: 1 Pages: 123-157 Short Title: The Distribution of Wealth and Fiscal Policy in Economies with Finitely Lived Agents ISSN: 00129682 DOI: http://www.econometricsociety.org Accession Number: 1156946 Keywords: Personal Income, Wealth, and Their Distributions D310 Incomplete Markets D520 General Equilibrium and Disequilibrium: Financial Markets D530 Fiscal Policy E620 Fiscal Policies and Behavior of Economic Agents: Household H310 Abstract: We study the dynamics of the distribution of wealth in an overlapping generation economy with finitely lived agents and intergenerational transmission of wealth. Financial markets are incomplete, exposing agents to both labor and capital income risk. We show that the stationary wealth distribution is a Pareto distribution in the right tail and that it is capital income risk, rather than labor income, that drives the properties of the right tail of the wealth distribution. We also study analytically the dependence of the distribution of wealth--of wealth inequality in particular--on various fiscal policy instruments like capital income taxes and estate taxes, and on different degrees of social mobility. We show that capital income and estate taxes can significantly reduce wealth inequality, as do institutions favoring social mobility. Finally, we calibrate the economy to match the Lorenz curve of the wealth distribution of the U.S. economy. Notes: Keywords: Distribution; Fiscal Policy; Income; Inequality; Overlapping Generations; Policy; Taxes; Wealth; Wealth Distribution; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201103 URL: http://www.econometricsociety.org Author Address: NYU National U Singapore Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1239 Author: Bennala, N.; Hallin, M.; Paindaveine, D. Year: 2010 Title of Work: Rank-based Optimal Tests for Random Effects in Panel Data Institution: ULB--Universite Libre de Bruxelles, Working Papers ECARES: ECARES 2010-018 Pages: 33 p. Short Title: Rank-based Optimal Tests for Random Effects in Panel Data DOI: http://dipot.ulb.ac.be:8080/dspace/bitstream/2013/57643/1/2010-018-BENNALA_HALLIN_PAINDAVEINE-rankbased.pdf Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1115761; Keywords: Random Effects; Panel Data; Rank Tests; Local Asymptotic Normality; Publication Type: Working Paper; Update Code: 201007 URL: http://dipot.ulb.ac.be:8080/dspace/bitstream/2013/57643/1/2010-018-BENNALA_HALLIN_PAINDAVEINE-rankbased.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 983 Author: Bentarzi, M.; Hallin, M. Year: 1996 Title: Locally Optimal Tests against Periodic Autoregression: Parametric and Nonparametric Approaches Journal: Econometric Theory Volume: 12 Issue: 1 Pages: 88-112 Short Title: Locally Optimal Tests against Periodic Autoregression: Parametric and Nonparametric Approaches ISSN: 02664666 DOI: http://journals.cambridge.org/action/displayJournal?jid=ECT Accession Number: 0384785 Keywords: Single Equation Models Single Variables: Time-Series Models Dynamic Quantile Regressions C220 Notes: Keywords: Autoregression; Publication Type: Journal Article; Update Code: 199607 URL: http://journals.cambridge.org/action/displayJournal?jid=ECT Author Address: U Houari Boumediene Free U Brussels Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 170 Author: Berkman, H.; Brailsford, T.; Frino, A. Year: 2005 Title: A Note on Execution Costs for Stock Index Futures: Information versus Liquidity Effects Journal: Journal of Banking and Finance Volume: 29 Issue: 3 Pages: 565-577 Short Title: A Note on Execution Costs for Stock Index Futures: Information versus Liquidity Effects ISSN: 03784266 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Accession Number: 0766210 Keywords: Contingent Pricing Futures Pricing option pricing G130 Abstract: This paper examines execution costs and the impact of trade size for stock index futures using price-volume transaction data from the London International Financial Futures and Options Exchange. Consistent with Subrahmanyam [Rev. Financ. Stud. 4 (1991) 17] we find that effective half spreads in the stock index futures market are small compared to stock markets, and that trades in stock index futures have only a small permanent price impact. This result is important as it helps to better understand the success of equity index products such as index futures and Exchange Traded Funds. We also find that there is no asymmetry in the post-trade price reaction between purchases and sales for stock index futures across various trade sizes. This result is consistent with the conjecture in Chan and Lakonishok [J. Financ. Econ. 33 (1993) 173] that the asymmetry surrounding block trades in stock markets is due to the high cost of short selling and the general reluctance of traders to short sell on stock markets. Notes: Keywords: Futures Market; Options; Stock Market; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200503 URL: http://dx.doi.org/10.1016/j.jbankfin.2004.05.019 http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Author Address: U Auckland U Queensland U Sydney Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 227 Author: Bernasconi, M.; Dardanoni, V. Year: 2004 Title: An Experimental Analysis of Social Mobility Comparisons Editor: F. Cowell Book Title: Inequality, welfare and income distribution: Experimental approaches Publisher: Research on Economic Inequality, vol. 11. Amsterdam; San Diego and Oxford: Elsevier, JAI Pages: 55-84 Short Title: An Experimental Analysis of Social Mobility Comparisons Keywords: Job, Occupational, and Intergenerational Mobility Promotion J620 Notes: Accession Number: 0805499; Reviewed Book ISBN: 0-7623-1113-4; ; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200512 Author Address: U Insubria U Palermo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1011 Author: Bernasconi, M.; Dardanoni, V. Year: 2005 Title: Measuring and Evaluating Intergenerational Mobility: Evidence from Students' Questionnaires Editor: U. Schmidt and S. Traub Book Title: Advances in Public Economics: Utility, Choice and Welfare: A Festschrift for Christian Seidl Publisher: Theory and Decision Library: Series C: Game Theory, Mathematical Programming and Operations Research, vol. 38. Dordrecht and New York: Springer Pages: 173-195 Short Title: Measuring and Evaluating Intergenerational Mobility: Evidence from Students' Questionnaires Keywords: Job, Occupational, and Intergenerational Mobility Promotion J620 Notes: Accession Number: 0876567; Reviewed Book ISBN: 0-387-25705-5; Keywords: Intergenerational Mobility; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Festschrift: Seidl, Christian; Update Code: 200612 Author Address: U dell'Insubria U Palermo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 743 Author: Bertocchi, G. Year: 1987 Title: Il debito pubblico in un modello generazionale. (Government Debt in an Overlapping Generations Model. With English summary.) Journal: Ricerche Economiche Volume: 41 Issue: 1 Pages: 22-40 Short Title: Il debito pubblico in un modello generazionale. (Government Debt in an Overlapping Generations Model. With English summary.) ISSN: 00355054 Accession Number: 0205861 Keywords: Macroeconomics of Intertemporal Choice 0239 Fiscal Theory Empirical Studies Illustrating Fiscal Theory 3212 Notes: Language: Italian; Publication Type: Journal Article; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Thesis Record Number: 570 Author: Bertocchi, G. Year: 1988 Title: Essays on the Financial Structure of a Dynamic Economy University: University of Pennsylvania Degree: Ph.D. Short Title: Essays on the Financial Structure of a Dynamic Economy Keywords: Domestic Monetary and Financial Theory and Institutions: General 3100 Notes: Accession Number: 0043240; Publication Type: Dissertation; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1200 Author: Bertocchi, G. Year: 1989 Title: Private Saving and Public Debt: A Review Essay Journal: Journal of Monetary Economics Volume: 24 Issue: 2 Pages: 313-320 Short Title: Private Saving and Public Debt: A Review Essay ISSN: 03043923 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0226407 Keywords: National Government Budgeting and Deficits 3226 Fiscal Theory Empirical Studies Illustrating Fiscal Theory 3212 Notes: Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199006 URL: http://www.elsevier.com/locate/inca/505566/ Author Address: Brown U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 301 Author: Bertocchi, G. Year: 1991 Title: Bubbles and Inefficiencies Journal: Economics Letters Volume: 35 Issue: 2 Pages: 117-122 Short Title: Bubbles and Inefficiencies ISSN: 01651765 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Accession Number: 0245061 Keywords: Expectations Speculations D840 Intertemporal Choice and Growth: General D900 Abstract: We study speculative behavior in a stochastic overlapping-generations model and we show how the link between the existence of bubbles and dynamic inefficiency, which has been established for the deterministic case, is broken when risk-related factors, such as risk premia and capital gains, are explicitly taken into account. Notes: Keywords: Overlapping Generations; Publication Type: Journal Article; Update Code: 199109 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Author Address: Brown U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 184 Author: Bertocchi, G. Year: 1993 Title: A Theory of Public Debt Management with Unobservable Demand Journal: Economic Journal Volume: 103 Issue: 419 Pages: 960-974 Short Title: A Theory of Public Debt Management with Unobservable Demand ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0298108 Alternate Accession Number: EP9309035514 Keywords: National Debt Debt Management Sovereign Debt H630 Abstract: We study a model of public debt management where government bonds are placed through 'subscription issues' and the demand for bonds is not directly observed by the authority. The debt manager selects an optimal pricing policy which maximizes profits subject to an intertemporal budget constraint. The rations produced by the discrepancies between estimated and actual demand reveal valuable information about unobservable market conditions. By applying results from the theory of 'active learning' we show how the price adjustment process reaches a steady state. However, it may not converge to the full-information price associated with complete learning. In the long run, rations are zero on average. Notes: Keywords: Budget Constraint; Budget; Debt; Government Bonds; Publication Type: Journal Article; Update Code: 199403; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: Brown U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1002 Author: Bertocchi, G. Year: 1993 Title: Marketing of Public Debt: The Fixed-Price Technique Journal: Finnish Economic Papers Volume: 6 Issue: 2 Pages: 79-88 Date: Autumn Short Title: Marketing of Public Debt: The Fixed-Price Technique ISSN: 07845197 DOI: http://www.taloustieteellinenyhdistys.fi/julkaisut/fep/articles.html Accession Number: 0321924 Keywords: National Debt Debt Management Sovereign Debt H630 Abstract: We develop a simple model in which government bonds are marketed at a present yield rather than at a competitive one, and we study the consequences of this debt management choice on market equilibrium and the dynamics of debt accumulation. We show how equilibrium sequences with demand rationing are associated with interest costs that are higher than under competition and that supply rations are unsustainable. In the long run, if the debt manager follows an optimal policy in terms of service costs minimization and consistently responds to the signals represented by the rations, the economy converges to the competitive stationary state with no debt. Notes: Keywords: Debt; Government Bonds; Publication Type: Journal Article; Update Code: 199406 URL: http://www.taloustieteellinenyhdistys.fi/julkaisut/fep/articles.html Author Address: Brown U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1317 Author: Bertocchi, G. Year: 1994 Title: Safe Debt, Risky Capital Journal: Economica Volume: 61 Issue: 244 Pages: 493-508 Short Title: Safe Debt, Risky Capital ISSN: 00130427 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Accession Number: 0354020 Alternate Accession Number: EP9501131272 Keywords: Fiscal Policy E620 Capital Investment Capacity E220 Abstract: The author extends the Diamond (1965) model of national debt in two directions. She first introduces technological uncertainty and then she allows the stock of debt to vary. The author studies the dynamical equilibria of the resulting stochastic system and she establishes conditions for the existence of stationary states that are expressed in terms of invariant distributions. Since conditions that ensure the existence of a stochastic stationary state with positive debt are very restrictive, in this model financial instability is a pervasive phenomenon and allocations are in general dynamically inefficient. Notes: Keywords: Capital; Debt; Publication Type: Journal Article; Update Code: 199508; Copyright: Copyright of Economica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Author Address: Brown U and U Modena Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1569 Author: Bertocchi, G. Year: 1996 Title of Work: Trade, Wages and the Persistence of Underdevelopment Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1445 Short Title: Trade, Wages and the Persistence of Underdevelopment DOI: http://www.cepr.org/pubs/dps/DP1445.asp Keywords: International Investment Long-term Capital Movements F210 Labor-Management Relations, Trade Unions, and Collective Bargaining: General J500 Economic Growth and Aggregate Productivity: General O400 Abstract: We consider a small, unionized economy which interacts with an economically larger one, and we study the growth implications of different institutional structures for the labour markets. We study three possible scenarios. Under decentralized bargaining in the large economy, the two countries converge to the same level of wages and income, even though these levels will be lower than under perfect competition. Under centralized bargaining in the large economy, the small one will end up with a higher capital to labour ratio and GDP in the steady state. This outcome will not necessarily be associated with higher wages and per capita GNP, however. Another possible scenario, with a competitive labour market in the large economy, predicts long-run equalization of per capita capital and production, but lower wages and per capita GNP in the small economy. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692735; Keywords: International Capital Flows; Trade; Underdevelopment; Wage Bargaining; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1445.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 920 Author: Bertocchi, G. Year: 2003 Title: Labor Market Institutions, International Capital Mobility, and the Persistence of Underdevelopment Journal: Review of Economic Dynamics Volume: 6 Issue: 3 Pages: 637-650 Short Title: Labor Market Institutions, International Capital Mobility, and the Persistence of Underdevelopment ISSN: 10942025 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622942/description#description Accession Number: 0658008 Keywords: Trade and Labor Market Interactions F160 Economic Growth of Open Economies F430 International Investment Long-term Capital Movements F210 Trade Unions: Objectives, Structure, and Effects J510 Abstract: We show that the impact of globalization on growth and wages crucially depends on the labor market structures of the countries involved. We contrast bargaining and perfect competition. Under perfect capital markets, convergence of capital and income per capita always occurs despite different labor market structures. However, different labor market structures prevent convergence of the income shares, with unionized countries showing a lower wage rate and consequent capital inflows. Therefore unionization, not globalization, is the cause of discrepancies in the within-country income-distribution patterns. Openness is always preferable to autarky for a small developing economy, independently of its labor market structure. Notes: Keywords: Growth; Unionization; Unionized; Publication Type: Journal Article; Update Code: 200308 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/622942/description#description Author Address: U Modena e Reggio Emilia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 677 Author: Bertocchi, G. Year: 2004 Title of Work: Growth, History and Institutions Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4738 Short Title: Growth, History and Institutions DOI: http://www.cepr.org/pubs/dps/DP4738.asp Keywords: Public Economics: General H000 Economic History: General N000 Abstract: We illustrate the ongoing research line on Growth, History, and Institutions, which adds to economic growth analysis a historical and an institutional dimension, both at the theoretical and the empirical level. We present applications of this research strategy to the impact of colonization on growth, the extension of the franchise and the welfare state, the evolution of educational systems, the relationship between industrialization and democratization, and international migration. We propose a new standard, starting from 1870, as the future reference period for theoretical and empirical research on growth. We conclude with policy implications of the Growth, History, and Institutions research line. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0765141; Keywords: growth; history; institutions; Publication Type: Working Paper; Update Code: 200503 URL: http://www.cepr.org/pubs/dps/DP4738.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 676 Author: Bertocchi, G. Year: 2006 Title: Growth, History and Institutions Editor: N. Salvadori Book Title: Economic Growth and Distribution: On the Nature and Causes of the Wealth of Nations Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 331-349 Short Title: Growth, History and Institutions Keywords: Institutions: Design, Formation, and Operations D020 Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior D720 Economic History: Macroeconomics and Monetary Economics Growth and Fluctuations: General, International, or Comparative N100 Economic History: Manufacturing and Construction: General, International, or Comparative N600 Economic Growth and Aggregate Productivity: General O400 Institutions and Growth O430 Capitalist Systems: Political Economy P160 Notes: Accession Number: 0944605; Reviewed Book ISBN: 978-1-84542-320-9; Keywords: Growth; History; Institution; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200712 Author Address: U Modena and Reggio Emilia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1485 Author: Bertocchi, G. Year: 2007 Title of Work: The Enfranchisement of Women and the Welfare State Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6396 Short Title: The Enfranchisement of Women and the Welfare State DOI: http://www.cepr.org/pubs/dps/DP6396.asp Keywords: National Government Expenditures and Related Policies: General H500 Economics of Gender Non-labor Discrimination J160 Economic History: Government, War, Law, International Relations, and Regulation: General, International, or Comparative N400 Macroeconomic Analyses of Economic Development O110 Capitalist Systems: Political Economy P160 Abstract: We offer a rationale for the decision to extend the franchise to women within a politico-economic model where men are richer than women, women display a higher preference for public goods, and women's disenfranchisement carries a societal cost. We first derive the tax rate chosen by the male median voter when women are disenfranchised. Next we show that, as industrialization raises the reward to mental labour relative to physical labour, women's relative wage increases. When the cost of disenfranchisement becomes higher than the cost of the higher tax rate which applies under universal enfranchisement, the male median voter is better off extending the franchise to women. A consequent expansion of the size of government is only to be expected in societies with a relatively high cost of disenfranchisement. We empirically test the implications of the model over the 1870-1930 period. We proxy the gender wage gap with the level of per capita income and the cost of disenfranchisement with the presence of Catholicism, which is associated with a more traditional view of women's role and thus a lower cost. The gender gap in the preferences for public goods is proxied by the availability of divorce, which implies marital instability and a more vulnerable economic position for women. Consistently with the model's predictions, women suffrage is affected positively by per capita income and negatively by the presence of Catholicism and the availability of divorce, while women suffrage increases the size of government only in non-Catholic countries. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0926753; Keywords: culture; divorce; family; inequality; public goods; welfare state; women suffrage; Publication Type: Working Paper; Update Code: 200709 URL: http://www.cepr.org/pubs/dps/DP6396.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1546 Author: Bertocchi, G. Year: 2007 Title of Work: The Vanishing Bequest Tax: The Comparative Evolution of Bequest Taxation in Historical Perspective Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6115 Short Title: The Vanishing Bequest Tax: The Comparative Evolution of Bequest Taxation in Historical Perspective DOI: http://www.cepr.org/pubs/dps/DP6115.asp Keywords: Taxation, Subsidies, and Revenue: General H200 Economic History: Government, War, Law, International Relations, and Regulation: General, International, or Comparative N400 Capitalist Systems: Political Economy P160 Abstract: Several countries have recently abolished or significantly reduced their taxes on bequests. Bequest taxes, on the other hand, were among the first to be introduced when modern systems of taxation were developed at the end of the nineteenth century. We propose an explanation for these facts which is based on a dynamic political economy model where redistribution is determined not only by wealth inequality but also by sectoral reallocation from agriculture to manufacturing. The model shows that the dynamics of capital accumulation induce a reduction of wealth inequality, which is further accelerated by the redistributive impact of the bequest tax. Through a standard politico-economic mechanism, wealth equalization pushes toward a reduced role of the bequest tax. At the same time, however, a second mechanism is at work, with structural reallocation from agriculture to manufacturing shifting the tax base from hard-to-avoid taxes on land toward easy-to-avoid taxes on capital. The differential treatment of land and capital introduces a source of asymmetry in the tax system which interferes with the determination of the dynamic political equilibrium of the model. Its effect is to compress bequest taxation but also to delay its gradual reduction due to declining wealth inequality. A number of extensions to the basic model allow to match our theory with the long-term evolution of bequest taxation in modern democracies and with the drastic discrepancies currently observed between tax systems in developed and underdeveloped countries. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0890508; Keywords: bequest tax; redistribution; structural reallocation; voting; wealth inequality; Publication Type: Working Paper; Update Code: 200703 URL: http://www.cepr.org/pubs/dps/DP6115.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 675 Author: Bertocchi, G. Year: 2011 Title of Work: Growth, Colonization, and Institutional Development: In and Out of Africa Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8486 Short Title: Growth, Colonization, and Institutional Development: In and Out of Africa DOI: http://www.cepr.org/pubs/dps/DP8486.asp Keywords: Structure, Scope, and Performance of Government H110 Economic History: Macroeconomics Growth and Fluctuations: Africa Oceania N170 Institutions and Growth O430 Abstract: This essay investigates the determinants of the growth performance of Africa. I start by illustrating a broader research agenda which accounts not only for basic economic and demographic factors, but also for the role of history and institutional development. After reporting results from standard growth regressions, I analyze the role of Africa's peculiar history, which has been marked by its colonization experience. Next I discuss the potential growth impact of state fragility, a concept which reflects multiple facets of the dysfunctions that plague the continent. The last topic I address is the influence, in and out of Africa, of the slave trades. The essay ends with critical conclusions and suggestions for further research. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1256832; Keywords: Africa; colonization; Growth; history; institutions; slavery; state fragility; Publication Type: Working Paper; Update Code: 201109 URL: http://www.cepr.org/pubs/dps/DP8486.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1486 Author: Bertocchi, G. Year: 2011 Title: The Enfranchisement of Women and the Welfare State Journal: European Economic Review Volume: 55 Issue: 4 Pages: 535-553 Short Title: The Enfranchisement of Women and the Welfare State ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 1243431 Keywords: Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior D720 Economics of Gender Non-labor Discrimination J160 Wage Level and Structure Wage Differentials J310 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy: General, International, or Comparative N300 Capitalist Systems: Political Economy P160 Cultural Economics: Religion Z120 Abstract: We offer a rationale for the decision to extend the franchise to women within a politico-economic model where men are richer than women, women display a higher preference for public goods, and women's disenfranchisement carries a societal cost. Men and women are matched within households which are the center of the decision process. We derive the optimal tax rate under two alternative regimes: a males-only enfranchisement regime and a universal enfranchisement regime. The latter is associated with a higher tax rate but, as industrialization raises the reward to intellectual labor relative to physical labor, women's relative wage increases, thus decreasing the difference between the tax rates. When the cost of disenfranchisement becomes higher than the cost of the higher tax rate which applies under universal enfranchisement, the male median voter is better off extending the franchise to women. A consequent expansion of the size of government is only to be expected in societies with a relatively high cost of disenfranchisement. We empirically test the implications of the model over the 1870-1930 period. We proxy the gender wage gap with the level of per capita income and the cost of disenfranchisement with the presence of catholicism, which is associated with a more traditional view of women's role and thus a lower cost. The gender gap in the preferences for public goods is proxied by the availability of divorce, which implies marital instability and a more vulnerable economic position for women. Consistently with the model's predictions, women's suffrage is correlated positively with per capita income and negatively with the presence of Catholicism and the availability of divorce, while women's suffrage increases the size of government only in non-catholic countries. Notes: Keywords: Gender; Government; Politico Economic; Suffrage; Voter; Wage; Wage Gap; Women; Publication Type: Journal Article; Update Code: 201107 URL: http://dx.doi.org/10.1016/j.euroecorev.2010.07.003 http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: U Modena e Reggio Emilia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1547 Author: Bertocchi, G. Year: 2011 Title: The Vanishing Bequest Tax: The Comparative Evolution of Bequest Taxation in Historical Perspective Journal: Economics and Politics Volume: 23 Issue: 1 Pages: 107-131 Short Title: The Vanishing Bequest Tax: The Comparative Evolution of Bequest Taxation in Historical Perspective ISSN: 09541985 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0954-1985 Accession Number: 1161513 Keywords: Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 Personal Income and Other Nonbusiness Taxes and Subsidies includes inheritance and gift taxes H240 Abstract: Bequest tax revenues have been declining in OECD countries for at least 70 years. We propose an explanation that is based on a dynamic politico-economic model where the evolution of bequest taxation is determined by wealth inequality. Since economic development induces a growing role of labor income and thus a reduction of wealth inequality, bequest taxation is reduced over time. The model also embeds a process of structural reallocation from agriculture to manufacturing and a consequent shift of the tax base from easy-to-tax land to hard-to-tax capital. This process implies a lower tax level and slower equalization-induced tax reduction, the higher is the tax avoidance rate and the less developed is the economy. The introduction of franchise restrictions which are gradually lifted over time allows the hump-shaped long-term evolution of bequest taxation to be reproduced starting from the nineteenth century for those countries that are now modern industrial democracies. The evolution of political institutions also helps to explain the discrepancies currently observed between tax systems in developed and underdeveloped countries. Notes: Keywords: Income; Inequality; Revenue; Tax; Tax System; Taxation; Wealth; Geographic Descriptors: Denmark; Germany; Italy; Netherlands; Norway; U.K.; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 201104 URL: http://www.blackwellpublishing.com/journal.asp?ref=0954-1985 Author Address: U Modena e Reggio Emilia and CHILD Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1179 Author: Bertocchi, G.; Brunetti, M.; Torricelli, C. Year: 2008 Title: Portfolio Choices, Gender and Marital Status Journal: Rivista di Politica Economica Volume: 98 Issue: 9-10 Pages: 119-153 Short Title: Portfolio Choices, Gender and Marital Status ISSN: 00356468 DOI: http://www.rivistapoliticaeconomica.it Accession Number: 1093227 Keywords: Personal Finance D140 Portfolio Choice Investment Decisions G110 Marriage Marital Dissolution Family Structure Domestic Abuse J120 Economics of Gender Non-labor Discrimination J160 Abstract: We study the impact of gender and marital status on financial decisions using the 1989-2006 Bank of Italy Survey of Household Income and Wealth. Controlling for several characteristics of household financial heads, we find that male and married ones are more likely to invest in risky assets than female and single ones, respectively. We also investigate the role of background socio-economic factors that capture regional differences in the family structure and the organization of the labor market. Specifically, we find that higher divorce rates and female labor market participation rates are associated with a higher propensity to invest in risky assets. Notes: Keywords: Divorce; Family; Female; Gender; Marital; Portfolio; Portfolio Choice; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201003 URL: http://www.rivistapoliticaeconomica.it Author Address: U Modena and Reggio Emilia and CHILD, Turin U Rome 'Tor Vergata' and CEFIN. Modena U Modena and Reggio Emilia and CEFIN. Modena Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1009 Author: Bertocchi, G.; Brunetti, M.; Torricelli, C. Year: 2009 Title of Work: Marriage and Other Risky Assets: A Portfolio Approach Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7162 Short Title: Marriage and Other Risky Assets: A Portfolio Approach DOI: http://www.cepr.org/pubs/dps/DP7162.asp Keywords: Macroeconomics: Consumption Saving Wealth E210 Portfolio Choice Investment Decisions G110 Marriage Marital Dissolution Family Structure Domestic Abuse J120 Labor Force and Employment, Size, and Structure J210 Abstract: We study the joint impact of gender and marital status on financial decisions. First, we test the hypothesis that marriage represents--in a portfolio framework--a sort of safe asset, and that this effect is stronger for women. Controlling for a number of observable characteristics, we show that single women have a lower propensity to invest in risky assets than married females and males. Second, we show that the differential behavior of single women evolves over time, reflecting the increasing incidence of divorce and the expansion of female labor market participation. In particular, towards the end of our sample period, we observe a reduction in the gap between women with different family status, which can be attributed to the gradual erosion of the perception of marriage as a sort of safe asset. Our results therefore suggest that the differential behavior of single vs. married women can be explained by the evolution of gender roles in society, even after controlling for differential risk attitudes. Our empirical investigation is based on a dataset drawn from the 1989-2006 Bank of Italy Survey of Household Income and Wealth. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1031409; Keywords: divorce; labor force participation; marriage; Portfolio choice; Publication Type: Working Paper; Update Code: 200905 URL: http://www.cepr.org/pubs/dps/DP7162.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 443 Author: Bertocchi, G.; Canova, F. Year: 1996 Title of Work: Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1444 Short Title: Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment DOI: http://www.cepr.org/pubs/dps/DP1444.asp Keywords: Economic History: Macroeconomics and Monetary Economics Growth and Fluctuations: General, International, or Comparative N100 Economic Growth and Aggregate Productivity: General O400 Exhaustible Resources and Economic Development Q320 Abstract: This paper investigates the impact of twentieth-century European colonization on African countries. We find that colonization mattered for growth. The following had some beneficial growth effects: being a dependency rather than a colony; being a colony of France or the United Kingdom rather than Belgium, Italy or Portugal; and being less exploited. On average, growth accelerates after independence. Variables proxying for colonial heritage add explanatory power to standard growth regressions, while indicators for human capital and political and ethnic instability lose significance. The coefficient of a dummy for sub-Saharan Africa becomes less significant in a cross section of 98 countries after controlling for colonial experience. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692745; Keywords: Africa; Colonization; Growth; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1444.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 442 Author: Bertocchi, G.; Canova, F. Year: 2000 Title of Work: Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/202.ps.gz Keywords: Economic Growth and Aggregate Productivity: General O400 Exhaustible Resources and Economic Development Q320 Economic History: Macroeconomics and Monetary Economics Growth and Fluctuations: General, International, or Comparative N100 Abstract: We investigate the impact of 20th--century European colonization on growth in Africa. We find that in the 1960--88 period growth has been faster for dependencies than for colonies; for British and French colonies than for Portuguese, Belgian and Italian ones; and for countries with less economic penetration during the colonial period. On average, African growth accelerates after decolonization. Proxies for colonial heritage add explanatory power to growth regressions and make indicators for human capital, political and ethnic instability lose significance. Colonial variables capture the same effects of a sub--Saharan dummy and reduce its significance when jointly included in a cross sectional regression with 98 countries. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725716; Keywords: Colonization; growth; Africa.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/202.ps.gz Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 444 Author: Bertocchi, G.; Canova, F. Year: 2002 Title: Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment Journal: European Economic Review Volume: 46 Issue: 10 Pages: 1851-1871 Short Title: Did Colonization Matter for Growth? An Empirical Exploration into the Historical Causes of Africa's Underdevelopment ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0637153 Keywords: Economic History: Macroeconomics Growth and Fluctuations: Africa Oceania N170 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Abstract: We investigate the impact of 20th-century European colonization on growth. We find that colonial heritage, as measured by the identity of the metropolitan ruler and by the degree of economic penetration, matters for the heterogeneity of growth performances in Africa. Colonial indicators are correlated with economic and sociopolitical variables that are commonly employed to explain growth and there are growth gains from decolonization. Colonial indicators also add significant explanatory power to worldwide growth regressions and are correlated with the Sub-Saharan Africa and the Latin America dummies. Notes: Keywords: Growth; Geographic Descriptors: Africa; Geographic Region: Africa; Publication Type: Journal Article; Update Code: 200304 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: U Modena e Reggio Emilia and CEPR, London U Pompeu Fabra and CEPR, London Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1369 Author: Bertocchi, G.; Dimico, A. Year: 2010 Title of Work: Slavery, Education, and Inequality Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8073 Short Title: Slavery, Education, and Inequality DOI: http://www.cepr.org/pubs/dps/DP8073.asp Keywords: Institutions: Design, Formation, and Operations D020 Institutions and the Macroeconomy E020 National Government Expenditures and Education H520 Economics of Minorities and Races Non-labor Discrimination J150 Abstract: We investigate the impact of slavery on the current performances of the US economy. Over a cross section of counties, we find that the legacy of slavery does not affect current income per capita, but does affect current income inequality. In other words, those counties that displayed a higher proportion of slaves are currently not poorer, but more unequal. Moreover, we find that the impact of slavery on current income inequality is determined by racial inequality. We test three alternative channels of transmission between slavery and inequality: a land inequality theory, a racial discrimination theory and a human capital theory. We find support for the third theory, i. e., even after controlling for potential endogeneity, current inequality is primarily influenced by slavery through the unequal educational attainment of blacks and whites. To improve our understanding of the dynamics of racial inequality along the educational dimension, we complete our investigation by analyzing a panel dataset covering the 1940-2000 period at the state level. Consistently with our previous findings, we find that the educational racial gap significantly depends on the initial gap, which was indeed larger in the former slave states. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1139321; Keywords: development; education; inequality; institutions; slavery; Publication Type: Working Paper; Update Code: 201012 URL: http://www.cepr.org/pubs/dps/DP8073.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 678 Author: Bertocchi, G.; Guerzoni, A. Year: 2010 Title of Work: Growth, History, or Institutions? What Explains State Fragility in Sub-Saharan Africa Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7745 Short Title: Growth, History, or Institutions? What Explains State Fragility in Sub-Saharan Africa DOI: http://www.cepr.org/pubs/dps/DP7745.asp Keywords: Structure, Scope, and Performance of Government H110 Economic History: Macroeconomics Growth and Fluctuations: Africa Oceania N170 Institutions and Growth O430 Abstract: We explore the determinants of state fragility in sub-Saharan Africa. Controlling for a wide range of economic, demographic, geographic and institutional regressors, we find that institutions, and in particular the civil liberties index and the number of revolutions, are the main determinants of fragility, even taking into account their potential endogeneity. Economic factors such as income growth and investment display a non robust impact after controlling for omitted variables and reverse causality. Colonial variables reflecting the history of the region display a marginal impact on fragility once institutions are accounted for. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1115528; Keywords: Africa; colonial history; institutions; State fragility; Publication Type: Working Paper; Update Code: 201007 URL: http://www.cepr.org/pubs/dps/DP7745.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 543 Author: Bertocchi, G.; Kehagias, A. Year: 1995 Title: Efficiency and Optimality in Stochastic Models with Production Journal: Journal of Economic Dynamics and Control Volume: 19 Issue: 1-2 Pages: 303-325 Short Title: Efficiency and Optimality in Stochastic Models with Production ISSN: 01651889 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Accession Number: 0359566 Keywords: Optimization Techniques Programming Models Dynamic Analysis C610 One, Two, and Multisector Growth Models O410 Abstract: We consider a discrete-time, infinite-horizon, one-good stochastic growth model and we solve the central planner's optimization problem by developing a stochastic version of Pontryagin's maximum principle for Markov controls. An approximation method is used in order to extend to an infinite horizon the stochastic maximum principle derived by Arkin and Evstigneev (1987) for the finite-horizon case. We obtain efficiency conditions which are expressed in terms of stochastic multipliers, for which we provide an economic interpretation. We also apply the mathematical tool we develop to a central planner's problem in an overlapping-generations model. Notes: Keywords: Growth; Optimization; Publication Type: Journal Article; Update Code: 199509 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Author Address: U Modena Aristotle U, Thessaloniki, Greece Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 957 Author: Bertocchi, G.; Spagat, M. Year: 1991 Title of Work: Learning, Experimentation and Monetary Policy Institution: Universite catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), Universite catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper: 1991018 Pages: 31-31 Short Title: Learning, Experimentation and Monetary Policy Keywords: Macroeconomics and Monetary Economics: General E000 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Information, Knowledge, and Uncertainty: General D800 Abstract: We present a model of monetary policy where the policymaker faces uncertainty about wich he is learning in a Bayesian fashion. A fixed money supply levels. A fixed money supply rule is not optimal in this context since the learning leads to constant adjustments in money supply levels. We present cases in which it is optimal to bear some cost in terms of current output performance in order to gain information that can be used in the formulation of future monetary policy : experimentation therefore pays. We also show that even passive learning without experimentation still leads to an activist monetary policy, i.e. one that is constantly changing in response to new information. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0874935; Keywords: monetary policy; Publication Type: Working Paper; Update Code: 200612 Author Address: UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics and Brown University, Department of Economics Brown University, Department of Economics Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 958 Author: Bertocchi, G.; Spagat, M. Year: 1993 Title: Learning, Experimentation, and Monetary Policy Journal: Journal of Monetary Economics Volume: 32 Issue: 1 Pages: 169-183 Short Title: Learning, Experimentation, and Monetary Policy ISSN: 03043923 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0299253 Keywords: Monetary Policy E520 Search Learning Information and Knowledge Communication Belief D830 Abstract: The authors present a model of monetary policy where the policymaker faces uncertainty about which he is learning in a Bayesian fashion. A fixed money supply rule is not optimal since the learning leads to adjustments in the monetary action. The authors present cases in which it is optimal to bear some cost in terms of current output performance in order to gain information that can be used in the formulation of future monetary policy: experimentation therefore pays. They also show that even passive learning without experimentation still leads to an activist monetary policy, i.e., one that is responsive to new information. Notes: Keywords: Information; Learning; Monetary Policy; Monetary; Money; Policy; Supply; Publication Type: Journal Article; Update Code: 199403 URL: http://www.elsevier.com/locate/inca/505566/ Author Address: Brown U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 674 Author: Bertocchi, G.; Spagat, M. Year: 1998 Title: Growth under Uncertainty with Experimentation Journal: Journal of Economic Dynamics and Control Volume: 23 Issue: 2 Pages: 209-231 Short Title: Growth under Uncertainty with Experimentation ISSN: 01651889 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Accession Number: 0483486 Keywords: One, Two, and Multisector Growth Models O410 Search Learning Information and Knowledge Communication Belief D830 Intertemporal Choice and Growth: General D900 Abstract: We introduce Bayesian learning into a stochastic growth model and study the effect of experimentation on the optimal level of the investment decision and on the amount of information gathering. When more investment produces more information, experimentation can push towards a lower level of investment, thus reducing information acquisition. Symmetrically, when more investment reduces information, experimentation can increase investment and again decrease information gathering. These results run contrary to intuitions generated by the standard literature on experimentation. Notes: Keywords: Growth; Information Acquisition; Information; Learning; Publication Type: Journal Article; Update Code: 199902 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Author Address: U Modena and CEPR Royal Holloway College, U London Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 329 Author: Bertocchi, G.; Strozzi, C. Year: 2004 Title of Work: Citizenship Laws and International Migration in Historical Perspective Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4737 Short Title: Citizenship Laws and International Migration in Historical Perspective DOI: http://www.cepr.org/pubs/dps/DP4737.asp Keywords: International Migration F220 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, and Religion: General, International, or Comparative N300 Economic Development: Human Resources Human Development Income Distribution Migration O150 Abstract: We investigate the origin, impact and evolution of citizenship laws. Citizenship laws originate from the common and civil law traditions, which apply jus soli and jus sanguinis, respectively. We compile a dataset across countries of the world starting from the 19th century. The impact of the original, exogenously-given laws on international migration proves insignificant for the early, mass migration waves, which confirm to be driven primarily by economic incentives. Postwar convergence of citizenship laws is determined by legal tradition and international migration, but also by border stability, the establishment of democracy, the welfare burden, cultural factors and colonial history. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0765140; Keywords: borders; citizenship laws; democracy; international migration; legal origins; Publication Type: Working Paper; Update Code: 200503 URL: http://www.cepr.org/pubs/dps/DP4737.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 330 Author: Bertocchi, G.; Strozzi, C. Year: 2005 Title of Work: Citizenship Laws and International Migration in Historical Perspective Institution: Fondazione Eni Enrico Mattei, Working Papers: 2005.71 Short Title: Citizenship Laws and International Migration in Historical Perspective DOI: http://www.feem.it/NR/rdonlyres/E127E642-12C2-45FA-A5B3-2529322D3AAF/1591/7105.pdf Keywords: International Migration F220 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, and Religion: General, International, or Comparative N300 Economic Development: Human Resources Human Development Income Distribution Migration O150 Abstract: We investigate the origin, impact and evolution of citizenship laws. Citizenship laws originate from the common and civil law traditions, which apply jus soli and jus sanguinis, respectively. We compile a data set across countries of the world starting from the 19th century. The impact of the original, exogenously-given laws on international migration proves insignificant for the early, mass migration waves, which confirm to be driven primarily by economic incentives. Postwar convergence of citizenship laws is determined by legal tradition and international migration, but also by border stability, the establishment of democracy, the welfare burden, cultural factors and colonial history. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0775170; Keywords: Citizenship laws, International migration, Legal origins, Democracy, Borders; Publication Type: Working Paper; Update Code: 200506 URL: http://www.feem.it/NR/rdonlyres/E127E642-12C2-45FA-A5B3-2529322D3AAF/1591/7105.pdf Author Address: Universita di Modena e Reggio Emilia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1414 Author: Bertocchi, G.; Strozzi, C. Year: 2007 Title of Work: The Age of Mass Migration: Economic and Institutional Determinants Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6050 Short Title: The Age of Mass Migration: Economic and Institutional Determinants DOI: http://www.cepr.org/pubs/dps/DP6050.asp Keywords: International Migration F220 Colonialism Imperialism Postcolonialism F540 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, and Religion: Europe: Pre-1913 N330 Economic Development: Human Resources Human Development Income Distribution Migration O150 Capitalist Systems: Political Economy P160 Abstract: We study the determinants of 19th century mass migration with special attention to the role of institutional factors beside standard economic fundamentals. We find that economic forces associated with income and demographic differentials had a major role in the determination of this historical event, but that the quality of institutions also mattered. We evaluate separately the impact of political institutions linked to democracy and suffrage and of those institutions more specifically targeted at attracting migrants, i.e., citizenship acquisition, land distribution, and public education policies. We find that both sets of institutions contributed to this event, even after controlling for their potential endogeneity through a set of instruments exploiting colonial history and the quality of institutions inherited from the past. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0888043; Keywords: 19th century international migration; colonial history; democracy; institutions; migration policy; Publication Type: Working Paper; Update Code: 200702 URL: http://www.cepr.org/pubs/dps/DP6050.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1495 Author: Bertocchi, G.; Strozzi, C. Year: 2007 Title of Work: The Evolution of Citizenship: Economic and Institutional Determinants Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6066 Short Title: The Evolution of Citizenship: Economic and Institutional Determinants DOI: http://www.cepr.org/pubs/dps/DP6066.asp Keywords: International Migration F220 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Economic Development: Human Resources Human Development Income Distribution Migration O150 Capitalist Systems: Political Economy P160 Abstract: We investigate the origin and evolution of the legal institution of citizenship from a political economy perspective. We compile a new data set on citizenship laws across countries of the world which documents how these institutions have evolved in the postwar period. We show that, despite a persistent impact of the original legislation, they have responded endogenously and systematically to a number of economic determinants, such as migration, the size of government, and the demographic structure of the population. Overall, a large stock of migrants decreases the probability of adoption of a mix of jus soli and jus sanguinis provisions, while it pushes jus sanguinis countries toward the adoption of jus soli elements. The welfare burden proves not to be an obstacle for a jus soli legislation, while demographic stagnation encourages the adoption of mixed and jus soli regimes. We also gauge the potential role of legal, political and cultural determinants, and find that a jus sanguinis origin is a factor of resistance to change, that a high degree of democracy promotes the adoption of jus soli elements while the instability of state borders associated with decolonization impedes it, and that cultural factors have no impact. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0888059; Keywords: borders; citizenship laws; democracy; international migration; legal origins; Publication Type: Working Paper; Update Code: 200702 URL: http://www.cepr.org/pubs/dps/DP6066.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 849 Author: Bertocchi, G.; Strozzi, C. Year: 2008 Title: International Migration and the Role of Institutions Journal: Public Choice Volume: 137 Issue: 1-2 Pages: 81-102 Short Title: International Migration and the Role of Institutions ISSN: 00485829 DOI: http://www.springerlink.com/link.asp?id=100332 Accession Number: 0997077 Alternate Accession Number: EP33952900 Keywords: Institutions: Design, Formation, and Operations D020 International Migration F220 Economic History: Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, and Religion: General, International, or Comparative N300 Economic History: Government, War, Law, International Relations, and Regulation: General, International, or Comparative N400 Abstract: We study the determinants of international migration with special attention to the role of institutional factors other than economic and demographic fundamentals. We evaluate the impact of political institutions and of those institutions specifically targeted at attracting migrants. For a dataset on 19th century migration, we find that economic and demographic differentials play a major role, but that the quality of institutions also matter. We produce evidence that both political and migration institutions represent significant factors of attraction, even after controlling for their potential endogeneity through a set of instruments exploiting colonial history and the institutions inherited from the past. Notes: Keywords: History; Institution; International Migration; Migrant; Migration; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200810; Copyright: Copyright of Public Choice is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://dx.doi.org/10.1007/s11127-008-9314-x http://www.springerlink.com/link.asp?id=100332 Author Address: U Modena and Reggio Emilia and CEPR U Modena and Reggio Emilia and IZA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1494 Author: Bertocchi, G.; Strozzi, C. Year: 2010 Title: The Evolution of Citizenship: Economic and Institutional Determinants Journal: Journal of Law and Economics Volume: 53 Issue: 1 Pages: 95-136 Short Title: The Evolution of Citizenship: Economic and Institutional Determinants ISSN: 00222186 DOI: http://www.journals.uchicago.edu/JLE/home.html Accession Number: 1126066 Keywords: Political Processes: Rent-seeking, Lobbying, Elections, Legislatures, and Voting Behavior D720 International Migration F220 Abstract: We investigate the evolution of the legal institution of citizenship from a political economy perspective. We first present a median-voter model of the determination of citizenship laws. Next we test the implications of the model on a new set of data on citizenship laws across countries. We show that citizenship laws respond to economic and institutional determinants endogenously. When facing increasing immigration, countries with a jus soli regime tend to restrict their legislation, whereas countries with a jus sanguinis regime resist innovation. The welfare burden does not prove to be an obstacle to jus soli legislation, but demographic stagnation encourages it. A high degree of democracy promotes the adoption of jus soli elements, whereas instability of state borders determined by decolonization impedes it. Religion and ethnic diversity have no residual effect. Notes: Keywords: Democracy; Immigration; Political; Voter; Geographic Descriptors: Global; Publication Type: Journal Article; Update Code: 201009 URL: http://www.journals.uchicago.edu/JLE/home.html Author Address: U Modena e Reggio Emilia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1508 Author: Bertocchi, G.; Wang, Y. Year: 1991 Title of Work: The Real Value of Money under Endogenous Beliefs Institution: Universite catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES), Universite catholique de Louvain, Institut de Recherches Economiques et Sociales (IRES) Discussion Paper: 1992006 Pages: 20-20 Short Title: The Real Value of Money under Endogenous Beliefs Abstract: We study an overlapping generations model where the probability that money can lose its value is an endogenous function of the level of aggregate real money balances. The economy can display multiple stationary equilibria where the aggregate bubble on money is stochastic and the level of confidence is partial. Furthermore, steady states can be ranked by the degree of confidence, with more inefficiency being associated with less confidence. It is only under restrictive assumptions that the Golden Rule monetary steady state, which is associated with a deterministic bubble and full confidence in the value of money, constitutes a steady state for the system; in addition, under gross substitutability, this steady would be always unstable. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0874943; Publication Type: Working Paper; Update Code: 200612 Author Address: UNIVERSITE CATHOLIQUE DE LOUVAIN, Department of Economics and Brown University, Department of Economics Virginia Polytechnic Institute and State University, Department of Economics Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1507 Author: Bertocchi, G.; Wang, Y. Year: 1995 Title: The Real Value of Money under Endogenous Beliefs Journal: Journal of Economic Theory Volume: 67 Issue: 1 Pages: 205-222 Short Title: The Real Value of Money under Endogenous Beliefs ISSN: 00220531 DOI: http://www.sciencedirect.com/science/journal/00220531 Accession Number: 0373971 Keywords: Money and Interest Rates: General E400 Abstract: The authors study an overlapping generations model where the level of confidence in money evolves endogenously as a function of aggregate real money balances. The economy can display multiple stationary equilibria where the aggregate bubble on money is stochastic and the level of confidence is partial. Steady states can be ranked by the degree of confidence, with more inefficiency being associated with less confidence. It is only under certain restrictions that the Golden Rule constitutes a steady state for the system. Autarky becomes unstable and complex dynamics, such as cycles and chaos, can emerge even under gross substitutability. (c) 1995 Academic Press, Inc. Notes: Keywords: Money; Publication Type: Journal Article; Update Code: 199603 URL: http://www.sciencedirect.com/science/journal/00220531 Author Address: Brown U and U Modena VA Polytechnic Institute & State U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 749 Author: Bertocchi, G.; Wang, Y. Year: 1996 Title: Imperfect Information, Bayesian Learning, and Capital Accumulation Journal: Journal of Economic Growth Volume: 1 Issue: 4 Pages: 487-503 Short Title: Imperfect Information, Bayesian Learning, and Capital Accumulation ISSN: 13814338 DOI: http://www.springerlink.com/link.asp?id=102931 Accession Number: 0410890 Keywords: One, Two, and Multisector Growth Models O410 Search Learning Information and Knowledge Communication Belief D830 Intertemporal Choice and Growth: General D900 Abstract: This paper examines the consequences of informational imperfections for economic growth in an overlapping generations model in which agents learn the technological parameters in a Bayesian fashion. Under mild sufficient conditions, beliefs converge to the true value of the technological parameters. Nevertheless, even short-lived informational imperfections could have lasting effects, as they alter the long-run equilibrium levels of the capital stock. Therefore, learning dynamics may explain some of the observed differences in the performance of countries with otherwise similar economic characteristics. Notes: Keywords: Belief; Economic Growth; Equilibrium; Growth; Imperfect Information; Information; Learning; Overlapping Generations; Publication Type: Journal Article; Update Code: 199704 URL: http://www.springerlink.com/link.asp?id=102931 Author Address: U Modena and CEPR VA Polytechnic Institute & State U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1386 Author: Bertola, G.; Checchi, D. Year: 2002 Title of Work: Sorting and Private Education in Italy Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3198 Short Title: Sorting and Private Education in Italy DOI: http://www.cepr.org/pubs/dps/DP3198.asp Keywords: Education and Research Institutions: General I200 Abstract: This Paper discusses reforms of Italian secondary schools' curriculum and funding in light of theoretical considerations, of the experience of other countries, and of empirical evidence. We briefly review socio-economic views on the schooling system's role in shaping the social structure and productive potential of new generations. The current structure of the Italian secondary school system lets the student population sort itself, on the basis of individuals' financial and cultural background, along both vocational versus comprehensive and public versus private dimensions. We characterize the outcome of this sorting, and its relationship to further educational experience, with a statistical analysis of a sample of University students. Not surprisingly, we find that in Italy Catholic private schools play a different role from that of their American counterparts, which have been found to improve the performance of relatively poor students. Italian confessional and other private schools appear to cater to the needs of relatively less talented students from relatively rich family backgrounds. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694470; Keywords: education quality; education reform; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3198.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1396 Author: Bertola, G.; Checchi, D. Year: 2007 Title: Special Issue Part 2: Economics and Education in Italy: Introduction Journal: Giornale degli Economisti e Annali di Economia Volume: 66 Issue: 3 Pages: 295-297 Short Title: Special Issue Part 2: Economics and Education in Italy: Introduction ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0975510 Keywords: Introductory Material Y200 Notes: Publication Type: Journal Article; Update Code: 200806 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: U Torino U Milano Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1397 Author: Bertola, G.; Checchi, D. Year: 2007 Title: Special Issue: Economics and Education in Italy: Introduction Journal: Giornale degli Economisti e Annali di Economia Volume: 66 Issue: 2 Pages: 145-148 Short Title: Special Issue: Economics and Education in Italy: Introduction ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0962456 Keywords: Introductory Material Y200 Notes: Publication Type: Journal Article; Update Code: 200804 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: U Torino U Milano Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1201 Author: Bertola, G.; Checchi, D.; Oppedisano, V. Year: 2007 Title of Work: Private School Quality in Italy Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6602 Short Title: Private School Quality in Italy DOI: http://www.cepr.org/pubs/dps/DP6602.asp Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: We discuss how a schooling system's structure may imply that private school enrolment leads to worse subsequent performance in further education or in the labour market, and we seek evidence of such phenomena in Italian data. If students differ not only in terms of their families' ability to pay but also in terms of their own ability to take advantage of educational opportunities ("talent" for short), theory predicts that private schools attract a worse pool of students when publicly funded schools are better suited to foster progress by more talented students. We analyze empirically three surveys of Italian secondary school graduates, interviewed 3 year after graduation. In these data, the impact of observable talent proxies on educational and labour market outcomes is indeed more positive for students who (endogenously) choose to attend public schools than for those who choose to pay for private education. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0948748; Keywords: ability; education; vouchers; Publication Type: Working Paper; Update Code: 200801 URL: http://www.cepr.org/pubs/dps/DP6602.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1202 Author: Bertola, G.; Checchi, D.; Oppedisano, V. Year: 2007 Title: Private School Quality in Italy Journal: Giornale degli Economisti e Annali di Economia Volume: 66 Issue: 3 Pages: 375-400 Short Title: Private School Quality in Italy ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0975513 Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: Private school enrolment may lead to worse subsequent performance in further education or in the labour market. If students differ in their ability not only to pay but to take advantage of educational opportunities ("talent" for short), private schools attract a worse pool of students when publicly funded schools are better suited to foster progress by more talented students. In the data we analyze, the impact of observable talent proxies on educational and labour market outcomes is indeed more positive for students who (endogenously) choose to attend public schools than for those who choose to pay for private education. Notes: Keywords: Education; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200806 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: U Torino U Milano Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 903 Author: Bertola, G.; Felli, L. Year: 1993 Title: Job Matching and the Distribution of Producer Surplus Journal: Ricerche Economiche Volume: 47 Issue: 1 Pages: 65-92 Short Title: Job Matching and the Distribution of Producer Surplus ISSN: 00355054 Accession Number: 0296142 Keywords: Labor Contracts J410 Wage Level and Structure Wage Differentials J310 Abstract: We study wage determination in the Jovanovic model of matching, relaxing the standard assumption that wages continuously adjust to reflect on-the-job performance and studying aggregation of ex-ante heterogeneous career paths. We assume that workers have no bargaining power and consider an equilibrium where individual workers' age--earnings profiles are piecewise constant, reflecting their outside earning opportunities at each point in time. Turnover results from employers' firing decisions rather than from workers' quitting decisions, and the equilibrium delivers realistic cross-sectional and time-series implications. Employees receive only a portion rather than the whole of the ex-ante producer's surplus from established matches, and have individual incentives to lobby for increased job security. Inefficiently low aggregate turnover may result if such lobbying efforts are successful. Notes: Keywords: Earnings; Job Matching; Matching; Wage; Publication Type: Journal Article; Update Code: 199312 Author Address: Princeton U, NBER, and CEPR London School of Econ & Political Science and Boston College Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 529 Author: Bertrand, M.; Felli, L.; Machin, S.; Ventura, J.; Scott, A. Year: 2004 Title: Editorial Volume: 114 Issue: 497 Pages: i-ii Short Title: Editorial ISSN: 00130133 Accession Number: EP13538119 Notes: Publication Type: Editorial; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: 10.1111/j.1468-0297.2004.editorial.x Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 973 Author: Bettoni, C.; Checchi, D.; Burgarella, M. Year: 2007 Title: L'input e l'output: Investimenti e risultati. (Input and Output: Investments and Results. With English summary.) Journal: Economia e Lavoro Volume: 41 Issue: 1 Pages: 41-56 Short Title: L'input e l'output: Investimenti e risultati. (Input and Output: Investments and Results. With English summary.) ISSN: 0012978X DOI: http://www.fondazionebrodolini.it/Public/Brodolini/Home/home.aspx Accession Number: 1246769 Keywords: National Government Expenditures and Education H520 State and Local Government: Health Education Welfare Public Pensions H750 Intergovernmental Relations Federalism Secession H770 Analysis of Education I210 Education: Government Policy I280 Abstract: This paper reviews the financing of the Italian educational system and its implications in terms of the efficacy and efficiency of the mechanisms applied to allocate funds, drawing comparisons with other countries and between the Italian regions. Basically, two sources have been drawn upon in drafting this paper: in the first place, we have the OECD international indicators on educational spending and student performance, recently updated (2006), and in the second place experimental analysis based on the national expenditure consolidation within the broader ambit of the ASPIS research project which INVALSI carried out in three editions between 2000 and 2005, with the technical support of the MIPA Consortium. For a fuller understanding of the contribution it is essential to bear in mind the innovative methodological approach by means of which the third edition of APSIS succeeded in formulating a new definition of the composition of financing for the Italian educational system, and of the pattern of allocation in terms of economic outlay and geographical regions, the latter being a particularly significant variable to verify whether the choices made in allocating resources are correlated and, if so, in what terms, with the results measured in terms of student performance with the PISA tests. The ASPIS research, together with the OECD statistics--complementary in cognitive output--offer a revised picture of education financing in a context where the stated priorities include catching up on the lag accumulated in Southern Italy and renewed efforts in the investment of human capital to relaunch the country's competitiveness. Notes: Keywords: Education; Expenditure; Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 201108 URL: http://www.fondazionebrodolini.it/Public/Brodolini/Home/home.aspx Author Address: U Rome 'La Sapienza' U Milan Consorzio MIPA, Rome Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1536 Author: Biagini, S.; Frittelli, M. Year: 2007 Title: The Supermartingale Property of the Optimal Wealth Process for General Semimartingales Journal: Finance and Stochastics Volume: 11 Issue: 2 Pages: 253-266 Short Title: The Supermartingale Property of the Optimal Wealth Process for General Semimartingales ISSN: 09492984 DOI: http://www.springerlink.com/link.asp?id=101164 Accession Number: 0913775 Alternate Accession Number: EP24207919 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Abstract: We consider an incomplete stochastic financial market where the price processes are described by a vector valued semimartingale that is possibly non locally bounded. We face the classical problem of utility maximization from terminal wealth, under the assumption that the utility function is finite-valued and smooth on the entire real line and satisfies reasonable asymptotic elasticity. In this general setting, it was shown in Biagini and Frittelli (Financ. Stoch. 9, 493-517, 2005) that the optimal claim admits an integral representation as soon as the minimax sigma-martingale measure is equivalent to the reference probability measure. We show that the optimal wealth process is in fact a supermartingale with respect to every sigma-martingale measure with finite generalized entropy, thus extending the analogous result proved by Schachermayer (Financ. Stoch. 4, 433-457, 2003) for the locally bounded case. Notes: Keywords: Financial Market; Publication Type: Journal Article; Update Code: 200706; Copyright: Copyright of Finance & Stochastics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://dx.doi.org/10.1007/s00780-006-0026-0 http://www.springerlink.com/link.asp?id=101164 Author Address: U Perugia U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 772 Author: Biagini, S.; Frittelli, M.; Grasselli, M. Year: 2011 Title: Indifference Price with General Semimartingales Journal: Mathematical Finance Volume: 21 Issue: 3 Pages: 423-446 Short Title: Indifference Price with General Semimartingales ISSN: 09601627 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Accession Number: 1240405 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Abstract: Using duality methods, we prove several key properties of the indifference price pi for contingent claims. The underlying market model is very general and the mathematical formulation is based on a duality naturally induced by the problem. In particular, the indifference price pi turns out to be a convex risk measure on the Orlicz space induced by the utility function. Notes: Publication Type: Journal Article; Update Code: 201106 URL: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Author Address: U Pisa U Milan McMaster U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 404 Author: Bianco, M.; Jappelli, T.; Pagano, M. Year: 2002 Title of Work: Courts and Banks: Effects of Judicial Enforcement on Credit Markets Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3347 Short Title: Courts and Banks: Effects of Judicial Enforcement on Credit Markets DOI: http://www.cepr.org/pubs/dps/DP3347.asp Keywords: Financial Institutions and Services: General G200 Legal Procedure, the Legal System, and Illegal Behavior: General K400 Abstract: The cost of enforcing contracts is a key determinant of market performance. We document this point with reference to the credit market in a model of opportunistic debtors and inefficient courts. According to the model, improvements in judicial efficiency should reduce credit rationing and increase lending, with an ambiguous effect on interest rates that depends on banking competition and on the type of judicial reform. These predictions are supported by panel data on Italian provinces and by cross-country evidence. In Italian provinces with longer trials or large backlogs of pending trials, credit is less widely available. International evidence also shows that the depth of mortgage markets is inversely related to the costs of mortgage foreclosure and other proxies for judicial inefficiency. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694606; Keywords: credit market; enforcement; interest rates; judicial efficiency; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3347.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 501 Author: Bidard, C.; Salvadori, N. Year: 1995 Title: Duality between Prices and Techniques Journal: European Journal of Political Economy Volume: 11 Issue: 2 Pages: 379-389 Short Title: Duality between Prices and Techniques ISSN: 01762680 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505544/description#description Accession Number: 0404119 Keywords: Value Theory D460 General Equilibrium and Disequilibrium: Input-Output Tables and Analysis D570 Abstract: In this paper a number of properties of price vectors generated by a technique of the Leontief-Sraffa type at different profit rates are obtained. It is then proved that for any given set of vectors satisfying those properties the technique which generates them as price vectors can be determined. Hence all the economically relevant aspects of a technique can be obtained from a number of price vectors and wage rates. Notes: Publication Type: Journal Article; Update Code: 199703 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505544/description#description Author Address: U Paris X, Nanterre U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 502 Author: Bidard, C.; Salvadori, N. Year: 2003 Title: Duality between Prices and Techniques Editor: H. D. Kurz and N. Salvadori Book Title: The legacy of Piero Sraffa. Volume 2 Publisher: Elgar Reference Collection. Intellectual Legacies in Modern Economics, vol. 9. Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 272-282 Short Title: Duality between Prices and Techniques Reprint Edition: [1995] Keywords: Value Theory D460 General Equilibrium and Disequilibrium: Input-Output Tables and Analysis D570 General Aggregative Models: Marxian Sraffian Institutional Evolutionary E110 Notes: Accession Number: 0781627; Reviewed Book ISBN: 1-84064-439-7; ; Publication Type: Collective Volume Article; Update Code: 200507 Author Address: Unlisted U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Thesis Record Number: 662 Author: Bisin, A. Year: 1994 Title: General Equilibrium Economies with Imperfectly Competitive Financial Intermediaries University: University of Chicago Degree: Ph.D. Short Title: General Equilibrium Economies with Imperfectly Competitive Financial Intermediaries Keywords: Exchange and Production Economies D510 Notes: Accession Number: 0333251; Keywords: Equilibrium; General Equilibrium; Publication Type: Dissertation; Update Code: 199412 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 255 Author: Bisin, A. Year: 1997 Title: At the Roots of Indeterminacy Editor: P. Battigalli, A. Montesano and F. Panunzi Book Title: Decisions, games and markets Publisher: Studies in Risk and Uncertainty. Boston; Dordrecht and London: Kluwer Academic Pages: 151-166 Short Title: At the Roots of Indeterminacy Keywords: General Equilibrium and Disequilibrium: General D500 Notes: Accession Number: 0515290; Reviewed Book ISBN: 0-7923-9841-6; ; Publication Type: Collective Volume Article; Update Code: 200005 Author Address: MIT Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 663 Author: Bisin, A. Year: 1998 Title: General Equilibrium with Endogenously Incomplete Financial Markets Journal: Journal of Economic Theory Volume: 82 Issue: 1 Pages: 19-45 Short Title: General Equilibrium with Endogenously Incomplete Financial Markets ISSN: 00220531 DOI: http://www.sciencedirect.com/science/journal/00220531 Accession Number: 0477113 Keywords: Incomplete Markets D520 General Financial Markets: General (includes Measurement and Data) G100 Abstract: The present paper studies a class of general equilibrium economies with imperfectly competitive financial intermediaries and price-taking consumers. Intermediaries optimally choose the securities they issue and the bid-ask spread they charge. Financial intermediation is costly, and hence markets are endogenously incomplete. An appropriate equilibrium concept is developed, and existence is proved. Competitive equilibria for this class of economies display full indexation of securities payoffs and monetary neutrality even if intermediaries are restricted to issue 'nominal' securities and financial markets turn out to be incomplete. This is in sharp contrast with the indeterminacy and nonneutrality results established in the literature for incomplete markets economies with exogenously given 'nominal' securities. (c) 1998 Academic Press Notes: Keywords: Equilibria; Equilibrium; Financial Markets; General Equilibrium; Intermediation; Securities; Publication Type: Journal Article; Update Code: 199811 URL: http://www.sciencedirect.com/science/journal/00220531 Author Address: NYU Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 355 Author: Bisin, A.; Gottardi, P. Year: 1999 Title: Competitive Equilibria with Asymmetric Information Journal: Journal of Economic Theory Volume: 87 Issue: 1 Pages: 1-48 Short Title: Competitive Equilibria with Asymmetric Information ISSN: 00220531 DOI: http://www.sciencedirect.com/science/journal/00220531 Accession Number: 0502878 Keywords: Asymmetric and Private Information D820 Exchange and Production Economies D510 Abstract: This paper studies competitive equilibria in economies where agents trade in markets for standardized, non-exclusive financial contracts, under conditions of asymmetric information (both of the moral hazard and the adverse selection type). The problems for the existence of competitive equilibria in this framework are identified, and shown to be essentially the same under different forms of asymmetric information. We then show that a "minimal" form of non-linearity of prices (a bid-ask spread, requiring only the possibility to separate buyers and sellers), and the condition that the aggregate return on the individual positions in each contract can be perfectly hedged in the existing markets, ensure the existence of competitive equilibria in the case of both adverse selection and moral hazard. (c) 1999 Academic Press Notes: Keywords: Adverse Selection; Asymmetric Information; Equilibria; Hazard; Information; Moral Hazard; Publication Type: Journal Article; Update Code: 199911 URL: http://www.sciencedirect.com/science/journal/00220531 Author Address: NYU U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 356 Author: Bisin, A.; Gottardi, P. Year: 2003 Title: Competitive Markets for Non-exclusive Contracts with Adverse Selection: The Role of Entry Fees Journal: Review of Economic Dynamics Volume: 6 Issue: 2 Pages: 313-338 Short Title: Competitive Markets for Non-exclusive Contracts with Adverse Selection: The Role of Entry Fees ISSN: 10942025 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622942/description#description Accession Number: 0647289 Keywords: Exchange and Production Economies D510 Asymmetric and Private Information D820 Abstract: This paper studies competitive equilibria in economies characterized by the presence of asymmetric information, where non-exclusive contracts are traded in competitive markets and agents may be privately informed over contracts' payoffs. For such economies competitive equilibria may not exist when contracts trade at linear prices. We show that (non-trivial) competitive equilibria exist, under general conditions, when prices exhibit a minimal form of non-linearity (or, equivalently, a minimal requirement on the observability of agents' trades): the presence of two-part tariffs suffices, where the cost of trading each contract consists of an entry fee and a linear component in the quantity traded. The entry fee is determined at equilibrium and represents a measure of adverse selection in the economy. Notes: Keywords: Adverse Selection; Asymmetric Information; Equilibria; Information; Publication Type: Journal Article; Update Code: 200306 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/622942/description#description Author Address: NYU U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 545 Author: Bisin, A.; Gottardi, P. Year: 2005 Title of Work: Efficient Competitive Equilibria with Adverse Selection Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1504 Short Title: Efficient Competitive Equilibria with Adverse Selection DOI: http://www.cesifo.de/DocCIDL/cesifo1_wp1504.pdf Keywords: General Equilibrium and Disequilibrium: General D500 Externalities D620 Asymmetric and Private Information D820 Insurance Insurance Companies G220 Abstract: Do Walrasian markets function orderly in the presence of adverse selection? In particular, is their outcome efficient? This paper addresses these questions in the context of a Rothschild and Stiglitz insurance economy. We identify an externality associated with the presence of adverse selection as a special form of consumption externality. Consequently, we show that while competitive equilibria always exist, they are not typically incentive efficient. However, as markets for pollution rights can internalize environmental externalities, markets for consumption rights can be designed so as to internalize the consumption externality due to adverse selection. With such markets competitive equilibria exist and are always incentive efficient. Moreover, any incentive efficient allocation can be decentralized as a competitive equilibrium. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0905897; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/cesifo1_wp1504.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 544 Author: Bisin, A.; Gottardi, P. Year: 2006 Title: Efficient Competitive Equilibria with Adverse Selection Journal: Journal of Political Economy Volume: 114 Issue: 3 Pages: 485-516 Short Title: Efficient Competitive Equilibria with Adverse Selection ISSN: 00223808 DOI: http://www.journals.uchicago.edu/JPE/ Accession Number: 0867539 Alternate Accession Number: EP21544010 Keywords: Exchange and Production Economies D510 Asymmetric and Private Information D820 Abstract: Do Walrasian markets function orderly in the presence of adverse selection? In particular, is their outcome efficient when exclusive contracts are enforceable? This paper addresses these questions in the context of a Rothschild-Stiglitz insurance economy. We identify an externality associated with the presence of adverse selection as a special form of consumption externality. Consequently, we show that competitive equilibria always exist but are not typically incentive efficient. However, as markets for pollution rights can internalize environmental externalities, markets for consumption rights can be designed to internalize the consumption externality due to adverse selection. With such markets competitive equilibria exist and incentive-constrained versions of the first and second welfare theorems hold. Notes: Keywords: Adverse Selection; Equilibria; Walrasian; Publication Type: Journal Article; Update Code: 200610; Copyright: Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.journals.uchicago.edu/JPE/ Author Address: NYU U Venezia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 172 Author: Bisin, A.; Gottardi, P.; Guaitoli, D. Year: 1998 Title of Work: A Note on the Convergence to Competitive Equilibria in Economies with Moral Hazard Institution: C.V. Starr Center for Applied Economics, New York University, Working Papers Pages: 35 pages Short Title: A Note on the Convergence to Competitive Equilibria in Economies with Moral Hazard DOI: http://www.econ.nyu.edu/cvstarr/working/1998/RR98-41.PDF Keywords: Asymmetric and Private Information D820 Allocative Efficiency Cost-Benefit Analysis D610 Financial Institutions and Services: General G200 Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0873031; Keywords: asymmetric information; exclusivity; convergence; Publication Type: Working Paper; Update Code: 200611 URL: http://www.econ.nyu.edu/cvstarr/working/1998/RR98-41.PDF Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 173 Author: Bisin, A.; Gottardi, P.; Guaitoli, D. Year: 2000 Title of Work: A Note on the Convergence to Competitive Equilibria in Economies with Moral Hazard Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: A Note on the Convergence to Competitive Equilibria in Economies with Moral Hazard DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/381.pdf Keywords: Asymmetric and Private Information D820 General Equilibrium and Disequilibrium: General D500 Abstract: We examine the conditions under which competitive equilibria can be obtained as the limit, when the number of strategic traders gets large, of Nash equilibria in economies with asymmetric information on agents' effort and possibly imperfect observability of agents' trades. Convergence always occur when either effort is publicly observed (no matter what is the information available to intermediaries on agents' trades); or effort is private information but agents' trades are perfectly observed; or no information at all is available on agents' trades. On the other hand, when each intermediary can observe its trades with an agent, but not the agent's trades with other intermediaries, the (Nash) equilibria with strategic intermediaries do not converge to any of the competitive equilibria, for an open set of economies. The source of the difficulties for convergence is the combination of asymmetric information and the restrictions on the observability of trades which prevent the formation of exclusive contractual relationships and generate barriers to entry in the markets for contracts. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725539; Keywords: Asymmetric information; exclusivity; competitive equilibrium.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/381.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 992 Author: Bisin, A.; Gottardi, P.; Rampini, A. A. Year: 2004 Title of Work: Managerial Hedging and Portfolio Monitoring Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1322 Short Title: Managerial Hedging and Portfolio Monitoring DOI: http://www.cesifo.de/DocCIDL/1322.pdf Keywords: Asymmetric and Private Information D820 Corporate Finance and Governance: General G300 Abstract: Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their firms. We study the agency problem between shareholders and a manager when the manager can hedge his incentive compensation using financial markets and shareholders cannot perfectly monitor the manager's portfolio in order to keep him from hedging the risk in his compensation. In particular, shareholders can monitor the manager's portfolio stochastically, and since monitoring is costly governance is imperfect. If managerial hedging is detected, shareholders can seize the payoffs of the manager's trades. We show that at the optimal contract: (i) the manager's portfolio is monitored only when the firm performs poorly, (ii) the more costly monitoring is, the more sensitive is the manager's compensation to firm performance, and (iii) conditional on the firm's performance, the manager's compensation is lower when his portfolio is monitored, even if no hedging is revealed by monitoring. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0906078; Keywords: executive compensation, incentives, monitoring, corporate governance.; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/1322.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 991 Author: Bisin, A.; Gottardi, P.; Rampini, A. A. Year: 2008 Title: Managerial Hedging and Portfolio Monitoring Journal: Journal of the European Economic Association Volume: 6 Issue: 1 Pages: 158-209 Short Title: Managerial Hedging and Portfolio Monitoring ISSN: 15424766 DOI: http://www.mitpressjournals.org/loi/jeea Accession Number: 0963879 Alternate Accession Number: EP29964098 Keywords: Portfolio Choice Investment Decisions G110 Pension Funds Other Private Financial Institutions Institutional Investors G230 Personnel Management Executive Compensation M120 Personnel Economics: Compensation and Compensation Methods and Their Effects M520 Abstract: Incentive compensation induces correlation between the portfolio of managers and the cash flow of the firms they manage. This correlation exposes managers to risk and hence gives them an incentive to hedge against the poor performance of their firms. We study the agency problem between shareholders and a manager when the manager can hedge his compensation using financial markets and shareholders can monitor the manager's portfolio in order to keep him from hedging, but monitoring is costly. We find that the optimal incentive compensation and governance provisions have the following properties: (i) the manager's portfolio is monitored only when the firm performs poorly, (ii) the manager's compensation is more sensitive to firm performance when the cost of monitoring is higher or when hedging markets are more developed, and (iii) conditional on the firm's performance, the manager's compensation is lower when his portfolio is monitored, even if no hedging is revealed by monitoring. Moreover, the model suggests that the optimal level of portfolio monitoring is higher for managers of firms whose performance can be hedged more easily, such as larger firms and firms in more developed financial markets. Notes: Keywords: Compensation; Financial Market; Firm; Firms; Hedging; Incentives; Portfolio; Publication Type: Journal Article; Update Code: 200804; Copyright: Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/jeea Author Address: NYU U Venice 'Ca'Foscari' Duke U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1059 Author: Bisin, A.; Guaitoli, D. Year: 1998 Title of Work: Moral Hazard and Non-Exclusive Contracts Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1987 Short Title: Moral Hazard and Non-Exclusive Contracts DOI: http://www.cepr.org/pubs/dps/DP1987.asp Keywords: Allocative Efficiency Cost-Benefit Analysis D610 Asymmetric and Private Information D820 Financial Institutions and Services: General G200 Abstract: This paper studies equilibria for economies characterized by moral hazard (hidden action), in which the set of contracts marketed in equilibrium is determined by the interaction of financial intermediaries. The crucial aspect of the environment that we study is that intermediaries are restricted to trade non-exclusive contracts: the agents' contractual relationships with competing intermediaries cannot be monitored (or are not contractible upon). We fully characterize equilibrium allocations and contracts. In this set-up equilibrium allocations are clearly incentive-constrained inefficient. A robust property of equilibria with non-exclusivity is that the contracts issued in equilibrium do not implement the optimal action. Moreover we prove that, whenever equilibrium contracts do implement the optimal action, intermediaries make positive profits and equilibrium allocations are third best inefficient (where the definition of third best efficiency accounts for constraints which capture the non-exclusivity of contracts). Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693253; Keywords: Asymmetric Information; Efficiency; exclusivity; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1987.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 791 Author: Bisin, A.; Guaitoli, D. Year: 2000 Title of Work: Information Extraction and Exclusivity Institution: Unitat de Fonaments de l'Analisi Economica (UAB) and Institut d'Analisi Economica (CSIC), UFAE and IAE Working Papers Short Title: Information Extraction and Exclusivity DOI: http://pareto.uab.es/wp/2002/54602.pdf Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0683543; Publication Type: Working Paper; Update Code: 200404 URL: http://pareto.uab.es/wp/2002/54602.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1058 Author: Bisin, A.; Guaitoli, D. Year: 2000 Title of Work: Moral Hazard and Non-Exclusive Contracts Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Moral Hazard and Non-Exclusive Contracts DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/345.pdf Keywords: Asymmetric and Private Information D820 Allocative Efficiency Cost-Benefit Analysis D610 Financial Institutions and Services: General G200 Abstract: This paper studies equilibria for economies characterized by moral hazard (hidden action), in which the set of contracts marketed in equilibrium is determined by the interaction of financial intermediaries. The crucial aspect of the environment that we study is that intermediaries are restricted to trade non-exclusive contracts: the agents' contractual relationships with competing intermediaries cannot be monitored (or are not contractible upon). We fully characterize equilibrium allocations and contracts. In this set-up equilibrium allocations are clearly incentive constrained inefficient. A robust property of equilibria with non-exclusivity is that the contracts issued in equilibrium do not implement the optimal action. Moreover we prove that, whenever equilibrium contracts do implement the optimal action, intermediaries make positive profits and equilibrium allocations are third best inefficient (where the definition of third best efficiency accounts for constraints which capture the non-exclusivity of contracts). Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725575; Keywords: Asymmetric information; exclusivity; efficiency.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/345.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1374 Author: Bisin, A.; Guaitoli, D. Year: 2000 Title of Work: Social Capital, Modernization and Growth Institution: Unitat de Fonaments de l'Analisi Economica (UAB) and Institut d'Analisi Economica (CSIC), UFAE and IAE Working Papers Short Title: Social Capital, Modernization and Growth DOI: http://pareto.uab.es/wp/2002/54502.pdf Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0683544; Publication Type: Working Paper; Update Code: 200404 URL: http://pareto.uab.es/wp/2002/54502.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1057 Author: Bisin, A.; Guaitoli, D. Year: 2004 Title: Moral Hazard and Nonexclusive Contracts Journal: RAND Journal of Economics Volume: 35 Issue: 2 Pages: 306-328 Date: Summer Short Title: Moral Hazard and Nonexclusive Contracts ISSN: 07416261 DOI: http://www3.interscience.wiley.com/journal/120718852/grouphome/home.html Accession Number: 0750965 Alternate Accession Number: EP14243089 Keywords: Asymmetric and Private Information D820 Economics of Contract: Theory D860 Abstract: We study equilibria for economies with hidden action in environments in which the agents' contractual relationships with competing financial intermediaries cannot be monitored (or are not contractible upon). We fully characterize equilibrium allocations and contracts for such economies, as well as discuss their welfare properties. Depending on the parameters of the economy, either the optimal action choice is not sustained in equilibrium or, if it is, agents necessarily enter into multiple contractual relationships and intermediaries make positive profits, even under free-entry conditions. The main features and implications of these environments are consistent with several stylized facts of markets for unsecured loans. Notes: Keywords: Equilibria; Equilibrium; Hazard; Moral Hazard; Publication Type: Journal Article; Update Code: 200410; Copyright: Copyright of RAND Journal of Economics (RAND Journal of Economics) is the property of RAND Journal of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www3.interscience.wiley.com/journal/120718852/grouphome/home.html Author Address: NYU U Autonoma de Barcelona Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1242 Author: Bisin, A.; Horst, U.; Ozgur, O. Year: 2006 Title: Rational Expectations Equilibria of Economies with Local Interactions Journal: Journal of Economic Theory Volume: 127 Issue: 1 Pages: 74-116 Short Title: Rational Expectations Equilibria of Economies with Local Interactions ISSN: 00220531 DOI: http://www.sciencedirect.com/science/journal/00220531 Accession Number: 0852661 Keywords: Existence and Stability Conditions of Equilibrium C620 Noncooperative Games C720 Size and Spatial Distributions of Regional Economic Activity R120 Abstract: We consider general economies in which rational agents interact locally. The local aspect of the interactions is designed to represent in a simple abstract way social interactions, that is, socioeconomic environments in which markets do not mediate all of agents' choices, which might be in part determined, for instance, by family, peer group, or ethnic group effects. We study static as well as dynamic infinite horizon economies; we allow for economies with incomplete information, and we consider jointly global and local interactions, to integrate e.g., global externalities and markets with peer and group effects. We provide conditions under which such economies have rational expectations equilibria. We illustrate the effects of local interactions when agents are rational by studying in detail the equilibrium properties of a simple economy with quadratic preferences which captures, in turn, local preferences for conformity, habit persistence, and preferences for status or adherence to aggregate norms of behavior. Notes: Publication Type: Journal Article; Update Code: 200607 URL: http://dx.doi.org/10.1016/j.jet.2004.08.004 http://www.sciencedirect.com/science/journal/00220531 Author Address: NYU Humboldt U Berlin Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1481 Author: Bisin, A.; Moro, A.; Topa, G. Year: 2011 Title of Work: The empirical content of models with multiple equilibria in economies with social interactions Institution: Federal Reserve Bank of New York, Staff Reports: 504 Short Title: The empirical content of models with multiple equilibria in economies with social interactions DOI: http://www.newyorkfed.org/research/staff_reports/sr504.pdf Abstract: We study a general class of models with social interactions that might display multiple equilibria. We propose an estimation procedure for these models and evaluate its efficiency and computational feasibility relative to different approaches taken to the curse of dimensionality implied by the multiplicity. Using data on smoking among teenagers, we implement the proposed estimation procedure to understand how group interactions affect health-related choices. We find that interaction effects are strong both at the school level and at the smaller friends-network level. Multiplicity of equilibria is pervasive at the estimated parameter values, and equilibrium selection accounts for about 15 percent of the observed smoking behavior. Counterfactuals show that student interactions, surprisingly, reduce smoking by approximately 70 percent with respect to the equilibrium smoking that would occur without interactions. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1257278; Keywords: Human behavior; Social choice; Health; Publication Type: Working Paper; Update Code: 201109 URL: http://www.newyorkfed.org/research/staff_reports/sr504.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1482 Author: Bisin, A.; Moro, A.; Topa, G. Year: 2011 Title of Work: The Empirical Content of Models with Multiple Equilibria in Economies with Social Interactions Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 17196 Short Title: The Empirical Content of Models with Multiple Equilibria in Economies with Social Interactions DOI: http://www.nber.org/papers/w17196.pdf Keywords: Model Construction and Estimation C510 Model Evaluation, Validation, and Selection C520 Health: General I100 Abstract: We study a general class of models with social interactions that might display multiple equilibria. We propose an estimation procedure for these models and evaluate its efficiency and computational feasibility relative to different approaches taken to the curse of dimensionality implied by the multiplicity. Using data on smoking among teenagers, we implement the proposed estimation procedure to understand how group interactions affect health-related choices. We find that interaction effects are strong both at the school level and at the smaller friends-network level. Multiplicity of equilibria is pervasive at the estimated parameter values, and equilibrium selection accounts for about 15 percent of the observed smoking behavior. Counterfactuals show that student interactions, surprisingly, reduce smoking by approximately 70 percent with respect to the equilibrium smoking that would occur without interactions. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1257588; Publication Type: Working Paper; Update Code: 201109 URL: http://www.nber.org/papers/w17196.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 274 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2006 Title of Work: 'Bend It Like Beckham': Identity, Socialization and Assimilation Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5662 Short Title: 'Bend It Like Beckham': Identity, Socialization and Assimilation DOI: http://www.cepr.org/pubs/dps/DP5662.asp Keywords: Sociology of Economics A140 Economics of Minorities and Races Non-labor Discrimination J150 Abstract: We first develop a model of identity formation resulting from the interaction of cultural transmission and socialization inside the family, peer effects and social interactions, and identity choice. We then put the model to data using the UK Fourth National Survey of Ethnic Minorities. We show that the main determinants of ethnic identity include past racial harassment experiences, language spoken at home and with friends, quality of housing, and structure of the family. Most importantly, we find that, consistently with our theoretical analysis, identity and socialization to an ethnic minority are, other things equal, more intense in mixed neighbourhood than in segregated neighbourhoods. We argue that this last result has important and up-to-now unnoticed implications for integration and assimilation policies. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0872789; Keywords: cultural transmission; ethnicity; identity; intermarriage; Publication Type: Working Paper; Update Code: 200611 URL: http://www.cepr.org/pubs/dps/DP5662.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 247 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2007 Title of Work: Are Muslim Immigrants Different in Terms of Cultural Integration? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6453 Short Title: Are Muslim Immigrants Different in Terms of Cultural Integration? DOI: http://www.cepr.org/pubs/dps/DP6453.asp Keywords: Sociology of Economics A140 Economics of Minorities and Races Non-labor Discrimination J150 Abstract: Using the UK Fourth National Survey of Ethnic Minorities, we explore the determinants of religious identity for Muslims and non-Muslims. We find that Muslims integrate less and more slowly than non-Muslims. A Muslim born in the UK and having spent there more than 50 years shows a comparable level of probability of having a strong religious identity than a non-Muslim just arrived in the country. Furthermore, Muslims seem to follow a different integration pattern than other ethnic and religious minorities. Specifically, high levels of income as well as high on-the-job qualifications increase the Muslims' sense of identity. We also find no evidence that segregated neighborhoods breed intense religious and cultural identities for ethnic minorities, especially for Muslims. This result casts doubts on the foundations of the integration policies in Europe. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0931389; Keywords: assimilation; Muslims; religious identity; Publication Type: Working Paper; Update Code: 200710 URL: http://www.cepr.org/pubs/dps/DP6453.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 246 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2008 Title: Are Muslim Immigrants Different in Terms of Cultural Integration? Journal: Journal of the European Economic Association Volume: 6 Issue: 2-3 Pages: 445-456 Short Title: Are Muslim Immigrants Different in Terms of Cultural Integration? ISSN: 15424766 DOI: http://www.mitpressjournals.org/loi/jeea Accession Number: 0983275 Alternate Accession Number: EP34043413 Keywords: International Migration F220 Economics of Minorities and Races Non-labor Discrimination J150 Cultural Economics: Religion Z120 Abstract: Using the UK Fourth National Survey of Ethnic Minorities, we document differences in integration patterns between Muslims and non-Muslims. We find that Muslims integrate less and more slowly than non-Muslims. In terms of estimated probability of having a strong religious identity, a Muslim born in the UK and having spent there more than 30 years is comparable with a non-Muslim just arrived in the country. Moreover, higher levels of income as well as higher on-the-job qualifications seem to be associated with a stronger religious identity for Muslim immigrants only. Finally, we find no evidence that segregated neighborhoods breed intense religious and cultural identities for ethnic minorities, in general, and, in particular, for Muslims. Notes: Keywords: Cultural; Immigrant; Minorities; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200807; Copyright: Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/jeea Author Address: NYU U Rome 'La Sapienza' Paris School of Economics Research Institute of Industrial Economics, Stockholm U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 272 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2010 Title of Work: Bend It Like Beckham: Ethnic Identity and Integration Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8054 Short Title: Bend It Like Beckham: Ethnic Identity and Integration DOI: http://www.cepr.org/pubs/dps/DP8054.asp Keywords: Sociology of Economics A140 Economics of Minorities and Races Non-labor Discrimination J150 Abstract: We propose a theoretical framework to study the determinants of ethnic and religious identity along two distinct motivational processes which have been proposed in the social sciences: cultural conformity and cultural distinction. Under cultural conformity, ethnic identity is reduced by neighborhood integration, which weakens group loyalties and prejudices. On the contrary, under cultural distinction, ethnic minorities are more motivated in retaining their own distinctive cultural heritage the more integrated are the neighborhoods where they reside and work. Data on ethnic preferences and attitudes provided by the Fourth National Survey of Ethnic Minorities in the UK enables us to test the relative significance of these two identity processes. We find evidence consistent with intense ethnic and religious identity mostly formed as a cultural distinction mechanism. Consistently, we document that ethnic identities are more intense in mixed than in segregated neighborhoods. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1139297; Keywords: cultural transmission; Ethnicity; identity; intermarriage; Publication Type: Working Paper; Update Code: 201012 URL: http://www.cepr.org/pubs/dps/DP8054.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 273 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2010 Title of Work: Bend It Like Beckham: Ethnic Identity and Integration Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 16465 Short Title: Bend It Like Beckham: Ethnic Identity and Integration DOI: http://www.nber.org/papers/w16465.pdf Keywords: Structure, Scope, and Performance of Government H110 Cultural Economics Economic Sociology Economic Anthropology: General Z100 Abstract: We propose a theoretical framework to study the determinants of ethnic and religious identity along two distinct motivational processes which have been proposed in the social sciences: cultural conformity and cultural distinction. Under cultural conformity, ethnic identity is reduced by neighborhood integration, which weakens group loyalties and prejudices. On the contrary, under cultural distinction, ethnic minorities are more motivated in retaining their own distinctive cultural heritage the more integrated are the neighborhoods where they reside and work. Data on ethnic preferences and attitudes provided by the Fourth National Survey of Ethnic Minorities in the UK enables us to test the relative significance of these two identity processes. We find evidence consistent with intense ethnic and religious identity mostly formed as a cultural distinction mechanism. Consistently, we document that ethnic identities are more intense in mixed than in segregated neighborhoods. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1141102; Publication Type: Working Paper; Update Code: 201012 URL: http://www.nber.org/papers/w16465.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 575 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2011 Title of Work: Ethnic Identity and Labor-Market Outcomes of Immigrants in Europe Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8212 Short Title: Ethnic Identity and Labor-Market Outcomes of Immigrants in Europe DOI: http://www.cepr.org/pubs/dps/DP8212.asp Keywords: Sociology of Economics A140 Economics of Minorities and Races Non-labor Discrimination J150 Demographic Economics: Public Policy J180 Cultural Economics: Other Z190 Abstract: Using data from the European Social Survey on most European countries, we look at the relationship between ethnic identity and employment prospects for immigrants from non-European countries. We find that a strong attachment to religion is associated with a lower probability of being employed. When we differentiate between first and second generations of immigrants, our evidence reveals signs of a cultural and economic integration of immigrants in Europe. However, when an extreme ethnic sentiment is preserved, the employment penalty is amplified. Our results also suggest that the strength of a person's ethnic identity and its relationship with employment prospects may depend on the type of integration policy performed in the country where the immigrant lives. In particular, labor-market policies and family-reunion policies seem to facilitate the labor-market access to immigrants coming from non-European countries. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1234528; Keywords: ethnic identity; first- and second-generation immigrants; integration policies; religion; Publication Type: Working Paper; Update Code: 201106 URL: http://www.cepr.org/pubs/dps/DP8212.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 576 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2011 Title: Ethnic Identity and Labour Market Outcomes of Immigrants in Europe Journal: Economic Policy Issue: 65 Pages: 57 Short Title: Ethnic Identity and Labour Market Outcomes of Immigrants in Europe ISSN: 02664658 DOI: http://www.economic-policy.org/ Accession Number: 1161459 Keywords: Labor Economics Policies J080 Economics of Minorities and Races Non-labor Discrimination J150 Geographic Labor Mobility Immigrant Workers J610 Abstract: We study the relationship between ethnic identity and labour market outcomes of non-EU immigrants in Europe. Using the European Social Survey, we find that there is a penalty to be paid for immigrants with a strong identity. Being a first generation immigrant leads to a penalty of about 17% while second-generation immigrants have a probability of being employed that is not statistically different from that of natives. However, when they have a strong identity, second-generation immigrants have a lower chance of finding a job than natives. Our analysis also reveals that the relationship between ethnic identity and employment prospects may depend on the type of integration and labour market policies implemented in the country where the immigrant lives. More flexible labour markets help immigrants to access the labour market but do not protect those who have a strong ethnic identity. Notes: Keywords: Immigrant; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201104 URL: http://www.economic-policy.org/ Author Address: NYU U Rome 'La Sapienza' and Einaudi Institute for Economics and Finance Paris School of Economics Stockholm U and IFN, Stockholm Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 648 Author: Bisin, A.; Patacchini, E.; Verdier, T.; Zenou, Y. Year: 2011 Title of Work: Formation and Persistence of Oppositional Identities Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8380 Short Title: Formation and Persistence of Oppositional Identities DOI: http://www.cepr.org/pubs/dps/DP8380.asp Keywords: Sociology of Economics A140 Economics of Minorities and Races Non-labor Discrimination J150 Abstract: We develop a dynamic model of identity formation that explains why ethnic minorities may choose to adopt oppositional identities (i.e. some individuals may reject or not the dominant culture) and why this behavior may persist over time. We first show that the prevalence of an oppositional culture in the minority group cannot always be sustained in equilibrium. Indeed, because the size of the majority group is larger, there is an Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1234706; Keywords: cultural transmission; Ethnicity; peer effects; racism; role models; Publication Type: Working Paper; Update Code: 201106 URL: http://www.cepr.org/pubs/dps/DP8380.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 593 Author: Bisin, A.; Rampini, A. A. Year: 2006 Title: Exclusive Contracts and the Institution of Bankruptcy Journal: Economic Theory Volume: 27 Issue: 2 Pages: 277-304 Short Title: Exclusive Contracts and the Institution of Bankruptcy ISSN: 09382259 DOI: http://www.springerlink.com/link.asp?id=100511 Accession Number: 0822561 Alternate Accession Number: EP16903141 Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Bankruptcy Liquidation G330 Abstract: The paper studies the institution of bankruptcy when exclusive contracts cannot be enforced ex ante, e.g., a bank cannot monitor whether the borrower enters into contracts with other creditors. The institution of bankruptcy enables the bank to enforce its claim to any funds that the borrower has above a fixed "bankruptcy protection" level. Bankruptcy improves on non-exclusive contractual relationships but is not a perfect substitute for exclusivity ex ante. We characterize the effect of bankruptcy provisions on the equilibrium contracts which borrowers use to raise financing. Notes: Keywords: Bankruptcy; Publication Type: Journal Article; Update Code: 200603; Copyright: Copyright of Economic Theory is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.springerlink.com/link.asp?id=100511 Author Address: NYU Northwestern U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1004 Author: Bisin, A.; Rampini, A. A. Year: 2006 Title: Markets as Beneficial Constraints on the Government Journal: Journal of Public Economics Volume: 90 Issue: 4-5 Pages: 601-629 Short Title: Markets as Beneficial Constraints on the Government ISSN: 00472727 DOI: http://www.elsevier.com/locate/inca/505578/ Accession Number: 0859423 Keywords: Taxation and Subsidies: Efficiency Optimal Taxation H210 Abstract: We study the role of anonymous markets in which trades cannot be monitored by the government. We adopt a Mirrlees approach to analyze economies in which agents have private information and a benevolent government controls optimal redistributive tax policy. While unrestricted access to anonymous markets reduces the set of policy instruments available to the government, it also limits the scope of inefficient redistributive policies when the government lacks commitment. Indeed, the restrictions that anonymous markets impose on the optimal fiscal policy, especially on capital taxation and the history-dependence of income taxation, can have positive welfare effects in this case. Notes: Keywords: Tax; Publication Type: Journal Article; Update Code: 200608 URL: http://dx.doi.org/10.1016/j.jpubeco.2005.04.003 http://www.elsevier.com/locate/inca/505578/ Author Address: NYU Northwestern U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 850 Author: Bisin, A.; Tedeschi, P. Year: 1991 Title: International Policy Co-ordination, Imperfect Information and Target Zones Editor: C. Carraro and et al. Book Title: International economic policy co-ordination Publisher: Cambridge and Oxford: Blackwell Pages: 108-126 Short Title: International Policy Co-ordination, Imperfect Information and Target Zones Keywords: International Monetary Arrangements and Institutions F330 International Policy Coordination and Transmission F420 Notes: Accession Number: 0334269; Reviewed Book ISBN: 0-631-17452-4; Keywords: Policy; Publication Type: Collective Volume Article; Update Code: 199412 Author Address: U Chicago U Bocconi Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 548 Author: Bisin, A.; Topa, G. Year: 2003 Title: Empirical Models of Cultural Transmission Journal: Journal of the European Economic Association Volume: 1 Issue: 2-3 Pages: 363-375 Short Title: Empirical Models of Cultural Transmission ISSN: 15424766 DOI: http://www.mitpressjournals.org/loi/jeea Accession Number: 0666902 Alternate Accession Number: EP12231098 Keywords: Consumer Economics: Empirical Analysis D120 Economic Sociology Economic Anthropology Social and Economic Stratification Z130 Abstract: This paper reviews several issues concerning an empirical analysis of the endogenous formation of preferences, as well as cognitive and psychological traits. In particular we show by means of examples how, with existing data, it is possible to identify empirically the distinct influence of family and society at large in the determination of cultural traits, and to disentangle genetic inheritability from cultural and environmental factors determining cognitive and psychological traits. Notes: Keywords: Cultural; Preference; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200311; Copyright: Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/jeea Author Address: NYU Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1265 Author: Bisin, A.; Topa, G.; Verdier, T. Year: 2004 Title: Religious Intermarriage and Socialization in the United States Journal: Journal of Political Economy Volume: 112 Issue: 3 Pages: 615-664 Short Title: Religious Intermarriage and Socialization in the United States ISSN: 00223808 DOI: http://www.journals.uchicago.edu/JPE/ Accession Number: 0738251 Alternate Accession Number: EP13118976 Keywords: Marriage Marital Dissolution Family Structure Domestic Abuse J120 Fertility Family Planning Child Care Children Youth J130 Cultural Economics: Religion Z120 Abstract: This paper presents an empirical analysis of a choice-theoretic model of cultural transmission. In particular, we use data from the General Social Survey to estimate the structural parameters of a model of marriage and child socialization along religious lines in the United States. The observed intermarriage and socialization rates are consistent with Protestants, Catholics, and Jews having a strong preference for children who identify with their own religious beliefs and making costly decisions to influence their children's religious beliefs. Our estimates imply dynamics of the shares of religious traits in the population that are in sharp contrast with the predictions obtained by linear extrapolations from current intermarriage rates. Notes: Keywords: Child; Children; Cultural; Marriage; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200408; Copyright: Copyright of Journal of Political Economy is the property of University of Chicago Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.journals.uchicago.edu/JPE/ Author Address: NYU NYU and Federal Reserve Bank of New York DELTA and Center for Econ Policy Research Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 422 Author: Bisin, A.; Verdier, T. Year: 1998 Title of Work: Cultural Transmission, Marriage and the Evolution of Ethnic and Religious Traits Institution: C.V. Starr Center for Applied Economics, New York University, Working Papers Pages: 35 pages Short Title: Cultural Transmission, Marriage and the Evolution of Ethnic and Religious Traits DOI: http://www.econ.nyu.edu/cvstarr/working/1998/RR98-40.PDF Keywords: Education and Research Institutions: General I200 Cultural Economics Economic Sociology Economic Anthropology: General Z100 Intertemporal Choice and Growth: General D900 Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0873030; Keywords: Cultural Transmission; marriage; Publication Type: Working Paper; Update Code: 200611 URL: http://www.econ.nyu.edu/cvstarr/working/1998/RR98-40.PDF Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1102 Author: Bisin, A.; Verdier, T. Year: 1998 Title: On the Cultural Transmission of Preferences for Social Status Journal: Journal of Public Economics Volume: 70 Issue: 1 Pages: 75-97 Short Title: On the Cultural Transmission of Preferences for Social Status ISSN: 00472727 DOI: http://www.elsevier.com/locate/inca/505578/ Accession Number: 0481123 Keywords: Household Behavior: General D100 Cultural Economics Economic Sociology Economic Anthropology: General Z100 Social Choice Clubs Committees Associations D710 Abstract: The authors study the formation of preferences for 'social status' as the result of intergenerational transmission of cultural traits. They characterize the behavior of parents with preferences for status in terms of socialization of their children to this particular cultural trait. The authors show that degenerate distributions of the population (whereby agents have either all status preferences or all nonstatus preferences) are dynamically unstable. Moreover, under some conditions, there exists a unique stationary distribution which is nondegenerate (in which both status and nonstatus preferences coexist in the population), and this distribution is locally stable. Finally, they study the dependence of the stable stationary distribution of status preferences on institutional, technological and policy parameters which affect agents' economic conditions. Notes: Keywords: Cultural; Publication Type: Journal Article; Update Code: 199901 URL: http://www.elsevier.com/locate/inca/505578/ Author Address: NYU CERAS, DELTA, CEPR, and ENPC Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 166 Author: Bisin, A.; Verdier, T. Year: 2000 Title: A Model of Cultural Transmission, Voting and Political Ideology Journal: European Journal of Political Economy Volume: 16 Issue: 1 Pages: 5-29 Short Title: A Model of Cultural Transmission, Voting and Political Ideology ISSN: 01762680 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505544/description#description Accession Number: 0526453 Keywords: Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior D720 Cultural Economics Economic Sociology Economic Anthropology: General Z100 Abstract: In this paper, we present a model of cultural transmission of preferences on goods, some of which are provided publicly through simple majority voting. We emphasize the existence of a two-way causality between socialization decisions and political outcomes. This generates the possibility of indeterminacies and multiple self-fulfilling equilibrium paths in cultural change and politics. We provide then a rationale for ideologies and collective socialization institutions as coordination mechanisms allowing cultural groups to preserve or shift political power in favor of their preference profile in the long run. Notes: Keywords: Cultural; Equilibrium; Political; Politics; Voting; Publication Type: Journal Article; Update Code: 200006 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505544/description#description Author Address: NYU CERAS, DELTA, and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 278 Author: Bisin, A.; Verdier, T. Year: 2000 Title: 'Beyond the Melting Pot': Cultural Transmission, Marriage, and the Evolution of Ethnic and Religious Traits Journal: Quarterly Journal of Economics Volume: 115 Issue: 3 Pages: 955-988 Short Title: 'Beyond the Melting Pot': Cultural Transmission, Marriage, and the Evolution of Ethnic and Religious Traits ISSN: 00335533 DOI: http://www.mitpressjournals.org/loi/qjec Accession Number: 0551268 Alternate Accession Number: EP3474902 Keywords: Economic Sociology Economic Anthropology Social and Economic Stratification Z130 Marriage Marital Dissolution Family Structure Domestic Abuse J120 Cultural Economics: Religion Z120 Abstract: This paper presents an economic analysis of the intergenerational transmission of ethnic and religious traits through family socialization and marital segregation decisions. Frequency of intragroup marriage (homogamy), as well as socialization rates of religious and ethnic groups, depend on the group's share of the population: minority groups search more intensely for homogamous mates, and spend more resources to socialize their offspring. This pattern generally induces a dynamics of the distribution of ethnic and religious traits which converges to a culturally heterogeneous stationary population. Existing empirical evidence bearing directly and indirectly on the implications of the model is discussed. Notes: Keywords: Cultural; Family; Marital; Marriage; Publication Type: Journal Article; Update Code: 200101; Copyright: © 2000 President & Fellows of Harvard University URL: http://www.mitpressjournals.org/loi/qjec Author Address: NYU CERAS, DELTA, and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 204 Author: Bisin, A.; Verdier, T. Year: 2001 Title: Agents with Imperfect Empathy May Survive Natural Selection Journal: Economics Letters Volume: 71 Issue: 2 Pages: 277-285 Short Title: Agents with Imperfect Empathy May Survive Natural Selection ISSN: 01651765 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Accession Number: 0581986 Keywords: Fertility Family Planning Child Care Children Youth J130 Cultural Economics Economic Sociology Economic Anthropology: General Z100 Altruism D640 Abstract: Cultural transmission mechanisms which favor the direct transmission of the parents' traits to their children may be adaptive to natural selection when opposed to mechanisms in which the parents choose for the offspring the highest fitness at any time. Notes: Keywords: Children; Cultural; Publication Type: Journal Article; Update Code: 200110 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Author Address: NYU CERAS, DELTA, CEPR, and Ecole Normale Superieure Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1229 Author: Bisin, A.; Verdier, T. Year: 2001 Title: Public Policies and the Dynamics of Cultural Values in the Welfare State Journal: Annales d'Economie et de Statistique Issue: 63-64 Pages: 215-231 Short Title: Public Policies and the Dynamics of Cultural Values in the Welfare State ISSN: 0769489X DOI: http://annales.ensae.fr/ Accession Number: 0598816 Keywords: Welfare and Poverty: Government Programs Provision and Effects of Welfare Programs I380 Economic Sociology Economic Anthropology Social and Economic Stratification Z130 Capitalist Systems: Political Economy P160 Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior D720 Abstract: This paper analyzes the dynamics of the distribution of a population of some of the cultural traits and norms which might be associated to the support for Welfare State as a system for the provision of public goods and as a redistributive mechanism. Cultural traits and norms are acquired through a process of intergenerational cultural transmission and socialization. We emphasize the existence of a two-way causality between the evolution of cultural traits and norms and the political outcomes, which possibly generates, in the Welfare State, multiple self-fulfilling equilibrium paths of cultural evolution, public provision of goods and redistribution. Ideologies related to the public provision of particular goods can be rationalized as coordination mechanisms allowing cultural groups to preserve or shift political power in favor of particular long run profiles of cultural traits and norms. Notes: Keywords: Cultural; Welfare; Publication Type: Journal Article; Update Code: 200204 URL: http://annales.ensae.fr/ Author Address: NYU CERAS, DELTA, and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1458 Author: Bisin, A.; Verdier, T. Year: 2001 Title: The Economics of Cultural Transmission and the Dynamics of Preferences Journal: Journal of Economic Theory Volume: 97 Issue: 2 Pages: 298-319 Short Title: The Economics of Cultural Transmission and the Dynamics of Preferences ISSN: 00220531 DOI: http://www.sciencedirect.com/science/journal/00220531 Accession Number: 0571873 Keywords: Household Behavior: General D100 Fertility Family Planning Child Care Children Youth J130 Abstract: This paper studies the population dynamics of preference traits in a model of intergenerational cultural transmission. Parents socialize and transmit their preferences to their offspring, motivated by a form of paternalistic altruism ("imperfect empathy"). In such it setting we study the long run stationary state pattern of preferences in the population, according to various socialization mechanisms and institutions, and identify sufficient conditions for the global stability of an heterogenous stationary distribution of the preference traits. We show that cultural transmission mechanisms have very different implications than evolutionary selection mechanisms with respect to the dynamics of the distribution of the traits in the population, and we study mechanisms that interact evolutionary selection and cultural transmission. Notes: Publication Type: Journal Article; Update Code: 200107 URL: http://www.sciencedirect.com/science/journal/00220531 Author Address: NYU DELTA, ENS, Paris Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1457 Author: Bisin, A.; Verdier, T. Year: 2010 Title of Work: The Economics of Cultural Transmission and Socialization Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 16512 Short Title: The Economics of Cultural Transmission and Socialization DOI: http://www.nber.org/papers/w16512.pdf Keywords: Cultural Economics Economic Sociology Economic Anthropology: General Z100 Abstract: Cultural transmission arguably plays an important role in the determination of many fundamental preference traits (e.g., discounting, risk aversion and altruism) and most cultural traits, social norms, and ideological tenets ( e.g., attitudes towards family and fertility practices, and attitudes in the job market). It is, however, the pervasive evidence of the resilience of ethnic and religious traits across generations that motivates a large fraction of the theoretical and empirical literature on cultural transmission. This article reviews the main contributions of models of cultural transmission, from theoretical and empirical perspectives. It presents their implications regarding the long-run population dynamics of cultural traits and cultural heterogeneity, the world's geographical fragmentation by ethic and religious traits, at any given time. Finally, the paper reviews the empirical literature which estimates various properties of cultural transmission mechanisms as well as the population dynamics of specific traits. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1141149; Publication Type: Working Paper; Update Code: 201012 URL: http://www.nber.org/papers/w16512.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 206 Author: Blundell, R.; Meghir, C.; Weber, G. Year: 1993 Title: Aggregation and Consumer Behaviour: Some Recent Results Journal: Ricerche Economiche Volume: 47 Issue: 3 Pages: 235-252 Short Title: Aggregation and Consumer Behaviour: Some Recent Results ISSN: 00355054 Accession Number: 0323425 Keywords: Consumer Economics: Empirical Analysis D120 Index Numbers and Aggregation leading indicators C430 Abstract: The availability of household-level data covering long periods of time makes it relatively easy to assess likely sources of aggregation bias. In this paper, we illustrate a promising methodology, which requires computing aggregation factors across households. If these factors are stable over time, aggregate data can be used to estimate micro parameters. Our application covers consumer demand equations, and dynamic consumption relations, but the methodology could be applied in a variety of different contexts. Notes: Keywords: Aggregation; Consumer; Households; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199406 Author Address: U College London and Institute for Fiscal Studies U Venezia and Institute for Fiscal Studies Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 207 Author: Blundell, R.; Meghir, C.; Weber, G. Year: 2000 Title of Work: Aggregation and consumer behaviour: some recent results Institution: Institute for Fiscal Studies, IFS Working Papers Short Title: Aggregation and consumer behaviour: some recent results Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0709653; Publication Type: Working Paper; Update Code: 200404 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1135 Author: Boca, D. D. Year: 1992 Title: Optimal Economic Growth and Non-stable Population (Book) Volume: 46 Issue: 2 Pages: 369-370 Short Title: Optimal Economic Growth and Non-stable Population (Book) ISSN: 00324728 Accession Number: EP14802368 Notes: Publication Type: Book Review; Copyright: Copyright of Population Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. Author Address: University of Turin and NYU. Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 780 Author: Boldrin, M.; Canova, F. Year: 2001 Title: Inequality and Convergence in Europe's Regions: Reconsidering European Regional Policies Journal: Economic Policy: A European Forum Issue: 32 Pages: 205-245 Short Title: Inequality and Convergence in Europe's Regions: Reconsidering European Regional Policies ISSN: 02664658 Accession Number: 0571657 Alternate Accession Number: EP4395946 Keywords: Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 International Economic Order F020 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Regional Economic Activity: Growth, Development, and Changes R110 Notes: Keywords: Convergence; Regional; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200107; Copyright: Copyright of Economic Policy is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. Author Address: U MN U Pompeu Fabra Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1257 Author: Boldrin, M.; Canova, F. Year: 2003 Title of Work: Regional Policies and EU Enlargement Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3744 Short Title: Regional Policies and EU Enlargement DOI: http://www.cepr.org/pubs/dps/DP3744.asp Keywords: National Government Expenditures and Related Policies: General H500 Economic Development: General O100 General Regional Economics (includes Regional Data) R100 Abstract: Taking both the enlargement process, as currently defined by the EU, and the structural funds as a given, this Paper examines what is the best way for candidate countries to fuel real convergence. The experience from earlier EU enlargements and current economic conditions within the CEEC10 suggest that placing too high expectations on enlargement per se would be misplaced. Further, regional transfers taking place under the structural and cohesion policies are unlikely to become the growth engines of the CEEC10. They may increase income in the receiving countries by an amount equal to the one transferred, but there is no evidence they will have an impact on long-run growth rates. To achieve long-run growth at rates higher than average an appropriate mix of European and national policies is needed. This includes further fostering of trade integration within the EU, restructuring public spending, creation of supply side incentives by proper reforms of fiscal and social insurance policies, free movement of capital and labour, together with a competitive level of labour income taxation. Based on historical experience two types of policies appear to be particularly relevant. First, public programs for long-term income support, corporate subsidies and other forms of income transfer have negative effect on economic growth. We believe they should be terminated as soon as possible. Second, labour and capital mobility are good for growth and economic convergence. In particular, the adoption or continuation of various transfer and/or regulation policies aimed at eliminating labour migration from the CEEC is wrong and damaging. The fear of migration has been magnified by skillful politicians: migrations in past enlargements have been small. There is no reason to expect it to be large in this case. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0695016; Keywords: convergence; labour and capital mobility; regional policies; structural funds; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3744.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1258 Author: Boldrin, M.; Canova, F. Year: 2003 Title: Regional Policies and EU Enlargement Editor: B. Funck and L. Pizzati Book Title: European integration, regional policy, and growth Publisher: Washington, D.C.: World Bank Pages: 33-93 Short Title: Regional Policies and EU Enlargement Keywords: International Economic Order F020 Socialist Institutions and Their Transitions: International Trade, Finance, Investment, and Aid P330 Regional Economic Activity: Growth, Development, and Changes R110 Size and Spatial Distributions of Regional Economic Activity R120 Regional Government Analysis: General R500 Notes: Accession Number: 0785115; Reviewed Book ISBN: 0-8213-5395-0; Keywords: Regional; Geographic Descriptors: CEEC; EU; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200508 Author Address: U MN and CEPR U Pompeu Fabra and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1378 Author: Boldrin, M.; Jimenez-Martin, S.; Peracchi, F. Year: 1999 Title: Social Security and Retirement in Spain Editor: J. Gruber and D. A. Wise Book Title: Social security and retirement around the world Publisher: NBER Conference Report series. Chicago and London: University of Chicago Press Pages: 305-353 Short Title: Social Security and Retirement in Spain Keywords: Economics of the Elderly Economics of the Handicapped Non-labor Market Discrimination J140 Retirement Retirement Policies J260 Social Security and Public Pensions H550 Notes: Accession Number: 0567501; Reviewed Book ISBN: 0-226-31011-6; Keywords: Retirement; Social Security; Geographic Descriptors: Spain; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200107 Author Address: U Carlos III Madrid U Annunzio Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1018 Author: Boldrin, M.; Jimenez-Martin, S.; Peracchi, F. Year: 2004 Title: Micro-modeling of Retirement Behavior in Spain Editor: J. Gruber and D. A. Wise Book Title: Social security programs and retirement around the world: Micro-estimation Publisher: NBER Conference Report series. Chicago and London: University of Chicago Press Pages: 499-578 Short Title: Micro-modeling of Retirement Behavior in Spain Keywords: Social Security and Public Pensions H550 Retirement Retirement Policies J260 Wage Level and Structure Wage Differentials J310 Unemployment Insurance Severance Pay Plant Closings J650 Notes: Accession Number: 0792808; Reviewed Book ISBN: 0-226-31018-3; Keywords: Retirement; Geographic Descriptors: Spain; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200509 Author Address: U MN U Pompeu Fabra and U Carlos III de Madrid U Rome 'Tor Vergata' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1377 Author: Boldrin, M.; Jimenez-Martni, S.; Peracchi, F. Year: 1997 Title of Work: Social Security and Retirement in Spain Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 6136 Short Title: Social Security and Retirement in Spain DOI: http://www.nber.org/papers/w6136.pdf Abstract: We describe the historical evolution of the Spanish Social Security system and its current organization. Our attention concentrates on the main public pension scheme for private employees in the manufacturing and service sector (RGSS) which covers by far the largest majority of Spanish workers. After describing the way in which pension and retirement decisions are regulated by this system, we try to compute the incentives to early retirement it provides to different kinds of individuals. We show that the Spanish SS legislation generates strong incentives to retire early and that Spanish workers tend to do so. In particular, our findings support the idea that pensions-induced incentives matter for the labor supply behavior of" Spanish workers. While the Spanish system does not pay a particularly generous average pension relative to GDP per-capita, its generosity' concentrates on providing large minimum pensions to individuals with below average working histories and/or low wages. At the same time, the pension system provides workers earning average or above average salaries and with complete working histories with relatively weak financial gains from not retiring after the age of 60. The combination of these features of the Spanish legislation seems to account well for the observed increase in the percentage of early retirees among Spanish pensioners during the nineties. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0717948; Publication Type: Working Paper; Update Code: 200404 URL: http://www.nber.org/papers/w6136.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 969 Author: Bortoli, L.; Frino, A.; Jarnecic, E.; Johnstone, D. Year: 2006 Title: Limit Order Book Transparency, Execution Risk, and Market Liquidity: Evidence from the Sydney Futures Exchange Journal: Journal of Futures Markets Volume: 26 Issue: 12 Pages: 1147-1167 Short Title: Limit Order Book Transparency, Execution Risk, and Market Liquidity: Evidence from the Sydney Futures Exchange ISSN: 02707314 DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/34434 Accession Number: 0879566 Keywords: Contingent Pricing Futures Pricing option pricing G130 Abstract: This study provides new evidence regarding the effect of limit order book disclosure on trading behavior. The natural experiment affected by the Sydney Futures Exchange in January 2001, when it increased limit order book disclosure from depth at the best bid and ask prices to depth at the three best bid and ask prices is examined. Evidence was found consistent with a change in trading behavior coinciding with the increase in pre-trade transparency. Consistent with predictions of a theoretical model based on execution risk, a statistically significant decline in depth was found at the best quotes. There is little evidence of an increase in bid-ask spreads. Further, the proportion of market orders exceeding depth at the best quotes increases in a transparent limit order book, reflecting a reduction in execution risk. The study concludes that in a transparent market, limit order traders charge market order traders a higher premium for execution certainty by withdrawing depth from the best quotes, but not by increasing bid-ask spreads. Notes: Geographic Descriptors: Australia; Geographic Region: Oceania; Publication Type: Journal Article; Update Code: 200612 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/34434 Author Address: UBS, Sydney U Sydney Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 446 Author: Bortoli, L. G.; Frino, A.; Jarnecic, E. Year: 2004 Title: Differences in the Cost of Trade Execution Services on Floor-Based and Electronic Futures Markets Journal: Journal of Financial Services Research Volume: 26 Issue: 1 Pages: 73-87 Short Title: Differences in the Cost of Trade Execution Services on Floor-Based and Electronic Futures Markets ISSN: 09208550 DOI: http://www.springerlink.com/link.asp?id=102934 Accession Number: 0743696 Alternate Accession Number: EP13919848 Keywords: Contingent Pricing Futures Pricing option pricing G130 Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Abstract: This paper provides new evidence on the impact of electronic trading on brokerage commissions by investigating a sample period that covers the period of transition from floor to electronic trading on the Sydney Futures Exchange. After controlling for liquidity, volatility and broker identity, the introduction of electronic trading remains to be associated with lower brokerage commissions relative to floor markets. The study also provides new evidence on brokerage commissions in futures markets finding that commission fees charged on futures trades average 0.002 percent of transaction value. This is up to 120 times smaller than the magnitude of brokerage fees charged in stock markets, and considerably lower than the magnitude of brokerage fees assumed for futures markets in previous research. Consistent with existing studies based on stock markets, commissions charged per contract decrease with order size reflecting economies of scale in the provision of brokerage services in futures markets. Commission rates are positively related to bid-ask spreads and price volatility, which proxy for the probability of execution error costs and execution difficulty, respectively. Finally, the identity of the broker is found to be a significant determinant of commissions reflecting different pricing schedules across brokers. Notes: Keywords: Brokerage; Futures Market; Geographic Descriptors: Australia; Geographic Region: Oceania; Publication Type: Journal Article; Update Code: 200409; Copyright: Copyright of Journal of Financial Services Research is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://dx.doi.org/10.1023/B:FINA.0000029658.53325.c8 http://www.springerlink.com/link.asp?id=102934 Author Address: U Sydney Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 389 Author: Bottazzi, G.; Cefis, E.; Dosi, G. Year: 2001 Title of Work: Corporate Growth and Industrial Structure. Some Evidence from the Italian Manufacturing Industry Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Corporate Growth and Industrial Structure. Some Evidence from the Italian Manufacturing Industry DOI: http://www.lem.sssup.it/WPLem/files/2001-08.pdf Abstract: - Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034825; Keywords: -; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2001-08.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 390 Author: Bottazzi, G.; Cefis, E.; Dosi, G. Year: 2002 Title: Corporate Growth and Industrial Structures: Some Evidence from the Italian Manufacturing Industry Journal: Industrial and Corporate Change Volume: 11 Issue: 4 Pages: 705-723 Short Title: Corporate Growth and Industrial Structures: Some Evidence from the Italian Manufacturing Industry ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 0626766 Keywords: Production, Pricing, and Market Structure Size Distribution of Firms L110 Industry Studies: Manufacturing: General L600 Firm Performance: Size, Diversification, and Scope L250 Abstract: This work analyses the properties of corporate growth in a large longitudinal sample of Italian manufacturing firms. In particular, it focuses on the statistical properties of growth rates and on the influence of proxies for relative efficiency upon relative growth. In line with previous work, the emergence of "fat tails" in growth rate distributions and the idiosyncratic nature of autocorrelation coefficients confirm the existence of a structure in the growth process richer than the one normally assumed by the "Gibrat Law" hypothesis and suggest the presence of firm-specific drivers of growth. At the same time, there is a remarkable puzzle concerning the absence of any negative relationship between size and growth variance and only weak influences of relative efficiencies upon growth dynamics. Notes: Keywords: Firm; Firms; Manufacturing; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200211 URL: http://icc.oxfordjournals.org Author Address: Unlisted Sant'Anna School of Advanced Studies, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 879 Author: Bottazzi, G.; Cefis, E.; Dosi, G.; Secchi, A. Year: 2003 Title of Work: Invariances and Diversities in the Evolution of Manufacturing Industries Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Invariances and Diversities in the Evolution of Manufacturing Industries DOI: http://www.lem.sssup.it/WPLem/files/2003-21.pdf Abstract: In this work we explore some basic properties of the size distributions of firms and of their growth processes both at aggregate and disaggregate levels. First, we investigate which properties of firms size distributions and growth dynamics are robust under disaggregation. Second, at a disaggregate level, we try to identify those features which are generic and hold across all or most of the considered three digit sectors distinguishing them from sector-specific ones. Concerning firm growth, we mainly focus on the characterization of the distribution of growth rates, studying, again, the possible differences between sectors and between levels of aggregation. Finally, we begin to explore the relations between measures of size distributions and the nature of the underlying growth processes and discuss some admittedly unresolved puzzles. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034765; Keywords: Firm Size Distribution, Firm Growth, Laplace distribution; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2003-21.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 197 Author: Bottazzi, G.; Devetag, G.; Dosi, G. Year: 1999 Title of Work: Adaptive Learning and Emergent Coordination in Minority Games Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Adaptive Learning and Emergent Coordination in Minority Games DOI: http://www.lem.sssup.it/WPLem/files/1999-24.zip Abstract: The work studies the properties of a coordination game in which agents repeatedly compete to be in the population minority. The game reflects some essential features of those economic situations in which positive rewards are assigned to individuals who behave in opposition to the modal behavior in a population. Here we model a group of heterogeneous agents who adaptively learn and we investigate the transient and long-run aggregate properties of the system in terms of both allocative and informational efficiency. Our results show that, first, the system long-run properties strongly depend on the behavioral learning rules adopted, and, second, adding noise at the individual decision level and hence increasing heterogeneity in the population substantially improve aggregate welfare, although at the expense of a longer adjustment phase. In fact, the system achieves in that way a higher level of efficiency compared to that attainable by perfectly rational and completely informed agents. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034841; Keywords: minority game, speculation, adaptive learning, market efficiency, emergent properties; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/1999-24.zip Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 198 Author: Bottazzi, G.; Devetag, G.; Dosi, G. Year: 2001 Title of Work: Adaptive Learning and Emergent Coordination in Minority Games Institution: Department of Computer and Management Sciences, University of Trento, Italy, ROCK Working Papers: 012 Short Title: Adaptive Learning and Emergent Coordination in Minority Games Abstract: The work studies the properties of a coordination game in which agents repeatedly compete to be in the population minority. The game reflects some essential features of those economic situations in which positive rewards are assigned to individuals who behave in opposition to the modal behavior in a population. Here we model a group of heterogeneous agents who adaptively learn and we investigate the transient and long-run aggregate properties of the system in terms of both allocative and informational effciency. Our results show that, first, the system long-run properties strongly depend on the behavioral learning rules adopted, and, second, adding noise at the individual decision level and hence increasing heterogeneity in the population substantially improve aggregate welfare, although at the expense of a longer adjustment phase. In fact, the system achieves in that way a higher level of effciency compared to that attainable by perfectly rational and completely informed agents. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034947; Publication Type: Working Paper; Update Code: 200905 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1122 Author: Bottazzi, G.; Dosi, G.; Fagiolo, G. Year: 2001 Title of Work: On the Ubiquitous Nature of the Agglomeration Economies and their Diverse Determinants: Some Notes Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: On the Ubiquitous Nature of the Agglomeration Economies and their Diverse Determinants: Some Notes DOI: http://www.lem.sssup.it/WPLem/files/2001-10.pdf Abstract: This highly preliminary work attempts to study the multiple drivers of agglomeration phenomena in contemporary economies. First, we propose a tentative taxonomy of agglomeration drivers in which the conditions of knowledge accumulation play a paramount role. Second, we discuss the achievements and limitations of current theorizing on spatial location of economic activities. Third, we propose a simple model of firm agglomeration which is estimated on Italian data. Econometric results highlight the rich intersectoral diversity of agglomeration forces and their relative strength. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034823; Keywords: Agglomeration Economies, Geographical Economics, Locational Choice, Italian Districts.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2001-10.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1121 Author: Bottazzi, G.; Dosi, G.; Fagiolo, G. Year: 2002 Title: On the Ubiquitous Nature of Agglomeration Economies and Their Diverse Determinants: Some Notes Editor: A. Quadrio Curzio and M. Fortis Book Title: Complexity and industrial clusters: Dynamics and models in theory and practice Publisher: Contributions to Economics. Heidelberg and New York: Physica Pages: 167-191 Short Title: On the Ubiquitous Nature of Agglomeration Economies and Their Diverse Determinants: Some Notes Keywords: Other Production and Pricing Analysis R320 Notes: Accession Number: 0734858; Reviewed Book ISBN: 3-7908-1471-7; ; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200407 Author Address: Unlisted Scuola Superiore Sant'Anna, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1341 Author: Bottazzi, G.; Dosi, G.; Fagiolo, G.; Secchi, A. Year: 2004 Title of Work: Sectoral and Geographical Specificities in the Spatial Structure of Economic Activities Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Sectoral and Geographical Specificities in the Spatial Structure of Economic Activities DOI: http://www.lem.sssup.it/WPLem/files/2004-21.pdf Abstract: This work explores the spatial structure of location of production activities. We try to disentangle location-from sector-specific drivers in the dynamic process of spatial agglomeration. We argue that the former typically apply "horizontally" (i.e. across all industrial sectors), while the latter unfold in the form of non-decreasing dynamic returns to the current stock of installed business units. A stochastic model of location is developed and three different specifications are tested against Italian data on the location of manufacturing firms. Our results suggest that different locations exert different structural influences on the distribution of production activities. Moreover, a widespread horizontal power of "urbanization", which makes particular locations more attractive irrespectively of the sector, does emerge. However, after controlling for the latter, one is still left with sector-specific forms of dynamic increasing returns to agglomeration, which vary a lot across different manufacturing activities. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034736; Keywords: Industrial Location, Agglomeration, Markov Chains, Dynamic Increasing Returns.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2004-21.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1028 Author: Bottazzi, G.; Dosi, G.; Fagiolo, G.; Secchi, A. Year: 2007 Title: Modeling Industrial Evolution in Geographical Space Journal: Journal of Economic Geography Volume: 7 Issue: 5 Pages: 651-672 Short Title: Modeling Industrial Evolution in Geographical Space ISSN: 14682702 DOI: http://joeg.oxfordjournals.org/ Accession Number: 0937529 Alternate Accession Number: EP26909710 Keywords: Current Heterodox Approaches: Institutional Evolutionary B520 Size and Spatial Distributions of Regional Economic Activity R120 Other Production and Pricing Analysis R320 Abstract: In this article we study a class of evolutionary models of industrial agglomeration with local positive feedbacks, which allow for a wide set of empirically testable implications. Their roots rest in the Generalized Polya Urn framework. Here, however, we build on a birth-death process over a finite number of locations and a finite population of firms. The process of selection among production sites that are heterogeneous in their 'intrinsic attractiveness' occurs under a regime of dynamic increasing returns depending on the number of firms already present in each location. The general model is presented together with a few examples of small economies which help to illustrate the properties of the model and characterize its asymptotic behavior. Finally, we discuss a number of empirical applications of our theoretical framework. The basic model, once taken to the data, is able to empirically disentangle the relative strength of technologically specific agglomeration drivers (affecting differently firms belonging to different industrial sectors in each location) from site-specific geographical forces (horizontally acting upon all sectors in each location). Notes: Keywords: Evolutionary; Publication Type: Journal Article; Update Code: 200711; Copyright: Copyright of Journal of Economic Geography is the property of Oxford University Press / UK and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://joeg.oxfordjournals.org/ Author Address: Scuola Superiore Sant'Anna, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1029 Author: Bottazzi, G.; Dosi, G.; Fagiolo, G.; Secchi, A. Year: 2007 Title of Work: Modeling Industrial Evolution in Geographical Space Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Modeling Industrial Evolution in Geographical Space DOI: http://www.lem.sssup.it/WPLem/files/2007-06.pdf Abstract: In this paper we study a class of evolutionary models of industrial agglomeration with local positive feedbacks, which allow for a wide set of empirically-testable implications. Their roots rest in the Generalized Polya Urn framework. Here, however, we build on a birth-death process over a finite number of locations and a finite population of firms. The process of selection among production sites that are heterogeneous in their ?intrinsic attractiveness? occurs under a regime of dynamic increasing returns depending on the number of firms already present in each location. The general model is presented together with a few examples of small economies which help to illustrate the properties of the model and characterize its asymptotic behavior. Finally, we discuss a number of empirical applications of our theoretical framework. The basic model, once taken to the data, is able to empirically disentangle the relative strength of technologically-specific agglomeration drivers (affecting differently firms belonging to different industrial sectors in each location) from site-specific geographical forces (horizontally acting upon all sectors in each location). Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034669; Keywords: Industrial Location, Agglomeration, Dynamic Increasing Returns, Markov Chains, Polya Urns.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2007-06.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1340 Author: Bottazzi, G.; Dosi, G.; Fagiolo, G.; Secchi, A. Year: 2008 Title: Sectoral and Geographical Specificities in the Spatial Structure of Economic Activities Journal: Structural Change and Economic Dynamics Volume: 19 Issue: 3 Pages: 189-202 Short Title: Sectoral and Geographical Specificities in the Spatial Structure of Economic Activities ISSN: 0954349X DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/525148/description#description Accession Number: 0994459 Keywords: Industry Studies: Manufacturing: General L600 New Firms Startups M130 Other Production and Pricing Analysis R320 Abstract: This work explores the spatial distribution of productive activities in the Italian manufacturing industry. We propose an econometric model which tries to disentangle location-specific from sectoral drivers in the dynamic process of spatial agglomeration. The basic idea is that the former typically apply "horizontally" (i.e. across all industrial sectors), while the latter unfold in the form of non-decreasing dynamic returns to the current stock of installed business units. Three different specifications of the model are tested against Italian data on the location of manufacturing activities, studying the distribution of the number of firms and employees. Our results suggest that different locations exert different structural influences on the distribution of both variables. Moreover, a significant horizontal power of "urbanization", which makes some locations, especially metropolitan areas, more attractive irrespectively of the sector, does emerge. However, after controlling for the latter, one is still left with very significant sector-specific forms of dynamic increasing returns to agglomeration, which vary a lot across different manufacturing activities and which plausibly have to do with sectoral-specific and localized forms of knowledge accumulation and spin-offs. Notes: Keywords: Firm; Firms; Manufacturing; Spatial; Spin-off; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200809 URL: http://dx.doi.org/10.1016/j.strueco.2007.05.002 http://www.elsevier.com/wps/find/journaldescription.cws_home/525148/description#description Author Address: Sant'Anna School of Advanced Studies, Pisa and Dse, U Pisa Sant'Anna School of Advanced Studies, Pisa Dse, U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 392 Author: Bottazzi, G.; Dosi, G.; Jacoby, N.; Secchi, A.; Tamagni, F. Year: 2009 Title of Work: Corporate performances and market selection. Some comparative evidence Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Corporate performances and market selection. Some comparative evidence DOI: http://www.lem.sssup.it/WPLem/files/2009-13.pdf Keywords: Semiparametric and Nonparametric Methods: General C140 Production and Organizations: General D200 Market Structure, Firm Strategy, and Market Performance: General L100 Firm Objectives, Organization, and Behavior: General L200 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Abstract: Diverse theories of industry dynamics predict heterogeneity in production efficiency to be the driver of firms' growth, survival and industrial change, either through a direct link between efficiency and growth, or through an indirect effect via profitabilities, as more productive firms can enjoy higher profit margins which, under imperfect capital markets, allow them to invest and grow more. Does the empirical evidence bear such predictions? This paper explores the dynamics of selection and reallocation through an investigation of the productivity-profitability-growth relations at the firm level. Exploiting large panels of Italian and French industrial firms, we find that heterogeneity in efficiencies primarily yield persistent profitability differentials, whereas the relationships of corporate growth with either productivity or profitability appear much weaker, if at all existent. This suggests that selection forces are much less strong than usually assumed. Rather, the links between efficiency and corporate growth seem profoundly mediated by large degrees of behavioural freedom. The results robustly applies across different industrial sectors and across the two countries. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1073129; Keywords: firms heterogeneity, corporate growth, productivity, profitability, market selection, cross-country comparisons; Publication Type: Working Paper; Update Code: 200911 URL: http://www.lem.sssup.it/WPLem/files/2009-13.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 393 Author: Bottazzi, G.; Dosi, G.; Jacoby, N.; Secchi, A.; Tamagni, F. Year: 2010 Title: Corporate Performances and Market Selection: Some Comparative Evidence Journal: Industrial and Corporate Change Volume: 19 Issue: 6 Pages: 1953-1996 Short Title: Corporate Performances and Market Selection: Some Comparative Evidence ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 1151843 Keywords: Firm Performance: Size, Diversification, and Scope L250 Industry Studies: Manufacturing: General L600 Technological Change: Choices and Consequences Diffusion Processes O330 Abstract: Diverse theories of industry dynamics predict heterogeneity in production efficiency to be the driver of firms' growth, survival, and industrial change, either through a direct link between efficiency and growth, or through an indirect effect via profitabilities, as more productive firms can enjoy higher profit margins which, under imperfect capital markets, allow them to invest and grow more. Does the empirical evidence bear out such predictions? This article explores the dynamics of selection and reallocation through an investigation of the relations linking productivity, profitability, and growth at the firm level. Exploiting large panels of Italian and French industrial firms, we find that heterogeneity in efficiencies primarily yields persistent profitability differentials, whereas the relationships of corporate growth with either productivity or profitability appear much weaker, if at all existent. This suggests that selection forces are much less strong than usually assumed. The results robustly apply across different industrial sectors and across the two countries. Notes: Keywords: Firm; Firms; Geographic Descriptors: France; Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201102 URL: http://icc.oxfordjournals.org Author Address: Scuola Superiore Sant'Anna, Pisa CES, U Paris I, Pantheon-Sorbonne U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1211 Author: Bottazzi, G.; Dosi, G.; Lippi, M.; Pammolli, F.; Riccaboni, M. Year: 2000 Title of Work: Processes of corporate growth in the evolution of an innovation-driven industry. The case of pharmaceuticals Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Processes of corporate growth in the evolution of an innovation-driven industry. The case of pharmaceuticals DOI: http://www.lem.sssup.it/WPLem/files/2000-05.zip Abstract: The work studies the processes of growth of the world top 150 pharmaceutical firms, on the grounds of an original database which allows also disaggregate analysis at the level of single therapeutical classes and chemical entities.Our findings show that the industry -whose long-term evolution is driven by innovation, imitation and permanent creation of new markets--displays (i) 'fat tails' in the distribution of growth shocks, present at all levels of aggregation, with (relatively rare) big "spurs of growth";(ii) a significant autocorrelation of growth rates,(iii) a fall of variance of growth rates with size, entirely dependent on corporate diversification patterns, in turn plausibly shaped by the "competence scope" of each firm, (iv) different "lifecycles" of diverse types of products, (v) persistent forms of heterogeneity across firms in terms of innovative output which however do not seem to affect comparative growth performances. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034836; Keywords: -; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2000-05.zip Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 807 Author: Bottazzi, G.; Dosi, G.; Lippi, M.; Pammolli, F.; Riccaboni, M. Year: 2001 Title of Work: Innovation and Corporate Growth in the Evolution of the Drug Industry Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Innovation and Corporate Growth in the Evolution of the Drug Industry DOI: http://www.lem.sssup.it/WPLem/files/2001-02.pdf Abstract: The work studies the processes of growth of the world top 150 pharmaceutical firms, on the grounds of an original database which allows also disaggregate analysis at the level of single therapeutical classes and chemical entities.Our findings show that the industry -whose long-term evolution is driven by innovation, imitation and permanent creation of new markets--displays (i) 'fat tails' in the distribution of growth shocks, present at all levels of aggregation, with (relatively rare) big "spurs of growth";(ii) a significant autocorrelation of growth rates,(iii) a fall of variance of growth rates with size, entirely dependent on corporate diversification patterns, in turn plausibly shaped by the "competence scope" of each firm, (iv) different "lifecycles" of diverse types of products, (v) persistent forms of heterogeneity across firms in terms of innovative output which however do not seem to affect comparative growth performances. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034831; Keywords: -; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2001-02.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 829 Author: Bottazzi, G.; Dosi, G.; Rebesco, I. Year: 2002 Title of Work: Institutional Architectures and Behavioural Ecologies in the Dynamics of Financial Markets: a Preliminary Investigation Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Institutional Architectures and Behavioural Ecologies in the Dynamics of Financial Markets: a Preliminary Investigation DOI: http://www.lem.sssup.it/WPLem/files/2002-24.pdf Abstract: The paper compares the properties of market dynamics, under different trading protocols. At an empirical level, we present some evidence stemming from the comparison between different intra-daily trade regimes within the world largest Stock Exchanges. Such evidence also motivates the investigation of the properties of an agent-based model under three alternatives market mechanisms, namely a Walrasian auction, a batch auction and an 'order-book' double auction. The results highlight the importance of market mechanisms per se, even when holding constant the behavioural characteristics of the agents. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034789; Keywords: Evolutionary Finance; Market Institutions; Agent Based Modelling.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2002-24.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 828 Author: Bottazzi, G.; Dosi, G.; Rebesco, I. Year: 2005 Title: Institutional Architectures and Behavioral Ecologies in the Dynamics of Financial Markets Journal: Journal of Mathematical Economics Volume: 41 Issue: 1-2 Pages: 197-228 Short Title: Institutional Architectures and Behavioral Ecologies in the Dynamics of Financial Markets ISSN: 03044068 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505577/description#description Accession Number: 0774096 Keywords: General Financial Markets: General (includes Measurement and Data) G100 Abstract: The paper examines the properties of financial market dynamics, under different trading protocols. We start with an empirical analysis of the statistical properties of daily data from the world's major Stock Exchanges, comparing the behavior of different market phases characterized by different trading protocols. The evidence lends support to the importance of investigating the outcome of alternative market mechanisms. Motivated by this finding, we present an agent-based model allowing the consistent treatment of agents' behavior under three different trading set-ups, namely a Walrasian auction, a batch auction and an "order-book" mechanism. The results highlight the importance of the institutional setting in shaping the dynamics of the market but also suggest that the latter can become the outcome of a complicated interaction between the trading protocol and the ecology of traders behaviors. In particular, we show that market architectures bear a central influence upon the time series properties of market dynamics. Conversely, the revealed allocative efficiency of different market settings is strongly influenced by the trading behavior of agents. Notes: Keywords: Financial Market; Publication Type: Journal Article; Update Code: 200505 URL: http://dx.doi.org/10.1016/j.jmateco.2004.02.006 http://www.elsevier.com/wps/find/journaldescription.cws_home/505577/description#description Author Address: S Anna School of Advanced Studies Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1036 Author: Bottazzi, G.; Dosi, G.; Rocchetti, G. Year: 2001 Title: Modes of Knowledge Accumulation, Entry Regimes and Patterns of Industrial Evolution Journal: Industrial and Corporate Change Volume: 10 Issue: 3 Pages: 609-638 Short Title: Modes of Knowledge Accumulation, Entry Regimes and Patterns of Industrial Evolution ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 0589647 Keywords: Search Learning Information and Knowledge Communication Belief D830 Production, Pricing, and Market Structure Size Distribution of Firms L110 Innovation and Invention: Processes and Incentives O310 Abstract: This paper explores the interplay between entry, selection and innovative learning as determinants of industrial evolution. It proposes a model aimed at capturing some essential features of learning and competition as drivers of the dynamics. Using both analytical and numerical techniques, the paper disentangles possible generic properties which robustly hold for a wide range of parameterizations. In particular, the paper identifies different generic "evolutionary archetypes", defined by characteristic interactions between entry/exit regimes, learning and industrial structures. Notes: Keywords: Entry; Exit; Knowledge; Learning; Publication Type: Journal Article; Update Code: 200112 URL: http://icc.oxfordjournals.org Author Address: St Anna School of Advanced Studies, Pisa U Rome 'La Sapienza' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1037 Author: Bottazzi, G.; Dosi, G.; Rocchetti, G. Year: 2001 Title of Work: Modes of Knowledge Accumulation, Entry Regimes and Patterns of Industrial Evolution Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Modes of Knowledge Accumulation, Entry Regimes and Patterns of Industrial Evolution DOI: http://www.lem.sssup.it/WPLem/files/2001-06.zip Abstract: In this work we explore the interplay between entry, selection and innovative learning as determinants of industrial evolution. We propose a model aimed to capture the essential features of learning and competition as drivers of the dynamics. Using both analytical and numerical techniques, we are able to disentangle possible generic properties which robustly hold for a wide range of parameterization. In particular, we identify different generic "evolutionary archetypes" in turn defined by characteristic interactions between entry/exit regimes, learning and industrial structures. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034827; Keywords: -; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2001-06.zip Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 994 Author: Bottazzi, G.; Fagiolo, G.; Dosi, G. Year: 2002 Title of Work: Mapping Sectoral Patterns of Technological Accumulation into the Geography of Corporate Locations. A Simple Model and Some Promising Evidence Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Mapping Sectoral Patterns of Technological Accumulation into the Geography of Corporate Locations. A Simple Model and Some Promising Evidence DOI: http://www.lem.sssup.it/WPLem/files/2002-21.pdf Abstract: Economies of agglomeration are central in understanding the emergence of industrial clustering. However, existing models that incorporate economies of agglomeration to explain industrial concentration have been providing a quite small set of empirically testable predictions. In this paper, we propose a baseline model in which myopic firms make reversible locational choices in presence of dynamic increasing returns from agglomeration. Despite its simplicity, the model is able to deliver predictions about the long-run distribution of the size of spatial clusters. We test the predictions of the model against data on geographical distribution of Italian firms across industrial districts. We show that, at least in some benchmark industries, accordance of theoretical predictions with data is quite high. Finally, we explore the extents to which industrial sectors exhibit different economies of agglomeration. We find that geographical clustering is highly affected by intersectoral differences in industrial innovation patterns and learning regimes. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034792; Keywords: Location Dynamics, Industrial Clustering, Economies of Agglomeration, Firm Locational Choice.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2002-21.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 916 Author: Bottazzi, L. Year: 1989 Title: La liberalizzazione dei movimenti di capitali in una economia ad alto debito pubblico. (The Liberalization of Capital Movements in a Large Public Debt Economy. With English summary.) Journal: Rivista Internazionale di Scienze Economiche e Commerciali Volume: 36 Issue: 10-11 Pages: 931-950 Short Title: La liberalizzazione dei movimenti di capitali in una economia ad alto debito pubblico. (The Liberalization of Capital Movements in a Large Public Debt Economy. With English summary.) ISSN: 00356751 Accession Number: 0232584 Keywords: Open Economy Macroeconomic Theory--Balance of Payments and Adjustment Mechanisms 4312 Abstract: This paper considers the problem of the liberalization of capital movements in a country in which there is a high level of public debt. A portfolio model is developed and analyzed under different hypotheses on the degree of substitution between internal and external financial assets. An attempt is made to interpret and compare the results to evidence. Notes: Language: Italian; Publication Type: Journal Article; Update Code: 199009 Author Address: U Bocconi Name of Database: eoh Database Provider: EBSCOhost Reference Type: Thesis Record Number: 568 Author: Bottazzi, L. Year: 1992 Title: Essays on Exchange Rate Targets and Interest Rates University: Massachusetts Institute of Technology Degree: Ph.D. Short Title: Essays on Exchange Rate Targets and Interest Rates Keywords: Foreign Exchange F310 Notes: Accession Number: 0292440; Keywords: Exchange Rates; Publication Type: Dissertation; Update Code: 199312 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 811 Author: Bottazzi, L. Year: 1999 Title of Work: Innovation, Demand and Knowledge Spillovers: Theory and Evidence From European Regions Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2279 Short Title: Innovation, Demand and Knowledge Spillovers: Theory and Evidence From European Regions DOI: http://www.cepr.org/pubs/dps/DP2279.asp Keywords: Technological Change Research and Development: General O300 Urban, Rural, and Regional Economics: General R000 General Regional Economics (includes Regional Data) R100 Abstract: The Importance of innovation for the economic performance of industrialized countries has been largely stressed recently by the theoretical and empirical literature. Very few studies have carefully considered the determinants of European innovation, the productivity of its R&D and the existence of knowledge spillovers across regional boundaries. Here we develop a model which, emphasizing "the demand pull" as a key exogenous determinant of long-run innovation across regions, allows us to estimate the returns to regional R&D as a generator of innovation. We find that most of the cross-regional differences in innovation rates can be explained by own R&D, even after correcting for the endogeneity bias. Moreover, significant spillovers are found among geographically close regions, especially if they are technologically similar. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693523; Keywords: Endogenous Innovation; Regional R&D; Spatial Spillovers; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2279.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 670 Author: Bottazzi, L. Year: 2001 Title: Globalization and Local Proximity in Innovation: A Dynamic Process Journal: European Economic Review Volume: 45 Issue: 4-6 Pages: 731-741 Short Title: Globalization and Local Proximity in Innovation: A Dynamic Process ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0575172 Keywords: Innovation and Invention: Processes and Incentives O310 Other Production and Pricing Analysis R320 Multinational Firms International Business F230 Intertemporal Firm Choice and Growth, Investment, or Financing D920 Abstract: We develop an industry life cycle that reconciles the observed and documented different pattern of (geo) concentration-dispersion of industries through time. Our theoretical framework supports the finding of a different dynamic of localization between different sectors through time and the evidence of higher spatial concentration of more mature and low-tech industries as well as of highly innovative ones. Notes: Keywords: Innovation; Life Cycle; Publication Type: Journal Article; Update Code: 200108 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: IGIER, U Bocconi and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1523 Author: Bottazzi, L. Year: 2009 Title: The Role of Venture Capital in Alleviating Financial Constraints of Innovative Firms Journal: EIB Papers Volume: 14 Issue: 2 Pages: 30-52 Short Title: The Role of Venture Capital in Alleviating Financial Constraints of Innovative Firms ISSN: 02577755 DOI: http://www.eib.org/publications/eib-papers.htm Accession Number: 1237843 Keywords: Organizational Behavior Transaction Costs Property Rights D230 Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Abstract: Venture capital is considered to be the most appropriate form of financing for innovative firms in high-tech sectors. We provide an assessment of venture capital looking at the involvement of venture capital with some of Europe's most innovative and successful companies: those listed on Europe's 'new' stock markets. Venture capital is effective in helping these firms overcome credit constraints but has a limited effect on their ability to grow and create jobs. This result clashes with the evidence on the role of VC for US companies. Yet, VC is not only about money but also about steering and supporting portfolio companies, activities which depend on venture capitalists' educational and organizational background as well as on the legal and cultural environment in which they operate. Notes: Keywords: Capital; Financing; Firm; Venture Capital; Geographic Descriptors: Europe; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 201106 URL: http://www.eib.org/publications/eib-papers.htm Author Address: U Bologna and IGIER, Bocconi U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 236 Author: Bottazzi, L.; Corradi, V. Year: 1991 Title: Analysing the Risk Premium in the Italian Stock Market: ARCH-M Models versus Non-parametric Models Journal: Applied Economics Volume: 23 Issue: 3 Pages: 535-542 Short Title: Analysing the Risk Premium in the Italian Stock Market: ARCH-M Models versus Non-parametric Models ISSN: 00036846 DOI: http://www.tandf.co.uk/journals/routledge/00036846.html Accession Number: 0244526 Alternate Accession Number: EP4614995 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Notes: Keywords: Stock Market; Stocks; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199109; Copyright: Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.tandf.co.uk/journals/routledge/00036846.html Author Address: MIT U CA, San Diego Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 579 Author: Bottazzi, L.; Da Rin, M. Year: 2002 Title of Work: Europe's 'New' Stock Markets Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3521 Short Title: Europe's 'New' Stock Markets DOI: http://www.cepr.org/pubs/dps/DP3521.asp Keywords: General Financial Markets: General (includes Measurement and Data) G100 International Financial Markets G150 Corporate Finance and Governance: General G300 Abstract: The creation of Europe's 'new' stock markets represents a major experiment in market design with important implications for the ability to support innovative, fast-growing companies. We evaluate the success of these markets based on a large number of measures of firm performance and strategy, which extend to several pre- and post-listing years. Our hand-collected database is obtained from the listing prospectuses and annual reports of 538 companies which listed on the Neuer Markt, Nouveau Marche, and Nuovo Mercato from 1996 through 2001. Three findings stand out. First, these companies experience a dramatic change after the Initial Public Offering (IPO), re-balancing their capital structure, increasing their debt and investment, accelerating growth, and becoming less profitable. These changes are consistent with the existence of credit constraints, and are greater than for companies listing on the 'main' markets. Second, we document a considerable variation in post-IPO growth rates and corporate strategy, across both companies and markets. This variation is largely due to the ability to raise equity capital at IPO. Third, the adoption of US GAAP accounting standards substantially increases firms' ability to raise capital. While Europe's 'new' markets have provided high-growth companies with an unprecedented opportunity to finance their growth, the adoption (and enforcement) of tighter standards of disclosure is then crucial for their success. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694787; Keywords: accounting standards; corporate disclosure; going public; Initial Public Offerings (IPOs); operating performance; ownership; stock markets; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3521.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 624 Author: Bottazzi, L.; da Rin, M. Year: 2003 Title of Work: Financing Entrepreneurial Firms in Europe: Facts, Issues, and Research Agenda Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 958 Short Title: Financing Entrepreneurial Firms in Europe: Facts, Issues, and Research Agenda DOI: http://www.cesifo.de/DocCIDL/958.pdf Keywords: General Financial Markets: General (includes Measurement and Data) G100 International Financial Markets G150 Corporate Finance and Governance: General G300 Abstract: During the latter part of the 1990s the introduction of the euro, the dramatic increase in the supply of venture capital in most EU countries, and the creation of several 'new' equity markets targeted at innovative firms have dramatically transformed the financing prospects of European entrepreneurial firms. In this study we contribute to a deeper understanding of their actual relevance by (i) gathering new evidence on European venture capital and on Europe's 'new' stock markets, (ii) providing a rigorous econometric analysis of their impact on corporate growth, and (iii) elaborating on our findings to devise a research agenda. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0906442; Keywords: venture capital, initial public offerings (IPOs), entrepreneurship, going public, accounting standards; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/958.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 623 Author: Bottazzi, L.; Da Rin, M. Year: 2005 Title: Financing Entrepreneurial Firms in Europe: Facts, Issues, and Research Agenda Editor: V. Kanniainen and C. Keuschnigg Book Title: Venture capital, entrepreneurship, and public policy Publisher: CESifo Seminar Series, vol. 9. Cambridge and London: MIT Press Pages: 3-32 Short Title: Financing Entrepreneurial Firms in Europe: Facts, Issues, and Research Agenda Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 New Firms Startups M130 Notes: Accession Number: 0826030; Reviewed Book ISBN: 0-262-11287-6; Keywords: Entrepreneurial; Financing; Firm; Firms; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200603 Author Address: Bocconi U Turin U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 195 Author: Bottazzi, L.; Da Rin, M.; Hellmann, T. F. Year: 2004 Title of Work: Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4794 Short Title: Active Financial Intermediation: Evidence on the Role of Organizational Specialization and Human Capital DOI: http://www.cepr.org/pubs/dps/DP4794.asp Keywords: Financial Institutions and Services: General G200 Abstract: Financial intermediaries can choose the extent to which they want to be active investors, providing valuable services like advice, support and corporate governance. We examine the determinants of the decision to become an active financial intermediary using a hand-collected dataset on European venture capital deals. We find organizational specialization to be a key driver. Venture firms which are independent and focused on venture capital alone get more involved with their companies. The human capital of venture partners is another key driver of active financial intermediation. Venture firms whose partners have prior business experience or a scientific education provide more support and governance. These results have implications for prevailing views of financial intermediation, which largely abstract from issues of specialization and human capital. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0781688; Keywords: financial intermediation; human capital; specialization; Publication Type: Working Paper; Update Code: 200507 URL: http://www.cepr.org/pubs/dps/DP4794.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 268 Author: Bottazzi, L.; Manasse, P. Year: 1998 Title of Work: Bankers' Versus Workers' Europe (I): Adverse Selection in EMU Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1846 Short Title: Bankers' Versus Workers' Europe (I): Adverse Selection in EMU DOI: http://www.cepr.org/pubs/dps/DP1846.asp Keywords: Asymmetric and Private Information D820 Monetary Systems Standards Regimes Government and the Monetary System Payment Systems E420 Policy Objectives Policy Designs and Consistency Policy Coordination E610 Abstract: The delegation of monetary policy to a supranational Central Bank creates a conflict of interest between residents of different countries. For example, the country in recession favours more inflation to boost output, while the country in boom prefers exactly the opposite. This conflict gives rise to an adverse selection problem. Provided each government has private information about the current state of the economy, it may try to exploit it in order to shift the common monetary policy to his own preferred way. The paper shows that problems of this kind can generate both an inflation and primary deficit bias (in line with the worries of Workers' Europe addressed by the 'stability pact') and an excess monetary discipline and recession bias (in line with the worries addressed by the Bankers' Europe concern). When information problems are particularly severe, monetary policy becomes relatively insensitive to business cycle conditions, and too little 'smoothing' is done by monetary (and fiscal) policy. Inflation oscillates between periods of severe contractions (stop) and periods of extreme expansions (go), amplifying the business cycle . Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693101; Keywords: Adverse Selection; EMU; Fiscal Policy; Monetary Policy; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1846.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 253 Author: Bottazzi, L.; Manasse, P. Year: 2002 Title of Work: Asymmetric Information and Monetary Policy in Common Currency Areas Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3484 Short Title: Asymmetric Information and Monetary Policy in Common Currency Areas DOI: http://www.cepr.org/pubs/dps/DP3484.asp Keywords: Macroeconomics and Monetary Economics: General E000 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: In a Common Currency Area (CCA) the Common Central Bank sets a uniform rate of inflation across countries, taking into account the area's economic conditions. Supposing that countries in recession favor a more expansionary policy than countries in expansion, a conflict of interest between members arises when national business cycles are not fully synchronized. If governments of member countries have an informational advantage over the state of their domestic economy, such conflict may create an adverse selection problem: national authorities overemphasize their shocks, in order to shape the common policy towards their needs. This creates an inefficiency over and above the one-policy-fits-all cost discussed in the optimal currency area literature. In order to minimize this extra-burden of asymmetric information, monetary policy must over-react to large symmetric shocks and under-react to small asymmetric ones. The result is sub-optimal volatility of inflation. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694753; Keywords: asymmetric information; common currency areas; monetary policy; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3484.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 411 Author: Bottazzi, L.; Manasse, P. Year: 2002 Title: Credibility and Seigniorage in a Common Currency Area Journal: Journal of Money, Credit, and Banking Volume: 34 Issue: 4 Pages: 1034-1046 Short Title: Credibility and Seigniorage in a Common Currency Area ISSN: 00222879 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Accession Number: 0637965 Alternate Accession Number: EP8781463 Keywords: Monetary Policy E520 International Monetary Arrangements and Institutions F330 Price Level Inflation Deflation E310 Fiscal Policy E620 Abstract: In the paper we show that common currency areas tend to amplify the inefficiencies associated with lack of credibility of monetary policy. Lack of commitment in redistribution of seigniorage leads to excessive inflation and suboptimal taxation in the Monetary Union. Lack of commitment to inflation creates multiple inefficient equilibria that do not exist in a regime of national monetary independence. Notes: Keywords: Currency; Inflation; Monetary Policy; Monetary; Policy; Publication Type: Journal Article; Update Code: 200304; Copyright: Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Author Address: U Bocconi U Milano-Bicocca Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 252 Author: Bottazzi, L.; Manasse, P. Year: 2005 Title: Asymmetric Information and Monetary Policy in Common Currency Areas Journal: Journal of Money, Credit, and Banking Volume: 37 Issue: 4 Pages: 603-621 Short Title: Asymmetric Information and Monetary Policy in Common Currency Areas ISSN: 00222879 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Accession Number: 0812771 Alternate Accession Number: EP17466370 Keywords: Asymmetric and Private Information D820 Price Level Inflation Deflation E310 Monetary Policy E520 International Monetary Arrangements and Institutions F330 Abstract: In a common currency area, the common central bank sets a uniform rate of inflation across countries, taking into account the area's economic conditions. Suppose countries in recession favor a more expansionary policy than countries in expansion: when national business cycles are not fully synchronized, a conflict of interest between members arises. If member governments have an informational advantage over the state of their domestic economy, such conflict may create an adverse selection problem: national authorities overemphasize their shocks in order to shape the common policy towards their needs. This creates an inefficiency over and above the one-policy-fits-all cost discussed in the optimal currency area literature. In order to minimize this extra-burden of asymmetric information, monetary policy must over-react to large symmetric shocks and under-react to asymmetric shocks of different sizes. Notes: Keywords: Adverse Selection; Asymmetric Information; Currency; Inflation; Information; Interest; Monetary Policy; Monetary; Policy; Publication Type: Journal Article; Update Code: 200601; Copyright: Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Author Address: U Bocconi and IGIER U Bologna and IGIER Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 809 Author: Bottazzi, L.; Peri, G. Year: 2000 Title of Work: Innovation and Spillovers: Evidence from European Regions Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 340 Short Title: Innovation and Spillovers: Evidence from European Regions DOI: http://www.cesifo.de/DocCIDL/cesifo_wp340.pdf Keywords: Technological Change Research and Development: General O300 Urban, Rural, and Regional Economics: General R000 General Regional Economics (includes Regional Data) R100 Abstract: The importance of innovation for the economic performance of industrialized countries has been largely stressed recently by the theoretical and empirical literature. Moreover the intensity of knowledge externalities in generating innovation, is the key parameter in determining sustained growth in a model with endogenous technological change. This paper takles the extremely important task of identifying and estimating a "production function" of innovation for European regions using Patent and R&D data, 1977-1995. After correcting for the endogeneity bias we find that the elasticity of innovative output to R&D employment is around 1, while knowledge externalities exist, are geographically localized in an area of 200 kms and are significant. Nevertheless these externalities are not strong enough to generate sustained growth, and therefore European regions' innovative activity is better represented by a model as Jones (1995) than by one as Romer (1990). Knowledge spillovers could be due to the similar technological specialization of close regions, as we find significant spillovers also in technological space. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0907057; Keywords: Regions, R&D, spillovers, demand pull, endogenous innovation; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/cesifo_wp340.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 808 Author: Bottazzi, L.; Peri, G. Year: 2003 Title: Innovation and Spillovers in Regions: Evidence from European Patent Data Journal: European Economic Review Volume: 47 Issue: 4 Pages: 687-710 Short Title: Innovation and Spillovers in Regions: Evidence from European Patent Data ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0660655 Keywords: Technological Change Research and Development: General O300 Regional Economic Activity: Growth, Development, and Changes R110 Other Production and Pricing Analysis R320 Abstract: This paper estimates the effect of research externalities in generating innovation. We use R&D and patent data for European Regions in the 1977-1995 period. We find that spillovers are very localized and exist only within a distance of 300 < km. The estimates are robust to simultaneity, omitted variable bias, different specifications of distance functions, country and border effects. However the size of these spillovers is small. Doubling R&D spending in a region would increase the output of new ideas in other regions within 300 km only by 2-3%, while it would increase the innovation of the region itself by 80-90%. Notes: Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200309 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: IGIER, U L Bocconi and CEPR U CA, Davis Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1451 Author: Bottazzi, L.; Peri, G. Year: 2004 Title of Work: The Dynamics of R&D and Innovation in the Short-Run and in the Long-Run Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4479 Short Title: The Dynamics of R&D and Innovation in the Short-Run and in the Long-Run DOI: http://www.cepr.org/pubs/dps/DP4479.asp Keywords: Single Equation Models Single Variables: Models with Panel Data Longitudinal Data Spatial Time Series C230 Economic Growth of Open Economies F430 Innovation and Invention: Processes and Incentives O310 Abstract: In this Paper we estimate the dynamic relationship between resources used in R&D by some OECD countries and their innovation output as measured by patent applications. We first estimate a long-run cointegration relation using recently developed tests and panel estimation techniques. We find that the stock of knowledge of a country, it's R&D resources and the stock of international knowledge move together in the long run. Then, imposing this long-run relation across variables we analyse the impulse response of new ideas to a shock to R&D or to a shock to innovation by estimating an error correction mechanism. We find that internationally generated ideas have a very significant impact in helping innovation in a country. As a consequence, a positive shock to innovation in a large country as the US has, both in the short and in the long run, a significant positive effect on the innovation of all other countries. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0740244; Keywords: error correction mechanism; innovation; international R&D spillovers; panel cointegration; Publication Type: Working Paper; Update Code: 200408 URL: http://www.cepr.org/pubs/dps/DP4479.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1280 Author: Bottazzi, R.; Jappelli, T.; Padula, M. Year: 2005 Title of Work: Retirement Expectations, Pension Reforms and Their Effect on Private Wealth Accumulation Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4882 Short Title: Retirement Expectations, Pension Reforms and Their Effect on Private Wealth Accumulation DOI: http://www.cepr.org/pubs/dps/DP4882.asp Keywords: Macroeconomics: Consumption Saving Wealth E210 Social Security and Public Pensions H550 Abstract: We estimate the effect of pension reforms on households' expectations of retirement outcomes and private wealth accumulation decisions exploiting a decade of Italian pension reforms as a source of exogenous variation in expected pension wealth. Two parameters are crucial to estimate pension wealth: the age at which workers expect to retire and the expected ratio of pension benefits to pre-retirement income. The Survey of Household Income and Wealth, a large random sample of the Italian population, elicits these expectations during a period of intense pension reforms between 1989 and 2002. These reforms had different consequences for different cohorts and employment groups, providing a quasi-experimental framework to study the effect of social security arrangements on expectations of retirement outcomes and household saving decisions. Our main findings are that workers have revised expectations in the direction suggested by the reform and that there is substantial offset between private wealth and perceived pension wealth. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0781774; Keywords: expectations; pension reform; Publication Type: Working Paper; Update Code: 200507 URL: http://www.cepr.org/pubs/dps/DP4882.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1281 Author: Bottazzi, R.; Jappelli, T.; Padula, M. Year: 2006 Title: Retirement Expectations, Pension Reforms, and Their Impact on Private Wealth Accumulation Journal: Journal of Public Economics Volume: 90 Issue: 12 Pages: 2187-2212 Short Title: Retirement Expectations, Pension Reforms, and Their Impact on Private Wealth Accumulation ISSN: 00472727 DOI: http://www.elsevier.com/locate/inca/505578/ Accession Number: 0879760 Keywords: Personal Finance D140 Social Security and Public Pensions H550 Retirement Retirement Policies J260 Nonwage Labor Costs and Benefits Private Pensions J320 Abstract: We estimate the effect of pension reforms on households' expectations of retirement outcomes and private wealth accumulation decisions exploiting a decade of intense Italian pension reforms as a source of exogenous variation in expected pension wealth. The Survey of Household Income and Wealth, a large random sample of the Italian population, elicits expectations of the age at which workers expect to retire and of the ratio of pension benefits to pre-retirement income between 1989 and 2002. We find that workers have revised expectations in the direction suggested by the reform and that there is substantial offset between private wealth and perceived pension wealth, particularly by workers that are better informed about their pension wealth. Notes: Keywords: Pension; Retirement; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200612 URL: http://dx.doi.org/10.1016/j.jpubeco.2006.03.005 http://www.elsevier.com/locate/inca/505578/ Author Address: Institute for Fiscal Studies, UK and U Bologna U Salerno and CSEF, Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1498 Author: Bottazzi, R.; Jappelli, T.; Padula, M. Year: 2009 Title of Work: The Portfolio Effect of Pension Reforms Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7380 Short Title: The Portfolio Effect of Pension Reforms DOI: http://www.cepr.org/pubs/dps/DP7380.asp Keywords: Macroeconomics: Consumption Saving Wealth E210 Social Security and Public Pensions H550 Abstract: We estimate the portfolio effect of changes in social security wealth exploiting a decade of Italian pension reforms as a source of exogenous variation. The Italian Survey of Household Income and Wealth records detailed portfolio data and elicits expectations of retirement outcomes, thus allowing us to measure the expected social security wealth and to assess to what extent Italian households perceive the innovations brought about by the reforms. We find that households have responded to the cut in pension benefits mostly by increasing real estate wealth, and that the response is stronger among households that are able to estimate more accurately future social security benefits. We also compute that for the average household consumable wealth increases by 40 percent of the reduction in social security wealth. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1082775; Keywords: Pension Reform; Portfolio Choice; Retirement Saving; Publication Type: Working Paper; Update Code: 201001 URL: http://www.cepr.org/pubs/dps/DP7380.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1499 Author: Bottazzi, R.; Jappelli, T.; Padula, M. Year: 2011 Title: The Portfolio Effect of Pension Reforms: Evidence from Italy Journal: Journal of Pension Economics and Finance Volume: 10 Issue: 1 Pages: 75-97 Short Title: The Portfolio Effect of Pension Reforms: Evidence from Italy ISSN: 14747472 DOI: http://www.pensions-journal.com/ Accession Number: 1158683 Keywords: Personal Finance D140 Social Security and Public Pensions H550 Retirement Retirement Policies J260 Abstract: We estimate the portfolio effect of changes in social security wealth exploiting a decade of Italian pension reforms. The Italian Survey of Household Income and Wealth records detailed portfolio data and elicits expectations of retirement outcomes, thus allowing us to measure expected social security wealth and assess to what extent Italian households perceive the innovations brought about by the reforms. We find that households have responded to cuts in pension benefits mostly by increasing real estate wealth, and that this response is stronger among households able more accurately to estimate future social security benefits. We also compute that for the average household consumable wealth increases by 40 percent of the reduction in social security wealth. Notes: Keywords: Pension; Retirement; Social Security; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201103 URL: http://www.pensions-journal.com/ Author Address: U Bologna and IFS U Naples 'Federico II' and CSEF U Venice 'Ca'Foscari' and CSEF Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 336 Author: Braga, M.; Checchi, D. Year: 2008 Title: Closing the Gender Gap? Life Competences and Social Environment Journal: Rivista di Politica Economica Volume: 98 Issue: 9-10 Pages: 155-196 Short Title: Closing the Gender Gap? Life Competences and Social Environment ISSN: 00356468 DOI: http://www.rivistapoliticaeconomica.it Accession Number: 1093228 Keywords: Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior D720 Economics of Gender Non-labor Discrimination J160 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Abstract: This paper investigates whether adult proficiency formation is affected by social environments. Using the Italian sample of the ALL survey conducted in 2003, which includes cohorts born between 1938 and 1988, we exploit temporal and regional variations in indicators of women empowerment to assess whether more progressive environments favour the reduction dynamics of the gender gap. Results suggest that environmental factors matter but they do not have a gender differential effect. Adult proficiency is higher for individuals grown in more progressive societies in terms of female labour market participation, women political empowerment, female sexual emancipation, and laity. Notes: Keywords: Female; Gender; Political; Regional; Women; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201003 URL: http://www.rivistapoliticaeconomica.it Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 497 Author: Bratti, M.; Checchi, D.; de Blasio, G. Year: 2008 Title: Does the Expansion of Higher Education Increase the Equality of Educational Opportunities? Evidence from Italy Journal: Labour Volume: 22 Pages: 53-88 Date: Special Issue Short Title: Does the Expansion of Higher Education Increase the Equality of Educational Opportunities? Evidence from Italy ISSN: 11217081 DOI: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Accession Number: 0986956 Alternate Accession Number: EP32186081 Keywords: Analysis of Education I210 Education: Government Policy I280 Abstract: This paper studies the role of the expansion of higher education (HE) in increasing the equality of tertiary education opportunities. We examine Italy's experience during the 1990s, when policy changes prompted HE institutions to offer a wider range of degrees and to open new sites in neighbouring provinces. Our analysis focuses on non-mature full-time students and suggests that HE expansion might have had only limited effects in terms of reducing existing individual inequality in HE achievement as it had a significantly positive impact only on the probability of university enrolment but not on that of obtaining a university degree. Notes: Keywords: Education; Policy; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200808; Copyright: Copyright of LABOUR: Review of Labour Economics & Industrial Relations is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 666 Author: Bratti, M.; Checchi, D.; Filippin, A. Year: 2007 Title: Geographical Differences in Italian Students' Mathematical Competencies: Evidence from Pisa 2003 Journal: Giornale degli Economisti e Annali di Economia Volume: 66 Issue: 3 Pages: 299-333 Short Title: Geographical Differences in Italian Students' Mathematical Competencies: Evidence from Pisa 2003 ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0975511 Keywords: National Government Expenditures and Education H520 State and Local Government: Health, Education, and Welfare H750 Analysis of Education I210 Abstract: In this paper, we investigate the existence and the size of geographical differences in Italian students' mathematical competencies. We analyze a novel data set that combines the 2003 wave of the OECD Programme for International Student Assessment (PISA) with information about local economic conditions and school-level administrative data. We find there is significant positive correlation, across provinces, between mathematical literacy and school buildings maintenance and local employment probabilities. About 75% of the North-South differential in mathematical literacy is accounted for by resource differences, while geographical differences in school production functions account for the remaining fraction. Notes: Keywords: Literacy; School; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200806 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: DEAS, U Milano and IZA, Bonn Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1444 Author: Bresnahan, T.; Gambardella, A. Year: 1998 Title: The Division of Inventive Labor and the Extent of the Market Editor: E. Helpman Book Title: General purpose technologies and economic growth Publisher: Cambridge and London: MIT Press Pages: 253-281 Short Title: The Division of Inventive Labor and the Extent of the Market Keywords: Management of Technological Innovation and R&D O320 Microelectronics Computers Communications Equipment L630 Firm Organization and Market Structure L220 Notes: Accession Number: 0548877; Reviewed Book ISBN: 0-262-08263-2; ; Geographic Descriptors: U.S.; Japan; Geographic Region: Northern America; Asia; Publication Type: Collective Volume Article; Update Code: 200101 Author Address: Stanford U U Urbino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 303 Author: Bresnahan, T.; Gambardella, A. Year: 2004 Title: Building High-Tech Clusters: Silicon Valley and Beyond: Introduction Editor: T. Bresnahan and A. Gambardella Book Title: Building high-tech clusters: Silicon Valley and beyond Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 1-6 Short Title: Building High-Tech Clusters: Silicon Valley and Beyond: Introduction Keywords: Microelectronics Computers Communications Equipment L630 Technological Change Research and Development: General O300 Other Production and Pricing Analysis R320 Notes: Accession Number: 0804914; Reviewed Book ISBN: 0-521-82722-1; ; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200511 Author Address: Stanford U Sant'Anna School of Advanced Study, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1090 Author: Bresnahan, T.; Gambardella, A. Year: 2004 Title: Old-Economy Inputs for New-Economy Outcomes: What Have We Learned? Editor: T. Bresnahan and A. Gambardella Book Title: Building high-tech clusters: Silicon Valley and beyond Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 331-358 Short Title: Old-Economy Inputs for New-Economy Outcomes: What Have We Learned? Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 New Firms Startups M130 Technological Change Research and Development: General O300 Regional Economic Activity: Growth, Development, and Changes R110 Other Production and Pricing Analysis R320 Notes: Accession Number: 0804923; Reviewed Book ISBN: 0-521-82722-1; ; Publication Type: Collective Volume Article; Update Code: 200511 Author Address: Stanford U Sant'Anna School of Advanced Study, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 302 Author: Bresnahan, T.; Gambardella, A. e. Year: 2004 Title: Building high-tech clusters: Silicon Valley and beyond Publisher: Cambridge; New York and Melbourne: Cambridge University Press Number of Pages: x Short Title: Building high-tech clusters: Silicon Valley and beyond Keywords: Technological Change Research and Development: General O300 Other Production and Pricing Analysis R320 Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Information and Internet Services Computer Software L860 Microelectronics Computers Communications Equipment L630 Abstract: Eight papers investigate the preconditions for the formation of new regional clusters of innovative activity and examine the mechanisms of new cluster formation. Papers focus on learning the Silicon Valley way (Gordon Moore and Kevin Davis); Israel's Silicon Wadi (Catherine de Fontenay and Erran Carmel); Indian and Irish software in the international division of labor (Ashish Arora, Alfonso Gambardella, and Salvatore Torrisi); the Cambridge high-tech cluster in the United Kingdom (Suma Athreye); how Scandinavia succeeded in creating a new global high-tech cluster (John E. Richards); Taiwan's Hsinchu region as an imitator and partner of Silicon Valley (AnnaLee Saxenian); the role of government in regional technology development and the effects of public venture capital and science parks (Scott Wallsten); and regional comparisons of innovation activity based on venture capital flows (Michael Horvath). Bresnahan is with the Center for Employment and Economic Growth at Stanford University. Gambardella is at the Sant'Anna School of Advanced Studies, Pisa. Index. Notes: Accession Number: 0755951; Reviewed Book ISBN: 0-521-82722-1; Keywords: Regional; Software; Publication Type: Book; Update Code: 200412 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1089 Author: Bresnahan, T. F.; Gambardella, A.; Saxenian, A. Year: 2001 Title: 'Old Economy' Inputs for 'New Economy' Outcomes: Cluster Formation in the New Silicon Valleys Journal: Industrial and Corporate Change Volume: 10 Issue: 4 Pages: 835-860 Short Title: 'Old Economy' Inputs for 'New Economy' Outcomes: Cluster Formation in the New Silicon Valleys ISSN: 09606491 DOI: http://icc.oxfordjournals.org Accession Number: 0599865 Keywords: Management of Technological Innovation and R&D O320 Other Production and Pricing Analysis R320 Size and Spatial Distributions of Regional Economic Activity R120 New Firms Startups M130 Notes: Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200204 URL: http://icc.oxfordjournals.org Author Address: Stanford U Sant'Anna School of Advanced Studies, Pisa U CA, Berkeley Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 792 Author: Brown, M.; Jappelli, T.; Pagano, M. Year: 2007 Title of Work: Information Sharing and Credit: Firm-Level Evidence from Transition Countries Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6313 Short Title: Information Sharing and Credit: Firm-Level Evidence from Transition Countries DOI: http://www.cepr.org/pubs/dps/DP6313.asp Keywords: Asymmetric and Private Information D820 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Socialist Institutions and Their Transitions: Financial Economics P340 Abstract: We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that information sharing is associated with improved availability and lower cost of credit to firms, and that this correlation is stronger for opaque firms than transparent firms. In cross-sectional estimates, we control for variation in country-level aggregate variables that may affect credit, by examining the differential impact of information sharing across firm types. In panel estimates, we also control for the presence of unobserved heterogeneity at the firm level and for changes in selected macroeconomic variables. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0920838; Keywords: credit access; information sharing; transition countries; Publication Type: Working Paper; Update Code: 200707 URL: http://www.cepr.org/pubs/dps/DP6313.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 794 Author: Brown, M.; Jappelli, T.; Pagano, M. Year: 2007 Title of Work: Information Sharing and Credit: Firm-Level Evidence from Transition Countries Institution: Swiss National Bank, Working Papers: 2007-15 Pages: 42 pages Short Title: Information Sharing and Credit: Firm-Level Evidence from Transition Countries DOI: http://www.snb.ch/n/mmr/reference/working_paper_2007_15/source/working_paper_2007_15.n.pdf Keywords: Asymmetric and Private Information D820 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Socialist Institutions and Their Transitions: Financial Economics P340 Abstract: We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that information sharing is associated with improved availability and lower cost of credit to firms. This correlation is stronger for opaque firms than transparent firms, and stronger in countries with weak legal environments than countries with strong legal environments. In cross-sectional estimates, we control for variation in country-level aggregate variables that may affect credit, by examining the differential impact of information sharing across firm types. In panel estimates, we also control for the presence of unobserved heterogeneity at the firm level, as well as for changes in macroeconomic variables and the legal environment. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034556; Keywords: information sharing; credit access; transition countries; Publication Type: Working Paper; Update Code: 200905 URL: http://www.snb.ch/n/mmr/reference/working_paper_2007_15/source/working_paper_2007_15.n.pdf Author Address: Swiss National Bank University of Napoli Federico II Universita di Napoli Federico II Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 795 Author: Brown, M.; Jappelli, T.; Pagano, M. Year: 2007 Title of Work: Information Sharing and Credit: Firm-Level Evidence from Transition Countries Institution: Swiss National Bank, Working Papers: 2007-15 Pages: 42 pages Short Title: Information Sharing and Credit: Firm-Level Evidence from Transition Countries DOI: http://www.snb.ch/n/mmr/reference/working_paper_2007_15/source/working_paper_2007_15.n.pdf Keywords: Asymmetric and Private Information D820 Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financial Institutions and Services: Government Policy and Regulation G280 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Socialist Institutions and Their Transitions: Financial Economics P340 Abstract: We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that information sharing is associated with improved availability and lower cost of credit to firms. This correlation is stronger for opaque firms than transparent firms, and stronger in countries with weak legal environments than countries with strong legal environments. In cross-sectional estimates, we control for variation in country-level aggregate variables that may affect credit, by examining the differential impact of information sharing across firm types. In panel estimates, we also control for the presence of unobserved heterogeneity at the firm level, as well as for changes in macroeconomic variables and the legal environment. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1258026; Keywords: information sharing, credit access, transition countries; Publication Type: Working Paper; Update Code: 201109 URL: http://www.snb.ch/n/mmr/reference/working_paper_2007_15/source/working_paper_2007_15.n.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 793 Author: Brown, M.; Jappelli, T.; Pagano, M. Year: 2009 Title: Information Sharing and Credit: Firm-Level Evidence from Transition Countries Journal: Journal of Financial Intermediation Volume: 18 Issue: 2 Pages: 151-172 Short Title: Information Sharing and Credit: Firm-Level Evidence from Transition Countries ISSN: 10429573 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622875/description#description Accession Number: 1043927 Keywords: Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Corporation and Securities Law K220 Socialist Enterprises and Their Transitions P310 Socialist Institutions and Their Transitions: Financial Economics P340 Socialist Systems and Transitional Economies: Legal Institutions Illegal Behavior P370 Abstract: We investigate whether information sharing among banks has affected credit market performance in the transition countries of Eastern Europe and the former Soviet Union, using a large sample of firm-level data. Our estimates show that information sharing is associated with improved availability and lower cost of credit to firms. This correlation is stronger for opaque firms than transparent ones and stronger in countries with weak legal environments than in those with strong legal environments. In cross-sectional estimates, we control for variation in country-level aggregate variables that may affect credit, by examining the differential impact of information sharing across firm types. In panel estimates, we also control for the presence of unobserved heterogeneity at the firm level, as well as for changes in macroeconomic variables and the legal environment. Notes: Keywords: Bank; Credit; Firm; Firm Level; Geographic Descriptors: CIS; E. Europe; EU; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200906 URL: http://dx.doi.org/10.1016/j.jfi.2008.04.002 http://www.elsevier.com/wps/find/journaldescription.cws_home/622875/description#description Author Address: Swiss National Bank U Naples 'Federico II' and CSEF-Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 251 Author: Browning, M.; Crossley, T. F.; Weber, G. Year: 2002 Title of Work: Asking Consumption Questions in General Purpose Surveys Institution: McMaster University, Social and Economic Dimensions of an Aging Population Research Papers Pages: 46 pages Short Title: Asking Consumption Questions in General Purpose Surveys DOI: http://socserv2.socsci.mcmaster.ca/~sedap/p/sedap77.pdf Keywords: Methodology for Collecting, Estimating, and Organizing Microeconomic Data C810 Consumer Economics: Empirical Analysis D120 Abstract: In many research areas it is desirable to have information on household total expenditure ("consumption"). We draw evidence from several sources on the usefulness of recall consumption questions. We conclude that valid information can be collected by adding specific recall questions to general purpose surveys, and provide recommendations on how to do so. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0832288; Keywords: consumption, expenditures, surveys; Publication Type: Working Paper; Update Code: 200604 URL: http://socserv2.socsci.mcmaster.ca/~sedap/p/sedap77.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 250 Author: Browning, M.; Crossley, T. F.; Weber, G. Year: 2003 Title: Asking Consumption Questions in General Purpose Surveys Journal: Economic Journal Volume: 113 Issue: 491 Pages: F540-67 Short Title: Asking Consumption Questions in General Purpose Surveys ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0673384 Alternate Accession Number: EP11307245 Keywords: Methodology for Collecting, Estimating, and Organizing Microeconomic Data C810 Consumer Economics: Empirical Analysis D120 Abstract: In many research areas it is desirable to have information on household total expenditure ("consumption"). We draw evidence from several sources on the usefulness of recall consumption questions. We conclude that valid information can be collected by adding specific recall questions to general purpose surveys, and provide recommendations on how to do so. Notes: Keywords: Expenditure; Households; Publication Type: Journal Article; Update Code: 200402; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: Centre for Applied Microeconometrics, U Copenhagen McMaster U Padua U and IFS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 220 Author: Brugiavini, A.; Brunello, G. Year: 1998 Title: An Empirical Analysis of Interfirm Mobility in Italy Journal: Giornale degli Economisti e Annali di Economia Volume: 57 Issue: 1 Pages: 1-34 Short Title: An Empirical Analysis of Interfirm Mobility in Italy ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0481735 Keywords: Compensation Packages Payment Methods J330 Job, Occupational, and Intergenerational Mobility Promotion J620 Notes: Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199901 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: U Venezia U Udine Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1253 Author: Brugiavini, A.; Peracchi, F. Year: 1999 Title: Reforma de la Seguridad Social italiana: Debemos cambiar de un sistema de reparto a un sistema de capitalizacion? (With English summary.) Journal: Cuadernos Economicos de I.C.E. Issue: 65 Pages: 171-216 Short Title: Reforma de la Seguridad Social italiana: Debemos cambiar de un sistema de reparto a un sistema de capitalizacion? (With English summary.) ISSN: 02102633 Accession Number: 0546424 Keywords: Social Security and Public Pensions H550 Fiscal Policy E620 Retirement Retirement Policies J260 Notes: Availability Note: http://www.revistasice.com/RevistasICE/portada__en_.htm?in=4&js=true&ancho=1024 Geographic Descriptors: Italy; Geographic Region: Europe; Language: Spanish; Publication Type: Journal Article; Update Code: 200012 Author Address: U Venice U Rome 'Tor Vergata' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1379 Author: Brugiavini, A.; Peracchi, F. Year: 2003 Title: Social Security Wealth and Retirement Decisions in Italy Journal: Labour Volume: 17 Pages: 79-114 Date: Special Issue Short Title: Social Security Wealth and Retirement Decisions in Italy ISSN: 11217081 DOI: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Accession Number: 0667001 Alternate Accession Number: EP10691720 Keywords: Social Security and Public Pensions H550 Retirement Retirement Policies J260 Abstract: This paper uses administrative data to study the retirement decisions of Italian private-sector non-agricultural employees during the period 1977-97. Our analysis tries to assess the importance of the financial incentives built into the social security system. The basic idea is very simple: at any given age, and based on the available information, workers compare the expected present value of two alternatives: retiring today or working one more year, and then choose the best one. A key role in this kind of comparisons is played by social security wealth, whose level and changes reflect the expectations about the profile of future earnings and the institutional features of the social security system. The various incentive measures that we consider differ in the precise weight given to the social security wealth that workers accrue as they continue to work. Our model does not provide a structural representation of the retirement process. A worker's decision is modeled here following a "quasi reduced-form" approach, with the incentive measures entering as predictors of the worker's choice in addition to standard variables. The estimated models are then used to predict retirement probabilities under alternative policies that change social security wealth and derived incentive measures. Notes: Keywords: Retirement; Social Security; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200311; Copyright: Copyright of LABOUR: Review of Labour Economics & Industrial Relations is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Author Address: U Venice U Rome, 'Tor Vergata' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1017 Author: Brugiavini, A.; Peracchi, F. Year: 2004 Title: Micro-modeling of Retirement Behavior in Italy Editor: J. Gruber and D. A. Wise Book Title: Social security programs and retirement around the world: Micro-estimation Publisher: NBER Conference Report series. Chicago and London: University of Chicago Press Pages: 345-398 Short Title: Micro-modeling of Retirement Behavior in Italy Keywords: Social Security and Public Pensions H550 Retirement Retirement Policies J260 Wage Level and Structure Wage Differentials J310 Notes: Accession Number: 0792805; Reviewed Book ISBN: 0-226-31018-3; Keywords: Retirement; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200509 Author Address: U Venice 'Ca'Foscari' and Institute for Fiscal Studies U Rome 'Tor Vergata' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1168 Author: Brugiavini, A.; Peracchi, F.; Wise, D. A. Year: 2002 Title: Pensions and Retirement Incentives: A Tale of Three Countries: Italy, Spain and the USA Journal: Giornale degli Economisti e Annali di Economia Volume: 61 Issue: 2 Pages: 131-169 Short Title: Pensions and Retirement Incentives: A Tale of Three Countries: Italy, Spain and the USA ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0657048 Keywords: Social Security and Public Pensions H550 Retirement Retirement Policies J260 Economics of the Elderly Economics of the Handicapped Non-labor Market Discrimination J140 Time Allocation and Labor Supply J220 Abstract: This paper looks at the relationship between the institutional design of the social security system and retirement from the labour force in three countries: Italy. Spain and the USA. Our work stresses the importance of dynamic incentives embedded in social security systems throughout the world and makes use of these three countries as an example. In fact they provide enough variability in their welfare programs that can be exploited to explain differences in retirement behavior. We show that social security rules are very important for individual's decisions to retire at a given age and that policy changes aimed at achieving age-neutrality of social security systems have a crucial role in shaping welfare. Notes: Keywords: Pension; Retirement; Social Security; Geographic Descriptors: Italy; Spain; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 200308 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: U Venice 'Ca' Foscari' and Institute for Fiscal Studies U Rome 'Tor Vergata' Harvard U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 941 Author: Brugiavini, A.; Weber, G. Year: 1988 Title: L'armonizzazione delle imposte indirette: effetti sul benessere dei consumatori italiani. (With English summary.) Journal: Politica Economica Volume: 4 Issue: 3 Pages: 385-408 Short Title: L'armonizzazione delle imposte indirette: effetti sul benessere dei consumatori italiani. (With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0226747 Keywords: National Taxation, Revenue, and Subsidies 3230 Consumer Economics--Living Standards, Composition of Overall Expenditures, and Empirical Consumption and Savings Studies 9211 Notes: Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 199006 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 503 Author: Brugiavini, A.; Weber, G. Year: 1994 Title: Durables and Non-durables Consumption: Evidence from Italian Household Data Editor: A. Ando, L. Guiso and I. Visco Book Title: Saving and the accumulation of wealth: Essays on Italian household and government saving behavior Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 305 Short Title: Durables and Non-durables Consumption: Evidence from Italian Household Data Keywords: Macroeconomics: Consumption Saving Wealth E210 Consumer Economics: Empirical Analysis D120 Notes: Accession Number: 0415451; Reviewed Book ISBN: 0-521-45208-2; Keywords: Consumption; Households; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 199707 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 928 Author: Brunello, G. Year: 1985 Title: Labour Adjustment in Japanese Incorporated Enterprises: An Empirical Analysis for the Period 1965-1983 Journal: Hitotsubashi Journal of Economics Volume: 26 Issue: 2 Pages: 165-180 Short Title: Labour Adjustment in Japanese Incorporated Enterprises: An Empirical Analysis for the Period 1965-1983 ISSN: 0018280X DOI: http://www.econ.hit-u.ac.jp/~hje/ Accession Number: 0187390 Keywords: Industry Studies--Manufacturing--General 6310 Employment Studies Unemployment and Vacancies Retirements and Quits 8243 Labor-Management Relations--General 8330 Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199006 URL: http://www.econ.hit-u.ac.jp/~hje/ Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 560 Author: Brunello, G. Year: 1986 Title: Enterprise Unionism in the McDonald-Solow Model: A Brief Note Journal: Economic Studies Quarterly Volume: 37 Issue: 3 Pages: 259-264 Short Title: Enterprise Unionism in the McDonald-Solow Model: A Brief Note ISSN: 0557109X Accession Number: 0194115 Keywords: Labor Economics: Theory and Empirical Studies Illustrating Theory 8210 Trade Unions 8310 Notes: Publication Type: Journal Article; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1146 Author: Brunello, G. Year: 1988 Title: Organizational Adjustment and Institutional Factors in Japanese Labour Market Adjustment: An Empirical Evaluation Journal: European Economic Review Volume: 32 Issue: 4 Pages: 841-860 Short Title: Organizational Adjustment and Institutional Factors in Japanese Labour Market Adjustment: An Empirical Evaluation ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0212134 Keywords: Labor Mobility National and International Migration 8230 Employment Studies, Unemployment and Vacancies Retirements and Quits 8243 Abstract: This paper examines the importance of institutional factors in the mechanism of Japanese labor-market adjustment. The commonly held view suggests that transfers of employees both between and within firms have enhanced flexibility while contributing to the maintenance of low unemployment rates. The paper produces evidence in support of the importance of transfers as an adjustment device limited to a subset of large manufacturing enterprises. However, the direct macroeconomic contribution of these institutional factors is marginal and the common view may have overestimated their importance. Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199006 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1289 Author: Brunello, G. Year: 1988 Title: Reverse Seniority Rules and the Responsiveness of Wages and Employment to External Shocks: A Note on the Japanese Experience Journal: Economic Studies Quarterly Volume: 39 Issue: 3 Pages: 208-215 Short Title: Reverse Seniority Rules and the Responsiveness of Wages and Employment to External Shocks: A Note on the Japanese Experience ISSN: 0557109X Accession Number: 0214461 Keywords: Labor Economics: Theory and Empirical Studies Illustrating Theory 8210 Employment Studies, Unemployment and Vacancies Retirements and Quits 8243 Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1290 Author: Brunello, G. Year: 1988 Title: Reverse Seniority Rules and the Responsiveness of Wages and Employment to External Shocks: A Note on the Japanese Experience Journal: Economic Studies Quarterly Volume: 39 Issue: 3 Pages: 208-215 Short Title: Reverse Seniority Rules and the Responsiveness of Wages and Employment to External Shocks: A Note on the Japanese Experience ISSN: 0557109X Accession Number: 0217032 Keywords: Labor Economics: Theory and Empirical Studies Illustrating Theory 8210 Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1295 Author: Brunello, G. Year: 1988 Title: Rising Productivity and Rules for Layoffs: Should the Senior Go First? Journal: Giornale degli Economisti e Annali di Economia Volume: 47 Issue: 5-6 Pages: 277-292 Short Title: Rising Productivity and Rules for Layoffs: Should the Senior Go First? ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0225555 Keywords: Labor Economics: Theory and Empirical Studies Illustrating Theory 8210 Human Capital Value of Human Life 8510 Abstract: The standard human capital argument for the practice of reverse seniority in layoffs has been recently criticized because it overlooks the fact that junior employees who experience a layoff have to interrupt their training. This paper explores the robustness of this criticism to two extensions. The first extension introduces repeated interaction between the firm and overlapping generations of workers. The second deals with the common observation that senior workers are actively involved in the training of junior employees. The criticism to the human capital argument results to be more robust to the first extension than to the second. Notes: Publication Type: Journal Article; Update Code: 199006 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: Osaka U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1455 Author: Brunello, G. Year: 1988 Title: The Economic Implications of Liberalizing Japanese Financial Markets Journal: Rivista Internazionale di Scienze Economiche e Commerciali Volume: 35 Issue: 4-5 Pages: 409-435 Short Title: The Economic Implications of Liberalizing Japanese Financial Markets ISSN: 00356751 Accession Number: 0216162 Keywords: Domestic Monetary and Financial Theory and Institutions: General 3100 Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1578 Author: Brunello, G. Year: 1988 Title: Transfers of Employees between Japanese Manufacturing Enterprises: Some Results from an Enquiry on a Small Sample of Large Firms Journal: British Journal of Industrial Relations Volume: 26 Issue: 1 Pages: 119-132 Short Title: Transfers of Employees between Japanese Manufacturing Enterprises: Some Results from an Enquiry on a Small Sample of Large Firms ISSN: 00071080 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0007-1080 Accession Number: 0208839 Keywords: Business Administration 5131 Labor-Management Relations in Private Sector 8331 Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199006 URL: http://www.blackwellpublishing.com/journal.asp?ref=0007-1080 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1484 Author: Brunello, G. Year: 1989 Title: The Employment Effects of Shorter Working Hours: An Application to Japanese Data Journal: Economica Volume: 56 Issue: 224 Pages: 473-486 Short Title: The Employment Effects of Shorter Working Hours: An Application to Japanese Data ISSN: 00130427 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Accession Number: 0230835 Alternate Accession Number: EP4517530 Keywords: Wage and Fringe Benefit Studies 8242 Labor Economics: Theory and Empirical Studies Illustrating Theory 8210 Abstract: This paper applies a simple model of hours, employment, and earnings to Japanese manufacturing data and shows that a reduction in the number of standard hours is likely to increase overtime and reduce employment. These findings are in line with recent theoretical developments and in contrast to the predictions of traditional analysis of hours and employment adjustment. This difference is shown to be due to the treatment of the wage rate. Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199009; Copyright: Copyright of Economica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Author Address: Osaka U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 242 Author: Brunello, G. Year: 1990 Title: Are Efficient Contracts on the Labour Demand Curve? A Note Journal: Economics Letters Volume: 32 Issue: 3 Pages: 283-287 Short Title: Are Efficient Contracts on the Labour Demand Curve? A Note ISSN: 01651765 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Accession Number: 0233820 Keywords: Labor Economics: Theory and Empirical Studies Illustrating Theory 8210 Abstract: This note introduces a dynamic element into recent models of wage determination in unionized firms. This element is the probability of promotion to a higher rank. A non-zero probability of promotion generates interesting results. In particular one can show that there exists a substantial range of employment growth, where the distinction between labor demand and contract curve is meaningful even if the median union voter has a survival probability equal to one. Notes: Publication Type: Journal Article; Update Code: 199012 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Author Address: Osaka U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 349 Author: Brunello, G. Year: 1990 Title: Competing Models of Union Behavior: Evidence from Japanese Panel Data Journal: Journal of the Japanese and International Economies Volume: 4 Issue: 3 Pages: 257-278 Short Title: Competing Models of Union Behavior: Evidence from Japanese Panel Data ISSN: 08891583 Accession Number: 0239521 Keywords: Trade Unions: Objectives, Structure, and Effects J510 Abstract: This paper examines from an empirical standpoint the common view that Japanese unions value employment security more highly than other unions. The approach consists of applying standard models of union behavior to a panel of 150 large unionized manufacturing firms and comparing the results with the findings of similar research done in the United States and Britain. There are two main results. First, we find no evidence that Japanese unions have a stronger preference for employment security of their members. Second, there is little evidence that they bargain over the total number of employees. Notes: Availability Note: copyright (c) 1990 Academic Press, Inc. Geographic Descriptors: Japan; U.S.; U.K.; Publication Type: Journal Article; Update Code: 199103 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 691 Author: Brunello, G. Year: 1990 Title: Heterogeneous Matching, Mismatch and the Macro U-V Curve Journal: Economics Letters Volume: 34 Issue: 3 Pages: 301-306 Short Title: Heterogeneous Matching, Mismatch and the Macro U-V Curve ISSN: 01651765 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Accession Number: 0241618 Abstract: Standard measures of mismatch in the labor market are based on the assumption of homogeneous matching technologies. This paper presents a simple model of heterogeneous matching and shows that equilibrium heterogeneity has drastic effects on the standard measures of mismatch. Notes: Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199106 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 732 Author: Brunello, G. Year: 1990 Title: Hysteresis and 'The Japanese Unemployment Problem': A Preliminary Investigation Journal: Oxford Economic Papers, N. S. Volume: 42 Issue: 3 Pages: 483-500 Short Title: Hysteresis and 'The Japanese Unemployment Problem': A Preliminary Investigation ISSN: 00307653 Accession Number: 0240084 Keywords: Unemployment: Models, Duration, Incidence, and Job Search J640 Abstract: The Blanchard-Summers model of unemployment hysteresis is a very popular explanation of the recent European experience. This paper asks if the same model can be used to explain the Japanese experience. The answer is that hysteresis cannot be easily dismissed from recent Japanese data. They contain as much hysteresis as the European data. The paper explains some of the differences between Japan and Europe in terms of labor supply behaviors and indexation to unexpected real shocks. Notes: Geographic Descriptors: Japan; Europe; Publication Type: Journal Article; Update Code: 199103 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1244 Author: Brunello, G. Year: 1990 Title: Real Exchange Rate Variability and Japanese Industrial Employment Journal: Journal of the Japanese and International Economies Volume: 4 Issue: 2 Pages: 121-138 Short Title: Real Exchange Rate Variability and Japanese Industrial Employment ISSN: 08891583 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Accession Number: 0235094 Keywords: Employment Studies Unemployment and Vacancies Retirements and Quits 8243 Exchange Rates and Markets Theory and Studies 4314 Abstract: This paper studies the effects on employment of real exchange rate movements in Japan during the period 1973-86 and compares them with similar effects for the United States. As expected, employment reacts to exchange rate fluctuations more sluggishly in Japan than in the United States in most of the industrial sectors considered. The rate of unemployment consistent with Williamson's fundamental exchange rates is only marginally higher than the observed rate and can be set close to 3 percent if there are not changes in policy rules. Notes: Geographic Descriptors: Japan; U.S.; Geographic Region: Asia; Northern America; Publication Type: Journal Article; Update Code: 199012 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 280 Author: Brunello, G. Year: 1991 Title: Bonuses, Wages and Performance in Japan: Evidence from Micro Data Journal: Ricerche Economiche Volume: 45 Issue: 2-3 Pages: 377-395 Short Title: Bonuses, Wages and Performance in Japan: Evidence from Micro Data ISSN: 00355054 Accession Number: 0268395 Keywords: Compensation Packages Payment Methods J330 Wage Level and Structure Wage Differentials J310 Firm Behavior: Theory D210 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: The purpose of this paper is to test some of the implications of Weitzman' s share economy in the Japanese context by using a panel of large manufacturing firms. There are three main results. First, the overall degree of profit sharing in the four selected industries is marginal, even more marginal in some industries than suggested by R. Freeman and M. Weitzman (1987). Second, conditional on wages, value added per employee has a positive and significant effect on bonuses only in one industry. In the remaining industries, bonuses are markups of wages. Third, there is a great deal of heterogeneity, with an industry close to the "share" type and another industry close to the "wage" type. This paper suggests a number of possible explanations for this heterogeneity, including market structure, composition effects and industrial synchronization of wage settlements. Notes: Keywords: Bonuses; Firm; Firms; Profit Sharing; Wage; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199209 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 874 Author: Brunello, G. Year: 1991 Title: Introduction to the Microeconomic Section Journal: Ricerche Economiche Volume: 45 Issue: 2-3 Pages: 339-344 Short Title: Introduction to the Microeconomic Section ISSN: 00355054 Accession Number: 0268393 Keywords: Firm Behavior: Theory D210 Labor-Management Relations Industrial Jurisprudence J530 Notes: Keywords: Microeconomics; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199209 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1019 Author: Brunello, G. Year: 1991 Title: Mismatch in Japan Editor: F. Padoa Schioppa Book Title: Mismatch and labour mobility Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 140-179 Short Title: Mismatch in Japan Keywords: Mobility, Unemployment, and Vacancies: General J600 Job, Occupational, and Intergenerational Mobility Promotion J620 Unemployment: Models, Duration, Incidence, and Job Search J640 Notes: Accession Number: 0337982; Reviewed Book ISBN: 0-521-40243-3; ; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Collective Volume Article; Update Code: 199412 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 894 Author: Brunello, G. Year: 1992 Title: Is There a Trade-Off between Supervision and Pay? A Note Journal: Ricerche Economiche Volume: 46 Issue: 3-4 Pages: 327-334 Short Title: Is There a Trade-Off between Supervision and Pay? A Note ISSN: 00355054 Accession Number: 0296137 Keywords: Wage Level and Structure Wage Differentials J310 Labor Contracts J410 Abstract: The purpose of this note is to show that the implications of the shirking model on the relationship between supervision and pay are very sensitive to the assumptions used to define the economic environment where the model is nested. We make this point by presenting a version of the shirking model that implies a positive relationship between supervision and pay to supervised employees. The main consequence of our results is that empirical evidence that is interpreted either as a rejection of or as a support for the shirking model may be simply rejecting or supporting some of the assumptions defining the economic environment where the model is cast. Notes: Keywords: Pay; Publication Type: Journal Article; Update Code: 199312 Author Address: U di Venezia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1216 Author: Brunello, G. Year: 1992 Title: Profit Sharing in Internal Labour Markets Journal: Economic Journal Volume: 102 Issue: 412 Pages: 570-577 Short Title: Profit Sharing in Internal Labour Markets ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0269715 Alternate Accession Number: EP4532062 Keywords: Labor Contracts J410 Producer Cooperatives Labor Managed Firms Employee Ownership J540 Notes: Keywords: Internal Labor Markets; Publication Type: Journal Article; Update Code: 199212; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1468 Author: Brunello, G. Year: 1992 Title: The Effect of Unions on Firm Performance in Japanese Manufacturing Journal: Industrial and Labor Relations Review Volume: 45 Issue: 3 Pages: 471-487 Short Title: The Effect of Unions on Firm Performance in Japanese Manufacturing ISSN: 00197939 DOI: http://digitalcommons.ilr.cornell.edu/ilrreview/ Accession Number: 0266982 Keywords: Trade Unions: Objectives, Structure, and Effects J510 Abstract: Using data on a sample of 979 union and nonunion Japanese manufacturing firms selected from the 1987 issue of the Yearbook of Japanese Unlisted Companies, the author examines the relationship between union status and firm performance in Japan. The findings suggest that Japanese unions in the sample substantially reduced both productivity and profitability, as well as regular wages net of bonuses and fringes. These three union effects were considerably smaller in small and medium-size firms than in large firms, perhaps because many of the small and medium-size firms were subcontractors that were pressed by the firms contracting them to cut costs and increase productivity. Notes: Keywords: Nonunion; Union; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199209 URL: http://digitalcommons.ilr.cornell.edu/ilrreview/ Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1583 Author: Brunello, G. Year: 1992 Title: Un modello generazionale del mercato del lavoro italiano. (With English summary.) Journal: Politica Economica Volume: 8 Issue: 1 Pages: 61-100 Short Title: Un modello generazionale del mercato del lavoro italiano. (With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0271190 Keywords: Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Time Allocation and Labor Supply J220 Labor Demand J230 Notes: Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 199212 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: U Venezia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 449 Author: Brunello, G. Year: 1993 Title: Differenziali salariali interni e produttivita: Alcune note sul caso italiano. (With English summary.) Journal: Politica Economica Volume: 9 Issue: 1 Pages: 129-150 Short Title: Differenziali salariali interni e produttivita: Alcune note sul caso italiano. (With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0295863 Keywords: Wage Level and Structure Wage Differentials J310 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Notes: Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 199312 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1008 Author: Brunello, G. Year: 1993 Title of Work: Markups in the Labour and Product Markets and the Relative Performance of Industry and Services: Italy 1951-90 Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 811 Short Title: Markups in the Labour and Product Markets and the Relative Performance of Industry and Services: Italy 1951-90 DOI: http://www.cepr.org/pubs/dps/DP811.asp Keywords: Macroeconomics and Monetary Economics: General E000 Trade Unions: Objectives, Structure, and Effects J510 Abstract: The purpose of this paper is to evaluate the relative importance of deviations from competitive behaviour, both in product and in labour markets, in the determination of sectoral employment growth in Italy during the last forty years (1951-90). This is done with the help of a two-sector descriptive framework that brings together both productivity differentials and non-competitive behaviour in the product and in the labour markets.Simulations of the model suggest that changes in labour markets were quantitatively more important than changes in product markets in the determination of sectoral employment growth. In particular, if our measures of product and labour market non-competitive behaviour before the first oil shock had remained constant after 1973, our simulations suggest that, on average, industrial and service employment would have been, respectively, higher and lower than observed. More precisely, if we use the average wage paid to employees to measure the returns from self-employment, it turns out that industrial employment would have been, on average, 13% higher and that service employment would have been, on average, 13% lower. This is equivalent to about 750,000 additional employees in industry and to about one million fewer employees in services. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692071; Keywords: Employment; Imperfect Competition; Italy; Wage Bargaining; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP811.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 759 Author: Brunello, G. Year: 1994 Title: Incentives, Bargaining and the Wage Structure Journal: Scandinavian Journal of Economics Volume: 96 Issue: 4 Pages: 481-497 Short Title: Incentives, Bargaining and the Wage Structure ISSN: 03470520 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0347-0520 Accession Number: 0350273 Alternate Accession Number: EP5917040 Keywords: Wage Level and Structure Wage Differentials J310 Dispute Resolution: Strikes, Arbitration, and Mediation Collective Bargaining J520 Abstract: The literature on promotion tournaments is combined with the literature on bargaining to explain how local wage adjustments affect individual effort and the internal wage structure of the firm. It turns out that the effect of an increase in the bargaining power of the local union on individual effort and on the wage structure depends on whether the author considers local bargaining in isolation or he integrates it with employment determination and central wage setting. Notes: Keywords: Bargaining; Union; Wage Setting; Wage; Publication Type: Journal Article; Update Code: 199505; Copyright: Copyright of Scandinavian Journal of Economics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0347-0520 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1246 Author: Brunello, G. Year: 1995 Title: Recent Changes in the Internal Structure of Wages and Employment in Japan Journal: Journal of the Japanese and International Economies Volume: 9 Issue: 2 Pages: 105-129 Short Title: Recent Changes in the Internal Structure of Wages and Employment in Japan ISSN: 08891583 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Accession Number: 0361651 Partial authors List Keywords: Wage Level and Structure Wage Differentials J310 Labor Contracts J410 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Abstract: Recent changes in the internal structure of wages and employment in large and medium Japanese firms can be characterized in a parsimonious way with two stylized facts. First, internal wage differentials are countercyclical but without a trend. Second, spans of control trend downward but are acyclical. The paper tries to explain these changes using a simple efficiency wage model that combines exogenous supply and demand shocks with the endogenous determination of relative wages and spans of control by cost-minimizing firms that operate in an environment characterized by asymmetric information and job security. Coauthors are Kenn Ariga, Yoshihiko Nishiyama, and Yasushi Ohkusa. (c) 1995 Academic Press, Inc. Notes: ; Keywords: Efficiency Wage; Employment; Supply; Wage; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 199510 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1510 Author: Brunello, G. Year: 1995 Title: The Relationship between Supervision and Pay: Evidence from the British New Earnings Survey Journal: Oxford Bulletin of Economics and Statistics Volume: 57 Issue: 3 Pages: 309-321 Short Title: The Relationship between Supervision and Pay: Evidence from the British New Earnings Survey ISSN: 03059049 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0305-9049 Accession Number: 0376423 Alternate Accession Number: EP6932384 Keywords: Wage Level and Structure Wage Differentials J310 Abstract: This paper looks at the relationship between supervision and pay using British data that refer to a different institutional context. The analysis is based on information provided by the British New Earnings Survey over the period 1975-82. The empirical investigation reveals that the relationship between supervision and pay is likely to be affected in a significant way not only by the estimation technique, as stressed by the existing literature, but also by errors in the measurement of the main variables. Notes: Keywords: Earnings; Pay; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199604; Copyright: Copyright of Oxford Bulletin of Economics & Statistics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0305-9049 Author Address: U Venezia 'Ca Foscari' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 975 Author: Brunello, G. Year: 1996 Title: L'interazione tra salari pubblici e privati nell'economia italiana del dupoguerra. (The Interaction between Public and Private Sector Wages in Post-war Italy. With English summary.) Journal: Politica Economica Volume: 12 Issue: 1 Pages: 85-114 Short Title: L'interazione tra salari pubblici e privati nell'economia italiana del dupoguerra. (The Interaction between Public and Private Sector Wages in Post-war Italy. With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0391623 Keywords: Wage Level and Structure Wage Differentials J310 Public Sector Labor Markets J450 Abstract: This paper studies the aggregate relationship between private and public sector wages in the Italian economy during the years 1960-90. A simple model of wage bargaining is discussed and estimated using annual data. It turns out that there is evidence of wage leadership by the private sector. Also, there is evidence of lack of real resistance of private sector net wages to changes in the wedge. The paper uses these results to draw some implications on the relationship between public and the natural rate of unemployment. Notes: Keywords: Public Sector; Wage; Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 199609 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 477 Author: Brunello, G. Year: 1998 Title: Does Centralised Bargaining Reduce Individual Effort? Journal: European Journal of Political Economy Volume: 14 Issue: 2 Pages: 381-406 Short Title: Does Centralised Bargaining Reduce Individual Effort? ISSN: 01762680 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505544/description#description Accession Number: 0471919 Keywords: Dispute Resolution: Strikes, Arbitration, and Mediation Collective Bargaining J520 Compensation Packages Payment Methods J330 Abstract: This paper looks at the relationship between centralisation of the wage bargain and individual effort when the effort elicitation mechanism is provided by intra-firm, rather than inter-firm, wage differentials. It turns out that full centralisation, where both the average wage and the wage structure are set centrally, and local bargaining, where both the average wage and the wage structure are set locally, yield the same level of effort. Central wage setting, where the average wage is set centrally but the wage structure is left to local determination, yields lower individual effort than full centralisation or local bargaining for realistic values of the underlying parameters. Notes: Keywords: Bargaining; Wage Setting; Publication Type: Journal Article; Update Code: 199809 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505544/description#description Author Address: U Udine Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 189 Author: Brunello, G. Year: 2001 Title of Work: Absolute Risk Aversion and the Returns to Education Institution: Note di Lavoro Fondazione Eni Enrico Mattei: 29.01 Pages: 13-13 Short Title: Absolute Risk Aversion and the Returns to Education Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Abstract: Individual absolute risk aversion is measured for a sample of 1373 male household heads, using the 1995 wave of the Survey on the Income and Wealth of Italian households. This measure, conditional on financial and real wealth and household income, is used as an instrument for attained education in a standard log earnings equation. I find that, in line with the literature, the gap between IV and OLS estimates of the returns to education is large Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0881156; Keywords: Education; Publication Type: Working Paper; Update Code: 200703 Author Address: Dept of Econ, U Padova, Feem Milan, IZA Bonn and CESifo Munich Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 277 Author: Brunello, G. Year: 2001 Title of Work: Beyond National Institutions: Labour Taxes and Regional Unemployment in Italy Institution: Note di Lavoro Fondazione Eni Enrico Mattei: 24.01 Pages: 27-27 Short Title: Beyond National Institutions: Labour Taxes and Regional Unemployment in Italy Keywords: Trade Unions: Objectives, Structure, and Effects J510 Taxation, Subsidies, and Revenue: General H200 Abstract: By focusing on the Italian experience, we ask whether the relationship between labour taxes and unemployment varies across regions. In spite of similar national labour market institutions, we show that this relationship is significantly stronger in the highly industrialised North than in the underdeveloped South, where unemployment is much higher. An important source of variation in the regional responsiveness of unemployment originates from the fact that regional gross wages in the North increase more than in the South in response to a hike in labour taxes. Regional wage setting affects regional employment (and unemployment) both directly and indirectly, via its impact on regional profits and the capital stock Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0881151 Partial authors List; ; Keywords: Regional unemployment, Labour taxes; Publication Type: Working Paper; Update Code: 200703 Author Address: U Padua, CESifo, Feem and IZA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1100 Author: Brunello, G. Year: 2001 Title of Work: On the Complementarity between Education and Training in Europe Institution: Note di Lavoro Fondazione Eni Enrico Mattei: 40.2001 Pages: 31-31 Short Title: On the Complementarity between Education and Training in Europe Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Abstract: This paper is an empirical investigation of the complementarity between education and training in 13 European countries, based on the European Community Household Panel (ECHP). After confirming the standard result that training incidence is higher among individuals with more education, I find that the relationship between individual educational attainment and training incidence varies significantly across countries and birth cohorts. I show that individuals have a higher training incidence in countries with a more educated labour force, a less stratified schooling system, a higher union density, stronger employment protection and a lower value of the Kaitz index. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0881167; Keywords: Education, Training, Europe; Publication Type: Working Paper; Update Code: 200703 Author Address: U Padova, CESifo, Fondazione Eni Enrico Mattei and IZA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 188 Author: Brunello, G. Year: 2002 Title: Absolute Risk Aversion and the Returns to Education Journal: Economics of Education Review Volume: 21 Issue: 6 Pages: 635-640 Short Title: Absolute Risk Aversion and the Returns to Education ISSN: 02727757 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/743/description#description Accession Number: 0632639 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Analysis of Education I210 Abstract: Individual absolute risk aversion is measured in a sample of 1583 male household heads, using the data drawn from the 1995 wave of the Survey on the Income and Wealth of Italian households. This measure, conditional on household financial wealth, is used as an instrument for attained education in a standard log earnings equation. In line with most of the literature, I find that the gap between the IV and the OLS estimates of the returns to education is large. Notes: Keywords: Education; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200302 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/743/description#description Author Address: U Padua Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 896 Author: Brunello, G. Year: 2002 Title of Work: Is Training more Frequent when Wage Compression is Higher? Evidence from 11 European Countries Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 637 Short Title: Is Training more Frequent when Wage Compression is Higher? Evidence from 11 European Countries DOI: http://www.cesifo-group.de/DocCIDL/637.PDF Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Abstract: In this empirical paper, I use the 1996 wave of the ECHP dataset to investigate the relationship between measures of wage compression and training incidence in 11 European countries. After controlling for individual factors and country specific institutional differences, I find evidence of a positive and significant relationship between wage compression and training, both firm-specific and general. While the finding for firm-specific training is consistent with both competitive and non-competitive approaches, the result for general training is only consistent with the non-competitive approach. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0906762; Keywords: training, Europe; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo-group.de/DocCIDL/637.PDF Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 897 Author: Brunello, G. Year: 2002 Title of Work: Is Training More Frequent when Wage Compression is Higher? Evidence from 11 European Countries Institution: Note di Lavoro Fondazione Eni Enrico Mattei: 10.02 Pages: 13-13 Short Title: Is Training More Frequent when Wage Compression is Higher? Evidence from 11 European Countries Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Abstract: In this empirical paper, I use the 1996 wave of the ECHP dataset to investigate the relationship between measures of wage compression and training incidence in 11 European countries. I find that, after controlling for individual factors and country specific institutional differences, there is evidence of a positive and significant relationship between wage compression and training. This positive relationship is confirmed when I consider only general training. While the former finding is consistent with both competitive and non - competitive approaches to training, the latter result is only consistent with the non - competitive approach. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0881237; Keywords: Training, Europe; Publication Type: Working Paper; Update Code: 200703 Author Address: U Padova, CESifo, Feem and IZA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1470 Author: Brunello, G. Year: 2010 Title: The Effects of Cohort Size on European Earnings Journal: Journal of Population Economics Volume: 23 Issue: 1 Pages: 273-290 Short Title: The Effects of Cohort Size on European Earnings ISSN: 09331433 DOI: http://www.springerlink.com/content/100520/ Accession Number: 1086642 Alternate Accession Number: EP45391265 Keywords: Demographic Trends and Forecasts General Migration J110 Wage Level and Structure Wage Differentials J310 Abstract: I use the cross-country and time variation in the demographic structure of 11 European countries to study how changes in cohort size affect real earnings in Europe. I find that cohort size has a negative and statistically significant effect on earnings, and that this effect is larger for the older age group--aged between 35 and 54--than for the younger group--aged 20 to 34. I also find that earnings are more sensible to changes in cohort size in Southern Europe, which points to a lower degree of substitutability between individuals with the same education but different age. I argue that the uncovered lower substitutability in the Olive Belt of Europe is in line with the higher employment protection that its workers enjoy, at least compared to the workers located in Northern Europe. Notes: Keywords: Cohorts; Demographics; Earnings; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201002; Copyright: Copyright of Journal of Population Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://dx.doi.org/10.1007/s00148-009-0250-y http://www.springerlink.com/content/100520/ Author Address: U Padova Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 892 Author: Brunello, G.; Ariga, K. Year: 1995 Title: Is the Tenure-Earning Curve Really Steeper in Japan? A Re-examination Based on UK-Japan Comparison Editor: M. Okabe Book Title: The structure of the Japanese economy: Changes on the domestic and international fronts Publisher: Studies in the Modern Japanese Economy. New York: St. Martin's Press Pages: 109-131 Short Title: Is the Tenure-Earning Curve Really Steeper in Japan? A Re-examination Based on UK-Japan Comparison Keywords: Wage Level and Structure Wage Differentials J310 Labor Demand J230 Notes: Accession Number: 0453749; Reviewed Book ISBN: 0-312-12219-5; Keywords: Earnings; Tenure Earning; Geographic Descriptors: U.K.; Japan; Geographic Region: Europe; Asia; Publication Type: Collective Volume Article; Update Code: 199805 Author Address: U Venice Kyoto U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 510 Author: Brunello, G.; Ariga, K. Year: 1997 Title: Earnings and Seniority in Japan: A Re-appraisal of the Existing Evidence and a Comparison with the UK Journal: Labour Economics Volume: 4 Issue: 1 Pages: 47-69 Short Title: Earnings and Seniority in Japan: A Re-appraisal of the Existing Evidence and a Comparison with the UK ISSN: 09275371 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Accession Number: 0414657 Keywords: Wage Level and Structure Wage Differentials J310 Notes: Keywords: Earnings; Seniority; Geographic Descriptors: Japan; U.K.; Geographic Region: Asia; Europe; Publication Type: Journal Article; Update Code: 199706 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Author Address: U Venice Kyoto U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1264 Author: Brunello, G.; Checchi, D. Year: 2000 Title: Relative Wages in an Open Economy: The Post-war Italian Experience Journal: Rivista di Politica Economica Volume: 90 Issue: 10-11 Pages: 149-177 Short Title: Relative Wages in an Open Economy: The Post-war Italian Experience ISSN: 03916170 DOI: http://www.rivistapoliticaeconomica.it Accession Number: 0579823 Keywords: Wage Level and Structure Wage Differentials J310 Dispute Resolution: Strikes, Arbitration, and Mediation Collective Bargaining J520 Open Economy Macroeconomics F410 Notes: Keywords: Open Economy; Wage; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200109 URL: http://www.rivistapoliticaeconomica.it Author Address: U Padova U Milano Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1326 Author: Brunello, G.; Checchi, D. Year: 2000 Title of Work: School Quality and Family Background in Italy Institution: Fondazione Eni Enrico Mattei, Working Papers: 2003.10 Short Title: School Quality and Family Background in Italy DOI: http://www.feem.it/NR/rdonlyres/10EB6C80-0A77-45F7-A568-37B23642945C/688/1003.pdf Keywords: Health: General I100 Analysis of Education I210 Abstract: We study if the combined significant reduction in the pupil-teacher ratio and increase in parental education observed in Italy between the end of IIWW and the end of 1980s had a significant impact on the educational attainment and labor market returns of a representative sample of Italians born between 1941 and 1970. We find that the lower pupil-teacher ratio is positively correlated with higher educational attainment, but that the overall improvement of parental education has had an even stronger impact on attainment. We find that the positive impact of better school quality on educational attainment and returns to education has been particularly significant for individuals born in regions and cohorts with poorer family background. Parental education has had asymmetric effects, positive on attainment and negative on school returns. Better school quality also had asymmetric effects on the returns to education, positive for individuals with poor family background and negative for individuals born in regions and cohorts with relatively high parental education. Our evidence suggests that better school quality, measured by a lower pupil-teacher ratio, is a technical substitute to parental education in the production of individual human capital. When school quality and family background are substitutes, an increase of public resources invested in education can be used to reduce the differences induced by parental education. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0740339; Keywords: Schhol quality, Family Background; Publication Type: Working Paper; Update Code: 200408 URL: http://www.feem.it/NR/rdonlyres/10EB6C80-0A77-45F7-A568-37B23642945C/688/1003.pdf Author Address: University of Padua, CESifo and IZA wTw, University of Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1263 Author: Brunello, G.; Checchi, D. Year: 2003 Title: Relative Wages in an Open Economy: The Post-War Italian Experience Editor: M. Baldassarri and B. Chiarini Book Title: Studies in labour markets and industrial relations Publisher: Central Issues in Contemporary Economic Theory and Policy. Houndmills, U.K. and New York: Palgrave Macmillan in association with Rivista di Politica Economica Pages: 143-171 Short Title: Relative Wages in an Open Economy: The Post-War Italian Experience Reprint Edition: [2000] Keywords: Open Economy Macroeconomics F410 Wage Level and Structure Wage Differentials J310 Dispute Resolution: Strikes, Arbitration, and Mediation Collective Bargaining J520 Notes: Accession Number: 0786473; Reviewed Book ISBN: 1-4039-0802-8; Keywords: Open Economy; Wage; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200508 Author Address: U Padova U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1325 Author: Brunello, G.; Checchi, D. Year: 2005 Title: School Quality and Family Background in Italy Journal: Economics of Education Review Volume: 24 Issue: 5 Pages: 563-577 Short Title: School Quality and Family Background in Italy ISSN: 02727757 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/743/description#description Accession Number: 0807634 Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: We study whether the combined significant reduction in the pupil-teacher ratio and increase in parental education observed in Italy between the end of the second World War and the end of the 1980s have had a significant impact on the educational attainment and the labor market returns of a representative sample of Italians born between 1941 and 1970. We find that the lower pupil-teacher ratio is positively correlated with higher educational attainment, but that the overall improvement of parental education has had an even stronger impact on attainment. We also find that the positive impact of better school quality on educational attainment and returns to education has been particularly significant for the individuals born in regions and cohorts with poorer family background. Parental education has had asymmetric effects, positive on attainment and negative on school returns. Better school quality has also had asymmetric effects on the returns to education, positive for individuals with poor family background and negative for individuals born in regions and cohorts with relatively high parental education. Our evidence suggests that better school quality, measured by a lower pupil-teacher ratio, is a technical substitute to parental education in the production of individual human capital. When school quality and family background are substitutes, an increase of public resources invested in education can be used to reduce the differences induced by parental education. Notes: Keywords: Education; Teacher; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200512 URL: http://dx.doi.org/10.1016/j.econedurev.2004.09.001 http://www.elsevier.com/wps/find/journaldescription.cws_home/743/description#description Author Address: U Padova U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 493 Author: Brunello, G.; Checchi, D. Year: 2007 Title: Does School Tracking Affect Equality of Opportunity? New International Evidence Journal: Economic Policy Issue: 52 Pages: 781 Short Title: Does School Tracking Affect Equality of Opportunity? New International Evidence ISSN: 02664658 DOI: http://www.economic-policy.org/ Accession Number: 0949558 Alternate Accession Number: EP26612302 Keywords: Analysis of Education I210 Marriage Marital Dissolution Family Structure Domestic Abuse J120 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: This paper investigates whether the interaction between family background and secondary school tracking affects human capital accumulation. A widely shared view is that more tracking reinforces the role of parental privilege, and thereby reduces equality of opportunities. This may occur for several reasons, including peer effects (more talented students are gathered together), teacher sorting (better teachers prefer teaching better students), differences in curricula (academic oriented schools--like the German gymnasium, the French lycee, the British grammar school or the Italian liceo--teach abilities that increase the probability of entering college) and/or differences in resource endowment. Compared to the current literature, which focuses on early outcomes, such as test scores at 13 and 15 years old, we look at later outcomes, including literacy, dropout rates, college enrolment, employability and earnings. While we do confirm the common view that school tracking reinforces the impact of family background when looking at educational attainment and labour market outcomes, we do not confirm the same results when studying its impact on literacy and on-the-job training. Overall school tracking has an ambiguous effect in our sample of countries. On the one hand, and consistently with the previous literature, tracking has a detrimental impact on educational attainment, because it prevents some individuals from further progressing to the tertiary level of education (the diversion effect). On the other hand, the curricula offered in vocational schools seem more effective in promoting further training and adult competences (the specialization effect), thereby reducing the impact of parental background on these two outcomes. Thus, reducing the extent of student tracking, either by raising the age of first selection or by reducing the number of tracks available, may be appropriate for increasing intergenerational mobility in educational attainment, but may increase social exclusion for people from disadvantaged backgrounds. Notes: Keywords: Family; Human Capital; Teacher; Teaching; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200801; Copyright: Copyright of Economic Policy is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.economic-policy.org/ Author Address: U Padova and CESifo, Munich U Milan and IZA, Bonn Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1483 Author: Brunello, G.; Colussi, A. Year: 1998 Title: The Employer Size-wage Effect: Evidence from Italy Journal: Labour Economics Volume: 5 Issue: 2 Pages: 217-230 Short Title: The Employer Size-wage Effect: Evidence from Italy ISSN: 09275371 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Accession Number: 0472795 Keywords: Wage Level and Structure Wage Differentials J310 Production, Pricing, and Market Structure Size Distribution of Firms L110 Abstract: We use micro data to look at the firm-size wage differential in Italy. Given the remarkable importance of small firms in this country, this is a relevant issue. We have three major findings: (a) empirical estimates are very sensitive to the assumptions made in the modelling of the allocation of workers to firm sizes; (b) based upon our preferred specification, the estimated unconditional firm-size average log earnings differential is not significantly different from zero. Hence, differences in the returns to similar characteristics for individuals working in small and large private firms, who are randomly drawn from the population, are small and not significantly different from zero; (c) the raw average log earning differential is explained mainly by differences in observed individual characteristics and by selection effects. Notes: Keywords: Earnings; Firm Size; Firm; Firms; Small Firm; Wage; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199809 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Author Address: U Udine U PA Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 530 Author: Brunello, G.; Comi, S. Year: 2000 Title of Work: Education and Earning Growth. Evidence from 11 European Countries Institution: Note di Lavoro Fondazione Eni Enrico Mattei: 29.00 Pages: 23-23 Short Title: Education and Earning Growth. Evidence from 11 European Countries Keywords: Wages, Compensation, and Labor Costs: General J300 Abstract: We use cohort data from 11 European countries to study whether experience profiles differ by educational attainment. Previous literature does not provide a clear answer to this question, that is important to evaluate private returns to education over the working life of individuals. We find evidence that employees with tertiary education have steeper experience profiles than employees with upper secondary or compulsory education. Hence, education provides not only an initial labour market advantage but also a permanent advantage that increases with time in the labour market. We also find that differences in earnings growth by education are lower in countries with a higher level of corporatism and higher in countries which have experienced both relatively fast labour productivity growth and a relatively low educational attainment. The educational system also seems to matter, because countries with a more stratified system of secondary education have smaller differences in earnings growth by education. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0881046; Keywords: Education, Earnings Growth, Europe; Publication Type: Working Paper; Update Code: 200703 Author Address: U Padova and IZA Bonn Fondazione Eni Enrico Mattei Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 531 Author: Brunello, G.; Comi, S. Year: 2004 Title: Education and Earnings Growth: Evidence from 11 European Countries Journal: Economics of Education Review Volume: 23 Issue: 1 Pages: 75-83 Short Title: Education and Earnings Growth: Evidence from 11 European Countries ISSN: 02727757 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/743/description#description Accession Number: 0676913 Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Abstract: We use cohort data from 11 European countries to study whether experience-earnings profiles differ by educational attainment. We find evidence that employees with tertiary education have steeper experience-earnings profiles than employees with upper secondary or lower education. Hence, education provides not only an initial labor market advantage but also a permanent advantage that increases with time in the labor market. We also find that differences in earnings growth by education are higher in countries which have experienced faster labor productivity growth. Notes: Keywords: Earnings; Education; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200403 URL: http://dx.doi.org/10.1016/S0272-7757(03)00048-7 http://www.elsevier.com/wps/find/journaldescription.cws_home/743/description#description Author Address: U Padova U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1282 Author: Brunello, G.; Comi, S.; Lucifora, C. Year: 1999 Title: Returns to Education in Italy: A Review of the Applied Literature Editor: R. Asplund and P. T. Pereira Book Title: Returns to human capital in Europe: A literature review Publisher: ETLA, The Research Institute of the Finnish Economy, Sarja B 156 Series. Helsinki: Taloustieto Oy Pages: 183-208 Short Title: Returns to Education in Italy: A Review of the Applied Literature Keywords: Education and Research Institutions: General I200 Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Notes: Accession Number: 0574383; Reviewed Book ISBN: 951-628-304-7; Keywords: Education; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200108 Author Address: U Padua, FEEM and IZA, Italy FEEM, Italy U Palermi, Catholic U Piacenza and FEEM, Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1427 Author: Brunello, G.; Comi, S.; Lucifora, C. Year: 2000 Title of Work: The College Wage Gap in 10 European Countries: Evidence from Two Cohorts Institution: Note di Lavoro Fondazione Eni Enrico Mattei: 85.00 Pages: 38-38 Short Title: The College Wage Gap in 10 European Countries: Evidence from Two Cohorts Keywords: Wage Level and Structure Wage Differentials J310 Abstract: We study the recent evolution of the college wage gap with a unique data set that covers 10 European countries and two cohorts of male employees from the early to mid 1980s to the mid to late 1990s. We find evidence of significant cross country differences in the level and dynamics of the gap. There is also evidence that both the level and the growth of the college wage gap significantly differ between cohorts. The estimated growth in the gap turns out to be negatively correlated to changes in relative supply and positively correlated both with the long run rate of productivity growth and with an index of between industry demand shocks. Institutional changes also matter, and we find that countries that have experienced declines in union density, in the centralization of the wage bargain and in employment protection measures have also had a faster growth in the college wage gap. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0881102; Keywords: College wage gap, Growth of college wage gap, Labour market institutions, Europe; Publication Type: Working Paper; Update Code: 200703 Author Address: U Padua, IZA Bonn, CESifo Munich and Fondazione Eni Enrico Mattei, Milan Fondazione Eni Enrico Mattei, Milan Catholic U Milan and Fondazione Eni Enrico Mattei, Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 532 Author: Brunello, G.; Comi, S.; Lucifora, C. Year: 2001 Title: Education and Earnings in Europe: Italy Editor: C. Harmon, I. Walker and N. Westergaard-Nielsen Book Title: Education and earnings in Europe: A cross country analysis of the returns to education Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt. Pages: 157-178 Short Title: Education and Earnings in Europe: Italy Keywords: Analysis of Education I210 Wage Level and Structure Wage Differentials J310 Education: Government Policy I280 Human Capital Skills Occupational Choice Labor Productivity J240 Notes: Accession Number: 0651203; Reviewed Book ISBN: 1-84064-530-X; Keywords: Earnings; Education; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200307 Author Address: U Padua Fondazione Eni Enrico Mattei, Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 766 Author: Brunello, G.; Comi, S.; Sonedda, D. Year: 2011 Title: Income Taxes and the Composition of Pay: Evidence from the British Household Panel Survey Journal: Scottish Journal of Political Economy Volume: 58 Issue: 3 Pages: 297-322 Short Title: Income Taxes and the Composition of Pay: Evidence from the British Household Panel Survey ISSN: 00369292 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292 Accession Number: 1241184 Keywords: Personal Finance D140 Asymmetric and Private Information D820 Insurance Insurance Companies G220 Personal Income and Other Nonbusiness Taxes and Subsidies includes inheritance and gift taxes H240 Abstract: According to the standard principal-agent model, the optimal composition of pay should balance the provision of incentives with the individual demand for insurance. Do income taxes alter this balance? We show that the relative share of performance-related pay (PRP), on total pay is reduced by higher average and marginal income taxes. Empirical evidence based on the British Household Panel Survey is consistent with the theoretical predictions of the tax-augmented principal-agent model. Our estimates suggest that a 10% reduction in the marginal income tax rate, holding the average tax rate constant, increases the share of PRP in total pay by 2.25-3.02%, depending on the empirical specification. Similarly, a 10% reduction in the average income tax rate, holding the marginal tax rate constant, increases the share of PRP in total pay by 5.10-5.27%. Notes: Keywords: Income Tax; Insurance; Principal Agent; Tax; Taxes; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201106 URL: http://www.blackwellpublishing.com/journal.asp?ref=0036-9292 Author Address: U Padova and CESifo, Munich U Milan-Bicocca U Piemonte Orientale and CRENoS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1570 Author: Brunello, G.; De Paola, M. Year: 2008 Title: Training and Economic Density: Some Evidence Form Italian Provinces Journal: Labour Economics Volume: 15 Issue: 1 Pages: 118-140 Short Title: Training and Economic Density: Some Evidence Form Italian Provinces ISSN: 09275371 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Accession Number: 0957341 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Personnel Economics: Training M530 Technological Change: Choices and Consequences Diffusion Processes O330 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Abstract: In this paper we use a search and matching model to investigate the economic relationship between training and local economic conditions. We identify two aspects of this relationship going in opposite directions: on the one hand, the complementarity between local knowledge spillovers and training generates a positive correlation between training and local density; on the other hand, higher wages and labor turnover in denser areas reduce training. Overall the relationship can be either positive or negative, depending on the relative strength of these two effects. Our empirical analysis, based on a sample of Italian firms, shows that training is lower in provinces with higher labor market density, measured as the number of employees per squared kilometer. Notes: Keywords: Labor Turnover; Training; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200803 URL: http://dx.doi.org/10.1016/j.labeco.2006.10.001 http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Author Address: U Padua and CESifo U Calabria Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1167 Author: Brunello, G.; De Paola, M.; Scoppa, V. Year: 2010 Title: Peer Effects in Higher Education: Does the Field of Study Matter? Journal: Economic Inquiry Volume: 48 Issue: 3 Pages: 621-634 Short Title: Peer Effects in Higher Education: Does the Field of Study Matter? ISSN: 00952583 DOI: http://www.blackwell-synergy.com/loi/ecin/ Accession Number: 1110848 Alternate Accession Number: EP51481740 Keywords: Consumer Economics: Empirical Analysis D120 Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: Does the peer effect vary with the field of study? Using data from a middle-sized public university located in southern Italy and exploiting the random assignment of first-year students to college accommodation, we find that roommate peer effects for freshmen enrolled in the hard sciences are positive and significantly larger than for freshmen enrolled in the humanities and social sciences. We present a simple theoretical model which suggests that the uncovered differences between fields in the size of the peer effect could plausibly be generated by between-field variation in labor market returns, which affect optimal student effort. Notes: Keywords: Education; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201007; Copyright: Copyright of Economic Inquiry is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwell-synergy.com/loi/ecin/ Author Address: U Padova U Calabria Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 476 Author: Brunello, G.; D'Hombres, B. Year: 2007 Title: Does Body Weight Affect Wages? Evidence from Europe Journal: Economics and Human Biology Volume: 5 Issue: 1 Pages: 1-19 Short Title: Does Body Weight Affect Wages? Evidence from Europe ISSN: 1570677X DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622964/description#description Accession Number: 0901718 Keywords: Analysis of Education I210 Wage Level and Structure Wage Differentials J310 Abstract: We use data from the European Community Household Panel to investigate the impact of body weight on wages in nine European countries. When we pool the available data across countries and years, we find that a 10% increase in the average body mass index reduces the real earnings of males and females by 3.27% and 1.86%, respectively. Since European culture, society and labour market are heterogeneous, we estimate separate regressions for Northern and Southern Europe and find that the negative impact of the body mass index on earnings is larger--and statistically significant--in the latter area. Notes: Keywords: Earnings; Wage; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200705 URL: http://dx.doi.org/10.1016/j.ehb.2006.11.002 http://www.elsevier.com/wps/find/journaldescription.cws_home/622964/description#description Author Address: U Padova and IZA, Bonn European Commission Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 320 Author: Brunello, G.; Fort, M.; Weber, G. Year: 2009 Title: Changes in Compulsory Schooling, Education and the Distribution of Wages in Europe Journal: Economic Journal Volume: 119 Issue: 536 Pages: 516-539 Short Title: Changes in Compulsory Schooling, Education and the Distribution of Wages in Europe ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 1024026 Alternate Accession Number: EP36551363 Keywords: Analysis of Education I210 Education: Government Policy I280 Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Abstract: Using data from 12 European countries and the variation across countries and over time in the changes of minimum school leaving age, we study the effects of the quantity of education on the distribution of earnings. We find that compulsory school reforms significantly affect educational attainment, especially among individuals belonging to the lowest quantiles of the distribution of ability. There is also evidence that additional education reduces conditional wage inequality, and that education and ability are substitutes in the earnings function. Notes: Keywords: Earnings; Education; Schooling; Wage; Wage Inequality; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200904; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: U Padova and CESifo, Munich U Bologna U Padova and IFS, London Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 205 Author: Brunello, G.; Gambarotto, F. Year: 2004 Title of Work: Agglomeration Effects on Employer-Provided Training: Evidence from the UK Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1150 Short Title: Agglomeration Effects on Employer-Provided Training: Evidence from the UK DOI: http://www.cesifo.de/DocCIDL/1150.pdf Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Size and Spatial Distributions of Regional Economic Activity R120 Abstract: Recent empirical evidence suggests that the density of local economic activity--measured as the number of employees per squared kilometer--positively affects local average productivity. In this paper we use British data from the European Community Household Panel to ask whether local density affects employer-provided training. We find that training is less frequent in economically denser areas. We explain this result as the outcome of the interaction between the positive pooling effects and negative poaching and turnover effects of agglomeration. The size of the negative effect of density is not negligible: when evaluated at the average firm size in the local area, a 10 percent increase in density reduces the probability of employer-provided training by 0.07, more than 20 percent of the average incidence of training in the UK during the sample period. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0906250; Keywords: training, spatial economics, Britain; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/1150.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 470 Author: Brunello, G.; Gambarotto, F. Year: 2007 Title: Do Spatial Agglomeration and Local Labor Market Competition Affect Employer-Provided Training? Evidence from the UK Journal: Regional Science and Urban Economics Volume: 37 Issue: 1 Pages: 1-21 Short Title: Do Spatial Agglomeration and Local Labor Market Competition Affect Employer-Provided Training? Evidence from the UK ISSN: 01660462 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505570/description#description Accession Number: 0894988 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Firm Performance: Size, Diversification, and Scope L250 Personnel Economics: Training M530 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Other Production and Pricing Analysis R320 Abstract: In this paper we use British data to ask whether local employment density-which we take as a proxy of labor market competition-affects employer-provided training. We find that training is less frequent in economically denser areas. We interpret this result as evidence that the balance of poaching and local agglomeration effects on training is negative. The effect of density on training is not negligible: when evaluated at the average firm size in the local area, a 1% increase in density reduces the probability of employer-provided training by 0.014, close to 4% of the average incidence of this type of training in the UK. Notes: Keywords: Firm Size; Firm; Firms; Spatial; Training; Geographic Descriptors: U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200703 URL: http://dx.doi.org/10.1016/j.regsciurbeco.2006.06.006 http://www.elsevier.com/wps/find/journaldescription.cws_home/505570/description#description Author Address: U Padua and IZA, Germany U Padua Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 534 Author: Brunello, G.; Garibaldi, P.; Wasmer, E. e. Year: 2007 Title: Education and Training in Europe Publisher: With Andrea Bassanini et al. Oxford and New York: Oxford University Press Number of Pages: xxii Short Title: Education and Training in Europe Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Personnel Economics: Training M530 Education: Government Policy I280 Abstract: Eleven papers take stock of the core facts and characteristics of education and training in Europe, ask crucial questions about the fundamental problems of European education, and discuss which policies are necessary to make the existing educational systems more efficient and accessible. Papers discuss theory and facts; cohesion and the supply of general skills in Europe; higher education, innovation, and growth; internal mobility, skills, and education; skill mismatch and overqualification in the enlarged Europe; specificity of skills and reallocation; an overview of the theoretical framework; stylized facts about workplace training; training and labor market institutions; the costs and benefits of workplace training; and whether there is scope for policy. Brunello is Professor of Economics at the University of Padua. Garibaldi is Professor of Economics at the University of Turin. Wasmer is Professor of Economics at Sciences-Po, Paris. Index. Notes: Accession Number: 0960901; Reviewed Book ISBN: 978-0-19-921097-8; Keywords: Education; Skill; Training; Publication Type: Book; Update Code: 200803 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1343 Author: Brunello, G.; Giannini, M. Year: 2004 Title: Selective Schools Journal: Bulletin of Economic Research Volume: 56 Issue: 3 Pages: 207-225 Short Title: Selective Schools ISSN: 03073378 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0307-3378 Accession Number: 0742904 Alternate Accession Number: EP13579258 Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: This paper studies how schooling admission tests affect economic performance in an economy where individuals are endowed with both academic and non-academic abilities and both abilities matter for labour productivity. We develop a simple model with schools run by the government, where individuals signal their abilities by taking an admission test and sort into low quality and high quality schools. When abilities are poorly correlated in the population, as documented in the literature, a standard test based only on academic abilities can be less efficient than a balanced test, which considers both ability types. We show that a sequential testing strategy, with schools testing academic abilities and firms testing non-academic abilities on the sub-sample of graduates of high quality schools, does not necessarily replicate the outcome of a balanced test. Notes: Keywords: Labor Productivity; Productivity; Schooling; Publication Type: Journal Article; Update Code: 200409; Copyright: Copyright of Bulletin of Economic Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0307-3378 Author Address: U Padua U Molise Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1154 Author: Brunello, G.; Graziano, C.; Parigi, B. Year: 2000 Title of Work: Ownership or Performance: What Determines Board of Directors' Turnover in Italy? Institution: Fondazione Eni Enrico Mattei, Working Papers: 1999.30 Short Title: Ownership or Performance: What Determines Board of Directors' Turnover in Italy? DOI: http://www.feem.it/NR/rdonlyres/F7A987A3-9C23-4083-B152-B15D8EBFA475/500/3099.pdf Keywords: Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Labor Turnover Vacancies Layoffs J630 Abstract: This paper analyses the turnover of board of directors members on a sample of companies listed on the Milan Stock Exchange in the period 1988-1996. Our aim is to investigate if board members change more frequently when company performance is poor, as the literature suggests, if this relationship is similar for C.E.O.s and other board members, and if and how the ownership structure of Italian companies affects these relationships. We use three different measures of board of directors turnovers: turnover A is the turnover of all board members; turnover B is the turnover of the President, Vice-President, C.E.O. and General Manager; finally turnover C is the turnover of C.E.O.s only. We find that changes in ownership affect turnover and that the relationship between turnover and performance is stronger in companies that have experienced a change in the controlling shareholder. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0698671; Keywords: Board of Directors, Corporate governance, Financial agency; Publication Type: Working Paper; Update Code: 200404 URL: http://www.feem.it/NR/rdonlyres/F7A987A3-9C23-4083-B152-B15D8EBFA475/500/3099.pdf Author Address: Department of Economics, University of Padua, Padua, Italy, and Research Associate, CEPR, London. Department of Economics, University of Udine, Udine, Italy Department of Economics, University of Padua, Padua, Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 594 Author: Brunello, G.; Graziano, C.; Parigi, B. Year: 2001 Title: Executive Compensation and Firm Performance in Italy Journal: International Journal of Industrial Organization Volume: 19 Issue: 1-2 Pages: 133-161 Short Title: Executive Compensation and Firm Performance in Italy ISSN: 01677187 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505551/description#description Accession Number: 0554071 Keywords: Personnel Management Executive Compensation M120 Business Economics M210 Abstract: We use survey data to investigate the determinants of executive pay in a sample of Italian firms. To the best of our knowledge this is the first empirical study on the compensation of Italian executives. Our key hypothesis is that the characteristics of the Italian capital market, corporate governance and the specific relationship between banks and firms imply a low fraction of incentive pay over total compensation and a low sensitivity of incentive pay to firm performance. We find evidence that supports this hypothesis. We estimate that an increase of real profits per firm by 1 billion lire increases the pay of upper and middle managers by only 31 thousand lire, more than the increase found for lower management (6 thousand). Furthermore, pay-performance sensitivity is higher in foreign-owned firms, in listed firms, and in firms affiliated to a multinational group. Notes: Keywords: Executives; Firm; Firms; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200102 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505551/description#description Author Address: U Padua and CEPR U Udine U Padua Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 317 Author: Brunello, G.; Graziano, C.; Parigi, B. M. Year: 2003 Title: CEO Turnover in Insider-Dominated Boards: The Italian Case Journal: Journal of Banking and Finance Volume: 27 Issue: 6 Pages: 1027-1051 Short Title: CEO Turnover in Insider-Dominated Boards: The Italian Case ISSN: 03784266 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Accession Number: 0653280 Keywords: Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Personnel Management Executive Compensation M120 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Abstract: We investigate CEO turnover in relationship to performance, ownership concentration and CEO ownership in a sample of 60 private companies listed on the Italian Stock Exchanges over the 9-year period 1988-96. Concentrated ownership, family control, limited institutional investors activism, and lack of main bank monitoring make Italy a corporate governance environment dominated by insiders. As a result, boards of directors are dominated by insiders and/or represent the interests of the controlling shareholders. Our main finding is that CEO turnover is negatively related to firm performance also in this environment, but this relationship holds only if the controlling shareholder is not the CEO. Our findings suggest that insiders with large stakes monitor and replace under-performing outside CEOs. The paper offers positive empirical evidence that non-CEO controlling shareholders are a governance mechanism that provides a substitute for outside members on boards of directors in lowering agency costs. When the CEO is an owner, however, we have all the negative aspects of insider-dominated boards. Notes: Keywords: CEO; Corporate Governance; Governance; Ownership; Shareholder; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200307 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Author Address: U Padua U Udine Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 538 Author: Brunello, G.; Ishikawa, T. Year: 1999 Title: Education, Training and Labour Market Structure: Italy and Japan in Comparative Perspective Journal: Economic Systems Volume: 23 Issue: 1 Pages: 61-83 Short Title: Education, Training and Labour Market Structure: Italy and Japan in Comparative Perspective ISSN: 09393625 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/621171/description#description Accession Number: 0496680 Keywords: Comparative Studies of Particular Economies P520 Labor Force and Employment, Size, and Structure J210 Human Capital Skills Occupational Choice Labor Productivity J240 Analysis of Education I210 Labor Turnover Vacancies Layoffs J630 Abstract: This paper compares the Italian and the Japanese formal education systems and looks at the interaction between these systems and labour market outcomes. In Japan these interactions are characterised by limited labour turnover and by an emphasis on hiring straight from school, in Italy by higher turnover and by an emphasis on hiring experienced workers. We informally model these interactions as two (locally) stable equilibria. We show that we cannot in general Pareto-rank these equilibria. We draw from this the conclusion that more competition in school does not necessarily yield a more efficient outcome. Notes: Keywords: Education; Hiring; Labor Turnover; Training; Turnover; Geographic Descriptors: Italy; Japan; Geographic Region: Europe; Asia; Publication Type: Journal Article; Update Code: 199909 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/621171/description#description Author Address: U Padova U Tokyo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 547 Author: Brunello, G.; Ishikawa, T. Year: 1999 Title: Elite Schools, High Tech Jobs and Economic Welfare Journal: Journal of Public Economics Volume: 72 Issue: 3 Pages: 395-419 Short Title: Elite Schools, High Tech Jobs and Economic Welfare ISSN: 00472727 DOI: http://www.elsevier.com/locate/inca/505578/ Accession Number: 0494846 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 National Government Expenditures and Education H520 Abstract: The authors present a model where the interaction between the size of the elite school sector, industrial structure and labor market outcomes is characterized by the concept of Nash decentralized equilibrium. Depending on the underlying parameters, the economy described in the model can be characterized by multiple regime equilibria and historical accident decides which equilibrium the economy falls in. In one regime, the size of the elite school sector affects investment in academic skills, average productivity and wages. In another regime, elite schools do not matter for productivity and wages. Government policy that tries to shift the economy from the latter to the former regime cannot succeed unless there is a regime shift in the hiring policies of firms, from the reliance upon experienced workers to the emphasis on hiring school graduates from elite schools. Notes: Keywords: School; Skills; Publication Type: Journal Article; Update Code: 199908 URL: http://www.elsevier.com/locate/inca/505578/ Author Address: Padua U U Tokyo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 537 Author: Brunello, G.; Ishikawa, T. Year: 2001 Title: Education, Training and Labour Market Structure Editor: A. Boltho, A. Vercelli and H. Yoshikawa Book Title: Comparing economic systems: Italy and Japan Publisher: Houndmills, U.K. and New York: Palgrave Pages: 198-220 Short Title: Education, Training and Labour Market Structure Reprint Edition: [1999] Keywords: Comparative Studies of Particular Economies P520 Labor Force and Employment, Size, and Structure J210 Human Capital Skills Occupational Choice Labor Productivity J240 Analysis of Education I210 Labor Turnover Vacancies Layoffs J630 Notes: Accession Number: 0650345; Reviewed Book ISBN: 0-333-92893-8; Keywords: Education; Training; Geographic Descriptors: Italy; Japan; Geographic Region: Europe; Asia; Publication Type: Collective Volume Article; Update Code: 200307 Author Address: Padua U Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 478 Author: Brunello, G.; Ishikawa, T. Year: 2002 Title: Does Competition at School Matter? A View Based upon the Italian and Japanese Experiences Editor: D. Cohen, T. Piketty and G. Saint-Paul Book Title: The economics of rising inequalities Publisher: Oxford and New York: Oxford University Press Pages: 103-132 Short Title: Does Competition at School Matter? A View Based upon the Italian and Japanese Experiences Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Notes: Accession Number: 0760004; Reviewed Book ISBN: 0-19-925402-8; ; Geographic Descriptors: Italy; Japan; Geographic Region: Europe; Asia; Publication Type: Collective Volume Article; Update Code: 200501 Author Address: Padua U and IZA, Bonn U Tokyo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1549 Author: Brunello, G.; Lucifora, C.; Winter-Ebmer, R. Year: 2001 Title of Work: The Wage Expectations of European College Students Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2817 Short Title: The Wage Expectations of European College Students DOI: http://www.cepr.org/pubs/dps/DP2817.asp Keywords: Wages, Compensation, and Labor Costs: General J300 Abstract: Expected earnings and expected returns to education are seen by labour economists as a major determinant of educational attainment. In spite of this, the empirical knowledge about expectations and their formation is scarce. In this Paper we report the results of the first systematic study of the wage expectations of European college students. Our data are based on the replies to the same questionnaire by more than 6000 college students all over Europe. We study the determinants of wage expectations and expected employment probabilities, the variability of these expectations within a field of study and their variation across universities and fields. We also examine the trade-off between expected starting wages and wage growth. In the final section of the paper, we contrast expected returns to education with actual returns estimated from country-specific microdata. In line with US studies we find that students overestimate returns to education. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694091; Keywords: Expectations Formation; Information Processing; Returns to Education; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2817.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1548 Author: Brunello, G.; Lucifora, C.; Winter-Ebmer, R. Year: 2004 Title: The Wage Expectations of European Business and Economics Students Journal: Journal of Human Resources Volume: 39 Issue: 4 Pages: 1116-1142 Date: Fall Short Title: The Wage Expectations of European Business and Economics Students ISSN: 0022166X DOI: http://jhr.uwpress.org/archive/ Accession Number: 0761973 Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Wage Level and Structure Wage Differentials J310 Abstract: Expected earnings and expected returns to education are seen by labor economists as a major determinant of educational attainment. In spite of this, the empirical knowledge about expectations and their formation is scarce. In this paper we report the results of the first systematic study of the wage expectations of European university students. Our data are based on a uniform questionnaire answered by about 3,000 business and economics university students across Europe. We study the determinants of wage expectations and expected employment probabilities, the variability of these expectations and their variation across countries and universities. We also examine the tradeoff between expected starting wages and expected wage growth. Notes: Keywords: Earnings; Education; Wage; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200502 URL: http://jhr.uwpress.org/archive/ Author Address: U Padova and CESifo Catholic U Milan U Linz and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1254 Author: Brunello, G.; Lupi, C.; Ordine, P. Year: 2000 Title: Regional Disparities and the Italian NAIRU Journal: Oxford Economic Papers Volume: 52 Issue: 1 Pages: 146-177 Short Title: Regional Disparities and the Italian NAIRU ISSN: 00307653 DOI: http://oep.oxfordjournals.org/ Accession Number: 0529215 Alternate Accession Number: EP2869810 Keywords: Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Trade Unions: Objectives, Structure, and Effects J510 Abstract: In this paper we estimate the Italian NAIRU using annual data for the period 1951-96. We find evidence consistent with aggregate wage setting in Italy depending only on the rate of unemployment prevailing in the Northern and Central areas of the country. There is evidence supporting the presence of a long-run cointegrating relationship among unemployment in the Northern and Central areas, the tax wedge, the real interest rate and a measure of union power. The response of unemployment to exogenous shocks is sluggish, suggesting that persistence is an important feature of the Italian labor market. Notes: Keywords: NAIRU; Regional; Unemployment; Union; Wage; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200007; Copyright: Copyright of Oxford Economic Papers is the property of Oxford University Press / UK and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://oep.oxfordjournals.org/ Author Address: U Padua Istituto Studi Analisi Economica U Calabria Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 926 Author: Brunello, G.; Lupi, C.; Ordine, P. Year: 2005 Title: Labor Taxes in Local Labor Markets: Evidence from Italian Regions Journal: Giornale degli Economisti e Annali di Economia Volume: 64 Issue: 1 Pages: 29-54 Short Title: Labor Taxes in Local Labor Markets: Evidence from Italian Regions ISSN: 00170097 DOI: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Accession Number: 0818838 Keywords: Personal Income and Other Nonbusiness Taxes and Subsidies includes inheritance and gift taxes H240 Unemployment: Models, Duration, Incidence, and Job Search J640 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Abstract: By focusing on the Italian experience, we ask whether the relationship between labor taxes and unemployment varies across regions. In spite of similar national labor market institutions, we show that this relationship is significantly stronger in the highly industrialized North than in the less developed South, where unemployment is much higher. An important source of variation in the regional responsiveness of unemployment originates from the fact that regional gross wages in the North increase more than in the South in response to a hike in labor taxes. Notes: Keywords: Regional; Taxes; Unemployment; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200602 URL: http://giornaledeglieconomisti.unibocconi.it/on-line/Home/artCatVolumes.5.1.10.2.html Author Address: U Padua and CESifo U Molise and Libera U Maria SS Assunta U Calabria Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 231 Author: Brunello, G.; Medio, A. Year: 2001 Title: An Explanation of International Differences in Education and Workplace Training Journal: European Economic Review Volume: 45 Issue: 2 Pages: 307-322 Short Title: An Explanation of International Differences in Education and Workplace Training ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0559005 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: We develop a simple search equilibrium model of workplace training and education based on two features. First, investment in education improves job-related learning skills and reduces training costs by firms. Second, firms with vacant skilled job slots can choose between recruitment from the market and training. Compared to Germany and Japan, the US has both a higher inflow rate into unemployment and a higher efficiency of the matching process. While the combined effect of these differences on the share of educated labor is ambiguous, the effect on the percentage of firms undertaking workplace training is to unambiguously reduce it. Notes: Keywords: Education; Skills; Training; Geographic Descriptors: U.S.; Germany; Japan; Geographic Region: Northern America; Europe; Asia; Publication Type: Journal Article; Update Code: 200104 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: U Padova and Institute for the Study of Labor, Bonn U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1516 Author: Brunello, G.; Michaud, P.-C.; Sanz-de-Galdeano, A. Year: 2008 Title of Work: The Rise in Obesity Across the Atlantic: An Economic Perspective Institution: RAND Corporation Publications Department, Working Papers: 586 Pages: 67 pages Short Title: The Rise in Obesity Across the Atlantic: An Economic Perspective DOI: http://www.rand.org/pubs/working_papers/2008/RAND_WR586.pdf Keywords: Health: General I100 Welfare Economics: General D600 Abstract: The authors provide comparable evidence on the patterns and trends in obesity across the Atlantic and analyze whether there are economic rationales for public intervention to control obesity. They take into account equity issues as well as efficiency considerations, which are organized around three categories of market failures: productive inefficiencies, lack of information or rationality and health insurance externalities. They also calculate the long term financial consequences of current U.S. and European obesity trends, and conclude with a brief review of current policies to reduce and prevent excessive body weight both in Europe and the U.S. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1089643; Keywords: obesity, health care costs, efficiency, equity; Publication Type: Working Paper; Update Code: 201003 URL: http://www.rand.org/pubs/working_papers/2008/RAND_WR586.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1517 Author: Brunello, G.; Michaud, P.-C.; Sanz-de-Galdeano, A. Year: 2009 Title: The Rise of Obesity in Europe: An Economic Perspective Journal: Economic Policy Issue: 59 Pages: 551 Short Title: The Rise of Obesity in Europe: An Economic Perspective ISSN: 02664658 DOI: http://www.economic-policy.org/ Accession Number: 1052108 Alternate Accession Number: EP42419121 Keywords: Health Production I120 Health: Government Policy Regulation Public Health I180 Abstract: Obesity in Europe is rising. This paper investigates the economic rationales for public intervention to control obesity. We present new empirical evidence showing that family background is related to obesity among young European adults. This evidence provides a strong basis for intervention on equity grounds, particularly targeted towards children. The case for intervention on efficiency grounds is less clear-cut and in most cases the evidence is relatively weak. We find insufficient evidence that information deficiencies are important, as the majority of Europeans appear to be aware of the bad consequences of obesity on health. We also find that the potential health insurance externality--non-obese effectively subsidizing obese individuals--is small. In support of policy intervention, we show that there are product and labour market imperfections. Obese employees earn less than the non-obese. We also find that there is a remarkably high proportion of individuals with self-control problems, who fail to stick to their self-declared weight-related plans. Regulations that affect fast food advertisements and the location and access to fast food vending machines and establishments may help these individuals in controlling their weight. Notes: Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200908; Copyright: Copyright of Economic Policy is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.economic-policy.org/ Author Address: U Padova and IZA, Bonn RAND Corporation and IZA, Bonn U Girona and IZA, Bonn Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 275 Author: Brunello, G.; Miniaci, R. Year: 1997 Title: Benefit Transfers in Italy: An Empirical Study of Mobility Lists in the Milan Area Journal: Oxford Bulletin of Economics and Statistics Volume: 59 Issue: 3 Pages: 329-347 Short Title: Benefit Transfers in Italy: An Empirical Study of Mobility Lists in the Milan Area ISSN: 03059049 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0305-9049 Accession Number: 0437492 Alternate Accession Number: EP82393 Keywords: Mobility, Unemployment, and Vacancies: Public Policy J680 Unemployment Insurance Severance Pay Plant Closings J650 Economics of the Elderly Economics of the Handicapped Non-labor Market Discrimination J140 Notes: Geographic Descriptors: Italy; U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199801; Copyright: Copyright of Oxford Bulletin of Economics & Statistics is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0305-9049 Author Address: U Venice U Padua Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1456 Author: Brunello, G.; Miniaci, R. Year: 1999 Title: The Economic Returns to Schooling for Italian Men. An Evaluation Based on Instrumental Variables Journal: Labour Economics Volume: 6 Issue: 4 Pages: 509-519 Short Title: The Economic Returns to Schooling for Italian Men. An Evaluation Based on Instrumental Variables ISSN: 09275371 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Accession Number: 0512050 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Analysis of Education I210 Wage Level and Structure Wage Differentials J310 Abstract: We study the relationship between (log) hourly earnings and schooling for male household heads in Italy, using cross-sectional data from the 1993 and 1995 waves of the Bank of Italy (BI) survey on the income and wealth of Italian households. In line with international evidence, we find that OLS underestimate the return to schooling. When the endogeneity of schooling is taken into account, the return to an additional year in school increases from 4.8% to 5.6%. This estimate is lower than the estimates tabulated by Card (1994) for the United States. We also find evidence that this return increases with higher levels of educational attainment. Notes: Keywords: Earnings; Schooling; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200004 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/523092/description#description Author Address: U Padova Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 997 Author: Brunello, G.; Paola, M. D. Year: 2004 Title of Work: Market Failures and the Under-Provision of Training Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1286 Short Title: Market Failures and the Under-Provision of Training DOI: http://www.cesifo.de/DocCIDL/1286.pdf Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: This paper reviews both the theoretical underpinnings and the empirical evidence in support of the under-provision of training. While there is little if any evidence in support of under-provision because of liquidity constraints to the demand side of the market, there is evidence that employers provide and pay for general training, and that the provision of skills encourages labor turnover. The combination of these two facts suggests that the labor market provides less training than optimal. The balance of the existing empirical evidence suggests that policy discussions should focus on the employer rather than on employees. Therefore, we conclude our review by discussing policies which affect the employer' marginal benefits and marginal costs of training. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0906114; Keywords: training, efficiency, turnover; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/1286.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 925 Author: Brunello, G.; Parisi, M. L.; Sonedda, D. Year: 2002 Title of Work: Labor Taxes and Wages: Evidence from Italy Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 715 Short Title: Labor Taxes and Wages: Evidence from Italy DOI: http://www.cesifo-group.de/DocCIDL/715.pdf Keywords: Personal Income and Other Nonbusiness Taxes and Subsidies includes inheritance and gift taxes H240 Abstract: We study the empirical relationship between labor taxation and pretax wages in Italy. We find that higher tax progressivity increases pretax wages. To explain this result, we introduce in an informal way a relative wage effect and argue that the combination of this effect with the labor supply effect dominates the wage moderation effect. We find also evidence that changes in payroll taxes are not fully absorbed by offsetting changes in the pretax wage and affect labor costs and employment. The evidence on the effect of the average income tax rate on pretax wages is more mixed, but it also points to the presence of some degree of real wage resistance. Finally, we find significant differences in the relationship between labor taxes and pretax wages by age group but not by skill or region of residence. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0906684; Keywords: progressive taxation, wage determination, Italy; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo-group.de/DocCIDL/715.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 927 Author: Brunello, G.; Parisi, M. L.; Sonedda, D. Year: 2002 Title of Work: Labor Taxes, Wage Setting and the Relative Wage Effect Institution: Note di Lavoro Fondazione Eni Enrico Mattei: 34.02 Pages: 25-25 Short Title: Labor Taxes, Wage Setting and the Relative Wage Effect Keywords: Personal Income and Other Nonbusiness Taxes and Subsidies includes inheritance and gift taxes H240 Abstract: Public finance solutions to high unemployment in Europe have often been advocated during the past years. With unemployment concentrated among the young and unskilled, it has been suggested that the reduction of social security contributions for low wage earnings, financed by a carbon tax, could yield a double dividend, the reduction of unemployment and the abatement of pollution. A decline in average labor taxes reduces unemployment if it generates lower pretax wages. Pretax wages fall if real after tax income from unemployment and leisure is not affected or only partially affected by the change in average taxes. When unemployment benefits are not taxed in a unionized economy, lower average labor taxes reduce the replacement ratio, and unions are willing to accept lower pretax wages because the net income loss from employment increases. Changes in labor taxation do not necessarily require that average labor taxes vary. In principle, a switch from payroll to income taxes, given average rates, could affect wage pressure and unemployment. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0881259; Keywords: Progressive taxation, wage determination, Italy; Publication Type: Working Paper; Update Code: 200703 Author Address: U Padova, CESifo and IZA U Padova U College London and U Novara Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 733 Author: Brunello, G.; Rizzi, D. Year: 1993 Title: I differenziali retributivi nei settori pubblico e privato in italia: Un'analisi cross section. (With English summary.) Journal: Politica Economica Volume: 9 Issue: 3 Pages: 339-366 Short Title: I differenziali retributivi nei settori pubblico e privato in italia: Un'analisi cross section. (With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0331694 Keywords: Wage Level and Structure Wage Differentials J310 Public Sector Labor Markets J450 Economics of Gender Non-labor Discrimination J160 Abstract: This paper uses cross section data to study public and prviate sector wages in Italy. We use standard earnings functions, a selection equation and treat worked hours as endogenous. Furthermore, we classify the data by gender and age group and run separate regressions for each group. It turns out that hourly earnings differentials between the two sectors depend both on gender and on age. In particular, women employed in the public sector are paid more per hour worked than women with similar characteristics employed in the private sector. On the other hand, hourly pay for men employed in the public sector is 24 percent lower than pay received by men with similar characteristics who work in the private sector. Notes: Keywords: Earnings; Gender; Public Sector; Wage; Women; Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 199412 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: U Venice Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 539 Author: Brunello, G.; Rocco, L. Year: 2005 Title of Work: Educational Standards in Private and Public Schools Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1418 Short Title: Educational Standards in Private and Public Schools DOI: http://www.cesifo.de/DocCIDL/cesifo1_wp1418.pdf Keywords: Publicly Provided Private Goods H420 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: We show that, when school quality is measured by the educational standard and attaining the standard requires costly effort, secondary education needs not be a hierarchy with private schools offering better quality than public schools, as in Epple and Romano, 1998. An alternative configuration, with public schools offering a higher educational standard than private schools, is also possible, in spite of the fact that tuition levied by private schools is strictly positive. In our model, private schools can offer a lower educational standard at a positive price because they attract students with a relatively high cost of effort, who would find the high standards of the public school excessively demanding. With the key parameters calibrated on the available micro-econometric evidence from the US, our model predicts that majority voting in the US supports a system with high quality private schools and low quality public schools, as assumed by Epple and Romano, 1998. This system, however, is not the one that would be selected by the social planner, who prefers high quality public schools combined with low quality private schools. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0905983; Keywords: private schools, public schools, majority voting; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/cesifo1_wp1418.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 540 Author: Brunello, G.; Rocco, L. Year: 2008 Title: Educational Standards in Private and Public Schools Journal: Economic Journal Volume: 118 Issue: 533 Pages: 1866-1887 Short Title: Educational Standards in Private and Public Schools ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 1007990 Alternate Accession Number: EP34643582 Keywords: Analysis of Education I210 Education: Government Policy I280 Abstract: When school quality increases with the educational standard set by schools, education before college need not be a hierarchy with private schools offering better quality than public schools. In our model, private schools can offer a lower educational standard at a positive price because they attract students with a relatively high cost of effort, who would find the high standards of public schools excessively demanding. We estimate the key parameters of the model and show that majority voting supports a system where private schools have higher quality in the US and public schools have higher quality in Italy. Notes: Keywords: Education; Geographic Descriptors: U.S.; Italy; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 200812; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: U Padova and CESifo, Munich U Padova Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 924 Author: Brunello, G.; Sonedda, D. Year: 2002 Title of Work: Labor Tax Progressivity, Wage Determination, and the Relative Wage Effect Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 721 Short Title: Labor Tax Progressivity, Wage Determination, and the Relative Wage Effect DOI: http://www.cesifo-group.de/DocCIDL/721.pdf Keywords: Personal Income and Other Nonbusiness Taxes and Subsidies includes inheritance and gift taxes H240 Wage Level and Structure Wage Differentials J310 Abstract: We model a two sector economy with unionized labor markets and competitive product markets, where workers and unions care about their relative wages, and show that the presence of a relative wage concern could help generation a positive relationship between tax progressivity and wage pressure. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0906678; Keywords: progressive taxation, relative wage effect; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo-group.de/DocCIDL/721.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1218 Author: Brunello, G.; Sonedda, D. Year: 2007 Title: Progressive Taxation and Wage Setting When Unions Strategically Interact Journal: Oxford Economic Papers Volume: 59 Issue: 1 Pages: 127-140 Short Title: Progressive Taxation and Wage Setting When Unions Strategically Interact ISSN: 00307653 DOI: http://oep.oxfordjournals.org/ Accession Number: 0897913 Alternate Accession Number: EP24015220 Keywords: Personal Income and Other Nonbusiness Taxes and Subsidies includes inheritance and gift taxes H240 Wage Level and Structure Wage Differentials J310 Trade Unions: Objectives, Structure, and Effects J510 Dispute Resolution: Strikes, Arbitration, and Mediation Collective Bargaining J520 Abstract: In a multisector economy with unionized labor markets, the interdependence of union wage claims--typical of industrial bargaining--affects the relationship between tax progressivity and wage pressure, which varies in a nonlinear fashion with the nature of the wage bargain, and can be hump-shaped. Our empirical analysis of 20 OECD countries for the period 1997-2004 shows that higher tax progressivity increases pre-tax wages (and unemployment) in countries characterized by industry level wage bargaining, and reduces them in countries with local or fully centralized bargaining. Notes: Keywords: Bargaining; Tax; Taxation; Union; Unionized; Wage Bargaining; Wage Setting; Wage; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 200704; Copyright: Copyright of Oxford Economic Papers is the property of Oxford University Press / UK and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://oep.oxfordjournals.org/ Author Address: U Padova U Piemonte Orientale Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 584 Author: Brusoni, S.; Crespi, G.; Francoz, D.; Gambardella, A.; Garcia-Fontes, W.; Geuna, A.; Giuri, P.; Gonzales, R.; Harhoff, D.; Hoisl, K.; LeBas, C.; Luzzi, A.; Magazzini, L.; Mariani, M.; Nesta, L.; Nomaler, O.; Palomeras, N.; Patel, P.; Romanelli, M. Year: 2006 Title of Work: Everything You Always Wanted to Know about Inventors (But Never Asked): Evidence from the PatVal-EU Survey Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5752 Short Title: Everything You Always Wanted to Know about Inventors (But Never Asked): Evidence from the PatVal-EU Survey DOI: http://www.cepr.org/pubs/dps/DP5752.asp Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Innovation and Invention: Processes and Incentives O310 Intellectual Property Rights O340 Abstract: Based on a survey of the inventors of 9,017 European patented inventions, this paper provides new information about the characteristics of European inventors, the sources of their knowledge, the importance of formal and informal collaborations, the motivations to invent, and the actual use and economic value of the patents. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0872849; Keywords: patent value; incentives; innovation; inventor; patent; patent system; Publication Type: Working Paper; Update Code: 200611 URL: http://www.cepr.org/pubs/dps/DP5752.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 418 Author: Bucci, A.; Checchi, D. Year: 2003 Title: Crescita e disuguaglianza nei redditi a livello mondiale. (With English summary.) Journal: Rivista Italiana degli Economisti Volume: 8 Issue: 1 Pages: 57-95 Short Title: Crescita e disuguaglianza nei redditi a livello mondiale. (With English summary.) ISSN: 15938662 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1593-8662 Accession Number: 0674710 Keywords: Personal Income, Wealth, and Their Distributions D310 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Capital Investment Capacity E220 Aggregate Factor Income Distribution E250 Human Capital Skills Occupational Choice Labor Productivity J240 One, Two, and Multisector Growth Models O410 Notes: Geographic Descriptors: Global; Selected Countries; Language: Italian; Publication Type: Journal Article; Update Code: 200402 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1593-8662 Author Address: U Milan and Catholic U Louvain U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1491 Author: Bugamelli, M.; Schivardi, F.; Zizza, R. Year: 2008 Title of Work: The Euro and Firm Restructuring Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 14454 Short Title: The Euro and Firm Restructuring DOI: http://www.nber.org/papers/w14454.pdf Keywords: International Monetary Arrangements and Institutions F330 Human Capital Skills Occupational Choice Labor Productivity J240 Industrial Organization and Macroeconomics: Industrial Structure and Structural Change Industrial Price Indices L160 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Abstract: We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states' productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption, productivity growth has been relatively stronger in country-sectors that once relied more on competitive devaluations to regain price competitiveness. This effect is robust to potential omitted-variable bias and correlated effects. Firm-level evidence from Italian manufacturing confirms that low-tech businesses, which arguably benefitted most from devaluations, have been restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream and downstream activities, such as product design, advertising, marketing and distribution, and a corresponding reduction in the share of blue collar workers. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1006848; Publication Type: Working Paper; Update Code: 200812 URL: http://www.nber.org/papers/w14454.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1490 Author: Bugamelli, M.; Schivardi, F.; Zizza, R. Year: 2010 Title of Work: The Euro and Firm Restructuring Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7623 Short Title: The Euro and Firm Restructuring DOI: http://www.cepr.org/pubs/dps/DP7623.asp Keywords: International Monetary Arrangements and Institutions F330 Human Capital Skills Occupational Choice Labor Productivity J240 Industrial Organization and Macroeconomics: Industrial Structure and Structural Change Industrial Price Indices L160 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Abstract: We test whether and how the adoption of the euro, narrowly defined as the end of competitive devaluations, has affected member states' productive structures, distinguishing between within and across sector reallocation. We find evidence that the euro has been accompanied by a reallocation of activity within rather than across sectors. Since its adoption, productivity growth has been relatively stronger in country-sectors that once relied more on competitive devaluations to regain price competitiveness. This effect is robust to potential omitted-variable bias and correlated effects. Firm-level evidence from Italian manufacturing confirms that low-tech businesses, which arguably benefitted most from devaluations, have been restructuring more since the adoption of the euro. Restructuring has entailed a shift of business focus from production to upstream and downstream activities, such as product design, advertising, marketing and distribution, and a corresponding reduction in the share of blue collar workers. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1115408; Keywords: devaluations; euro; firm restructuring; productivity growth; skill intensity; Publication Type: Working Paper; Update Code: 201007 URL: http://www.cepr.org/pubs/dps/DP7623.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 498 Author: Buraschi, A.; Cornelli, F. Year: 2002 Title of Work: Donations Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3488 Short Title: Donations DOI: http://www.cepr.org/pubs/dps/DP3488.asp Keywords: Household Behavior: General D100 Public Goods H410 Nonprofit Organizations and Public Enterprise: General L300 Abstract: This paper is an empirical study of the motives for charitable donations, based on a unique data set of the English National Opera. Merging all their box office and fundraising data, our data set not only contains individuals' donations, but also their opera attendance and all the fringe benefits they consume (e.g. dress rehearsals). We can, therefore, study the three main reasons suggested in the literature to explain charitable giving. We find that individuals donate to fund a public good - here, new productions - to have access to a private good - here, fringe benefits - and by altruism. The results are important to learn the extent to which we can model charitable donations in a model with a self-interested utility maximizing agent in a strategic environment and to enhance our understanding of the crowding-out effect of public spending to charities and the arts. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694757; Keywords: altruism; charities; donations; economics of arts; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3488.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1521 Author: Butler, J.; Guiso, L.; Jappelli, T. Year: 2011 Title of Work: The role of intuition and reasoning in driving aversion to risk and ambiguity Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8334 Short Title: The role of intuition and reasoning in driving aversion to risk and ambiguity DOI: http://www.cepr.org/pubs/dps/DP8334.asp Keywords: Criteria for Decision-Making under Risk and Uncertainty D810 Search Learning Information and Knowledge Communication Belief D830 Abstract: Using a large sample of retail investors as well as experimental data we find that risk and ambiguity aversion are positively correlated. We show the common link is decision style: intuitive thinkers tolerate more risk and ambiguity than effortful reasoners. One interpretation is that intuitive thinking confers an advantage in risky or ambiguous situations. We present supporting lab and field evidence that intuitive thinkers outperform others in uncertain environments. Finally, we find that risk and ambiguity aversion vary with individual characteristics and wealth. The wealthy are less risk averse but more ambiguity averse, which has implications for financial puzzles. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1234639; Keywords: decision theory; dual systems; intuitive thinking; Risk ambiguity; Risk aversion; Publication Type: Working Paper; Update Code: 201106 URL: http://www.cepr.org/pubs/dps/DP8334.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Thesis Record Number: 569 Author: Canova, F. Year: 1988 Title: Essays on Seasonality in Economics University: University of Minnesota Degree: Ph.D. Short Title: Essays on Seasonality in Economics Keywords: Econometric and Statistical Methods and Models--General 2110 Notes: Accession Number: 0045226; Publication Type: Dissertation; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 219 Author: Canova, F. Year: 1991 Title: An Empirical Analysis of Ex Ante Profits from Forward Speculation in Foreign Exchange Markets Journal: Review of Economics and Statistics Volume: 73 Issue: 3 Pages: 489-496 Short Title: An Empirical Analysis of Ex Ante Profits from Forward Speculation in Foreign Exchange Markets ISSN: 00346535 DOI: http://www.mitpressjournals.org/loi/rest Accession Number: 0254223 Alternate Accession Number: EP4646646 Keywords: International Financial Markets G150 Abstract: This paper constructs a time-series band for ex ante profits from forward speculation and examines the permanent components of the median of the band for six different exchange markets. The unpredictability of ex ante profits is rejected using nonparametric tests. Deviations of ex ante profits from forward premia are attributed to deviations of nominal exchange rates from martingale processes. It is shown that movements in the terms of trade are responsible for most of the variability and serial correlation properties of ex ante profits. Notes: Publication Type: Journal Article; Update Code: 199203; Copyright: Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/rest Author Address: Brown U and U Rochester Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1525 Author: Canova, F. Year: 1991 Title: The Sources of Financial Crisis: Pre- and Post-Fed Evidence Journal: International Economic Review Volume: 32 Issue: 3 Pages: 689-713 Short Title: The Sources of Financial Crisis: Pre- and Post-Fed Evidence ISSN: 00206598 DOI: http://www.blackwell-synergy.com/loi/iere/ Accession Number: 0252588 Alternate Accession Number: EP6561942 Keywords: Economic History: Financial Markets and Institutions: U.S. Canada: Pre-1913 N210 Economic History: Financial Markets and Institutions: U.S. Canada: 1913- N220 Abstract: This paper investigates the generation and the propagation mechanism of currency demand and supply shocks before and after World War I, the structural determinants of the variability of stock prices and interest rates, and the changes introduced by the creation of the Fed on the dynamics of the system. It is shown that in the pre-1914 era external monetary shocks interacted with a seasonal demand for money to produce financial crises. The Fed helped to prevent crises by insulating the U.S. economy from external shocks. A structural vector autoregressive model provides evidence for these claims. Notes: Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199203; Copyright: Copyright of International Economic Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwell-synergy.com/loi/iere/ Author Address: Brown U and U Rochester Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 216 Author: Canova, F. Year: 1992 Title: An Alternative Approach to Modeling and Forecasting Seasonal Time Series Journal: Journal of Business and Economic Statistics Volume: 10 Issue: 1 Pages: 97-108 Short Title: An Alternative Approach to Modeling and Forecasting Seasonal Time Series ISSN: 07350015 DOI: http://www.amstat.org/publications/jbes/ Accession Number: 0263789 Keywords: Forecasting Methods Simulation Methods C530 Single Equation Models Single Variables: Time-Series Models Dynamic Quantile Regressions C220 Abstract: This article proposes an alternative methodology for modeling and forecasting seasonal series. The approach is in the Bayesian autoregression tradition pioneered by Doan, Litterman, and Sims and builds seasonality directly into the prior of the coefficients of the model by means of a set of uncertain linear restrictions. As an illustration, the method is applied to 10 U.S. quarterly macroeconomic series. For each series, the author compares the forecasting performance of a univariate time-varying autoregressive model with seasonality built in the prior of the coefficients with five other widely used models. Notes: Keywords: Autoregression; Autoregressive; Forecasting; Modeling; Time Series; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199206 URL: http://www.amstat.org/publications/jbes/ Author Address: Brown U and European U Institute Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1199 Author: Canova, F. Year: 1992 Title: Price Smoothing Policies: A Welfare Analysis Journal: Journal of Monetary Economics Volume: 30 Issue: 2 Pages: 255-275 Short Title: Price Smoothing Policies: A Welfare Analysis ISSN: 03043923 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0290268 Keywords: Comparative or Joint Analysis of Fiscal and Monetary Policy Stabilization Policy E630 Price Level Inflation Deflation E310 Abstract: In postwar experience, U.S. monetary authorities have attempted to eliminate seasonal fluctuations in prices and nomi nal interest rates. Developments in financial markets and recently discovered empirical regularities regarding the seasonal cycle seem to make these activities questionable. Using a money-in-the-utility-function model, this paper analyzes the welfare properties of price and interest-rate smoothing policies and the sen se in which the distinction between seasonal and cyclical fluctuations is relevant. It is shown that smoothing policies are welfare improving but not optimal and that the origin of the shocks, not the persisten ce of the fluctuations, is relevant in formulating policies. Notes: Keywords: Monetary; Prices; Publication Type: Journal Article; Update Code: 199309 URL: http://www.elsevier.com/locate/inca/505566/ Author Address: Brown U and European U Institute Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 437 Author: Canova, F. Year: 1993 Title of Work: Detrending and Business Cycle Facts Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 782 Short Title: Detrending and Business Cycle Facts DOI: http://www.cepr.org/pubs/dps/DP782.asp Keywords: Economic Methodology B410 Business Fluctuations Cycles E320 Abstract: This paper examines the business cycle properties of a small set of real US macroeconomic time series using a variety of detrending methods. It is shown: (i) that both quantitatively and qualitatively 'stylized facts' of US business cycles vary widely across detrending methods; (ii) that alternative detrending filters extract different types of information from the original series; and (iii) the qualitative response of consumption, investment, hours and productivity to a typical shock in GNP have, depending on the method used, two types of patterns--one consistent with a Real Business Cycle model and one consistent with a Neo-Keynesian labour-hoarding story. Implications and suggestions for current macroeconomic practice are also presented. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692069; Keywords: Business Cycles; Detrending; Filters; Labour Hoarding; Stylized Facts; Technology Shocks; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP782.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 647 Author: Canova, F. Year: 1993 Title: Forecasting Time Series with Common Seasonal Patterns Journal: Journal of Econometrics Volume: 55 Issue: 1-2 Pages: 173-200 Short Title: Forecasting Time Series with Common Seasonal Patterns ISSN: 03044076 DOI: http://www.sciencedirect.com/science/journal/03044076 Accession Number: 0277676 Keywords: Forecasting Methods Simulation Methods C530 Single Equation Models Single Variables: Time-Series Models Dynamic Quantile Regressions C220 Abstract: This paper proposes a methodology for modeling and forecasting series that possess common patterns at seasonal and/or other frequencies. The approach is in the Bayesian autoregression tradition originally developed by R. Litterman (1980), T. Doan, R. Litterman, and C. Sims (1984), and C. Sims (1989) and builds common patterns directly into the prior of the coefficients of the model by means of a set of uncertain linear restrictions. To gauge the usefulness of the approach, the procedure is applied to the problem of forecasting a small vector of national industrial production indices. Notes: Keywords: Autoregression; Forecasting; Modeling; Time Series; Publication Type: Journal Article; Update Code: 199306 URL: http://www.sciencedirect.com/science/journal/03044076 Author Address: Brown U and European U Institute Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1033 Author: Canova, F. Year: 1993 Title: Modelling and Forecasting Exchange Rates with a Bayesian Time-Varying Coefficient Model Journal: Journal of Economic Dynamics and Control Volume: 17 Issue: 1-2 Pages: 233-261 Short Title: Modelling and Forecasting Exchange Rates with a Bayesian Time-Varying Coefficient Model ISSN: 01651889 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Accession Number: 0277727 Keywords: Foreign Exchange F310 Forecasting Methods Simulation Methods C530 Abstract: This paper employs a multivariate Bayesian time-varying coefficients (TVC) approach to model and forecast exchange rate data. It is shown that, if used as a data-generating mechanism, a TVC model induces nonlinearities in the conditional moments and leptokurtosis in the unconditional distribution of the series. It is also shown that leptokurtic behavior disappears under time aggregation. As a forecasting device, a Bayesian TVC model improves over a random walk model. The improvements are robust to several changes in the forecasting environment. Notes: Keywords: Exchange Rates; Forecast; Forecasting; Forecasts; Publication Type: Journal Article; Update Code: 199306 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Author Address: Brown U and European U Institute Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1387 Author: Canova, F. Year: 1993 Title of Work: Sources and Propagation of International Business Cycles: Common Shocks or Transmission? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 781 Short Title: Sources and Propagation of International Business Cycles: Common Shocks or Transmission? DOI: http://www.cepr.org/pubs/dps/DP781.asp Keywords: Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Neoclassical Models of Trade F110 Abstract: This paper studies the generation and the transmission of international business cycles in a multi-country model with production and consumption interdependencies. Two sources of disturbances are considered and three channels for propagation of shocks are compared. Simulations are performed for symmetric countries and for countries that differ either in preferences, technologies, fiscal policies, wealth or exogenous processes. Production interdependencies determine the charateristics of the propagation of technology shocks while consumption interdependencies are responsible for the transmission of government shocks. Government shocks that are mildly correlated across countries are more successful than technology shocks in reproducing actual data. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692064; Keywords: Business Cycles; Government Expenditure; Interdependence; Technology Shocks; Transmission; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP781.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 441 Author: Canova, F. Year: 1994 Title: Detrending and Turning Points Journal: European Economic Review Volume: 38 Issue: 3-4 Pages: 614-623 Short Title: Detrending and Turning Points ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0330246 Keywords: Business Fluctuations Cycles E320 Abstract: This paper examines the sensitivity of turning points classification to different detrending methods and the ability of each method to replicate NBER dating. We use two different turning point rules and a variety of detrending methods to compute the cyclical component of output. We show that while differences are minor with the first rule, the results are extremely sensitive to detrending with the second rule. Many detrending procedures generate false alarms and many miss several commonly classified turning points. The output series detrended with the Hodrick and Prescott filter and with a frequency domain masking of the low frequency components of the series reproduce all NBER turning points with at most two quarters lead or lag, regardless of the dating rule used. Notes: Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199412 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: Brown U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 484 Author: Canova, F. Year: 1994 Title of Work: Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points? Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points? Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0741719; Publication Type: Working Paper; Update Code: 200408 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1411 Author: Canova, F. Year: 1994 Title: Testing Long-Run Neutrality: Empirical Evidence for G7-Countries with Special Emphasis on Germany: A Comment Journal: Carnegie-Rochester Conference Series on Public Policy Volume: 41 Pages: 119-125 Short Title: Testing Long-Run Neutrality: Empirical Evidence for G7-Countries with Special Emphasis on Germany: A Comment ISSN: 01672231 DOI: http://www.sciencedirect.com/science/journal/01672231 Accession Number: 0353851 Keywords: Money and Interest Rates: General E400 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Notes: Geographic Descriptors: Selected Countries; Germany; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199508 URL: http://www.sciencedirect.com/science/journal/01672231 Author Address: U Pompeu Fabra, U Catania and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1345 Author: Canova, F. Year: 1995 Title: Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies Journal: International Economic Review Volume: 36 Issue: 2 Pages: 477-501 Short Title: Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies ISSN: 00206598 DOI: http://www.blackwell-synergy.com/loi/iere/ Accession Number: 0359358 Alternate Accession Number: EP9505260558 Keywords: Model Evaluation and Selection C520 Abstract: This paper describes a Monte Carlo procedure to evaluate dynamic nonlinear general equilibrium macro models. The procedure makes the choice of parameters and the evaluation of the model less subjective than standard calibration techniques, it provides more general restrictions than estimation by simulation approaches, and provides a way to conduct global sensitivity analysis for reasonable perturbations of the parameters. As an illustration, the technique is applied to three examples involving different models and statistics. Notes: Keywords: Model Evaluation; Publication Type: Journal Article; Update Code: 199509; Copyright: Copyright of International Economic Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwell-synergy.com/loi/iere/ Author Address: U Pompeu Fabra Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1462 Author: Canova, F. Year: 1995 Title: The Economics of VAR Models Editor: K. D. Hoover Book Title: Macroeconometrics: Developments, tensions, and prospects Publisher: Recent Economic Thought Series. Boston; Dordrecht and London: Kluwer Academic Pages: 57-97 Short Title: The Economics of VAR Models Keywords: Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) E200 Notes: Accession Number: 0452291; Reviewed Book ISBN: 0-7923-9589-1; Keywords: VAR; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199805 Author Address: U Pompeu Farra and U Catania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1561 Author: Canova, F. Year: 1996 Title: Three Tests for the Existence of Cycles in Time Series Journal: Ricerche Economiche Volume: 50 Issue: 2 Pages: 135 Short Title: Three Tests for the Existence of Cycles in Time Series ISSN: 00355054 Accession Number: 0398572 Keywords: Single Equation Models Single Variables: Time-Series Models Dynamic Quantile Regressions C220 Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Abstract: Three tests for the presence of cycles in univariate time series are proposed. The asymptotic distribution of the tests is derived using the properties of the integrated periodogram and the small sample properties are examined using a Monte Carlo experiment. The tests are applied to U.S. data to detect the existence of significant seasonal and of other types of periodic fluctuations. (c) 1996 Academic Press Limited. Notes: Keywords: Time Series; Publication Type: Journal Article; Update Code: 199612 Author Address: U Modena Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 438 Author: Canova, F. Year: 1998 Title: Detrending and Business Cycle Facts Journal: Journal of Monetary Economics Volume: 41 Issue: 3 Pages: 475-512 Short Title: Detrending and Business Cycle Facts ISSN: 03043932 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0473220 Keywords: Business Fluctuations Cycles E320 Model Evaluation and Selection C520 Abstract: This paper examines the business cycle properties of a small set of a real U.S. macroeconomic time series using a variety of detrending methods. It is shown that both quantitatively and qualitatively 'stylized facts' of U.S. business cycles vary widely across detrending methods and that alternative detrending filters extract different types of information from the data. Implications and suggestions for current macroeconomic practice are provided. Notes: Keywords: Business Cycles; Cycle; Macroeconomics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199810 URL: http://www.elsevier.com/locate/inca/505566/ Author Address: U Pompeu Fabra, U Modena, and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 440 Author: Canova, F. Year: 1998 Title: Detrending and Business Cycle Facts: A User's Guide Journal: Journal of Monetary Economics Volume: 41 Issue: 3 Pages: 533-540 Short Title: Detrending and Business Cycle Facts: A User's Guide ISSN: 03043932 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0473222 Keywords: Business Fluctuations Cycles E320 Abstract: This note argues that it is hardly the case that the profession is fully aware that the application of different filters to the data leads to different outcomes and that there is enough evidence to claim that these differences are unimportant to evaluate the fit models to the data. Notes: Keywords: Business Cycles; Cycle; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199810 URL: http://www.elsevier.com/locate/inca/505566/ Author Address: U Pompeu Fabra, U Modena, and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1346 Author: Canova, F. Year: 1998 Title: Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies Editor: J. E. Hartley, K. D. Hoover and K. D. Salyer Book Title: Real business cycles: A reader Publisher: London and New York: Routledge Pages: 355-379 Short Title: Sensitivity Analysis and Model Evaluation in Simulated Dynamic General Equilibrium Economies Reprint Edition: [1995] Keywords: Model Evaluation and Selection C520 Notes: Accession Number: 0648692; Reviewed Book ISBN: 0-415-16568-7; 0-415-17154-7; Keywords: Model Evaluation; Publication Type: Collective Volume Article; Update Code: 200307 Author Address: U Pompeu Fabra and Catania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 483 Author: Canova, F. Year: 1999 Title: Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points? Journal: Economic Journal Volume: 109 Issue: 452 Pages: 126-150 Short Title: Does Detrending Matter for the Determination of the Reference Cycle and the Selection of Turning Points? ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0488285 Alternate Accession Number: EP1602676 Keywords: Business Fluctuations Cycles E320 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation E370 Abstract: Recent research in contract theory views ownership as a substitute for complete contracts. Here, this approach is applied to monetary integration. Countries face a coordination problem conducting monetary policy. Negative spillovers ensure uncoordinated policy generates too high inflation. Ex ante, policymakers can undertake politically costly economic reform. This has a positive spillover because it improves the outcome of the monetary policy game. Ex post contracting over policy may be possible, but it supposed that ex ante contracting over reform and monetary policy is not. This paper analyzes when monetary union is a good substitute for this inability to commit. Notes: Keywords: Cycle; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199905; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: U Pompeu Fabra, U Modena, U Southampton, and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 439 Author: Canova, F. Year: 2002 Title: Detrending and Business Cycle Facts Editor: T. C. Mills Book Title: Long term trends and business cycles. Volume 2 Publisher: Elgar Reference Collection. International Library of Critical Writings in Economics, vol. 149. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt. Pages: 451-488 Short Title: Detrending and Business Cycle Facts Reprint Edition: [1998] Keywords: Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Notes: Accession Number: 0758870; Reviewed Book ISBN: 1-84064-786-8; Keywords: Business Cycle; Cycle; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200501 Author Address: U Pompeu Fabra and U Modena Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 655 Author: Canova, F. Year: 2002 Title of Work: G-7 Inflation Forecasts Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3283 Short Title: G-7 Inflation Forecasts DOI: http://www.cepr.org/pubs/dps/DP3283.asp Abstract: This Paper compares the forecasting performance of some leading models of inflation for the cross section of G-7 countries. We show that bivariate and trivariate models suggested by economic theory or statistical analysis are hardly better than univariate models. Phillips curve specifications fit well into this class. Significant improvements in both the MSE of the forecasts and turning point prediction are obtained with time-varying coefficients models that exploit international interdependencies. The performance of the latter class of models is independent of the sample, while it is not the case for standard specifications. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694552; Keywords: forecasting; inflation; markov chain monte carlo methods; panel var models; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3283.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1359 Author: Canova, F. Year: 2003 Title of Work: Similarities and Convergence in G-7 Cycles Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Similarities and Convergence in G-7 Cycles DOI: http://www.econ.upf.edu/docs/papers/downloads/924.pdf Keywords: Bayesian Analysis: General C110 Business Fluctuations Cycles E320 Abstract: This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of an Euro area specific cycle or of its emergence in the 1990s. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814330; Keywords: Business cycle, G7, indicators, Panel Data, Bayesian methods; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/924.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1540 Author: Canova, F. Year: 2003 Title of Work: The Transmission of US Shocks to Latin America Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3963 Short Title: The Transmission of US Shocks to Latin America DOI: http://www.cepr.org/pubs/dps/DP3963.asp Keywords: Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Neoclassical Models of Trade F110 Abstract: I study whether and how US shocks are transmitted to eight Latin American countries. US shocks are identified using the procedure of Canova and De Nicolo' (2002) and treated as exogenous with respect to Latin American economies. Posterior estimates for individual and average effects are constructed. US Monetary shocks produce significant fluctuations in Latin America, but real demand and supply shocks do not. Floaters and currency boarders display similar output responses but different inflation and interest rate responses. The financial channel plays a crucial role in the transmission. US disturbances explain important portions of the variability Latin American macrovariables, produce continental cyclical fluctuations and, in two episodes, destabilizing nominal exchange rate effects. Policy implications are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0695223; Keywords: bayesian methods; business cycles; exchange rate regimes; structural shocks; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3963.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1541 Author: Canova, F. Year: 2003 Title of Work: The transmission of US shocks to Latin America Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: The transmission of US shocks to Latin America DOI: http://www.econ.upf.edu/docs/papers/downloads/925.pdf Abstract: I study whether and how US shocks are transmitted to eight Latin American countries. US shocks are identified using sign restrictions and treated as exogenous with respect to Latin American economies. Posterior estimates for individual and average effects are constructed. US monetary shocks produce significant fluctuations in Latin America, but real demand and supply shocks do not. Floaters and currency boarders display similar output but different inflation and interest rate responses. The financial channel plays a crucial role in the transmission. US disturbances explain important portions of the variability of Latin American macrovariables, producing continental cyclical fluctuations and, in two episodes, destabilizing nominal exchange rate effects. Policy implications are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814329; Keywords: Shocks, inflation; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/925.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1041 Author: Canova, F. Year: 2004 Title of Work: Monetary Policy and the evolution of US economy Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Monetary Policy and the evolution of US economy DOI: http://www.econ.upf.edu/docs/papers/downloads/919.pdf Keywords: Monetary Policy E520 Money and Interest Rates: Forecasting and Simulation E470 Forecasting Methods Simulation Methods C530 Abstract: This paper investigates the relationship between monetary policy and the changes experienced by the US economy using a small scale New-Keynesian model. The model is estimated with Bayesian techniques and the stability of policy parameter estimates and of the transmission of policy shocks examined. The model fits well the data and produces forecasts comparable or superior to those of alternative specifications. The parameters of the policy rule, the variance and the transmission of policy shocks have been remarkably stable. The parameters of the Phillips curve and of the Euler equations are varying. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814335; Keywords: New Keynesian model, Bayesian methods, Monetary policy, Great Inflation; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/919.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1542 Author: Canova, F. Year: 2005 Title: The Transmission of US Shocks to Latin America Journal: Journal of Applied Econometrics Volume: 20 Issue: 2 Pages: 229-251 Short Title: The Transmission of US Shocks to Latin America ISSN: 08837252 DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/4079 Accession Number: 0783369 Keywords: Business Fluctuations Cycles E320 International Policy Coordination and Transmission F420 Abstract: I study whether and how US shocks are transmitted to eight Latin American countries. US shocks are identified using sign restrictions and treated as exogenous with respect to Latin American economies. Posterior estimates for individual and average effects are constructed. US monetary shocks produce significant fluctuations in Latin America, but real demand and supply shocks do not. Floaters and currency boarders display similar output but different inflation and interest rate responses. The financial channel plays a crucial role in the transmission. US disturbances explain important portions of the variability of Latin American macrovariables, producing continental cyclical fluctuations and, in two episodes, destabilizing nominal exchange rate effects. Policy implications are discussed. Notes: Keywords: Fluctuation; Supply; Geographic Descriptors: Latin America; U.S.; Geographic Region: Latin America and the Caribbean; Northern America; Publication Type: Journal Article; Update Code: 200507 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/4079 Author Address: U Pompeu Fabra and IGIER Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 271 Author: Canova, F. Year: 2007 Title: Bayesian Analysis of DSGE Models by S. An and F. Schorfheide Journal: Econometric Reviews Volume: 26 Issue: 2-4 Pages: 187-192 Short Title: Bayesian Analysis of DSGE Models by S. An and F. Schorfheide ISSN: 07474938 DOI: http://taylorandfrancis.metapress.com/openurl.asp?genre=journal&issn=0747-4938 Accession Number: 0917201 Alternate Accession Number: EP24975841 Keywords: Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Model Construction and Estimation C510 Model Evaluation and Selection C520 General Aggregative Models: Neoclassical E130 Abstract: The paper that An and Schorfheide have written is an excellent piece of work and will become a useful reference for teaching and consultation purposes. The paper discusses in an articulate and convincing manner almost everything that one could think of covering in such a review. This makes the task of the commentator difficult. Nevertheless, I will attempt to add few insights on three issues which, in my opinion, play an important role in applied work and in the interpretation of the estimation result. In particular, I will discuss a) the sensitivity of posterior distributions to prior spreads; b) the effects of model misspecification and an approach to model respecification; c) parameter identification and its consequences for posterior inference. Notes: Publication Type: Journal Article; Update Code: 200707; Copyright: Copyright of Econometric Reviews is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://taylorandfrancis.metapress.com/openurl.asp?genre=journal&issn=0747-4938 Author Address: ICREA-UPF and CREI Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 656 Author: Canova, F. Year: 2007 Title: G-7 Inflation Forecasts: Random Walk, Phillips Curve or What Else? Journal: Macroeconomic Dynamics Volume: 11 Issue: 1 Pages: 1-30 Short Title: G-7 Inflation Forecasts: Random Walk, Phillips Curve or What Else? ISSN: 13651005 DOI: http://journals.cambridge.org/action/displayJournal?jid=MDY Accession Number: 0943459 Keywords: Forecasting Methods Simulation Methods C530 Price Level Inflation Deflation E310 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation E370 Abstract: This paper compares the forecasting performance of some leading models of inflation for G-7 countries. We show that bivariate and trivariate models suggested by economic theory or statistical analysis are not much better than univariate ones. Phillips curve specifications fit well into this class. Improvements in both the MSE of the forecasts and turning point prediction are obtained with time-varying coefficients models, which exploit international interdependencies. The performance of the latter class of models is stable throughout the 1990s. Notes: Keywords: Forecast; Forecasting; Inflation; Phillips Curve; Prediction; Geographic Descriptors: G-7; Publication Type: Journal Article; Update Code: 200712 URL: http://journals.cambridge.org/action/displayJournal?jid=MDY Author Address: ICREA and U Pompeu Fabra Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 718 Author: Canova, F. Year: 2007 Title of Work: How much structure in empirical models? Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: How much structure in empirical models? DOI: http://www.econ.upf.edu/docs/papers/downloads/1054.pdf Keywords: Econometric and Statistical Methods: General C100 Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: This chapter highlights the problems that structural methods and SVAR approaches have when estimating DSGE models and examining their ability to capture important features of the data. We show that structural methods are subject to severe identification problems due, in large part, to the nature of DSGE models. The problems can be patched up in a number of ways but solved only if DSGEs are completely reparametrized or respecified. The potential misspecification of the structural relationships give Bayesian methods an hedge over classical ones in structural estimation. SVAR approaches may face invertibility problems but simple diagnostics can help to detect and remedy these problems. A pragmatic empirical approach ought to use the flexibility of SVARs against potential misspecification of the structural relationships but must firmly tie SVARs to the class of DSGE models which could have have generated the data. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0939338; Keywords: DSGE models, SVAR models, Identification, Invertibility, Misspecification, Small Samples.; Publication Type: Working Paper; Update Code: 200711 URL: http://www.econ.upf.edu/docs/papers/downloads/1054.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 1016 Author: Canova, F. Year: 2007 Title: Methods for Applied Macroeconomic Research Publisher: Princeton and Oxford: Princeton University Press Number of Pages: xiv Short Title: Methods for Applied Macroeconomic Research Keywords: Economic Education and Teaching of Economics: Graduate A230 Macroeconomics and Monetary Economics: General E000 Abstract: Brings together dynamic equilibrium theory, data analysis, and advanced econometric and computational methods to provide the first comprehensive set of techniques for use by academic economists as well as professional macroeconomists. Discusses preliminaries; dynamic stochastic general equilibrium (DSGE) models, solutions, and approximations; extracting and measuring cyclical information; vector autoregressive models (VARs); generalized method of moments and simulation estimators; likelihood methods; calibration; dynamic macro panels; an introduction to Bayesian methods; Bayesian VARs; and Bayesian time series and DSGE models. Canova is ICREA Research Professor at the University of Pompeu Fabra and Fellow of the Centre for Economic Policy Research. Index. Notes: Accession Number: 0926097; Reviewed Book ISBN: 978-0-691-11504-7; Keywords: Macroeconomics; Publication Type: Book; Update Code: 200709 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 719 Author: Canova, F. Year: 2008 Title of Work: How much structure in empirical models? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6791 Short Title: How much structure in empirical models? DOI: http://www.cepr.org/pubs/dps/DP6791.asp Keywords: Econometric and Statistical Methods: General C100 Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: This chapter highlights the problems that structural methods and SVAR approaches have when estimating DSGE models and examining their ability to capture important features of the data. We show that structural methods are subject to severe identification problems due, in large part, to the nature of DSGE models. The problems can be patched up in a number of ways, but solved only if DSGEs are completely reparametrized or respecified. The potential misspecification of the structural relationships give Bayesian methods an hedge over classical ones in structural estimation. SVAR approaches may face invertibility problems but simple diagnostics can help to detect and remedy these problems. A pragmatic empirical approach ought to use the flexibility of SVARs against potential misspecification of the structural relationships but must firmly tie SVARs to the class of DSGE models which could have have generated the data. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0971054; Keywords: DSGE models; Identification; Invertibility; SVAR models; Publication Type: Working Paper; Update Code: 200805 URL: http://www.cepr.org/pubs/dps/DP6791.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 345 Author: Canova, F. Year: 2009 Title of Work: Comment to 'Weak Instruments Robust tests in GMM and the New Keynesian Phillips curve' by Frank Kleibergen and Sophocles Mavroeidis Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Comment to 'Weak Instruments Robust tests in GMM and the New Keynesian Phillips curve' by Frank Kleibergen and Sophocles Mavroeidis DOI: http://www.econ.upf.edu/docs/papers/downloads/1159.pdf Keywords: Econometric and Statistical Methods: General C100 Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: I discuss the identifiability of a structural New Keynesian Phillips curve when it is embedded in a small scale dynamic stochastic general equilibrium model. Identification problems emerge because not all the structural parameters are recoverable from the semi-structural ones and because the objective functions I consider are poorly behaved. The solution and the moment mappings are responsible for the problems. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1046255; Keywords: Identification, DSGE models, New Keynesian Phillips curve, Identification robust estimation methods; Publication Type: Working Paper; Update Code: 200907 URL: http://www.econ.upf.edu/docs/papers/downloads/1159.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 337 Author: Canova, F. Year: 2011 Title of Work: ClubMed? Cyclical fluctuations in the Mediterranean basin Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: ClubMed? Cyclical fluctuations in the Mediterranean basin DOI: http://www.econ.upf.edu/docs/papers/downloads/1258.pdf Keywords: Bayesian Analysis: General C110 Multiple or Simultaneous Equation Models: Models with Panel Data Longitudinal Data Spatial Time Series C330 Business Fluctuations Cycles E320 Abstract: We investigate the similarities of macroeconomic fluctuations in the Mediterranean basin and their convergence. A model with three geo-political indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980. Convergence and divergence coexist in the region and are reversible. Except for the West, domestic cyclical fluctuations are still due to national and idiosyncratic causes. The outlook for the next few years looks rosier for the MENA and the East blocks than for the West. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1146703; Keywords: Bayesian Methods; Business cycles; Mediterranean basin; Developing and developed countries.; Publication Type: Working Paper; Update Code: 201101 URL: http://www.econ.upf.edu/docs/papers/downloads/1258.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 646 Author: Canova, F.; Ciccarelli, M. Year: 2000 Title of Work: Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/443.pdf Keywords: Bayesian Analysis: General C110 Statistical Simulation Methods: General C150 Business Fluctuations Cycles E320 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation E370 Abstract: We provide methods for forecasting variables and predicting turning points in panel Bayesian VARs. We specify a flexible model which accounts for both interdependencies in the cross section and time variations in the parameters. Posterior distributions for the parameters are obtained for a particular type of diffuse, for Minnesota-type and for hierarchical priors. Formulas for multistep, multiunit point and average forecasts are provided. An application to the problem of forecasting the growth rate of output and of predicting turning points in the G-7 illustrates the approach. A comparison with alternative Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725479; Keywords: Forecasting; turning points; bayesian methods; panel VAR; Markov chains Monte Carlo methods.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/443.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 645 Author: Canova, F.; Ciccarelli, M. Year: 2001 Title of Work: Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2961 Short Title: Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model DOI: http://www.cepr.org/pubs/dps/DP2961.asp Keywords: Bayesian Analysis: General C110 Statistical Simulation Methods: General C150 Business Fluctuations Cycles E320 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation E370 Abstract: We provide methods for forecasting variables and predicting turning points in panel Bayesian VARs. We specify a flexible model that accounts for both interdependencies in the cross section and time variations in the parameters. Posterior distributions for the parameters are obtained for hierarchical and for Minnesota-type priors. Formulas for multistep, multiunit point and average forecasts are provided. An application to the problem of forecasting the growth rate of output and of predicting turning points in the G-7 illustrates the approach. A comparison with alternative forecasting methods is also provided. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694240; Keywords: bayesian methods panel VAR markov chains monte carlo methods; forecasting; turning points; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2961.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1156 Author: Canova, F.; Ciccarelli, M. Year: 2002 Title of Work: Panel index VAR models: Specification, Estimation, Testing and Leading Indicators Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Panel index VAR models: Specification, Estimation, Testing and Leading Indicators DOI: http://www.econ.upf.edu/docs/papers/downloads/920.pdf Keywords: Multiple or Simultaneous Equation Models: General C300 Econometric Modeling: General C500 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: This paper proposes a method to conduct inference in panel VAR models with cross unit interdependencies and time variations in the coefficients. The approach can be used to obtain multi-unit forecasts and leading indicators and to conduct policy analysis in a multiunit setups. The framework of analysis is Bayesian and MCMC methods are used to estimate the posterior distribution of the features of interest. The model is reparametrized to resemble an observable index model and specification searches are discussed. As an example, we construct leading indicators for inflation and GDP growth in the Euro area using G-7 information. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814334; Keywords: Panel VAR, Bayesian methods, Leading indicators, Markov Chain Monte Carlo methods; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/920.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1157 Author: Canova, F.; Ciccarelli, M. Year: 2003 Title of Work: Panel Index VAR Models: Specification, Estimation, Testing and Leading Indicators Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4033 Short Title: Panel Index VAR Models: Specification, Estimation, Testing and Leading Indicators DOI: http://www.cepr.org/pubs/dps/DP4033.asp Keywords: Multiple or Simultaneous Equation Models: General C300 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: This Paper proposes a method to conduct inference in panel VAR models with cross-unit interdependencies and time variations in the coefficients. The set-up used is Bayesian, and Markov chain Monte Carlo (MCMC) methods are used to estimate the posterior distribution of the features of interest. The model is re-parameterized to resemble an observable index model and specification searches are discussed. The approach can be used to construct multi-unit forecasts, leading indicators and to conduct policy analysis in multi-unit set-ups. The methodology is employed to construct leading indicators for inflation and GDP growth in the euro area. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0695282; Keywords: bayesian methods; leading indicators; markov chain monte carlo methods; panel var; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP4033.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 644 Author: Canova, F.; Ciccarelli, M. Year: 2004 Title: Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model Journal: Journal of Econometrics Volume: 120 Issue: 2 Pages: 327-359 Short Title: Forecasting and Turning Point Predictions in a Bayesian Panel VAR Model ISSN: 03044076 DOI: http://www.sciencedirect.com/science/journal/03044076 Accession Number: 0731449 Keywords: Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Forecasting Methods Simulation Methods C530 Business Fluctuations Cycles E320 Prices, Business Fluctuations, and Cycles: Forecasting and Simulation E370 International Policy Coordination and Transmission F420 Abstract: We provide methods for forecasting variables and predicting turning points in panel Bayesian VARs. We specify a flexible model, which accounts for both interdependencies in the cross section and time variations in the parameters. Posterior distributions for the parameters are obtained for hierarchical and for Minnesota-type priors. Formulas for multistep, multiunit point and average forecasts are provided. An application to the problem of forecasting the growth rate of output and of predicting turning points in the G-7 illustrates the approach. A comparison with alternative forecasting methods is also provided. Notes: Keywords: Forecast; Forecasting; Prediction; VAR; Geographic Descriptors: G-7; Publication Type: Journal Article; Update Code: 200406 URL: http://dx.doi.org/10.1016/S0304-4076(03)00216-1 http://www.sciencedirect.com/science/journal/03044076 Author Address: U Pompeu Fabra and CEPR U Alicante Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 573 Author: Canova, F.; Ciccarelli, M. Year: 2006 Title of Work: Estimating multi-country VAR models Institution: European Central Bank, Working Paper Series: 603 Pages: 35 pages Short Title: Estimating multi-country VAR models DOI: http://www.ecb.int/pub/pdf/scpwps/ecbwp603.pdf Keywords: Multiple or Simultaneous Equation Models: General C300 Econometric Modeling: General C500 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: This paper describes a methodology to estimate the coefficients, to test specification hypotheses and to conduct policy exercises in multi-country VAR models with cross unit interdependencies, unit specific dynamics and time variations in the coefficients. The framework of analysis is Bayesian: a prior flexibly reduces the dimensionality of the model and puts structure on the time variations; MCMC methods are used to obtain posterior distributions; and marginal likelihoods to check the fit of various specifications. Impulse responses and conditional forecasts are obtained with the output of MCMC routine. The transmission of certain shocks across G7 countries is analyzed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0837421; Keywords: Multi country VAR, Markov Chain Monte Carlo methods, Flexible priors, Internationalv transmission.; Publication Type: Working Paper; Update Code: 200605 URL: http://www.ecb.int/pub/pdf/scpwps/ecbwp603.pdf Author Address: Universitat Pompeu Fabra, Department of Economics and Business, Jaume I building, Ramon Trias Fargas, 25-27, 08005-Barcelona, Spain. European Central Bank, Kaiserstrasse 29, 60311 Frankfurt am Main, Germany. Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 572 Author: Canova, F.; Ciccarelli, M. Year: 2009 Title: Estimating Multicountry VAR Models Journal: International Economic Review Volume: 50 Issue: 3 Pages: 929-959 Short Title: Estimating Multicountry VAR Models ISSN: 00206598 DOI: http://www.blackwell-synergy.com/loi/iere/ Accession Number: 1052862 Alternate Accession Number: EP43017154 Keywords: Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Model Construction and Estimation C510 Macroeconomics: Production E230 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Abstract: This article presents a method to estimate the coefficients, to test specification hypotheses, and to conduct policy exercises in multicountry Vector Autoregressive (VAR) models with cross-unit interdependencies, unit-specific dynamics, and time variations in the coefficients. The framework of analysis is Bayesian: A prior flexibly reduces the dimensionality of the model and puts structure on the time variations, Markov chain Monte Carlo (MCMC) methods are used to obtain posterior distributions, and marginal likelihoods to check the fit of various specifications. Impulse responses and conditional forecasts are obtained with the output of an MCMC routine. The transmission of certain shocks across countries is analyzed. Notes: Geographic Descriptors: G-7; Publication Type: Journal Article; Update Code: 200908; Copyright: Copyright of International Economic Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwell-synergy.com/loi/iere/ Author Address: ICREA-U Pompeu Fabra and CREI European Central Bank Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 424 Author: Canova, F.; Ciccarelli, M. Year: 2011 Title of Work: Cyclical fluctuations in the Mediterranean basin Institution: European Central Bank, Working Paper Series: 1367 Pages: 40 pages Short Title: Cyclical fluctuations in the Mediterranean basin DOI: http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1367.pdf Keywords: Bayesian Analysis: General C110 Multiple or Simultaneous Equation Models: Models with Panel Data Longitudinal Data Spatial Time Series C330 Business Fluctuations Cycles E320 Abstract: We investigate the similarities of macroeconomic fluctuations in the Mediterranean basin and their convergence. A model with three indicators, covering the West, the East and the MENA portions of the Mediterranean, characterizes well the historical experience since the early 1980. Convergence and divergence coexist in the region and are reversible. Except for the West, domestic cyclical fluctuations are still due to national and idiosyncratic causes. The outlook for the next few years looks rosier for the MENA and the East blocks than for the West. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1257147; Keywords: Bayesian methods, business cycles, Mediterranean basin, developing and developed countries.; Publication Type: Working Paper; Update Code: 201109 URL: http://www.ecb.europa.eu/pub/pdf/scpwps/ecbwp1367.pdf Author Address: Universitat Pompeu Fabra, Ramon Trias Fargas 25-27, 08005 Barcelona, Spain. European Central Bank, Kaiserstrasse 29, D-60311 Frankfurt am Main, Germany. Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1358 Author: Canova, F.; Ciccarelli, M.; Ortega, E. Year: 2004 Title of Work: Similarities and Convergence in G7 Cycles Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4534 Short Title: Similarities and Convergence in G7 Cycles DOI: http://www.cepr.org/pubs/dps/DP4534.asp Keywords: Bayesian Analysis: General C110 Business Fluctuations Cycles E320 Abstract: This Paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of a euro area specific cycle or of its emergence in the 1990s. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0764974; Keywords: Bayesian methods; business cycle; G7; indicators; panel data; Publication Type: Working Paper; Update Code: 200503 URL: http://www.cepr.org/pubs/dps/DP4534.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1360 Author: Canova, F.; Ciccarelli, M.; Ortega, E. Year: 2004 Title of Work: Similarities and convergence in G-7 cycles Institution: European Central Bank, Working Paper Series: 312 Pages: 45 pages Short Title: Similarities and convergence in G-7 cycles DOI: http://www.ecb.int/pub/pdf/scpwps/ecbwp312.pdf Keywords: Bayesian Analysis: General C110 Multiple or Simultaneous Equation Models: Models with Panel Data Longitudinal Data Spatial Time Series C330 Business Fluctuations Cycles E320 Abstract: This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of an Euro area specific cycle or of its emergence in the 1990s.. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0820697; Keywords: Business cycle; Indicators; Panel Data; Bayesian methods; Publication Type: Working Paper; Update Code: 200603 URL: http://www.ecb.int/pub/pdf/scpwps/ecbwp312.pdf Author Address: Universitat Pompeu Fabra, Department of Economics and Business, Jaume I building, Ramon Trias Fargas, 25-27 E-08005-Barcelona, Spain European Central Bank, Kaiserstr. 29, D-60311 Frankfurt am Main, Germany Research Department, Bank of Canada, 234 Wellington, Ottawa, ON K1A 0G9, Canada. Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1361 Author: Canova, F.; Ciccarelli, M.; Ortega, E. Year: 2004 Title of Work: Similarities and convergence in G-7 cycles Institution: Banco de Espana, Banco de Espana Working Papers: 0404 Pages: 32 pages Short Title: Similarities and convergence in G-7 cycles DOI: http://www.bde.es/informes/be/docs/dt0404e.pdf Abstract: This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect di erences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of an Euro area specific cycle or of its emergence in the 1990s. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1028761; Publication Type: Working Paper; Update Code: 200905 URL: http://www.bde.es/informes/be/docs/dt0404e.pdf Author Address: Universitat Pompeu Fabra European Central Bank Banco de Espana Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1362 Author: Canova, F.; Ciccarelli, M.; Ortega, E. Year: 2007 Title: Similarities and Convergence in G-7 Cycles Journal: Journal of Monetary Economics Volume: 54 Issue: 3 Pages: 850-878 Short Title: Similarities and Convergence in G-7 Cycles ISSN: 03043932 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0918695 Keywords: Business Fluctuations Cycles E320 Abstract: This paper examines the properties of G-7 cycles using a multicountry Bayesian panel VAR model with time variations, unit specific dynamics and cross-country interdependences. We demonstrate the presence of a significant world cycle and show that country specific indicators play a much smaller role. We detect differences across business cycle phases but, apart from an increase in synchronicity in the late 1990s, find little evidence of major structural changes. We also find no evidence of the existence of a Euro specific cycle or of its emergence in the late 1990s. Notes: Keywords: Business Cycle; Cycle; Geographic Descriptors: G-7; Publication Type: Journal Article; Update Code: 200707 URL: http://dx.doi.org/10.1016/j.jmoneco.2005.10.022 http://www.elsevier.com/locate/inca/505566/ Author Address: ICREA, U Pompeu Fabra and CREI Europea Central Bank Bank of Spain Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 464 Author: Canova, F.; Ciccarelli, M.; Ortega, E. Year: 2009 Title of Work: Do institutional changes affect business cycles? Evidence from Europe Institution: Banco de Espana, Banco de Espana Working Papers: 0921 Pages: 40 pages Short Title: Do institutional changes affect business cycles? Evidence from Europe DOI: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/09/Fic/dt0921e.pdf Keywords: Statistical Simulation Methods: General C150 Multiple or Simultaneous Equation Models: Models with Panel Data Longitudinal Data Spatial Time Series C330 Business Fluctuations Cycles E320 Monetary Systems Standards Regimes Government and the Monetary System Payment Systems E420 Abstract: We study the effects that the Maastricht treaty, the creation of the ECB, and the Euro changeover had on the dynamics of European business cycles using a panel VAR and data from ten European countries--seven from the Euro area and three outside of it. There are slow changes in the features of business cycles and in the transmission of shocks. Time variations appear to be unrelated to the three events of interest and instead linked to a process of European convergence and synchronization. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1072078; Keywords: Business cycles, European Monetary Union, Panel VAR, Structural changes; Publication Type: Working Paper; Update Code: 200911 URL: http://www.bde.es/webbde/SES/Secciones/Publicaciones/PublicacionesSeriadas/DocumentosTrabajo/09/Fic/dt0921e.pdf Author Address: ICREA-UPF European Central Bank Banco de Espana Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 465 Author: Canova, F.; Ciccarelli, M.; Ortega, E. Year: 2009 Title of Work: Do institutional changes affect business cycles? Evidence from Europe Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Do institutional changes affect business cycles? Evidence from Europe DOI: http://www.econ.upf.edu/docs/papers/downloads/1158.pdf Keywords: Statistical Simulation Methods: General C150 Multiple or Simultaneous Equation Models: Models with Panel Data Longitudinal Data Spatial Time Series C330 Business Fluctuations Cycles E320 Monetary Systems Standards Regimes Government and the Monetary System Payment Systems E420 Abstract: We study the effects that the Maastricht treaty, the creation of the ECB, and the Euro changeover had on the dynamics of European business cycles using a panel VAR and data from ten European countries--seven from the Euro area and three outside of it. There are slow changes in the features of business cycles and in the transmission of shocks. Time variations appear to be unrelated to the three events of interest and instead linked to a process of European convergence and synchronization. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1046256; Keywords: Business cycles, EuropeanMonetary Union, Panel VAR, Structural changes; Publication Type: Working Paper; Update Code: 200907 URL: http://www.econ.upf.edu/docs/papers/downloads/1158.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1488 Author: Canova, F.; de Nicolo, G. Year: 1995 Title of Work: The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1119 Short Title: The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination DOI: http://www.cepr.org/pubs/dps/DP1119.asp Keywords: Statistical Simulation Methods: General C150 Interest Rates: Determination, Term Structure, and Effects E430 Asset Pricing Trading volume Bond Interest Rates G120 Abstract: This paper examines the relationship between the equity premium and the risk free rate at three different maturities using post-1973 data for a panel of seven OECD countries. We show the existence of subsample instabilities, of some cross country differences and of inconsistencies with the expectations theory of the term structure. We perform simulations using a standard consumption based CAPM model and demonstrate that the basic features of Mehra and Prescott's (1985) puzzle remain, regardless of the time period, the investment maturity and the country considered. Modifications of the basic set-up are also considered. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692384; Keywords: Calibration; Consumption Based CAPM; Equity Premium; Model Evaluation; Risk Free Rate; Term Structure; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1119.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 445 Author: Canova, F.; de Nicolo, G. Year: 1998 Title of Work: Did You Know that Monetary Disturbances Matter for Business Cycles Fluctuations? Evidence from the G-7 Countries Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2028 Short Title: Did You Know that Monetary Disturbances Matter for Business Cycles Fluctuations? Evidence from the G-7 Countries DOI: http://www.cepr.org/pubs/dps/DP2028.asp Keywords: Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Neoclassical Models of Trade F110 Abstract: This paper examines the question of which shock generates cyclical movements in output and inflation using an alternative approach. We find that in the G-7 countries output cycles are driven by different structural disturbances, that monetary disturbances play a significant role in at least four of the seven countries and that the dominant cause of output innovations within countries has changed after 1982. Inflation cycles are much more homogeneous across countries and are driven by a combination of supply and monetary disturbances. The disturbances we have identified explain large portions of output and inflation cycles, but are not a major cause of fluctuations in financial and money markets. The theoretical and policy implications of the findings are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693294; Keywords: Business Cycles; dynamic correlations; monetary models; structural shocks; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2028.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1038 Author: Canova, F.; De Nicolo, G. Year: 2000 Title of Work: Monetary disturbances matter for business fluctuations in the G-7 Institution: Board of Governors of the Federal Reserve System (U.S.), International Finance Discussion Papers: 660 Short Title: Monetary disturbances matter for business fluctuations in the G-7 DOI: http://www.federalreserve.gov/pubs/ifdp/2000/660/default.htm Abstract: This paper examines the importance of monetary disturbances for cyclical fluctuations in real activity and inflation. It employs a novel identification approach which uses the sign of the cross-correlation function in response to shocks to assign a structural interpretation to orthogonal innovations. We find that monetary shocks significantly drive output and inflation cycles in all G-7 countries; that they are the dominant source of fluctuations in three of the seven countries; that they contain an important policy component, and that their impact is time varying. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0701078; Keywords: Business cycles ; Group of Seven countries ; Monetary policy ; Inflation (Finance); Publication Type: Working Paper; Update Code: 200404 URL: http://www.federalreserve.gov/pubs/ifdp/2000/660/default.htm Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1119 Author: Canova, F.; de Nicolo, G. Year: 2000 Title of Work: On the Sources of Business Cycles in the G-7 Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: On the Sources of Business Cycles in the G-7 DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/459.pdf Keywords: Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Neoclassical Models of Trade F110 Abstract: This paper examines sources of cyclical movements in output, inflation and the term structure of interest rates. It employs a novel identification approach which uses the sign of the cross correlation function in response to shocks to catalog orthogonal disturbances. We find that demand shocks are the dominant source output, inflation and term structure fluctuations in six of the G-7 countries. Within the class of demand disturbances, nominal shocks are dominant, but their importance declined after 1982. Furthermore, there are no significant differences in the proportion of term structure variability Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725463; Keywords: Structural shocks; business cycles; demand disturbances; dynamic correlations; impulse responses.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/459.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1039 Author: Canova, F.; De Nicolo, G. Year: 2002 Title: Monetary Disturbances Matter for Business Fluctuations in the G-7 Journal: Journal of Monetary Economics Volume: 49 Issue: 6 Pages: 1131-1159 Short Title: Monetary Disturbances Matter for Business Fluctuations in the G-7 ISSN: 03043932 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0661165 Keywords: Business Fluctuations Cycles E320 Abstract: This paper examines the importance of monetary disturbances for cyclical fluctuations in real activity and inflation. It employs a novel identification approach which uses the sign of the cross-correlation function in response to shocks to assign a structural interpretation to orthogonal innovations. We find that identified monetary shocks have reasonable properties; that they significantly contribute to output and inflation cycles in all G-7 countries; that they contain an important policy component, and that their impact is time varying. Notes: Keywords: Business Fluctuation; Cycle; Fluctuation; Geographic Descriptors: G-7; Publication Type: Journal Article; Update Code: 200309 URL: http://www.elsevier.com/locate/inca/505566/ Author Address: U Pompeu Fabra, U Southampton, and CEPR IMF Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1118 Author: Canova, F.; de Nicolo, G. Year: 2003 Title: On the Sources of Business Cycles in the G-7 Journal: Journal of International Economics Volume: 59 Issue: 1 Pages: 77-100 Short Title: On the Sources of Business Cycles in the G-7 ISSN: 00221996 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505552/description#description Accession Number: 0637898 Keywords: Business Fluctuations Cycles E320 International Policy Coordination and Transmission F420 Abstract: This paper examines sources of cyclical movements in output, inflation and the term structure of interest rates in the G-7. It employs a novel identification approach which uses the sign of the theoretical cross correlation function in response to shocks to catalog orthogonal disturbances. We find that demand shocks are the dominant source of output and inflation fluctuations in several of the G-7 countries. The proportion of term structure variability explained by different structural sources does not depend on the horizon. Apart from the US and Canada, structural shocks are nearly uncorrelated across countries. Notes: Keywords: Business Cycle; Cycle; Fluctuation; Geographic Descriptors: G-7; Publication Type: Journal Article; Update Code: 200304 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505552/description#description Author Address: U Pompeu Fabra IMF Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1505 Author: Canova, F.; De Nicolo, G. Year: 2003 Title: The Properties of the Equity Premium and the Risk-Free Rate: An Investigation across Time and Countries Journal: IMF Staff Papers Volume: 50 Issue: 2 Pages: 222-249 Short Title: The Properties of the Equity Premium and the Risk-Free Rate: An Investigation across Time and Countries ISSN: 10207635 DOI: http://www.palgrave-journals.com/imfsp/index.html Accession Number: 0669171 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Interest Rates: Determination, Term Structure, and Effects E430 Foreign Exchange F310 Abstract: We examine the relationship between the equity premium and the risk-free rate over time for Group of Seven countries. We show the existence of subsample instabilities, cross-country differences, and examine whether a consumption-based CAPM model is able to explain the heterogeneity of the data when cross-country and time-series differences in technology parameters are accounted for. We demonstrate that the basic features of the equity premium and risk-free puzzles remain regardless of the sample period and the country considered. Modifications of the basic setup also fall short of providing an explanation for the puzzles. Notes: Keywords: CAPM; Equity Premium; Geographic Descriptors: G-7; Publication Type: Journal Article; Update Code: 200312 URL: http://www.palgrave-journals.com/imfsp/index.html Author Address: U Pompeu Fabra IMF Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1568 Author: Canova, F.; Dellas, H. Year: 1993 Title: Trade Interdependence and the International Business Cycle Journal: Journal of International Economics Volume: 34 Issue: 1-2 Pages: 23-47 Short Title: Trade Interdependence and the International Business Cycle ISSN: 00221996 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505552/description#description Accession Number: 0290210 Keywords: Business Fluctuations Cycles E320 Open Economy Macroeconomics F410 Abstract: A stochastic, general equilibrium model of the world economy is developed to analyze the contribution of trade interdependence to international business cycles. The authors test s ome of the implications of the model using data from ten major industria l countries and a variety of detrending techniques to calculate the cyclical component of output. They find that the significance of tra de in the transmission of economic disturbances across countries is not robust to the choice of the detrending method. In general, the role of trade interdependence is moderate and seems to have been stronger in the period before 1973. Notes: Keywords: Business Cycles; Cycle; International Business Cycles; Publication Type: Journal Article; Update Code: 199309 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505552/description#description Author Address: Brown U and European U Institute U MD and IGIER Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1043 Author: Canova, F.; Favero, C. Year: 2005 Title of Work: Monetary Policy in the Euro area: Lessons from 5 years of ECB and implications for Turkey Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Monetary Policy in the Euro area: Lessons from 5 years of ECB and implications for Turkey DOI: http://www.econ.upf.edu/docs/papers/downloads/922.pdf Keywords: Bayesian Analysis: General C110 General Aggregative Models: Keynes Keynesian Post-Keynesian E120 Business Fluctuations Cycles E320 Fiscal Policy E620 Abstract: We examine monetary policy in the Euro area from both theoretical and empirical perspectives. We discuss what theory tells us the strategy of Central banks should be and contrasts it with the one employed by the ECB. We review accomplishments (and failures) of monetary policy in the Euro area and suggest changes that would increase the correlation between words and actions; streamline the understanding that markets have of the policy process; and anchor expectation formation more strongly. We examine the transmission of monetary policy shocks in the Euro area and in some potential member countries and try to infer the likely effects occurring when Turkey joins the EU first and the Euro area later. Much of the analysis here warns against having too high expectations of the economic gains that membership to the EU and Euro club will produce. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814332; Keywords: Pillars, Communication, Transmission, EU newcomers; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/922.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1045 Author: Canova, F.; Favero, C. Year: 2007 Title: Monetary Policy in the Euro Area: Lessons from Five Years of the ECB and Its Implications for Turkey Editor: E. Basci, S. Togan and J. von Hagen Book Title: Macroeconomic Policies for EU Accession Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 79-122 Short Title: Monetary Policy in the Euro Area: Lessons from Five Years of the ECB and Its Implications for Turkey Keywords: Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Interest Rates: Determination, Term Structure, and Effects E430 Monetary Policy E520 Central Banks and Their Policies E580 Economic Integration F150 Fiscal and Monetary Policy in Development O230 Notes: Accession Number: 0990241; Reviewed Book ISBN: 978-1-84720-000-6; Keywords: Monetary; Monetary Policy; Policy; Geographic Descriptors: CEEC; EMU; EU; Turkey; U.S.; Geographic Region: Europe; Northern America; Publication Type: Collective Volume Article; Update Code: 200809 Author Address: ICREA, UPF Bocconi U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1044 Author: Canova, F.; Favero, C. A. Year: 2005 Title of Work: Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5101 Short Title: Monetary Policy in the Euro Area: Lessons from Five Years of ECB and Implications for Turkey DOI: http://www.cepr.org/pubs/dps/DP5101.asp Keywords: Bayesian Analysis: General C110 General Aggregative Models: Keynes Keynesian Post-Keynesian E120 Business Fluctuations Cycles E320 Fiscal Policy E620 Abstract: We examine monetary policy in the euro area from both theoretical and empirical perspectives. We discuss what theory tells us the strategy of Central banks should be and contrasts it with the one employed by the ECB. We review accomplishments (and failures) of monetary policy in the euro area and suggest changes that would increase the correlation between words and actions; streamline the understanding that markets have of the policy process; and anchor expectation formation more strongly. We examine the transmission of monetary policy shocks in the euro area and in some potential member countries and try to infer the likely effects occurring when Turkey joins the EU first and the euro area later. Much of the analysis here warns against having too high expectations of the economic gains that membership to the EU and euro club will produce. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0787677; Keywords: communication; EU newcomers; pillars; transmission; Publication Type: Working Paper; Update Code: 200508 URL: http://www.cepr.org/pubs/dps/DP5101.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1069 Author: Canova, F.; Ferroni, F. Year: 2009 Title of Work: Multiple filtering devices for the estimation of cyclical DSGE models Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Multiple filtering devices for the estimation of cyclical DSGE models DOI: http://www.econ.upf.edu/docs/papers/downloads/1135.pdf Keywords: Business Fluctuations Cycles E320 Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Abstract: We propose a method to estimate time invariant cyclical DSGE models using the information provided by a variety of filtering approaches. We treat data filtered with alternative procedures as contaminated proxy of the relevant model-based quantities and estimate structural and nonstructural parameters jointly using an unobservable component structure. We employ simulated data to illustrate the properties of the procedure and compare our estimates with those obtained when just one filter is used. We revisit the role of money in the transmission of monetary business cycles. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1014713; Keywords: DSGE models, Filters, Structural estimation, Business cycles; Publication Type: Working Paper; Update Code: 200902 URL: http://www.econ.upf.edu/docs/papers/downloads/1135.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1452 Author: Canova, F.; Ferroni, F. Year: 2010 Title of Work: The dynamics of US inflation: can monetary policy explain the changes? Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: The dynamics of US inflation: can monetary policy explain the changes? DOI: http://www.econ.upf.edu/docs/papers/downloads/1241.pdf Keywords: Monetary Policy E520 Money and Interest Rates: Forecasting and Simulation: Models and Applications E470 Forecasting Methods Simulation Methods C530 Abstract: We investigate the relationship between monetary policy and inflation dynamics in the US using a medium scale structural model. The specification is estimated with Bayesian techniques and fits the data reasonably well. Policy shocks account for a part of the decline in inflation volatility; they have been less effective in triggering inflation responses over time and qualitatively account for the rise and fall in the level of inflation. A number of structural parameter variations contribute to these patterns. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1141668; Keywords: New Keynesian model, Bayesian methods, Monetary policy, Inflation dynamics.; Publication Type: Working Paper; Update Code: 201012 URL: http://www.econ.upf.edu/docs/papers/downloads/1241.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1070 Author: Canova, F.; Ferroni, F. Year: 2011 Title: Multiple Filtering Devices for the Estimation of Cyclical DSGE Models Journal: Quantitative Economics Volume: 2 Issue: 1 Pages: 73-98 Short Title: Multiple Filtering Devices for the Estimation of Cyclical DSGE Models ISSN: 17597331 DOI: http://www.qeconomics.org Accession Number: 1164173 Keywords: Model Construction and Estimation C510 General Aggregative Models: Neoclassical E130 Business Fluctuations Cycles E320 Abstract: We propose a method to estimate time invariant cyclical dynamic stochastic general equilibrium models using the information provided by a variety of filters. We treat data filtered with alternative procedures as contaminated proxies of the relevant model-based quantities and estimate structural and nonstructural parameters jointly using a signal extraction approach. We employ simulated data to illustrate the properties of the procedure and compare our conclusions with those obtained when just one filter is used. We revisit the role of money in the transmission of monetary business cycles. Notes: Keywords: Business Cycle; Cycle; Equilibrium; Estimation; Publication Type: Journal Article; Update Code: 201104 URL: http://www.qeconomics.org Author Address: ICREA, U Pompeu Fabra and CREI Bank of France Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 581 Author: Canova, F.; Finn, M.; Pagan, A. R. Year: 1994 Title: Evaluating a Real Business Cycle Model Editor: C. P. Hargreaves Book Title: Nonstationary time series analysis and cointegration Publisher: Advanced Texts in Econometrics. Oxford and New York: Oxford University Press Pages: 225-255 Short Title: Evaluating a Real Business Cycle Model Keywords: Business Fluctuations Cycles E320 Model Evaluation and Selection C520 Notes: Accession Number: 0418810; Reviewed Book ISBN: 0-19-877391-9; 0-19-877392-7; Keywords: Business Cycles; Cycle; Real Business Cycle; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 199707 Author Address: European U Institute Federal Reserve Bank of Richmond Australian National U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 580 Author: Canova, F.; Finn, M.; Pagan, A. R. Year: 1998 Title: Evaluating a Real Business Cycle Model Editor: J. E. Hartley, K. D. Hoover and K. D. Salyer Book Title: Real business cycles: A reader Publisher: London and New York: Routledge Pages: 431-461 Short Title: Evaluating a Real Business Cycle Model Reprint Edition: [1994] Keywords: Business Fluctuations Cycles E320 Model Evaluation and Selection C520 Notes: Accession Number: 0648695; Reviewed Book ISBN: 0-415-16568-7; 0-415-17154-7; Keywords: Business Cycle; Cycle; Real Business Cycle; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 200307 Author Address: U Pompeu Fabra and Catania Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1040 Author: Canova, F.; Gambetti, L. Year: 2006 Title of Work: Monetary Policy and the Evolution of the US Economy Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5467 Short Title: Monetary Policy and the Evolution of the US Economy DOI: http://www.cepr.org/pubs/dps/DP5467.asp Keywords: Forecasting Methods Simulation Methods C530 Money and Interest Rates: Forecasting and Simulation E470 Monetary Policy E520 Abstract: This paper investigates the relationship between monetary policy and the changes experienced by the US economy using a small scale New Keynesian model. The model is estimated with Bayesian techniques and the stability of policy parameter estimates and of the transmission of policy shocks examined. The model fits well the data and produces forecasts comparable or superior to those of alternative specifications. The parameters of the policy rule, the variance and the transmission of policy shocks have been remarkably stable. The parameters of the Phillips curve and of the Euler equations are varying. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0813659; Keywords: Bayesian methods; great inflation; monetary policy; New Keynesian model; Publication Type: Working Paper; Update Code: 200602 URL: http://www.cepr.org/pubs/dps/DP5467.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 461 Author: Canova, F.; Gambetti, L. Year: 2007 Title of Work: Do expectations matter? The Great Moderation revisited Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Do expectations matter? The Great Moderation revisited DOI: http://www.econ.upf.edu/docs/papers/downloads/1084.pdf Keywords: Bayesian Analysis: General C110 General Aggregative Models: Keynes Keynesian Post-Keynesian E120 Business Fluctuations Cycles E320 Fiscal Policy E620 Abstract: We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and of interest rates but their importance is roughly unchanged over time. Systems with and without expectations display similar reduced form characteristics. Including or excluding expectations hardly changes the economic explanation of the Great Moderation. Results are robust to changes in the structure of the empirical model. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0971832; Keywords: Indeterminacy, Expectations, Term structure, Structural VARs, Sunspot; Publication Type: Working Paper; Update Code: 200805 URL: http://www.econ.upf.edu/docs/papers/downloads/1084.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 459 Author: Canova, F.; Gambetti, L. Year: 2009 Title of Work: Do expectations matter? The Great Moderation revisited Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7597 Short Title: Do expectations matter? The Great Moderation revisited DOI: http://www.cepr.org/pubs/dps/DP7597.asp Keywords: Bayesian Analysis: General C110 General Aggregative Models: Keynes Keynesian Post-Keynesian E120 Business Fluctuations Cycles E320 Fiscal Policy E620 Abstract: We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and interest rates but their importance is roughly unchanged over time. Systems with and without expectations display similar reduced form characteristics. Results are robust to changes in the structure of the empirical model. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1082994; Keywords: Expectations; Indeterminacy; Term structure; VARs; Publication Type: Working Paper; Update Code: 201001 URL: http://www.cepr.org/pubs/dps/DP7597.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 460 Author: Canova, F.; Gambetti, L. Year: 2010 Title: Do Expectations Matter? The Great Moderation Revisited Journal: American Economic Journal: Macroeconomics Volume: 2 Issue: 3 Pages: 183-205 Short Title: Do Expectations Matter? The Great Moderation Revisited ISSN: 19457707 DOI: http://www.aeaweb.org/aej-macro/ Accession Number: 1105804 Alternate Accession Number: EP52009856 Keywords: Macroeconomics: Production E230 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Abstract: We examine the role of expectations in the Great Moderation episode. We derive theoretical restrictions in a New-Keynesian model and test them using measures of expectations obtained from survey data, the Greenbook and bond markets. Expectations explain the dynamics of inflation and interest rates but their importance is roughly unchanged over time. Systems with and without expectations display similar reduced form characteristics. Results are robust to changes in the structure of the empirical model. Notes: Keywords: Inflation; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201006; Copyright: Copyright of American Economic Journal: Macroeconomics is the property of American Economic Association and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.aeaweb.org/aej-macro/ Author Address: U Pompeu Fabra and U Autonoma de Barcelona Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1530 Author: Canova, F.; Gambetti, L.; Pappa, E. Year: 2006 Title of Work: The Structural Dynamics of Output Growth and Inflation: Some International Evidence Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5878 Short Title: The Structural Dynamics of Output Growth and Inflation: Some International Evidence DOI: http://www.cepr.org/pubs/dps/DP5878.asp Keywords: Bayesian Analysis: General C110 General Aggregative Models: Keynes Keynesian Post-Keynesian E120 Business Fluctuations Cycles E320 Fiscal Policy E620 Abstract: We examine the dynamics of output growth and inflation in the US, Euro area and UK using a structural time varying coefficient VAR. There are important similarities in structural inflation dynamics across countries; output growth dynamics differ. Swings in the magnitude of inflation and output growth volatilities and persistences are accounted for by a combination of three structural shocks. Changes over time in the structure of the economy are limited and permanent variations largely absent. Changes in the volatilities of structural shocks matter. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0872975; Keywords: persistence; structural time varying VARs; transmission; variability; Publication Type: Working Paper; Update Code: 200611 URL: http://www.cepr.org/pubs/dps/DP5878.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1531 Author: Canova, F.; Gambetti, L.; Pappa, E. Year: 2006 Title of Work: The structural dynamics of output growth and inflation: some international evidence Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: The structural dynamics of output growth and inflation: some international evidence DOI: http://www.econ.upf.edu/docs/papers/downloads/971.pdf Keywords: Bayesian Analysis: General C110 General Aggregative Models: Keynes Keynesian Post-Keynesian E120 Business Fluctuations Cycles E320 Fiscal Policy E620 Abstract: We examine the dynamics of output growth and inflation in the US, Euro area and UK using a structural time varying coefficient VAR. There are important similarities in structural inflation dynamics across countries; output growth dynamics differ. Swings in the magnitude of inflation and output growth volatilities and persistences are accounted for by a combination of three structural shocks. Changes over time in the structure of the economy are limited and permanent variations largely absent. Changes in the volatilities of structural shocks matter Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0873516; Keywords: Variability, Persistence, Transmission, Structural time varying VARs; Publication Type: Working Paper; Update Code: 200611 URL: http://www.econ.upf.edu/docs/papers/downloads/971.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1533 Author: Canova, F.; Gambetti, L.; Pappa, E. Year: 2006 Title of Work: The Structural Dynamics of US Output and Inflation: What Explains the Changes? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5879 Short Title: The Structural Dynamics of US Output and Inflation: What Explains the Changes? DOI: http://www.cepr.org/pubs/dps/DP5879.asp Keywords: Bayesian Analysis: General C110 General Aggregative Models: Keynes Keynesian Post-Keynesian E120 Business Fluctuations Cycles E320 Fiscal Policy E620 Abstract: We examine the dynamics of US output and inflation using a structural time varying coefficient VAR. We show that there are changes in the volatility of both variables and in the persistence of inflation. Technology shocks explain changes in output volatility, while a combination of technology, demand and monetary shocks explain variations in the persistence and volatility of inflation. We detect changes over time in the transmission of technology shocks and in the variance of technology and of monetary policy shocks. Hours and labour productivity always increase in response to technology shocks. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0872976; Keywords: persistence; structural time varying VARs; transmission; variability; Publication Type: Working Paper; Update Code: 200611 URL: http://www.cepr.org/pubs/dps/DP5879.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1529 Author: Canova, F.; Gambetti, L.; Pappa, E. Year: 2007 Title: The Structural Dynamics of Output Growth and Inflation: Some International Evidence Journal: Economic Journal Volume: 117 Issue: 519 Pages: C167-91 Short Title: The Structural Dynamics of Output Growth and Inflation: Some International Evidence ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0936198 Alternate Accession Number: EP24719926 Keywords: Macroeconomics: Production E230 Price Level Inflation Deflation E310 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Abstract: We examine the dynamics of output growth and inflation in the US, Euro area and UK using a structural time varying coefficient VAR. There are important similarities in structural inflation dynamics across countries; output growth dynamics differ. Swings in the magnitude of inflation and output growth volatilities and persistences are accounted for by a combination of three structural shocks. Changes over time in the structure of the economy are limited and permanent variations largely absent. Changes in the volatilities of structural shocks matter. Notes: Keywords: Growth; Inflation; Output; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200711; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: ICREA-UPF and CREI U Autonoma de Barcelona and U Modena U Autonoma de Barcelona Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 323 Author: Canova, F.; Ghysels, E. Year: 1994 Title: Changes in Seasonal Patterns: Are They Cyclical? Journal: Journal of Economic Dynamics and Control Volume: 18 Issue: 6 Pages: 1143-1171 Short Title: Changes in Seasonal Patterns: Are They Cyclical? ISSN: 01651889 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Accession Number: 0345362 Keywords: Single Equation Models Single Variables: Time-Series Models Dynamic Quantile Regressions C220 Business Fluctuations Cycles E320 Abstract: This paper explores the hypothesis that the seasonal patterns of macroeconomic variables vary with expansions and contractions. Graphical techniques and generalized predictive tests for structural stability are used to identify and test patterns of changing seasonality. A Monte Carlo exercise shows the power of the tests against interesting alternatives. The empirical results suggest that seasonal patterns are unstable and that in many cases changes are linked to the stages of the business cycle. The forecasting costs incurred by treating seasonality as constant are discussed and evaluated. Notes: Keywords: Business Cycles; Contraction; Cycle; Expansion; Macroeconomics; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199503 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Author Address: Brown U U Montreal Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 249 Author: Canova, F.; Hansen, B. E. Year: 1995 Title: Are Seasonal Patterns Constant over Time? A Test for Seasonal Stability Journal: Journal of Business and Economic Statistics Volume: 13 Issue: 3 Pages: 237-252 Short Title: Are Seasonal Patterns Constant over Time? A Test for Seasonal Stability ISSN: 07350015 DOI: http://www.amstat.org/publications/jbes/ Accession Number: 0361429 Keywords: Single Equation Models Single Variables: Time-Series Models Dynamic Quantile Regressions C220 Abstract: This paper introduces Lagrange multiplier tests of the null hypothesis of no unit roots at seasonal frequencies against the alternative of a unit root at either a single seasonal frequency or a set of seasonal frequencies. The tests complement those of D. Dickey, D. Hasza, and W. Fuller (1984) and S. Hylleberg, et al. (1990), which examine the null of seasonal unit roots. The authors derive an asymptotic distribution theory for the tests and investigate their size and power with a Monte Carlo exercise. Application of three sets of seasonal variables shows that, in most cases, seasonality is nonstationary. Notes: Keywords: Unit Root; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199510 URL: http://www.amstat.org/publications/jbes/ Author Address: U Pompeu Fabra and U Catania Boston College and U Rochester Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 248 Author: Canova, F.; Hansen, B. E. Year: 2005 Title: Are Seasonal Patterns Constant over Time? A Test for Seasonal Stability Editor: A. Harvey and T. Proietti Book Title: Readings in Unobserved Components Models Publisher: Advanced Texts in Econometrics. Oxford and New York: Oxford University Press Pages: 272-302 Short Title: Are Seasonal Patterns Constant over Time? A Test for Seasonal Stability Reprint Edition: [1995] Keywords: Single Equation Models Single Variables: Time-Series Models Dynamic Quantile Regressions C220 Notes: Accession Number: 0851031; Reviewed Book ISBN: 0-19-927865-2 (cloth); 0-19-927869-5 (pbk); ; Publication Type: Collective Volume Article; Update Code: 200607 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1123 Author: Canova, F.; Ito, T. Year: 1991 Title of Work: On Time-Series Properties of Time-Varying Risk Premium in the Yen/Dollar Exchange Market Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 2678 Short Title: On Time-Series Properties of Time-Varying Risk Premium in the Yen/Dollar Exchange Market DOI: http://www.nber.org/papers/w2678.pdf Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0745880; Publication Type: Working Paper; Update Code: 200410 URL: http://www.nber.org/papers/w2678.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1539 Author: Canova, F.; Ito, T. Year: 1991 Title: The Time-Series Properties of the Risk Premium in the Yen/Dollar Exchange Market Journal: Journal of Applied Econometrics Volume: 6 Issue: 2 Pages: 125-142 Short Title: The Time-Series Properties of the Risk Premium in the Yen/Dollar Exchange Market DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/4079 Accession Number: 0248653 Keywords: Foreign Exchange F310 Contingent Pricing Futures Pricing option pricing G130 Notes: Publication Type: Journal Article; Update Code: 199112 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/4079 Author Address: Brown U and U Rochester Hitotsubashi U, U MN, and NBER Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1473 Author: Canova, F.; Lopez-Salido, D.; Michelacci, C. Year: 2010 Title: The Effects of Technology Shocks on Hours and Output: A Robustness Analysis Journal: Journal of Applied Econometrics Volume: 25 Issue: 5 Pages: 755-773 Short Title: The Effects of Technology Shocks on Hours and Output: A Robustness Analysis ISSN: 08837252 DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/4079 Accession Number: 1119720 Keywords: Model Construction and Estimation C510 Macroeconomics: Production E230 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Business Fluctuations Cycles E320 Abstract: We analyze the effects of neutral and investment-specific technology shocks on hours and output. Long cycles in hours are removed in a variety of ways. Hours robustly fall in response to neutral shocks and robustly increase in response to investment-specific shocks. The percentage of the variance of hours (output) explained by neutral shocks is small (large); the opposite is true for investment-specific shocks. News shocks are uncorrelated with the estimated technology shocks. Notes: Keywords: Cycle; Long Cycle; Output; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 201008 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/4079 Author Address: ICREA, U Pompeau Fabra and AMeN, Barcelona Federal Reserve Board Cemfi, Madrid Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1474 Author: Canova, F.; Lopez-Salido, J. D.; Michelacci, C. Year: 2008 Title of Work: The Effects of Technology Shocks on Hours and Output: A Robustness Analysis Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 6720 Short Title: The Effects of Technology Shocks on Hours and Output: A Robustness Analysis DOI: http://www.cepr.org/pubs/dps/DP6720.asp Keywords: Macroeconomics and Monetary Economics: General E000 Mobility, Unemployment, and Vacancies: General J600 Technological Change: Choices and Consequences Diffusion Processes O330 Abstract: We analyze the effects of neutral and investment-specific technology shocks on hours and output. Long cycles in hours are captured in a variety of ways. Hours robustly fall in response to neutral shocks and robustly increase in response to investment specific shocks. The percentage of the variance of hours (output) explained by neutral shocks is small (large); the opposite is true for investment specific shocks. 'News shocks' that generically change expectations about future productivity, are uncorrelated with the estimated technology shocks. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0970973; Keywords: Long cycles; News shocks; Structural VARs; Technology disturbances; Publication Type: Working Paper; Update Code: 200805 URL: http://www.cepr.org/pubs/dps/DP6720.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1496 Author: Canova, F.; Marcet, A. Year: 1995 Title of Work: The Poor Stay Poor: Non-Convergence Across Countries and Regions Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1265 Short Title: The Poor Stay Poor: Non-Convergence Across Countries and Regions DOI: http://www.cepr.org/pubs/dps/DP1265.asp Keywords: Bayesian Analysis: General C110 Single Equation Models Single Variables: Models with Panel Data Longitudinal Data Spatial Time Series C230 Intertemporal Choice and Growth: General D900 Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Abstract: We study the issue of income convergence across countries and regions with a Bayesian model which allows us to use information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income found, for example, by Barro and Sala-i-Martin, is due to a 'fixed effect bias' that their cross-sectional analysis introduces in the results. Our approach permits the estimation of different convergence rates to different steady states for each cross-sectional unit. When this diversity is allowed, we find that convergence of each unit to (its own) steady-state income level is much faster than previously estimated, but that cross-sectional differences persist: inequalities will only be reduced by a small amount by the passage of time. The cross-country distribution of the steady state is largely explained by the cross-sectional distribution of initial conditions. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692532; Keywords: Convergence; Income Inequalities; Panel Data; Persistence; Prior Distribution; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1265.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1497 Author: Canova, F.; Marcet, A. Year: 1995 Title of Work: The Poor Stay Poor: Non-Convergence across Countries and Regions Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: The Poor Stay Poor: Non-Convergence across Countries and Regions DOI: http://www.econ.upf.edu/docs/papers/downloads/137.pdf Abstract: We study the issue of income convergence across countries and regions with a Bayesian estimator which allows us to use information in an efficient and flexible way. We argue that the very slow convergence rates to a common level of per-capita income found, e.g., by Barro and Xavier Sala-i-Martin, is due to a 'fixed effect bias' that their cross-sectional analysis introduces in the results. Our approach permits the estimation of different convergence rates to different steady states for each cross sectional unit. When this diversity is allowed, we find that convergence of each unit to (its own) steady state income level is much faster than previously estimated but that cross sectional differences persist: inequalities will only be reduced by a small amount by the passage of time. The cross country distribution of the steady state is largely explained by the cross country distribution of initial conditions. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0741695; Publication Type: Working Paper; Update Code: 200408 URL: http://www.econ.upf.edu/docs/papers/downloads/137.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1217 Author: Canova, F.; Marrinan, J. Year: 1993 Title: Profits, Risk, and Uncertainty in Foreign Exchange Markets Journal: Journal of Monetary Economics Volume: 32 Issue: 2 Pages: 259-286 Short Title: Profits, Risk, and Uncertainty in Foreign Exchange Markets ISSN: 03043923 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 0326923 Keywords: Foreign Exchange F310 Abstract: This paper examines the properties of nominal profits from speculation in dollar-dominated forward contracts using a representative agent cash-in-advance model, modified to allow for heteroscedasticity in the exogenous processes. The model is simulated by estimating exogenous processes from the data and the remaining free parameters with a simulated method-of-moments technique. Simulated expected profits are variable, heteroskedastic, and serially correlated but the magnitude of these second moments fall short of those of the predictable component of observed profits on the U.S. dollar. As in the actual data, simulated forward rates display biasedness in predicting simulated future spot rates. Notes: Keywords: Foreign Exchange; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199409 URL: http://www.elsevier.com/locate/inca/505566/ Author Address: Brown U, European U Institute, and CEPR Boston College and IGIER, Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1189 Author: Canova, F.; Marrinan, J. Year: 1995 Title: Predicting Excess Returns in Financial Markets Journal: European Economic Review Volume: 39 Issue: 1 Pages: 35-69 Short Title: Predicting Excess Returns in Financial Markets ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0354060 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Foreign Exchange F310 Abstract: This paper attempts to reproduce the time series properties of nominal excess returns in a variety of financial markets using a representative agent cash-in-advance model, modified to allow for time variation in the conditional variances of the exogenous processes. The exogenous fundamental processes of the model are estimated from the data and the remaining free parameters are estimated with a simulated method of moments technique. Simulations demonstrate that the model can replicate some of the predictability features of observed excess returns for the period 1978-91, but that it fails to account for the serial correlation and for the joint properties of one and three months excess returns. Notes: Keywords: Financial Markets; Geographic Descriptors: U.S.; U.K.; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 199508 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: U Pompeu Fabra and CEPR U Pompeu Fabra Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1249 Author: Canova, F.; Marrinan, J. Year: 1996 Title: Reconciling the Term Structure of Interest Rates with the Consumption-Based ICAP Model Journal: Journal of Economic Dynamics and Control Volume: 20 Issue: 4 Pages: 709-750 Short Title: Reconciling the Term Structure of Interest Rates with the Consumption-Based ICAP Model ISSN: 01651889 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Accession Number: 0385079 Keywords: Interest Rates: Determination, Term Structure, and Effects E430 Abstract: This paper attempts to explain some of the time series features of the low end of the term structure of US interest rates using a representative-agent cash-in-advance consumption-based ICAP model, modified to allow for time variation in the conditional variances of the exogenous processes. The ability of the model to reproduce features of the actual data is evaluated using a Monte Carlo simulation technique. The statistical properties of simulated yields and spreads are shown to replicate several properties of the observed term structure of U.S. T-bills over the sample 1964-88. Notes: Keywords: Interest Rates; Interest; Term Structure of Interest Rates; Yield; Publication Type: Journal Article; Update Code: 199607 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Author Address: U Pompeu Fabra Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1389 Author: Canova, F.; Marrinan, J. Year: 1998 Title: Sources and Propagation of International Output Cycles: Common Shocks or Transmission? Journal: Journal of International Economics Volume: 46 Issue: 1 Pages: 133-166 Short Title: Sources and Propagation of International Output Cycles: Common Shocks or Transmission? ISSN: 00221996 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505552/description#description Accession Number: 0478740 Keywords: Business Fluctuations Cycles E320 Open Economy Macroeconomics F410 Abstract: This paper studies the generation and transmission of international cycles in a multicountry model with production and consumption interdependencies. Two sources of disturbance are considered and three channels of propagation are compared. Technology disturbances, which are mildly correlated across countries, are more successful than government expenditure disturbances in reproducing actual data. The presence of a common component to the shocks and of production interdependencies appear to be crucial in quantitatively matching the properties of the data. Notes: Keywords: Cycle; Geographic Descriptors: Germany; U.S.; Japan; Geographic Region: Europe; Northern America; Asia; Publication Type: Journal Article; Update Code: 199812 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505552/description#description Author Address: U Pompeu Fabra Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1388 Author: Canova, F.; Marrinan, J. Year: 2000 Title of Work: Sources and Propagation of International Cycles: Common Shocks or Transmission? Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Sources and Propagation of International Cycles: Common Shocks or Transmission? DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/188.ps.gz Keywords: Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Neoclassical Models of Trade F110 Abstract: This paper studies the generation and transmission of international cycles in a multi-country model with production and consumption interdependencies. Two sources of disturbance are considered and three channels of propagation are compared. In the short run the contemporaneous correlation of disturbances determines the main features of the transmission. In the medium run production interdependencies account for the transmission of technology shocks and consumption interdependencies account for the transmission of government shocks. Technology disturbances, which are mildly correlated across countries, are more successful than government expenditure disturbances in reproducing actual data. The model also accounts for the low cross country consumption correlations observed in the data. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725729; Keywords: Technology and government disturbances; production interdependencies; consumption interdependencies; transmission.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/188.ps.gz Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 492 Author: Canova, F.; Menz, T. Year: 2009 Title of Work: Does money matter in shaping domestic business cycles? An international investigation (with appendices) Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Does money matter in shaping domestic business cycles? An international investigation (with appendices) DOI: http://www.econ.upf.edu/docs/papers/downloads/1242.pdf Keywords: Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We study the contribution of money to business cycle fluctuations in the US, the UK, Japan, and the Euro area using a small scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are statistically important for output and inflation fluctuations. Their contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical fluctuations, of the transmission of shocks and of the events of the last 40 years. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1141666; Keywords: Money, business cycles, shock transmission, inflation dynamics.; Publication Type: Working Paper; Update Code: 201012 URL: http://www.econ.upf.edu/docs/papers/downloads/1242.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 901 Author: Canova, F.; Menz, T. Year: 2009 Title of Work: Japan's Lost Decade: Does Money have a Role? Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Japan's Lost Decade: Does Money have a Role? DOI: http://www.econ.upf.edu/docs/papers/downloads/1240.pdf Keywords: Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We study the contribution of the stock of money to the macroeconomic outcomes of the 1990s in Japan using a small scale structural model. Likelihood-based estimates of the parameters are provided and time stabilities of the structural relationships analyzed. Real balances are statistically important for output and inflation fluctuations and their role has changed over time. Models which give money no role give a distorted representation of the sources of cyclical fluctuations. The severe stagnation and the long deflation are driven by different causes. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1141658; Keywords: Money, Japan's Lost decade, structural model, deflation.; Publication Type: Working Paper; Update Code: 201012 URL: http://www.econ.upf.edu/docs/papers/downloads/1240.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 902 Author: Canova, F.; Menz, T. Year: 2009 Title of Work: Japan's Lost Decade: Does Money have a Role? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7608 Short Title: Japan's Lost Decade: Does Money have a Role? DOI: http://www.cepr.org/pubs/dps/DP7608.asp Keywords: Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We study the contribution of the stock of money to the macroeconomic outcomes of the 1990s in Japan using a small scale structural model. Likelihood-based estimates of the parameters are provided and time stabilities of the structural relationships analyzed. Real balances are statistically important for output and inflation fluctuations and their role has changed over time. Models which give money no role give a distorted representation of the sources of cyclical fluctuations. The severe stagnation and the long deflation are driven by different causes. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1083001; Keywords: deflation; Japan's Lost decade; money; structural model; Publication Type: Working Paper; Update Code: 201001 URL: http://www.cepr.org/pubs/dps/DP7608.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 490 Author: Canova, F.; Menz, T. Year: 2010 Title of Work: Does money matter in shaping domestic business cycles? An international investigation Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8107 Short Title: Does money matter in shaping domestic business cycles? An international investigation DOI: http://www.cepr.org/pubs/dps/DP8107.asp Keywords: Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We study the contribution of money to business cycle fluctuations in the US, the UK, Japan, and the Euro area using a small scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are statistically important for output and inflation fluctuations. Their contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical fluctuations, of the transmission of shocks and of the events of the last 40 years. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1146155; Keywords: business cycles; inflation dynamics; Money; shock transmission; Publication Type: Working Paper; Update Code: 201101 URL: http://www.cepr.org/pubs/dps/DP8107.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 900 Author: Canova, F.; Menz, T. Year: 2010 Title: Japan's Lost Decade: Does Money Have a Role? Journal: Journal of the Japanese and International Economies Volume: 24 Issue: 2 Pages: 178-195 Short Title: Japan's Lost Decade: Does Money Have a Role? ISSN: 08891583 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Accession Number: 1120355 Keywords: Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We study the contribution of the stock of money to the macroeconomic outcomes of the 1990s in Japan using a small-scale structural model. Likelihood-based estimates of the parameters are provided and time stabilities of the structural relationships analyzed. Real balances are statistically important for output and inflation fluctuations and their role has changed over time. Models which give money no role give a distorted representation of the sources of cyclical fluctuations. The severe stagnation and the long deflation are driven by different causes. Notes: Keywords: Deflation; Fluctuation; Inflation; Macroeconomics; Money; Stagnation; Geographic Descriptors: Japan; Geographic Region: Asia; Publication Type: Journal Article; Update Code: 201008 URL: http://dx.doi.org/10.1016/j.jjie.2009.12.001 http://www.elsevier.com/wps/find/journaldescription.cws_home/622903/description#description Author Address: U Pompeu Fabra U Bern Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 491 Author: Canova, F.; Menz, T. Year: 2011 Title: Does Money Matter in Shaping Domestic Business Cycles? An International Investigation Journal: Journal of Money, Credit, and Banking Volume: 43 Issue: 4 Pages: 577-607 Short Title: Does Money Matter in Shaping Domestic Business Cycles? An International Investigation ISSN: 00222879 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Accession Number: 1239947 Keywords: General Aggregative Models: Neoclassical E130 Macroeconomics: Production E230 Price Level Inflation Deflation E310 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We study the contribution of money to business-cycle fluctuations in the United States, the United Kingdom, Japan, and the euro area using a small-scale structural monetary business cycle model. Constrained likelihood-based estimates of the parameters are provided and time instabilities analyzed. Real balances are statistically important for output and inflation fluctuations. Their contribution changes over time. Models giving money no role provide a distorted representation of the sources of cyclical fluctuations, of the transmission of shocks, and of the events of the last 40 years. Notes: Keywords: Business Cycle; Cycle; Fluctuation; Inflation; Monetary; Money; Output; Geographic Descriptors: EMU; Japan; U.K.; U.S.; Geographic Region: Asia; Europe; Northern America; Publication Type: Journal Article; Update Code: 201106 URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Author Address: U Pompeu Fabra Fintergral Consulting Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1114 Author: Canova, F.; Michelacci, C. Year: 2006 Title of Work: On the robust effects of technology shocks on hours worked and output Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: On the robust effects of technology shocks on hours worked and output DOI: http://www.econ.upf.edu/docs/papers/downloads/1013.pdf Keywords: Macroeconomics and Monetary Economics: General E000 Mobility, Unemployment, and Vacancies: General J600 Technological Change: Choices and Consequences Diffusion Processes O330 Abstract: We analyze the effects of neutral and investment-specific technology shocks on hours worked and output. Low frequency movements in hours are captured in a variety of ways. Hours robustly fall in response to neutral shocks and robustly increase in response to investment specific shocks. The percentage of the variance of hours (output) explained by neutral shocks is small (large); the opposite is true for investment specific shocks. News shocks and other shocks are uncorrelated with the estimated neutral and investment specific shocks. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0899771; Keywords: Technology disturbances, structural VARs, low frequency movements, news shocks; Publication Type: Working Paper; Update Code: 200704 URL: http://www.econ.upf.edu/docs/papers/downloads/1013.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1487 Author: Canova, F.; Nicolo, G. D. Year: 1995 Title of Work: The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: The Equity Premium and the Risk Free Rate: A Cross Country, Cross Maturity Examination Abstract: This paper examines the relationship between the equity premium and the risk free rate at three different maturities using post 1973 data for a panel of 7 OECD countries. We show the existence of subsample instabilities, of some cross country differences and of inconsistencies with the expectations theory of the term structure. We perform simulations using a standard consumption based CAPM model and demonstrate that the basic features of Mehra and Prescott's (1985) puzzle remain, regardless of the time period, the investment maturity and the country considered. Modifications of the basic setup are also considered. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0741696; Publication Type: Working Paper; Update Code: 200408 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1197 Author: Canova, F.; Pappa, E. Year: 2003 Title of Work: Price Dispersions in Monetary Unions: The Role of Fiscal Shocks Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3746 Short Title: Price Dispersions in Monetary Unions: The Role of Fiscal Shocks DOI: http://www.cepr.org/pubs/dps/DP3746.asp Keywords: Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Fiscal Policies and Behavior of Economic Agents: General H300 Abstract: We study the effect of regional expenditure and revenue shocks on price dispersion in a monetary union using annual US state and quarterly EU data. We identify fiscal shocks using sign restrictions on the dynamics of expenditures, revenues, deficits and output. We construct two estimates for structural price dispersion dynamics, one for the average and one for each unit, which optimally weight the information contained in the data for all units. We find that fiscal shocks explain between 10-20% of the variability of price dispersion in the US and between 3-4% in the EU. On average, the predictions of standard theory are confirmed: expansionary fiscal disturbances produce positive price dispersion responses in both areas while distortionary balance budget shocks produce negative price responses. In about one third of the units, negative price dispersion responses to expansionary fiscal shocks are observed. Further, heterogeneities in shapes and peak responses are observed. Explanations for the puzzling features are provided. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0695018; Keywords: bayesian techniques; fiscal policy; price dispersions; supply effects; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3746.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 487 Author: Canova, F.; Pappa, E. Year: 2004 Title of Work: Does it Cost to be Virtuous? The Macroeconomic Effect of Fiscal Constraints Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4747 Short Title: Does it Cost to be Virtuous? The Macroeconomic Effect of Fiscal Constraints DOI: http://www.cepr.org/pubs/dps/DP4747.asp Keywords: Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 State and Local Government Intergovernmental Relations: General H700 Abstract: We study whether and how fiscal restrictions alter the business cycle features macrovariables for a sample of 48 US states. We also examine the 'typical' transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0765106; Keywords: budget restrictions; dynamic panels; fiscal policy transmission; policy rules; Publication Type: Working Paper; Update Code: 200503 URL: http://www.cepr.org/pubs/dps/DP4747.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 488 Author: Canova, F.; Pappa, E. Year: 2004 Title of Work: Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints DOI: http://www.econ.upf.edu/docs/papers/downloads/926.pdf Keywords: Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 State and Local Government Intergovernmental Relations: General H700 Abstract: We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the "typical" transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814328; Keywords: Budget restrictions, Fiscal policy transmission, Policy Rules, Dynamic Panels; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/926.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 489 Author: Canova, F.; Pappa, E. Year: 2005 Title of Work: Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 11065 Short Title: Does it Cost to be Virtuous? The Macroeconomic Effects of Fiscal Constraints DOI: http://www.nber.org/papers/w11065.pdf Keywords: Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 State and Local Government Intergovernmental Relations: General H700 Abstract: We study whether and how fiscal restrictions alter the business cycle features of macrovariables for a sample of 48 US states. We also examine the %u201Dtypical%u201D transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0763076; Publication Type: Working Paper; Update Code: 200502 URL: http://www.nber.org/papers/w11065.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1195 Author: Canova, F.; Pappa, E. Year: 2005 Title of Work: Price Differentials in Monetary Unions: The Role of Fiscal Shocks Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Price Differentials in Monetary Unions: The Role of Fiscal Shocks DOI: http://www.econ.upf.edu/docs/papers/downloads/923.pdf Keywords: Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 State and Local Government Intergovernmental Relations: General H700 Abstract: We study the effect of regional expenditure and revenue shocks on price differentials for 47 US states and 9 EU countries. We identify shocks using sign restrictions on the dynamics of deficits and output and construct two estimates for structural price differentials dynamics which optimally weight the information contained in the data for all units. Fiscal shocks explain between 14 and 23 percent of the variability of price differentials both in the US and in the EU. On average, expansionary fiscal disturbances produce positive price differential responses while distortionary balance budget shocks produce negative price differential responses. In a number of units, price differential responses to expansionary fiscal shocks are negative. Spillovers and labor supply effects partially explain this pattern while geographical, political, and economic indicators do not. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814331; Keywords: Price differentials, Fiscal policy, Monetary unions, Bayesian methods; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/923.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1477 Author: Canova, F.; Pappa, E. Year: 2005 Title of Work: The Elusive Costs and the Immaterial Gains of Fiscal Constraints Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5406 Short Title: The Elusive Costs and the Immaterial Gains of Fiscal Constraints DOI: http://www.cepr.org/pubs/dps/DP5406.asp Keywords: Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 State and Local Government Intergovernmental Relations: General H700 Abstract: We study whether and how fiscal restrictions alter the business cycle features macrovariables for a sample of 48 US states. We also examine the 'typical' transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0809460; Keywords: business cycles; excessive debt; fiscal restrictions; US states; Publication Type: Working Paper; Update Code: 200601 URL: http://www.cepr.org/pubs/dps/DP5406.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1479 Author: Canova, F.; Pappa, E. Year: 2005 Title of Work: The elusive costs and the immaterial gains of fiscal contraints Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: The elusive costs and the immaterial gains of fiscal contraints DOI: http://www.econ.upf.edu/docs/papers/downloads/928.pdf Keywords: Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 State and Local Government Intergovernmental Relations: General H700 Abstract: We study whether and how fiscal restrictions alter the business cycle features macrovariables for a sample of 48 US states. We also examine the 'typical' transmission properties of fiscal disturbances and the implied fiscal rules of states with different fiscal restrictions. Fiscal constraints are characterized with a number of indicators. There are similarities in second moments of macrovariables and in the transmission properties of fiscal shocks across states with different fiscal constraints. The cyclical response of expenditure differs in size and sometimes in sign, but heterogeneity within groups makes point estimates statistically insignificant. Creative budget accounting is responsible for the pattern. Implications for the design of fiscal rules and the reform of the Stability and Growth Pact are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814326; Keywords: Business cycles, excessive debt, fiscal restrictions and US states; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/928.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1478 Author: Canova, F.; Pappa, E. Year: 2006 Title: The Elusive Costs and the Immaterial Gains of Fiscal Constraints Journal: Journal of Public Economics Volume: 90 Issue: 8-9 Pages: 1391-1414 Short Title: The Elusive Costs and the Immaterial Gains of Fiscal Constraints ISSN: 00472727 DOI: http://www.elsevier.com/locate/inca/505578/ Accession Number: 0871371 Keywords: State and Local Budget and Expenditures H720 State and Local Borrowing H740 Abstract: We study whether fiscal restrictions affect volatilities and correlations of macrovariables and the probability of excessive debt for a sample of 48 US states. Fiscal constraints are characterized with a number of indicators and volatilities and correlations are computed in several ways. The second moments of macroeconomic variables in states with different fiscal constraints are economically and statistically similar. Excessive debt and the mechanism linking budget deficit and excessive debts are independent of whether tight or loose fiscal constraints are in place. Creative budget accounting may account for the results. Notes: Keywords: Budget; Debt; Debt; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200611 URL: http://dx.doi.org/10.1016/j.jpubeco.2006.01.002 http://www.elsevier.com/locate/inca/505578/ Author Address: U Pompeu Fabra and CREI UAB and London School of Economics Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1194 Author: Canova, F.; Pappa, E. Year: 2007 Title: Price Differentials in Monetary Unions: The Role of Fiscal Shocks Journal: Economic Journal Volume: 117 Issue: 520 Pages: 713-737 Short Title: Price Differentials in Monetary Unions: The Role of Fiscal Shocks ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0922629 Alternate Accession Number: EP25234113 Keywords: Price Level Inflation Deflation E310 Fiscal Policy E620 State and Local Taxation, Subsidies, and Revenue H710 State and Local Budget and Expenditures H720 Size and Spatial Distributions of Regional Economic Activity R120 Abstract: We study the effect of regional expenditure and revenue shocks on price differentials for 47 US states and 9 EU countries. We identify shocks using sign restrictions on the dynamics of expenditures, revenues, deficits and output and construct two estimates for structural price differentials dynamics, one for the average and one for each unit, which optimally weight information contained in the data for all units. On average, expansionary fiscal disturbances produce positive, while distortionary balance budget shocks produce negative price differential responses. The negative price differentials responses in some units is partially explained by spillovers and labour supply effects. Notes: Keywords: Deficit; Expenditure; Prices; Regional; Revenue; Geographic Descriptors: EU; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 200708; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Author Address: U Pompeu Fabra U Autonoma de Barcelona and London School of Economics Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 635 Author: Canova, F.; Pappa, E. Year: 2011 Title of Work: Fiscal policy, pricing frictions and monetary accommodation Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Fiscal policy, pricing frictions and monetary accommodation Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1236508; Publication Type: Working Paper; Update Code: 201106 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1010 Author: Canova, F.; Paustian, M. Year: 2007 Title of Work: Measurement with Some Theory: a New Approach to Evaluate Business Cycle Models Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Measurement with Some Theory: a New Approach to Evaluate Business Cycle Models DOI: http://www.econ.upf.edu/docs/papers/downloads/1203.pdf Keywords: Business Fluctuations Cycles E320 Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Abstract: We propose a method to evaluate cyclical models which does not require knowledge of the DGP and the exact empirical specification of the aggregate decision rules. We derive robust restrictions in a class of models; use some to identify structural shocks and others to evaluate the model or contrast sub-models. The approach has good size and excellent power properties, even in small samples. We show how to examine the validity of a class of models, sort out the relevance of certain frictions, evaluate the importance of an added feature, and indirectly estimate structural parameters. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1089899; Keywords: Misspecification, Sign restrictions, Shock identification, Model validation.; Publication Type: Working Paper; Update Code: 201003 URL: http://www.econ.upf.edu/docs/papers/downloads/1203.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 306 Author: Canova, F.; Paustian, M. Year: 2011 Title of Work: Business cycle measurement with some theory Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8364 Short Title: Business cycle measurement with some theory DOI: http://www.cepr.org/pubs/dps/DP8364.asp Keywords: Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions Dynamic Treatment Models C320 Business Fluctuations Cycles E320 Abstract: A method to evaluate cyclical models which does not require knowledge of the DGP and the exact specification of the aggregate decision rules is proposed. We derive robust restrictions in a class of models; use some to identify structural shocks in the data and others to evaluate the class or contrast sub-models. The approach has good properties, even in small samples, and when the class of models is misspecified. We show how to sort out the relevance of a certain friction (the presence of rule-of-thumb consumers) in a standard class of models. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1234669; Keywords: misspecification; model validation; shock identification; sign restrictions; Publication Type: Working Paper; Update Code: 201106 URL: http://www.cepr.org/pubs/dps/DP8364.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1046 Author: Canova, F.; Pina, J. P. Year: 1999 Title of Work: Monetary Policy Misspecification in VAR Models Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2333 Short Title: Monetary Policy Misspecification in VAR Models DOI: http://www.cepr.org/pubs/dps/DP2333.asp Keywords: Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We examine the effects of extracting monetary policy disturbances with semi-structural and structural VARs, using data generated by a limited participation model under partial accommodative and feedback rules. We find that, in general, misspecification is substantial: short run coefficients often have wrong signs; impulse responses and variance decompositions give misleading representations of the dynamics. Explanations for the results and suggestions for macroeconomic practice are provided. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693611; Keywords: General Equilibrium; identification; Monetary Policy; Structural VARs; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2333.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1047 Author: Canova, F.; Pires-Pina, J. Year: 2000 Title of Work: Monetary Policy Misspecification in VAR Models Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Monetary Policy Misspecification in VAR Models DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/420.pdf Keywords: Multiple or Simultaneous Equation Models: Time-Series Models Dynamic Quantile Regressions C320 Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Monetary Policy E520 Abstract: We examine the effects of extracting monetary policy disturbances with semi-structural and structural VARs, using data generated by a limited participation model under partial accommodative and feedback rules. We find that, in general, misspecification is substantial: short run coefficients often have wrong signs; impulse responses and variance decompositions give misleading representations of the dynamics. Explanations for the results and suggestions for macroeconomic practice are provided. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725501; Keywords: General equilibrium; monetary policy; identification; structural VARs.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/420.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 847 Author: Canova, F.; Ravn, M. Year: 1994 Title of Work: International Consumption Risk Sharing Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1074 Short Title: International Consumption Risk Sharing DOI: http://www.cepr.org/pubs/dps/DP1074.asp Keywords: Criteria for Decision-Making under Risk and Uncertainty D810 Business Fluctuations Cycles E320 International Investment Long-term Capital Movements F210 Abstract: This paper examines whether or not consumption risk sharing occurs in a panel of industrialized countries. We derive the international consumption insurance proposition in a simple theoretical model and show how it should be modified in more complicated models. We analyse empirically the implications of the proposition for pairs of countries over cycles of different length, and find that aggregate domestic consumption is completely insured against idiosyncratic real, demographic, fiscal and monetary shocks, but that it co-varies with domestic variables over long or infinite cycles. Also, the cross equation restrictions imposed by the theory are, in general, rejected. The policy implications of the results are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692349; Keywords: Capital Mobility; Consumption Insurance; International Investments; Long Run Convergence; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1074.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 421 Author: Canova, F.; Ravn, M. Year: 1998 Title of Work: Crossing the Rio Grande: Migrations, Business Cycles and the Welfare State Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2040 Short Title: Crossing the Rio Grande: Migrations, Business Cycles and the Welfare State DOI: http://www.cepr.org/pubs/dps/DP2040.asp Keywords: Business Fluctuations Cycles E320 Fiscal Policy E620 International Factor Movements and International Business: General F200 Taxation and Subsidies: Externalities Redistributive Effects Environmental Taxes and Subsidies H230 Abstract: This paper studies the macroeconomic effects of an inflow of low-skilled workers into an economy where there is capital accumulation, endogenous labour supply and heterogeneous workers. We find substantial dynamic effects, with adjustments that resemble those triggered by a sudden disruption of the capital stock and significant long-run changes. We examine the interactions between migration and three different redistribution systems and find that these schemes change the dynamics and lead to prolonged periods of adjustments. The aggregate welfare implications of migration are sensitive to the redistribution system. Without redistribution there are gains and when the state engages in redistribution gains disappear and different types of agents bear the costs. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693313; Keywords: Business Cycles; heterogeneous agents; Migration; Welfare State; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2040.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 846 Author: Canova, F.; Ravn, M. O. Year: 1993 Title of Work: International Consumption Risk Sharing Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: International Consumption Risk Sharing Abstract: This paper formally examines the implications of international consumption risk sharing for a panel of industrialized countries. We theoretically derive the international consumption insurance proposition in a simple setup and show how it should be modified in more complicated models. We empirically analyze the implications of the theory for pairs of countries across frequencies of the spectrum and find that aggregate domestic consumption is almost completely insured against idiosyncratic real, demographic, fiscal and monetary shocks over short cycles, but that it covaries with these variables over medium and long cycles. The cross equation restrictions imposed by the theory are, in general, rejected. The policy implications of the results are discussed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0741697; Publication Type: Working Paper; Update Code: 200408 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 848 Author: Canova, F.; Ravn, M. O. Year: 1996 Title: International Consumption Risk Sharing Journal: International Economic Review Volume: 37 Issue: 3 Pages: 573-601 Short Title: International Consumption Risk Sharing ISSN: 00206598 DOI: http://www.blackwell-synergy.com/loi/iere/ Accession Number: 0397682 Alternate Accession Number: EP9702216845 Keywords: Macroeconomics: Consumption Saving Wealth E210 Open Economy Macroeconomics F410 Business Fluctuations Cycles E320 Abstract: This paper formally examines the implications of international consumption risk sharing for a panel of industrialized countries. The authors theoretically derive the international consumption insurance proposition in a simple setup and show how to modify it in more complicated models. They analyze the implications of the theory for pairs of countries and find that aggregate domestic consumption is almost completely insured against idiosyncratic real, demographic, fiscal, and monetary shocks over short cycles but that it covaries with these variables over medium and long cycles. The cross equation restrictions imposed by the theory are rejected. The policy implications are discussed. Notes: Keywords: Consumption; Cycle; Publication Type: Journal Article; Update Code: 199612; Copyright: Copyright of International Economic Review is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwell-synergy.com/loi/iere/ Author Address: U Pompeu Fabra, U Modena and CEPR U Southampton Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 264 Author: Canova, F.; Sala, L. Year: 2005 Title of Work: Back to square one: identification issues in DSGE models Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Back to square one: identification issues in DSGE models DOI: http://www.econ.upf.edu/docs/papers/downloads/927.pdf Keywords: Econometric and Statistical Methods: General C100 Multiple or Simultaneous Equation Models: General C300 Prices, Business Fluctuations, and Cycles: General (includes Measurement and Data) E300 Abstract: We investigate identifiability issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model impulse responses. We show that observational equivalence, partial and weak identification problems are widespread, that they lead to biased estimates, unreliable t-statistics and may induce investigators to select false models. We examine whether different objective functions affect identification and study how small samples interact with parameters and shock identification. We provide diagnostics and tests to detect identification failures and apply them to a state-of-the-art model. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0814327; Keywords: Identification, minimum distance estimators, likelihood function, new keynesian models; Publication Type: Working Paper; Update Code: 200602 URL: http://www.econ.upf.edu/docs/papers/downloads/927.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 263 Author: Canova, F.; Sala, L. Year: 2006 Title of Work: Back to square one: identification issues in DSGE models Institution: European Central Bank, Working Paper Series: 583 Pages: 46 pages Short Title: Back to square one: identification issues in DSGE models DOI: http://www.ecb.int/pub/pdf/scpwps/ecbwp583.pdf Keywords: Estimation: General C130 Model Construction and Estimation C510 Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Abstract: We investigate identifiability issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model impulse responses. We show that observational equivalence, partial and weak identification problems are widespread, that they lead to biased estimates, unreliable t-statistics and may induce investigators to select false models. We examine whether different objective functions affect identification and study how small samples interact with parameters and shock identification. We provide diagnostics and tests to detect identification failures and apply them to a state-of-the-art model. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0821012; Keywords: identification; DSGE models; Publication Type: Working Paper; Update Code: 200603 URL: http://www.ecb.int/pub/pdf/scpwps/ecbwp583.pdf Author Address: Universitat Pompeu Fabra, Departament d'Economia i Impresa, Ramon Trias Fargas 25-27, 08005 Barcelona, Spain. IGIER - Universita Bocconi, Via Salasco 5, 20136 Milan, Italy. Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 262 Author: Canova, F.; Sala, L. Year: 2007 Title of Work: Back to square one: identification issues in DSGE models Institution: Banco de Espana, Banco de Espana Working Papers: 0715 Pages: 45 pages Short Title: Back to square one: identification issues in DSGE models DOI: http://www.bde.es/informes/be/docs/dt0715e.pdf Keywords: Econometric and Statistical Methods: General C100 Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: We investigate identifiability issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model impulse responses. Observational equivalence, partial and weak identification problems are widespread and they lead to biased estimates, unreliable t-statistics and may induce investigators to select false models. We examine whether different objective functions affect identification and study how small samples interact with parameters and shock identification. We provide diagnostics and tests to detect identification failures and apply them to a state-of-the-art model. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0920657; Keywords: identification, impulse responses, DSGE models, small samples; Publication Type: Working Paper; Update Code: 200707 URL: http://www.bde.es/informes/be/docs/dt0715e.pdf Author Address: Universitat Pompeu Fabra Innocenzo Gasparini Institute for Economic Research (IGIER) - Universita Commerciale Luigi Bocconi Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 260 Author: Canova, F.; Sala, L. Year: 2009 Title: Back to Square One: Identification Issues in DSGE Models Journal: Journal of Monetary Economics Volume: 56 Issue: 4 Pages: 431-449 Short Title: Back to Square One: Identification Issues in DSGE Models ISSN: 03043932 DOI: http://www.elsevier.com/locate/inca/505566/ Accession Number: 1053968 Keywords: Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Abstract: We investigate identification issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model-based impulse responses. Observational equivalence, partial and weak identification problems are widespread and typically produced by an ill-behaved mapping between the structural parameters and the coefficients of the solution. Different objective functions affect identification and small samples interact with parameters identification. Diagnostics to detect identification deficiencies are provided and applied to a widely used model. Notes: Publication Type: Journal Article; Update Code: 200908 URL: http://dx.doi.org/10.1016/j.jmoneco.2009.03.014 http://www.elsevier.com/locate/inca/505566/ Author Address: U Pompeu Fabra U Bocconi Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 261 Author: Canova, F.; Sala, L. Year: 2009 Title of Work: Back to square one: identification issues in DSGE models Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7234 Short Title: Back to square one: identification issues in DSGE models DOI: http://www.cepr.org/pubs/dps/DP7234.asp Keywords: Econometric and Statistical Methods: General C100 Model Evaluation and Selection C520 Business Fluctuations Cycles E320 Monetary Policy, Central Banking, and the Supply of Money and Credit: General E500 Abstract: We investigate identification issues in DSGE models and their consequences for parameter estimation and model evaluation when the objective function measures the distance between estimated and model-based impulse responses. Observational equivalence, partial and weak identification problems are widespread and typically produced by an ill-behaved mapping between the structural parameters and the coefficients of the solution. Different objective functions affect identification and small samples interact with parameters identification. Diagnostics to detect identification deficiencies are provided and applied to a widely used model. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1031487; Keywords: DSGE models; Identification; Impulse Responses; small samples.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.cepr.org/pubs/dps/DP7234.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1014 Author: Canova, F.; Schlaepfer, A. Year: 2011 Title of Work: Mediterranean business cycles: structure and characteristics Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: Mediterranean business cycles: structure and characteristics Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1236511; Publication Type: Working Paper; Update Code: 201106 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 706 Author: Canova, F.; Ubide, A. J. Year: 1995 Title of Work: Household Production and International Business Cycles Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1113 Short Title: Household Production and International Business Cycles DOI: http://www.cepr.org/pubs/dps/DP1113.asp Keywords: Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Open Economy Macroeconomics F410 Abstract: This paper investigates the effects of introducing household production in an international real business cycle model. We show how a model driven by disturbances to the household production can account for some features of international cycles. A version of the model which considers shocks to both market and household technologies seems able to reproduce the main regularities of the data. Sensitivity analysis shows that the implications of the model are robust to alternative specifications of the stochastic processes for the disturbances and to variations of the parameters within a reasonable range. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692406; Keywords: Consumption Correlations; Household Production; International Business; Taste Shocks; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1113.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 845 Author: Canova, F.; Ubide, A. J. Year: 1998 Title: International Business Cycles, Financial Markets and Household Production Journal: Journal of Economic Dynamics and Control Volume: 22 Issue: 4 Pages: 545-572 Short Title: International Business Cycles, Financial Markets and Household Production ISSN: 01651889 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Accession Number: 0456194 Keywords: Business Fluctuations Cycles E320 Open Economy Macroeconomics F410 Abstract: This paper investigates the properties of an international real business cycle model with household production. We show that a model with disturbances to both market and household technologies reproduces the main regularities of the data and improves existing models in matching international consumption, investment and output correlations without irrealistic assumptions on the structure of international financial markets. Sensitivity analysis shows the robustness of the results to alternative specifications of the stochastic processes for the disturbances and to variations of unmeasured parameters within a reasonable range. Notes: Keywords: Business Cycles; Cycle; International Business Cycles; Real Business Cycle; Geographic Descriptors: U.S.; OECD; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199806 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505547/description#description Author Address: U Pompeu Fabra, U Modena, and CEPR IMF Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 844 Author: Canova, F.; Ubide, A. J. Year: 2000 Title of Work: International Business Cycles, Financial Markets and Household Production Institution: Department of Economics and Business, Universitat Pompeu Fabra, Economics Working Papers Short Title: International Business Cycles, Financial Markets and Household Production DOI: http://www.econ.upf.es/deehome/what/wpapers/postscripts/204.ps.gz Keywords: Computable General Equilibrium Models C680 Business Fluctuations Cycles E320 Open Economy Macroeconomics F410 Abstract: This paper investigates the properties of an international real business cycle model with household production. We show that a model with disturbances to both market and household technologies reproduces the main regularities of the data and improves existing models in matching international consumption, investment and output correlations without irrealistic assumptions on the structure of international financial markets. Sensitivity analysis shows the robustness of the results to alternative specifications of the stochastic processes for the disturbances and to variations of unmeasured parameters within a reasonable range. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0725714; Keywords: Household production; international business cycles; taste shocks; consumption correlations.; Publication Type: Working Paper; Update Code: 200404 URL: http://www.econ.upf.es/deehome/what/wpapers/postscripts/204.ps.gz Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1308 Author: Cantoni, E.; Ronchetti, E. Year: 2001 Title: Robust Inference for Generalized Linear Models Journal: Journal of the American Statistical Association Volume: 96 Issue: 455 Pages: 1022-1030 Short Title: Robust Inference for Generalized Linear Models ISSN: 01621459 DOI: http://www.amstat.org/publications/jasa/ Accession Number: 0590213 Keywords: Single Equation Models Single Variables: General C200 Abstract: By starting from a natural class of robust estimators for generalized linear models based on the notion of quasi-likelihood, we define robust deviances that can be used for stepwise model selection as in the classical framework. We derive the asymptotic distribution of tests based on robust deviances, and we investigate the stability of their asymptotic level under contamination. The binomial and Poisson models are treated in detail. Two applications to real data and a sensitivity analysis show that the inference obtained by means of the new techniques is more reliable than that obtained by classical estimation and testing procedures. Notes: Publication Type: Journal Article; Update Code: 200112 URL: http://www.amstat.org/publications/jasa/ Author Address: U Geneva Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 179 Author: Cantoni, E.; Ronchetti, E. Year: 2006 Title: A Robust Approach for Skewed and Heavy-Tailed Outcomes in the Analysis of Health Care Expenditures Journal: Journal of Health Economics Volume: 25 Issue: 2 Pages: 198-213 Short Title: A Robust Approach for Skewed and Heavy-Tailed Outcomes in the Analysis of Health Care Expenditures ISSN: 01676296 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505560/description#description Accession Number: 0852743 Keywords: Single Equation Models Single Variables: General C200 Health: General I100 Abstract: In this paper robust statistical procedures are presented for the analysis of skewed and heavy-tailed outcomes as they typically occur in health care data. The new estimators and test statistics are extensions of classical maximum likelihood techniques for generalized linear models. In contrast to their classical counterparts, the new robust techniques show lower variability and excellent efficiency properties in the presence of small deviations from the assumed model, i.e. when the underlying distribution of the data lies in a neighborhood of the model. A simulation study, an analysis on real data, and a sensitivity analysis confirm the good theoretical statistical properties of the new techniques. Notes: Keywords: Health; Publication Type: Journal Article; Update Code: 200607 URL: http://dx.doi.org/10.1016/j.jhealeco.2005.04.010 http://www.elsevier.com/wps/find/journaldescription.cws_home/505560/description#description Author Address: U Geneva Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 297 Author: Caprara, G. V.; Barbaranelli, C.; Guido, G. Year: 2001 Title: Brand Personality: How to Make the Metaphor Fit? Journal: Journal of Economic Psychology Volume: 22 Issue: 3 Pages: 377-395 Short Title: Brand Personality: How to Make the Metaphor Fit? ISSN: 01674870 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505589/description#description Accession Number: 0582506 Keywords: Advertising M370 Abstract: The Big Five Model of human personality (Goldberg, 1990) reduces the large number of adjectives describing human personalities to only five latent dimensions (the so-called Big Five Factors of Extroversion, Agreeableness, Conscientiousness, Emotional Stability, and Openness), which provide a consensual framework for classifying and organizing descriptors of human personality. This paper examines 12 mass-market brands to determine to what extent, in a consumer setting, the Big Five can serve as a metaphor to describe enduring characteristics of brands. More than 1500 subjects evaluated their own personalities and those of three brands by using 40 adjectives (8 for each trait) typical of the dimensions of human personality according to the Big Five Factor Model. Results from exploratory factor analyses showed that the five-factor structure is not replicated when describing brands. Rather, at a higher level of abstraction in the hierarchical organization of personality characteristics, results supported a two-trait solution. It was also found that descriptors of human personality convey different meanings when attributed to different brands. While the psycholexical approach remains a suitable procedure to identify brand descriptors, the factors used to describe human personalities appear to be inappropriate for describing the brands studied here. Notes: Keywords: Brand; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200110 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505589/description#description Author Address: U Rome 'La Sapienza' U Lecce and U Padua Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 964 Author: Carlin, T. M.; Guthrie, J. Year: 2001 Title: Lessons from Australian and New Zealand Experiences with Accrual Output-Based Budgeting Editor: L. R. Jones, J. Guthrie and P. Steane Book Title: Learning from international public management reform Publisher: Research in Public Policy Analysis and Management, vol. 11A Amsterdam; New York and Tokyo: Elsevier Science, JAI Pages: 89-100 Short Title: Lessons from Australian and New Zealand Experiences with Accrual Output-Based Budgeting Keywords: Bureaucracy Administrative Processes in Public Organizations Corruption D730 National Government Expenditures and Related Policies: General H500 Structure, Scope, and Performance of Government H110 National Budget Budget Systems H610 Notes: Accession Number: 0649019; Reviewed Book ISBN: 0-7623-0759-5; Keywords: Budgeting; Geographic Descriptors: Australia; New Zealand; Geographic Region: Oceania; Publication Type: Collective Volume Article; Update Code: 200307 Author Address: Macquarie U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1453 Author: Carraro, C.; Peracchi, F.; Weber, G. Year: 1993 Title: The Econometrics of Panel and Pseudo Panels: Editors' Introduction Journal: Journal of Econometrics Volume: 59 Issue: 1-2 Pages: 1-4 Short Title: The Econometrics of Panel and Pseudo Panels: Editors' Introduction ISSN: 03044076 DOI: http://www.sciencedirect.com/science/journal/03044076 Accession Number: 0298920 Keywords: Single Equation Models Single Variables: Models with Panel Data Longitudinal Data Spatial Time Series C230 Notes: Keywords: Econometrics; Publication Type: Journal Article; Update Code: 199403 URL: http://www.sciencedirect.com/science/journal/03044076 Author Address: U Udine NYU IGIER, Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 882 Author: Caselli, P.; Pagano, P.; Schivardi, F. Year: 2001 Title: Investment and Growth in Europe and in the United States in the Nineties Journal: Rivista di Politica Economica Volume: 91 Issue: 10 Pages: 3-35 Short Title: Investment and Growth in Europe and in the United States in the Nineties ISSN: 03916170 DOI: http://www.rivistapoliticaeconomica.it Accession Number: 0604617 Keywords: Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Capital Investment Capacity E220 Abstract: The paper analyzes the sharp divergence between capital formation in the leading euro-area countries and the United States in the nineties. We estimate an investment function at the sectoral level and find evidence of a break in the coefficient linking the growth of capital stock to demand in both the euro-area and Anglo-Saxon countries, but of opposite sign: while it declined in the former, it increased in the latter. This result is partly attributable to a rise in demand uncertainty in Europe and to a decrease in the Anglo-Saxon countries in the nineties. Notes: Keywords: Capital; Growth; Investment; Geographic Descriptors: Europe; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 200205 URL: http://www.rivistapoliticaeconomica.it Author Address: Bank of Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1104 Author: Cassart, D.; Hallin, M.; Paindaveine, D. Year: 2010 Title of Work: On the Estimation of Cross-Information Quantities in Rank-Based Inference Institution: Universite Libre de Bruxelles, Ecares, ECARES Working Papers: 2010_010 Pages: 12 pages Short Title: On the Estimation of Cross-Information Quantities in Rank-Based Inference DOI: http://www.ecares.org/index2.php?option=com_docman&task=doc_view&gid=91&Itemid=204 Abstract: Rank-based inference and, in particular, R-estimation, is a red thread running through Jana Jureckova's entire scientific career, starting with her dissertation in 1967, where she laid the foundations of a point-estimation counterpart to Jaroslav Hajek's celebrated theory of rank tests. Cross-information quantities in that context play an essential role. Such quantities appear in the local powers of rank tests and the asymptotic variance of R-estimators. Estimating them consistently is a delicate problem that has been extensively considered in the literature. We provide here a new, flexible, and very general method for that problem, which furthermore applies well beyond the traditional case of regression models. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1103117; Keywords: Rank tests, R-estimation, cross-information, local power, asymptotic variance.; Publication Type: Working Paper; Update Code: 201005 URL: http://www.ecares.org/index2.php?option=com_docman&task=doc_view&gid=91&Itemid=204 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 837 Author: Castagnoli, E.; Maccheroni, F.; Marinacci, M. Year: 2002 Title: Insurance Premia Consistent with the Market Journal: Insurance: Mathematics and Economics Volume: 31 Issue: 2 Pages: 267-284 Short Title: Insurance Premia Consistent with the Market ISSN: 01676687 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505554/description#description Accession Number: 0632868 Keywords: Insurance Insurance Companies G220 Abstract: We consider insurance prices in presence of an incomplete and competitive market. We show that if the insurance price system is internal, sublinear, and consistent with the market, then insurance prices are the maxima of their expected payments with respect to a family of risk neutral probabilities. We also show that under a simple additional assumption, it is possible to decompose the obtained price in net premium plus safety loading. Notes: Keywords: Insurance; Publication Type: Journal Article; Update Code: 200302 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505554/description#description Author Address: Instituto di Metodi Quantitativi, U Bocconi Instituto di Metodi Quantitativi, U Bocconi and ICER, Torino U Torino and ICER, Torino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 328 Author: Castagnoli, E.; Maccheroni, F.; Marinacci, M. Year: 2004 Title: Choquet Insurance Pricing: A Caveat Journal: Mathematical Finance Volume: 14 Issue: 3 Pages: 481-485 Short Title: Choquet Insurance Pricing: A Caveat ISSN: 09601627 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Accession Number: 0743909 Alternate Accession Number: EP13460590 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Insurance Insurance Companies G220 Abstract: We show that, if prices in a market are Choquet expectations, the existence of one frictionless asset may force the whole market to be frictionless. Any risky asset will cause this collapse if prices depend only on the distribution with respect to a given nonatomic probability measure; the frictionless asset has to be fully revealing if such dependence is not assumed. Similar considerations apply to law-invariant coherent risk measures. Notes: Keywords: Insurance; Publication Type: Journal Article; Update Code: 200409; Copyright: Copyright of Mathematical Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Author Address: Istituto di Metodi Quantitativi, U Bocconi U Bocconi and ICER, Turin U Torino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 763 Author: Castaldi, C.; Dosi, G. Year: 2004 Title of Work: Income Levels and Income Growth. Some New Cross-Country Evidence and Some Interpretative Puzzles Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Income Levels and Income Growth. Some New Cross-Country Evidence and Some Interpretative Puzzles DOI: http://www.lem.sssup.it/WPLem/files/2004-18.pdf Abstract: This work brings together two distinct ensembles of evidence concerning, at macro level, international distributions of incomes and their dynamics, and, at micro level, the size distributions of firms and the properties of their growth rates. Together, we also consider an intermediate level of observation, namely the properties of sectoral growth. First, our empirical analysis provides a fresh look at the international distri-butions of incomes and growth rates by investigating more closely the relationship between the two entities and the statistical properties of the growth process. Second, we try to identify those statistical properties which are invariant with respect to the scale of observation (country, sector or firm) as distinct from those that are instead scale specific. This exercise puts forward a few major interpretative challenges regarding the correlating processes underlying the statistical evidence. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034739; Keywords: International Distribution of Incomes, International Growth Rates, Scaling Laws, Growth Volatility, Exponential Tails; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2004-18.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1164 Author: Castaldi, C.; Dosi, G.; Paraskevopoulou, E. Year: 2011 Title of Work: Path dependence in technologies and organizations: a concise guide Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Path dependence in technologies and organizations: a concise guide DOI: http://www.lem.sssup.it/WPLem/files/2011-12.pdf Abstract: The note on which an entry for the Palgrave Encyclopedia of Strategic Management will draw offers a beginner's guide to path dependency in technologies and organizations. We address the very meaning of the concept and its centrality in various aspects of economic analysis. We outline the various levels of the economic system in which it is observable, its sources, consequences and different formal representations of path dependent processes. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1236393; Keywords: Path dependence, lock-in, dynamic increasing returns, organizational inertias; Publication Type: Working Paper; Update Code: 201106 URL: http://www.lem.sssup.it/WPLem/files/2011-12.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 165 Author: Castaldo, A.; Marinacci, M. Year: 2002 Title: A Lusin theorem for a class of Choquet capacities Volume: 43 Issue: 1 Pages: 137 Short Title: A Lusin theorem for a class of Choquet capacities ISSN: 09325026 Accession Number: EP8879531 Notes: Publication Type: Article; Copyright: Copyright of Statistical Papers is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 886 Author: Cella, C.; Ellul, A.; Giannetti, M. Year: 2010 Title of Work: Investors' horizons and the Amplification of Market Shocks Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 8083 Short Title: Investors' horizons and the Amplification of Market Shocks DOI: http://www.cepr.org/pubs/dps/DP8083.asp Keywords: Portfolio Choice Investment Decisions G110 Asset Pricing Trading volume Bond Interest Rates G120 Information and Market Efficiency Event Studies G140 General Financial Markets: Government Policy and Regulation G180 Insurance Insurance Companies G220 Abstract: After negative shocks, investors with short trading horizons are inclined or forced to sell their holdings to a larger extent than investors with longer trading horizons. This may amplify the effects of market-wide shocks on stock prices. We test the relevance of this mechanism by exploiting the negative shock caused by Lehman Brothers' bankruptcy in September 2008. Consistent with our conjecture, we find that short-term investors sell significantly more than long-term investors around and after the Lehman Brothers' bankruptcy. Most importantly, we show that stocks held by short-term institutional investors experience more severe price drops and larger price reversals than those held by long-term investors. Since they are obtained after controlling for the stocks' exposure to volatility, various firms' and investors' characteristics, including the momentum effect and the propensity of institutional investors to follow an index, our results cannot be explained by characteristics of the institutions' investment styles other than their investment horizons. We also show that the effect of shareholder trading horizon emerges during other large market declines. Overall, the empirical evidence strongly indicates that investors' short horizons amplify the effects of market-wide negative shocks. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1139331; Keywords: financial crisis; fire sales; institutional investors; investor horizon; market crashes; Publication Type: Working Paper; Update Code: 201012 URL: http://www.cepr.org/pubs/dps/DP8083.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1300 Author: Cerreia-Vioglio, S.; Maccheroni, F.; Marinacci, M.; Montrucchio, L. Year: 2011 Title: Risk Measures: Rationality and Diversification Journal: Mathematical Finance Volume: 21 Issue: 4 Pages: 743-774 Short Title: Risk Measures: Rationality and Diversification ISSN: 09601627 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Accession Number: 1255226 Keywords: Criteria for Decision-Making under Risk and Uncertainty D810 Asset Pricing Trading volume Bond Interest Rates G120 Abstract: When there is uncertainty about interest rates (typically due to either illiquidity or defaultability of zero coupon bonds) the cash-additivity assumption on risk measures becomes problematic. When this assumption is weakened, to cash-subadditivity for example, the equivalence between convexity and the diversification principle no longer holds. In fact, this principle only implies (and it is implied by) quasiconvexity. For this reason, in this paper quasiconvex risk measures are studied. We provide a dual characterization of quasiconvex cash-subadditive risk measures and we establish necessary and sufficient conditions for their law invariance. As a byproduct, we obtain an alternative characterization of the actuarial mean value premium principle. Notes: Keywords: Bond; Rationality; Risk; Uncertainty; Publication Type: Journal Article; Update Code: 201109 URL: http://www.blackwellpublishing.com/journal.asp?ref=0960-1627 Author Address: U Bocconi U Turin Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1277 Author: Cesaroni, F.; Gambardella, A. Year: 2003 Title: Research Productivity and the Allocation of Resources in Publicly Funded Research Programmes Editor: A. Geuna, A. J. Salter and W. E. Steinmueller Book Title: Science and innovation: Rethinking the rationales for funding and governance Publisher: New Horizons in the Economics of Innovation. Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt. Pages: 202-232 Short Title: Research Productivity and the Allocation of Resources in Publicly Funded Research Programmes Keywords: Chemicals Rubber Drugs Biotechnology L650 Management of Technological Innovation and R&D O320 Technological Change: Government Policy O380 Notes: Accession Number: 0785191; Reviewed Book ISBN: 1-84376-109-2; ; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200508 Author Address: St Anna School of Advanced Studies, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1424 Author: Cesaroni, F.; Gambardella, A.; Garcia-Fontes, W.; Mariani, M. Year: 2001 Title of Work: The Chemical Sector al System. Firms, markets, institutions and the processes of knowledge creation and diffusion Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: The Chemical Sector al System. Firms, markets, institutions and the processes of knowledge creation and diffusion DOI: http://www.lem.sssup.it/WPLem/files/2001-17.pdf Abstract: According to the Sectoral Systems of Innovation and Production approach, the analysis of a specific sector has to describe its knowledge and technological base, existing complementarities among knowledge, technologies and products, the heterogeneity of agents, their learning processes and competencies, the role of non-firm organisations, and the presence of (co)evolutionary processes. This study applies this theoretical framework to the chemical industry, and examines evolution and co-evolution processes that have characterised this industry over its 200 years history. It emerges a strong dichotomy in industry dynamics. On the one hand, big discontinuities can be observed in knowledge and technological dimensions, which implied a major change in industry structure and a growing division of labour at the industry level. On the other hand, a big continuity can be observed as well, mainly in companies life. Indeed, one important feature of the chemical industry is that between small and large companies, markets, research institutions and other organisations there has been a continuous process of co-evolution, with firms playing the central role within the chemical system. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034816; Keywords: Chemical Industry, Industry Dynamics, Networks, Markets for Technology, Division of Innovative Labour, Networks of Inventors, Patents, Technology Licensing.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2001-17.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1425 Author: Cesaroni, F.; Gambardella, A.; Garcia-Fontes, W.; Mariani, M. Year: 2004 Title: The Chemical Sectoral System: Firms, Markets, Institutions and the Processes of Knowledge Creation and Diffusion Editor: F. Malerba Book Title: Sectoral systems of innovation: Concepts, issues and analyses of six major sectors in Europe Publisher: Cambridge; New York and Melbourne: Cambridge University Press Pages: 121-154 Short Title: The Chemical Sectoral System: Firms, Markets, Institutions and the Processes of Knowledge Creation and Diffusion Keywords: Rationing Licensing D450 Transactional Relationships Contracts and Reputation Networks L140 Chemicals Rubber Drugs Biotechnology L650 Management of Technological Innovation and R&D O320 Technological Change: Choices and Consequences Diffusion Processes O330 Notes: Accession Number: 0815905; Reviewed Book ISBN: 0-521-83321-3; Keywords: Chemicals; Diffusion; Firm; Firms; Geographic Descriptors: Selected Countries; Publication Type: Collective Volume Article; Update Code: 200602 Author Address: Laboratory of Economics and Management, Scuola Superiore Sant'Anna, Pisa Scuola Superiore Sant'Anna, Pisa U Pompeu Fabra, Barcelona Maastricht Economic Research Institute on Innovation and Technology, U Maastricht and U Camerino Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1056 Author: Chateauneuf, A.; Maccheroni, F.; Marinacci, M.; Tallon, J.-M. Year: 2005 Title: Monotone Continuous Multiple Priors Journal: Economic Theory Volume: 26 Issue: 4 Pages: 973-982 Short Title: Monotone Continuous Multiple Priors ISSN: 09382259 DOI: http://www.springerlink.com/link.asp?id=100511 Accession Number: 0818540 Alternate Accession Number: EP15569204 Keywords: Criteria for Decision-Making under Risk and Uncertainty D810 Search Learning Information and Knowledge Communication Belief D830 Abstract: In a multiple priors model a la Gilboa and Schmeidler (1989), we provide necessary and sufficient behavioral conditions ensuring the countable additivity and non-atomicity of all priors. Notes: Publication Type: Journal Article; Update Code: 200602; Copyright: Copyright of Economic Theory is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.springerlink.com/link.asp?id=100511 Author Address: CERMSEM, U Paris I U Bocconi U Torino CNRS-EUREQua, U Paris I Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 921 Author: Chauvin, K. W.; Guthrie, J. P. Year: 1994 Title: Labor Market Reputation and the Value of the Firm Journal: Managerial and Decision Economics Volume: 15 Issue: 6 Pages: 543-552 Short Title: Labor Market Reputation and the Value of the Firm ISSN: 01436570 DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/7976 Accession Number: 0382883 Keywords: Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Information and Market Efficiency Event Studies G140 Abstract: This study examines the stock market reaction to announcements that should contribute to the positive reputation of firms' human resource management practices. Announcements consist of the annual release of the list of 'best' employers by WORKING MOTHER magazine. We hypothesize that these announcements positively contribute to the firms' labor market reputation, thereby improving a firm's ability to attract, retain and motivate good employees. We find a small but statistically significant increase in firms' stock prices following the release of the list. The effect is larger, the first time a firm appears on the list relative to subsequent appearances. Notes: Keywords: Firm; Stock Market; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199606 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/7976 Author Address: U KS Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1384 Author: Checchi, D. Year: 1984 Title: Some Notes Regarding Goodwin's Model 'A Growth Cycle.' Journal: Economic Notes Issue: 1 Pages: 121-135 Short Title: Some Notes Regarding Goodwin's Model 'A Growth Cycle.' ISSN: 03915026 DOI: http://www3.interscience.wiley.com/journal/118504771/home?CRETRY=1&SRETRY=0 Accession Number: 0155649 Keywords: Economic Fluctuations--General 1310 Technological Change and Innovation 6211 Notes: Publication Type: Journal Article; Update Code: 199006 URL: http://www3.interscience.wiley.com/journal/118504771/home?CRETRY=1&SRETRY=0 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 742 Author: Checchi, D. Year: 1988 Title: Il coordinamento internazionale delle politiche economiche. Una rassegna della letteratura recente. (International Economic Policy Coordination. A Survey on Recent Literature. With English summary.) Journal: Ricerche Economiche Volume: 42 Issue: 4 Pages: 652-677 Short Title: Il coordinamento internazionale delle politiche economiche. Una rassegna della letteratura recente. (International Economic Policy Coordination. A Survey on Recent Literature. With English summary.) ISSN: 00355054 Accession Number: 0223968 Keywords: Open Economy Macroeconomic Theory--Balance of Payments and Adjustment Mechanisms 4312 Game Theory and Bargaining Theory 0262 Notes: Language: Italian; Publication Type: Journal Article; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 524 Author: Checchi, D. Year: 1989 Title: Economic Interdependence and Structural Change. Some Results from Principal Component Analysis Journal: Economic Notes Issue: 1 Pages: 16-36 Short Title: Economic Interdependence and Structural Change. Some Results from Principal Component Analysis ISSN: 03915026 DOI: http://www3.interscience.wiley.com/journal/118504771/home?CRETRY=1&SRETRY=0 Accession Number: 0222138 Keywords: Economic Studies of Developed Countries--General 1220 Abstract: In this paper, the author offers simple descriptive statistics on the principal macroeconomic variables for the most developed countries in the period 1960-87. There is a general recognition of the passage from a period of high growth with low inflation in the 1960s to a period of stagnation with high inflation in the late 1970s and 1980s. Posing the question whether such a change can be attributable to possible structural changes that occurred during the turbulent years from 1973 to 1975, a tentative answer is offered using correlation analysis and principle component techniques. Notes: Publication Type: Journal Article; Update Code: 199006 URL: http://www3.interscience.wiley.com/journal/118504771/home?CRETRY=1&SRETRY=0 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 525 Author: Checchi, D. Year: 1989 Title: Economic Interdependence and Structural Change: An Investigation on Business Cycle Transmission Journal: International Review of Applied Economics Volume: 3 Issue: 1 Pages: 57-88 Short Title: Economic Interdependence and Structural Change: An Investigation on Business Cycle Transmission ISSN: 02692171 DOI: http://www.tandf.co.uk/journals/titles/02692171.asp Accession Number: 0242133 Notes: Geographic Descriptors: U.S.; Japan; Germany; France; U.K.; Geographic Region: Northern America; Asia; Europe; Publication Type: Journal Article; Update Code: 199106 URL: http://www.tandf.co.uk/journals/titles/02692171.asp Author Address: U Brescia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 316 Author: Checchi, D. Year: 1992 Title: Capital Controls and Distribution of Income: Empirical Evidence for Great Britain, Japan and Australia Journal: Weltwirtschaftliches Archiv Volume: 128 Issue: 3 Pages: 558-587 Short Title: Capital Controls and Distribution of Income: Empirical Evidence for Great Britain, Japan and Australia ISSN: 00432636 Accession Number: 0278841 Keywords: Aggregate Factor Income Distribution E250 Current Account Adjustment Short-term Capital Movements F320 International Investment Long-term Capital Movements F210 Abstract: In this paper, it is shown that preventing capital outflows shifts the distribution of income in favor of wage earners. After measuring the effectiveness of controls with the differentials between domestic and off-shore interest rates and reviewing the experience of Great Britain, Japan, and Australia, some correlation indices and causality tests are presented in order to investigate the existence of potential links with the distribution of national income. Thereafter, a structural model is proposed and estimated, showing that the degree of financial protection might have affected the decision on employment and wage rate by domestic firms and trade unions. Notes: Keywords: Capital Controls; Distribution; Income; Wage; Geographic Descriptors: U.K.; Japan; Australia; Geographic Region: Europe; Asia; Oceania; Publication Type: Journal Article; Update Code: 199306 Author Address: U degli Studi di Brescia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 410 Author: Checchi, D. Year: 1993 Title: Creation of Financial Markets in (Previously) Centrally Planned Economies Journal: Journal of Banking and Finance Volume: 17 Issue: 5 Pages: 819-847 Short Title: Creation of Financial Markets in (Previously) Centrally Planned Economies ISSN: 03784266 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Accession Number: 0322292 Keywords: Socialist Institutions and Their Transitions: Financial Economics P340 Financial Markets and the Macroeconomy E440 General Financial Markets: General (includes Measurement and Data) G100 Abstract: One of the key issues in reforming previously centrally planned economies is the creation of financial markets. In the present paper the macroeconomic consequences of their introduction are investigated. Given the impossibility of the immediate introduction of a complete set of markets in the transition phase, the second best theorem applies. Using an overlapping generation model, it is shown that the existence of financial markets allows the choice of different combinations of growth and consumer's welfare, given the existing trade-off between these two targets. Financial markets can exist under different ownership schemes: in the context of the model chosen, it is shown that it is impossible to obtain unequivocal conclusions about the sequence of financial reforms and the optimal ownership scheme. Thus it is necessary to judge on a case-by-case basis, and caution is suggested in the policy prescriptions. Notes: Keywords: Financial Markets; Macroeconomics; Publication Type: Journal Article; Update Code: 199406 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Author Address: U Brescia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 315 Author: Checchi, D. Year: 1996 Title: Capital Controls and Conflict of Interests Journal: Economics and Politics Volume: 8 Issue: 1 Pages: 33-50 Short Title: Capital Controls and Conflict of Interests ISSN: 09541985 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0954-1985 Accession Number: 0384882 Keywords: International Finance: General F300 International Investment Long-term Capital Movements F210 Abstract: This paper is a normative analysis of the legal restrictions on international financial movements based on a formal model which analyzes the empirical observation that the degree of financial protectionism is associated with changes in the distribution of welfare among agents. The strategic interactions among four types of agents (a trade union, a firm manager, a financial investor and a government) are anlayzed, and the optimal amount of capital control is derived as a Nash perfect equilibrium of a non-cooperative game with imperfect information. I conclude that a financial liberalization proposal can be supported by different coalitions of agents, according to the covariance of domestic and foreign returns and the degree of profitability of domestic industrial projects. Notes: Publication Type: Journal Article; Update Code: 199607 URL: http://www.blackwellpublishing.com/journal.asp?ref=0954-1985 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 987 Author: Checchi, D. Year: 1996 Title: Macroeconomic Populism: A Formal Representation and a Suggested Interpretation of the Peruvian Experience (1985-90) Journal: Journal of International Development Volume: 8 Issue: 4 Pages: 489-516 Short Title: Macroeconomic Populism: A Formal Representation and a Suggested Interpretation of the Peruvian Experience (1985-90) ISSN: 09541748 DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/5102 Accession Number: 0399440 Keywords: Macroeconomic Analyses of Economic Development O110 Models of Political Processes: Rent-seeking, Elections, Legislatures, and Voting Behavior D720 Notes: Keywords: Representation; Geographic Descriptors: Peru; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 199612 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/5102 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 533 Author: Checchi, D. Year: 1997 Title: Education and Intergenerational Mobility in Occupations: A Comparative Study Journal: American Journal of Economics and Sociology Volume: 56 Issue: 3 Pages: 331-351 Short Title: Education and Intergenerational Mobility in Occupations: A Comparative Study ISSN: 00029246 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0002-9246&site=1 Accession Number: 0433702 Alternate Accession Number: EP9710143037 Keywords: Job, Occupational, and Intergenerational Mobility Promotion J620 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: The problem of measuring the intergenerational transmission of inequality and its implications for social welfare is studied. A possible decomposition of relevant factors--namely, educational attainments and other factors--is proposed and applied to three individual data sets regarding Germany, Italy, and the United States. The main result is that educational attainment is responsible for almost half of observed immobility. The possibility that increasing equality of opportunity in entering the educational system may result in less inequality in income distribution is considered. Notes: Keywords: Education; Intergenerational Mobility; Occupation; Geographic Descriptors: U.S.; Germany; Italy; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 199712; Copyright: Copyright of American Journal of Economics & Sociology is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0002-9246&site=1 Author Address: State U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1185 Author: Checchi, D. Year: 1998 Title: Poverta e istruzione: Alcune riflessioni e una proposta di indicatori. (Measurement and Analysis of Poverty. With English summary.) Journal: Politica Economica Volume: 14 Issue: 2 Pages: 245-282 Short Title: Poverta e istruzione: Alcune riflessioni e una proposta di indicatori. (Measurement and Analysis of Poverty. With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0483867 Keywords: Measurement and Analysis of Poverty I320 Abstract: This paper proposes a measure of educational poverty, based on both relative and absolute approaches. After reviewing the intergenerational persistence of educational achievements, it discusses whether accomplishing existing obligations to compulsory education can be taken as a proxy of an absolute measure of educational poverty. The paper argues that this absolute measures has to be mitigated with relative comparisons with the actual behaviour of each cohort of population, thus combining absolute and relative approaches to poverty measurement. While showing that in Italy we observe a decline in returns to compulsory education, a measure of "education equivalised" income is introduced. Using this measure, the paper shows that traditional income based measures of poverty provide biased views of poverty. Notes: Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 199902 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 535 Author: Checchi, D. Year: 2001 Title of Work: Education, Inequality and Income Inequality Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Distributional Analysis Research Programme Papers Short Title: Education, Inequality and Income Inequality DOI: http://sticerd.lse.ac.uk/dps/darp/DARP52.pdf Abstract: In this paper we propose to measure inequality of educational achievements by constructing a Gini index on educational attainments. We then use the proposed measure to analyse the relationship between inequality in incomes and educational achievements (in terms of both the average attainments and its concentration). Even if theoretical considerations suggest a non-linear relationship between these two measures of inequality, actual data indicate that average years of education have a stronger negative impact on measured income inequality. Multivariate regressions also prove that, once we take into account the negative correlation between average educational achievement and its dispersion, the relationship between income inequality and average years of schooling is U-shaped, with a lower turning point at 6.5 years. Income inequality is also negatively related to per capita income and positively related to capital/output ratio and government expenditure in education. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687128; Keywords: Education inequality, income inequality, economic growth.; Publication Type: Working Paper; Update Code: 200404 URL: http://sticerd.lse.ac.uk/dps/darp/DARP52.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 782 Author: Checchi, D. Year: 2003 Title: Inequality in Incomes and Access to Education: A Cross-Country Analysis (1960-95) Journal: Labour Volume: 17 Issue: 2 Pages: 153-201 Short Title: Inequality in Incomes and Access to Education: A Cross-Country Analysis (1960-95) ISSN: 11217081 DOI: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Accession Number: 0666992 Alternate Accession Number: EP10679726 Keywords: Personal Income, Wealth, and Their Distributions D310 Analysis of Education I210 Education: Government Policy I280 Economics of Gender Non-labor Discrimination J160 Human Capital Skills Occupational Choice Labor Productivity J240 Economic Development: Human Resources Human Development Income Distribution Migration O150 Abstract: In the current debate on the relationship between inequality in income distribution and growth, one of the possible links works through access to education. Starting from an optimal demand for education where, among other things, the years of education depend on family income, we derive two testable predictions in the analysis of aggregate data on school enrolments: a negative (linear) dependence of enrolment rates on the Gini concentration index on income distribution; and a positive dependence on public resources invested in education and/or on skill premium in the labour market. These predictions are tested on a (unbalanced) panel of 108 countries for the period 1960-95. The main finding of this analysis is that, once we control for the degree of development with the (log of) per capita output, financial constraints seem mainly relevant in limiting the access to secondary education. However, when considering gender differences, there is evidence that female participation in education is more conditioned by family wealth, in some cases starting from primary education. Finally, there is weak evidence that public resources spent on education raise the enrolment rates. Notes: Keywords: Distribution; Education; Gini; Income Distribution; Income; Inequality; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200311; Copyright: Copyright of LABOUR: Review of Labour Economics & Industrial Relations is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 485 Author: Checchi, D. Year: 2004 Title: Does Educational Achievement Help Explain Income Inequality? Editor: G. A. Cornia Book Title: Inequality, growth, and poverty in an era of liberalization and globalization Publisher: UNU-WIDER Studies in Development Economics. Oxford and New York: Oxford University Press Pages: 81-111 Short Title: Does Educational Achievement Help Explain Income Inequality? Keywords: Personal Income, Wealth, and Their Distributions D310 Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Economic Development: Human Resources Human Development Income Distribution Migration O150 Notes: Accession Number: 0805483; Reviewed Book ISBN: 0-19-927141-0; Keywords: Income; Inequality; Geographic Descriptors: Global; Publication Type: Collective Volume Article; Update Code: 200512 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 1459 Author: Checchi, D. Year: 2006 Title: The Economics of Education: Human Capital, Family Background and Inequality Publisher: Cambridge and New York: Cambridge University Press Number of Pages: xi Short Title: The Economics of Education: Human Capital, Family Background and Inequality Keywords: Education and Research Institutions: General I200 Human Capital Skills Occupational Choice Labor Productivity J240 Personal Income, Wealth, and Their Distributions D310 Abstract: Explores the process of acquiring education through the study of the intergenerational mobility of incomes. Examines the relevance of education; the demand for education; liquidity constraints and access to education; the supply of education; education financing; the return on education; and intergenerational persistence. Checchi is Professor of Economics at the University of Milan. Subject and author indexes. Notes: Accession Number: 0861397; Reviewed Book ISBN: 0-521-79310-6; Keywords: Education; Human Capital; Income; Inequality; Publication Type: Book; Update Code: 200609 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1169 Author: Checchi, D. Year: 2010 Title: Percorsi scolastici e origini sociali nella scuola italiana. (Educational Achievements and Social Origins in Italy. With English summary.) Journal: Politica Economica Volume: 26 Issue: 3 Pages: 359-387 Short Title: Percorsi scolastici e origini sociali nella scuola italiana. (Educational Achievements and Social Origins in Italy. With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 1163991 Keywords: Analysis of Education I210 Marriage Marital Dissolution Family Structure Domestic Abuse J120 Economic Sociology Economic Anthropology Social and Economic Stratification Z130 Abstract: Using a representative sample of the Italian population, we study the association between drop-out and social origins. We also investigate the correlations with the secondary school track chosen by those who are able to proceed further on. Given the interplay between individual school assessment and the financial situation of the family of origin, we advance proposals for the design of possible scholarship schemes capable of contrasting dropout outcomes. Notes: Keywords: Family; Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 201104 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1020 Author: Checchi, D.; Dardanoni, V. Year: 2003 Title: Mobility Comparisons: Does Using Different Measures Matter? Editor: Y. Amiel and J. A. Bishop Book Title: Inequality, welfare and poverty: Theory and measurement Publisher: Research on Economic Inequality, vol. 9. Amsterdam; Boston and London: Elsevier Science, JAI Pages: 113-145 Short Title: Mobility Comparisons: Does Using Different Measures Matter? Keywords: Job, Occupational, and Intergenerational Mobility Promotion J620 Notes: Accession Number: 0784912; Reviewed Book ISBN: 0-7623-1014-6; ; Geographic Descriptors: Italy; Selected Countries; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200508 Author Address: U Milano U Palermo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 974 Author: Checchi, D.; Donzelli, F. Year: 2000 Title: L'insegnamento dell'economia nelle universita italiane: Problemi e prospettive Journal: Rivista Italiana degli Economisti Volume: 5 Issue: 1 Pages: 127-161 Short Title: L'insegnamento dell'economia nelle universita italiane: Problemi e prospettive DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1593-8662 Accession Number: 0541584 Notes: Keywords: Foreign Language Article; Language: Italian; Publication Type: Journal Article; Update Code: 200011 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1593-8662 Author Address: U Milano-Bicocca Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 230 Author: Checchi, D.; Filippin, A. Year: 2004 Title: An Experimental Study of the Poum Hypothesis Editor: F. Cowell Book Title: Inequality, welfare and income distribution: Experimental approaches Publisher: Research on Economic Inequality, vol. 11. Amsterdam; San Diego and Oxford: Elsevier, JAI Pages: 115-136 Short Title: An Experimental Study of the Poum Hypothesis Keywords: Allocative Efficiency Cost-Benefit Analysis D610 Taxation and Subsidies: Externalities Redistributive Effects Environmental Taxes and Subsidies H230 Job, Occupational, and Intergenerational Mobility Promotion J620 Notes: Accession Number: 0805501; Reviewed Book ISBN: 0-7623-1113-4; ; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 200512 Author Address: U Milan EUI, Florence Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1347 Author: Checchi, D.; Fiorio, C. V.; Leonardi, M. Year: 2006 Title: Sessanta anni di istruzione in Italia. (With English summary.) Journal: Rivista di Politica Economica Volume: 96 Issue: 7-8 Pages: 285-318 Short Title: Sessanta anni di istruzione in Italia. (With English summary.) ISSN: 00356468 DOI: http://www.rivistapoliticaeconomica.it Accession Number: 0951020 Keywords: Educational Finance I220 Education: Government Policy I280 Human Capital Skills Occupational Choice Labor Productivity J240 Job, Occupational, and Intergenerational Mobility Promotion J620 Basic Areas of Law: General (Constitutional Law) K100 Abstract: In this article we analyze the fulfilment of the 1948 Italian Republican Constitution regarding education. We verify that inequality in the highest degree of attained education has declined within cohorts and geographical areas. We also find a reduction of the impact of the parental background on educational choice over time. However, there still is a relevant difference in the probability of attaining a university degree depending on the parental education. Among the possible reasons, we investigate the differential return of a university degree between individuals with different familiar background, the difference in opportunity costs and the drop-out rates. Notes: Keywords: Constitution; Education; Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 200801 URL: http://www.rivistapoliticaeconomica.it Author Address: U Milano Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1205 Author: Checchi, D.; Florio, M.; Carrera, J. Year: 2009 Title: Privatisation Discontent and Utility Reform in Latin America Journal: Journal of Development Studies Volume: 45 Issue: 3 Pages: 333-350 Short Title: Privatisation Discontent and Utility Reform in Latin America ISSN: 00220388 DOI: http://www.tandf.co.uk/journals/titles/00220388.asp Accession Number: 1038753 Alternate Accession Number: EP36591458 Keywords: Comparison of Public and Private Enterprises Privatization Contracting Out L330 Electric Utilities L940 Gas Utilities Pipelines Water Utilities L950 Abstract: Privatisation faces strong and increasingly popular opposition in Latin America. This paper uses individual data on social attitudes, socioeconomic status and demographic information from three waves of Latinobarometro surveys (1998, 2000 and 2002) in 17 countries to study the role of privatisation of utilities and its distributional impact. We find that disagreement with privatisation is most likely when the respondent is on a low-to-middle income and when it involves a high proportion of public services such as water and electricity. This complements recent empirical research that points to distributional concerns in the implementation of privatisation in Latin America, particularly because of inadequate regulation of utilities. Notes: Keywords: Electricity; Privatization; Geographic Descriptors: Latin America; Geographic Region: Latin America and the Caribbean; Publication Type: Journal Article; Update Code: 200905; Copyright: Copyright of Journal of Development Studies is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.tandf.co.uk/journals/titles/00220388.asp Author Address: U Milan and IZA, Bonn U Milan Central Bank of Argentina Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1509 Author: Checchi, D.; Galeotti, M. Year: 1993 Title: The Relationship between Employment and Investment: Theoretical Aspects and Empirical Evidence for Italy Journal: Applied Economics Volume: 25 Issue: 1 Pages: 13-24 Short Title: The Relationship between Employment and Investment: Theoretical Aspects and Empirical Evidence for Italy ISSN: 00036846 DOI: http://www.tandf.co.uk/journals/routledge/00036846.html Accession Number: 0288941 Alternate Accession Number: EP4613482 Keywords: Capital Investment Capacity E220 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Notes: Keywords: Employment; Investment; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 199309; Copyright: Copyright of Applied Economics is the property of Routledge and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.tandf.co.uk/journals/routledge/00036846.html Author Address: U degli Studi di Brescia Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1296 Author: Checchi, D.; Garcia-Penalosa, C. Year: 2004 Title: Risk and the Distribution of Human Capital Journal: Economics Letters Volume: 82 Issue: 1 Pages: 53-61 Short Title: Risk and the Distribution of Human Capital ISSN: 01651765 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Accession Number: 0676872 Keywords: Analysis of Education I210 Human Capital Skills Occupational Choice Labor Productivity J240 Business Fluctuations Cycles E320 Economic Development: Human Resources Human Development Income Distribution Migration O150 Abstract: We developed a model in which aggregate production risk determines the average level of education and its distribution. Greater risk is associated with greater educational inequality and a lower average attainment. An empirical test using panel data supports this conclusion. Notes: Keywords: Distribution; Education; Human Capital; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200403 URL: http://dx.doi.org/10.1016/S0165-1765(03)00224-6 http://www.elsevier.com/wps/find/journaldescription.cws_home/505574/description#description Author Address: U Milan GREQAM and CNRS, Marseilles Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 931 Author: Checchi, D.; Garcia-Penalosa, C. Year: 2005 Title of Work: Labour Market Institutions and the Personal Distribution of Income in the OECD Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 1608 Short Title: Labour Market Institutions and the Personal Distribution of Income in the OECD DOI: http://www.cesifo.de/DocCIDL/cesifo1_wp1608.pdf Keywords: Personal Income, Wealth, and Their Distributions D310 Factor Income Distribution D330 Abstract: We examine the determinants of differences across countries and over time in the distribution of personal incomes in the OECD. The Gini coefficient of personal incomes can be expressed as a function of the wage differential, the labour share, and the unemployment rate, hence labour market institutions are an essential determinant of the distribution of income, although the sign of their impact is ambiguous. We use a panel of OECD countries for the period 1970-96 to examine these effects. We find, first, that the labour share remains an important determinant of overall inequality patterns, and, second, that stronger unions and a more generous unemployment benefit tend to reduce income inequality. High capital-labour ratios also emerge as a strong equalising factor, which has in part offset the impact of increasing wage inequality on the US distribution of personal incomes. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0905793; Keywords: income inequality, labour share, trade unions; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/cesifo1_wp1608.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 930 Author: Checchi, D.; Garcia-Penalosa, C. Year: 2008 Title: Labour Market Institutions and Income Inequality Journal: Economic Policy Issue: 56 Pages: 601 Short Title: Labour Market Institutions and Income Inequality ISSN: 02664658 DOI: http://www.economic-policy.org/ Accession Number: 0999118 Alternate Accession Number: EP34479492 Keywords: Personal Income, Wealth, and Their Distributions D310 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Labor Economics Policies J080 Wage Level and Structure Wage Differentials J310 Abstract: Labour market institutions are a crucial determinant of wage inequality, the wage share in aggregate income, and the unemployment rate. Since these variables affect, in turn, the distribution of income across households, the question arises of whether stronger labour market institutions have an impact on income inequality. Institutions can in principle have conflicting effects. For example, a higher unemployment benefit tends to increase the wage share, which in turn reduces inequality, but it also increases the unemployment rate thus making the distribution of income more unequal. This paper examines what is the overall impact of labour market institutions on household income inequality. The evidence indicates that stronger institutions are associated with lower income inequality, but in some cases also with higher rates of unemployment. We explore the magnitude of this trade-off, and quantify the changes in inequality and unemployment that we would observe if a common labour standard were imposed on members of the European Union. Notes: Keywords: Distribution; Income; Inequality; Unemployment; Unemployment Rate; Wage; Wage Inequality; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 200811; Copyright: Copyright of Economic Policy is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.economic-policy.org/ Author Address: U Milan and IZA, Bonn CNRS and GREQAM, Marseille Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 932 Author: Checchi, D.; Garcia-Penalosa, C. Year: 2010 Title: Labour Market Institutions and the Personal Distribution of Income in the OECD Journal: Economica Volume: 77 Issue: 307 Pages: 413-450 Short Title: Labour Market Institutions and the Personal Distribution of Income in the OECD ISSN: 00130427 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Accession Number: 1110919 Alternate Accession Number: EP51172406 Keywords: Personal Income, Wealth, and Their Distributions D310 Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Labor Economics Policies J080 Trade Unions: Objectives, Structure, and Effects J510 Abstract: A large literature has studied the impact of labour market institutions on wage inequality, but their effect on income inequality has received little attention. This paper argues that personal income inequality depends on the wage differential, the labour share and the unemployment rate. Labour market institutions affect income inequality through these three channels, and their overall effect is theoretically ambiguous. We use a panel of OECD countries for the period 1960-2000 to examine these effects. We find that greater unionization and greater wage bargaining coordination have opposite effects on inequality, implying conflicting effects of greater union presence on income inequality. Notes: Keywords: Distribution; Income; Inequality; Unemployment; Unemployment Rate; Union; Unionization; Wage; Wage Inequality; Geographic Descriptors: Selected OECD; Publication Type: Journal Article; Update Code: 201007; Copyright: Copyright of Economica is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0427 Author Address: U Milan and IZA CNRS and GREQAM Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1061 Author: Checchi, D.; Ichino, A.; Rustichini, A. Year: 1996 Title of Work: More Equal but Less Mobile? Education Financing and Intergenerational Mobility in Italy and in the United States Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1496 Short Title: More Equal but Less Mobile? Education Financing and Intergenerational Mobility in Italy and in the United States DOI: http://www.cepr.org/pubs/dps/DP1496.asp Keywords: Educational Finance I220 Job, Occupational, and Intergenerational Mobility Promotion J620 Abstract: A state school system should be expected to reduce income inequality and to make intergenerational mobility easier. It is therefore somewhat surprising to observe that Italy, in comparison to the United States, displays less inequality between occupational incomes, but lower intergenerational upward mobility, not only between occupations, but also between education levels. In this paper we provide evidence on this empirical puzzle, and offer a theoretical explanation building around the idea that even if in Italy moving up on the social ladder is easier, the incentive to move may be lower, making mobility less likely.it Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692759; Keywords: Education Financing; Intergenerational Mobility; Italy; United States; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1496.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1062 Author: Checchi, D.; Ichino, A.; Rustichini, A. Year: 1999 Title: More Equal but Less Mobile? Education Financing and Intergenerational Mobility in Italy and in the US Journal: Journal of Public Economics Volume: 74 Issue: 3 Pages: 351-393 Short Title: More Equal but Less Mobile? Education Financing and Intergenerational Mobility in Italy and in the US ISSN: 00472727 DOI: http://www.elsevier.com/locate/inca/505578/ Accession Number: 0508542 Keywords: Educational Finance I220 Job, Occupational, and Intergenerational Mobility Promotion J620 Abstract: A centralised and egalitarian school system reduces the cost of education for poor families, and so it should reduce income inequality and make intergenerational mobility easier. In this paper we provide evidence that Italy, compared to the USA, displays less income inequality, as expected given the type of school system, but also less intergenerational upward mobility between occupations and between education levels. We explore some of the reasons which can explain this puzzling result and conclude that in a world in which family background is important for labor market success, a centralised and egalitarian tertiary education does not necessarily help poor children and may take away from them a fundamental tool to prove their talent and to compete with rich children. Notes: Keywords: Education; Intergenerational Mobility; Geographic Descriptors: Italy; U.S.; Geographic Region: Europe; Northern America; Publication Type: Journal Article; Update Code: 200002 URL: http://www.elsevier.com/locate/inca/505578/ Author Address: State U, Milan European U Institute, IGIER, and CEPR CentER, Tilburg U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1324 Author: Checchi, D.; Jappelli, T. Year: 2004 Title of Work: School Choice and Quality Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4748 Short Title: School Choice and Quality DOI: http://www.cepr.org/pubs/dps/DP4748.asp Keywords: Education and Research Institutions: General I200 Abstract: The 1993 Survey of Household Income and Wealth, a large cross-section of the Italian population covering 24,000 individuals, reports detailed information on children's attendance of public and private schools and parents' assessments of the quality of public schools in the city of residence. The survey also provides detailed information on the household's demographic structure, income and parents' education. The empirical analysis indicates that the quality of schools is one of the driving factors in the choice between private and public schools. The results are robust with respect to the particular quality indicator used and the presence of fixed provincial effects. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0765107; Keywords: school choice; Publication Type: Working Paper; Update Code: 200503 URL: http://www.cepr.org/pubs/dps/DP4748.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 536 Author: Checchi, D.; Lucifora, C. Year: 2000 Title: Education, Mobility and Poverty--An Italian Perspective: Introduction Journal: International Journal of Manpower Volume: 21 Issue: 3-4 Pages: 155-159 Short Title: Education, Mobility and Poverty--An Italian Perspective: Introduction ISSN: 01437720 DOI: http://www.emeraldinsight.com/ijm.htm Accession Number: 0540695 Keywords: Human Capital Skills Occupational Choice Labor Productivity J240 Measurement and Analysis of Poverty I320 Job, Occupational, and Intergenerational Mobility Promotion J620 Notes: Keywords: Education; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200011 URL: http://www.emeraldinsight.com/ijm.htm Author Address: U Milan-Bicocca Catholic U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 201 Author: Checchi, D.; Navaretti, G. B.; Turrini, A. Year: 2003 Title of Work: Adjusting Labour Demand: Multinational versus National Firms-A Cross-European Analysis Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 3751 Short Title: Adjusting Labour Demand: Multinational versus National Firms-A Cross-European Analysis DOI: http://www.cepr.org/pubs/dps/DP3751.asp Keywords: Multinational Firms International Business F230 Labor Demand J230 Abstract: This Paper provides a cross-country perspective to the firm-level analysis of the relation between foreign ownership and labour demand. We estimate labour demand equations in 11 European countries using dynamic panel data techniques on samples that permit to distinguish the ownership status of firms. We find that the employment adjustment is significantly faster in MNEs' affiliates, irrespective of the country investigated. As for the wage elasticity of labour demand, MNEs show smaller elasticities compared with national firms, and very little variation across countries. Cross-country correlations show that the relative value of wage elasticities in MNEs on that in NEs is positively related to country-level indexes of labour market regulation (employment protection, union presence,...). We interpret the results as follows: MNEs tend to have a more rigid demand for total labour (possibly due to a different skill composition). MNEs being relatively 'footloose', however, this difference tends to vanish as the rigidity of employment regulations rises. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0695023; Keywords: employment adjustment costs; labour demand elasticity; multinational firms; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP3751.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1034 Author: Checchi, D.; Nunziata, L. Year: 2011 Title: Models of Unionism and Unemployment Journal: European Journal of Industrial Relations Volume: 17 Issue: 2 Pages: 141-152 Short Title: Models of Unionism and Unemployment ISSN: 09596801 DOI: http://ejd.sagepub.com/archive/ Accession Number: 1243463 Keywords: Employment Unemployment Wages Intergenerational Income Distribution Aggregate Human Capital E240 Trade Unions: Objectives, Structure, and Effects J510 Unemployment Insurance Severance Pay Plant Closings J650 Abstract: We investigate the problem of simultaneous determination of labour market institutions and outcomes in single equation multi-country estimations by presenting an empirical analysis of unemployment and union density in 20 OECD countries. When explicitly modelling potential endogeneity and heterogeneity, our results suggest that unions contribute to explaining unemployment in different ways than previously thought. In addition, the relationship between unemployment and union density is heterogeneous across countries, depending on the way in which income support for the unemployed is organized. Notes: Keywords: Unemployment; Union; Unionism; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 201107 URL: http://ejd.sagepub.com/archive/ Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1520 Author: Checchi, D.; Opromolla, P. Year: 1988 Title: The Role of Financial Sectors in Business Cycle Analysis Journal: Rivista Internazionale di Scienze Economiche e Commerciali Volume: 35 Issue: 3 Pages: 269-294 Short Title: The Role of Financial Sectors in Business Cycle Analysis ISSN: 00356751 Accession Number: 0213658 Keywords: Economic Fluctuations--Theory 1312 Notes: Publication Type: Journal Article; Update Code: 199006 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1475 Author: Checchi, D.; Pagani, L. Year: 2005 Title: The Effects of Unions on Wage Inequality: The Italian Case in the 1990s Journal: Politica Economica Volume: 21 Issue: 1 Pages: 43-70 Short Title: The Effects of Unions on Wage Inequality: The Italian Case in the 1990s ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0789738 Keywords: Wage Level and Structure Wage Differentials J310 Trade Unions: Objectives, Structure, and Effects J510 Dispute Resolution: Strikes, Arbitration, and Mediation Collective Bargaining J520 Abstract: In this paper we analyse the contribution of union activity to reducing earnings inequality. Given the specific nature of the system of industrial relations, Italian unions may contribute to inequality reduction through either national bargaining (i.e. reducing between-sector differentials) and/or local bargaining (i.e. reducing within-establishment inequality). After reviewing aggregate evidence on the first dimension, we explore the second route making use of matched employer-employees data-set, surveyed in 1995 by Eurostat. We pay great care to the potential endogeneity of local bargaining, and we find that the widespread adoption of local bargaining, by reducing the implicit price of individual characteristics, effectively contributes to inequality reduction. Notes: Keywords: Bargaining; Earnings; Pay; Union; Wage Inequality; Wage; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200508 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: U Milan U Insubria Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 783 Author: Checchi, D.; Peragine, V. Year: 2010 Title: Inequality of Opportunity in Italy Journal: Journal of Economic Inequality Volume: 8 Issue: 4 Pages: 429-450 Short Title: Inequality of Opportunity in Italy ISSN: 15691721 DOI: http://www.springerlink.com/content/111137/ Accession Number: 1144599 Keywords: Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 Urban, Rural, and Regional Economics: Regional Migration Regional Labor Markets Population Neighborhood Characteristics R230 Abstract: In this paper, we provide a methodology to measure opportunity inequality and to decompose overall income inequality in an "ethically offensive" and an "ethically acceptable" part. Moreover, we analyze inequality of opportunity in Italy. According to our results, inequality of opportunity accounts for about 20% of overall income inequality in Italy. Moreover, the regions in the South are characterized by a higher degree of opportunity inequality than the regions in the North, especially when considering population subgroups by gender. Notes: Keywords: Income; Inequality; Population; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201012 URL: http://dx.doi.org/10.1007/s10888-009-9118-3 http://www.springerlink.com/content/111137/ Author Address: U Milan U Bari Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 762 Author: Checchi, D.; Peragine, V.; Serlenga, L. Year: 2008 Title: Income Inequality and Opportunity Inequality in Europe Journal: Rivista di Politica Economica Volume: 98 Issue: 9-10 Pages: 263-291 Short Title: Income Inequality and Opportunity Inequality in Europe ISSN: 00356468 DOI: http://www.rivistapoliticaeconomica.it Accession Number: 1093231 Keywords: Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 Education and Research Institutions: General I200 Abstract: This paper proposes an estimate of the extent of opportunity inequality and of its determinants in a sample of European countries, based on the Survey on Income and Living Conditions conducted in 2005. Although the ranking among Northern European and Mediterranean countries is generally respected, our measures of equality of opportunity provide a different ranking with respect to the one offered by the measures of overall income inequality. Our figures show that equality of opportunity has correlation with both institutional measures of schooling (pre-primary education, de-tracked secondary school) as well as with labour market institutions (union density, but not employment protection). Notes: Keywords: Education; Equality; Income; Inequality; School; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201003 URL: http://www.rivistapoliticaeconomica.it Author Address: U Milan U Bari Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 592 Author: Checchi, D.; Polo, M. Year: 1991 Title: Exchange Rate Variability and Capital Controls in a Strategic Context Journal: Rivista Internazionale di Scienze Economiche e Commerciali Volume: 38 Issue: 3 Pages: 201-223 Short Title: Exchange Rate Variability and Capital Controls in a Strategic Context ISSN: 00356751 Accession Number: 0249525 Keywords: International Policy Coordination and Transmission F420 Foreign Exchange F310 Current Account Adjustment Short-term Capital Movements F320 Notes: Keywords: Capital Controls; Exchange Rates; Publication Type: Journal Article; Update Code: 199112 Author Address: U Brescia Bocconi U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 669 Author: Checchi, D.; Salvati, M. Year: 1995 Title: Giustizia sociale oggi: Una discussione di 'Social Justice--Strategies for National Renewal.' (Social Justice Today: A Review Essay of 'Social Justice--Strategies for National Renewal.' With English summary.) Journal: Politica Economica Volume: 11 Issue: 2 Pages: 175-200 Short Title: Giustizia sociale oggi: Una discussione di 'Social Justice--Strategies for National Renewal.' (Social Justice Today: A Review Essay of 'Social Justice--Strategies for National Renewal.' With English summary.) ISSN: 11209496 DOI: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Accession Number: 0372404 Keywords: Personal Income, Wealth, and Their Distributions D310 Equity, Justice, Inequality, and Other Normative Criteria and Measurement D630 One, Two, and Multisector Growth Models O410 Size and Spatial Distributions of Regional Economic Activity R120 Abstract: This paper reviews a recent publication promoted by the English Labour party on Social Justice. After summarizing the main contents of the book (analysis of growing inequality and possibility of conjugating social policies with economic policies), the paper discusses the issue of current model of growth. In contrast with Fordist regime of accumulation, there are several indications that a new regime of jobless growth is intrinsically not egalitarian. We argue that the book lacks an explicit discussion of this point since it concentrates on equality of opportunities. Finally, we wonder about the applicability of some prescriptions to the Italian case and we stress that regional inequalities (due to lack of development, as in the Mezzogriorno case) cannot be dealt with with the same type of redistributive policies invoked by the book. Notes: Keywords: Egalitarian; Growth; Inequality; Justice; Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 199512 URL: http://www.mulino.it/edizioni/riviste/scheda_rivista.php?issn=1120-9496 Author Address: U Milan Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 781 Author: Checchi, D.; Visser, J.; van de Werfhorst, H. G. Year: 2010 Title: Inequality and Union Membership: The Influence of Relative Earnings and Inequality Attitudes Journal: British Journal of Industrial Relations Volume: 48 Issue: 1 Pages: 84-108 Short Title: Inequality and Union Membership: The Influence of Relative Earnings and Inequality Attitudes ISSN: 00071080 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0007-1080 Accession Number: 1094926 Keywords: Wage Level and Structure Wage Differentials J310 Trade Unions: Objectives, Structure, and Effects J510 Abstract: Using surveys from the International Social Survey Programme covering the period 1985-2002 for seven European countries (West and East Germany, Sweden, Norway, Italy, the Netherlands and Great Britain), we examine the effect of relative earnings on union membership and show that union density is higher among workers in the intermediate earnings group than among low or high earners. Next, we examine the association of inequality attitudes with union membership and demonstrate that union membership is not only motivated by instrumental considerations related to relative earnings, but also by normative concerns about inequality. We interpret our findings suggesting that rising earnings inequality is in itself a source of union decline. Notes: Keywords: Earnings; Union; Geographic Descriptors: Germany; Italy; Netherlands; Norway; Sweden; U.K.; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201004 URL: http://www.blackwellpublishing.com/journal.asp?ref=0007-1080 Author Address: U Milan U Amsterdam Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1363 Author: Checchi, D.; Zollino, F. Year: 2001 Title: Sistema scolastico e selezione sociale in Italia. (With English summary.) Journal: Rivista di Politica Economica Volume: 91 Issue: 7-8 Pages: 43-84 Short Title: Sistema scolastico e selezione sociale in Italia. (With English summary.) ISSN: 03916170 DOI: http://www.rivistapoliticaeconomica.it Accession Number: 0604632 Keywords: Education and Research Institutions: General I200 Human Capital Skills Occupational Choice Labor Productivity J240 Abstract: Italian students' achievements prove highly dependent on family background although equality in education opportunities is formally guaranteed. The paper identifies two main explaining factors: segmented fields of study at the secondary school and the operating of private schools. After ascertaining significant peer effects on Italian students' carrier, we argue that it is a self-selection process by field of study, along with irreversibility of initial choices, that allows for social stratification to result from Italian school system, despite the ex ante equality in education opportunity. In this context, the paper briefly discusses the effects likely coming in Italy from school vouchers. Notes: Keywords: Education; School; Geographic Descriptors: Italy; Geographic Region: Europe; Language: Italian; Publication Type: Journal Article; Update Code: 200205 URL: http://www.rivistapoliticaeconomica.it Author Address: U Milan Bank of Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 748 Author: Checchi, D. e. Year: 2010 Title: Immobilita diffusa: Perche la mobilita intergenerazionale e cosi bassa in Italia. (Widespread Immobility: Why Social Mobility Is So Low in Italy) Publisher: Studi e Ricerche 598. Bologna: Societa editrice il Mulino Number of Pages: 333-333 Short Title: Immobilita diffusa: Perche la mobilita intergenerazionale e cosi bassa in Italia. (Widespread Immobility: Why Social Mobility Is So Low in Italy) Keywords: Job, Occupational, and Intergenerational Mobility Promotion J620 Human Capital Skills Occupational Choice Labor Productivity J240 Professional Labor Markets Occupational Licensing J440 Abstract: Ten papers explore current research on intergenerational mobility in Italy. Papers focus on cross-country and intertemporal perspectives; competence formation; drop-out behaviors; labor market transitions for graduates and young professionals, conditional on family backgrounds; the intergenerational transmission of asset ownership; and an analysis of the effect of labor market reforms on employability. Checchi is at the University of Milano. Bibliography; no index. Notes: Accession Number: 1232258; Reviewed Book ISBN: 978-88-15-13759-3; Keywords: Intergenerational Mobility; Labor Markets; Professionals; Publication Type: Book; Update Code: 201106 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 309 Author: Chen, Y.-C.; Rogoff, K.; Rossi, B. Year: 2008 Title of Work: Can Exchange Rates Forecast Commodity Prices? Institution: National Bureau of Economic Research, Inc, NBER Working Papers: 13901 Short Title: Can Exchange Rates Forecast Commodity Prices? DOI: http://www.nber.org/papers/w13901.pdf Keywords: Model Evaluation and Selection C520 Forecasting Methods Simulation Methods C530 Foreign Exchange F310 Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation F470 Abstract: This paper demonstrates that "commodity currency" exchange rates have remarkably robust power in predicting future global commodity prices, both in-sample and out-of-sample. A critical element of our in-sample approach is to allow for structural breaks, endemic to empirical exchange rate models, by implementing the approach of Rossi (2005b). Aside from its practical implications, our forecasting results provide perhaps the most convincing evidence to date that the exchange rate depends on the present value of identifiable exogenous fundamentals. We also find that the reverse relationship holds; that is, that commodity prices Granger-cause exchange rates. However, consistent with the vast post-Meese-Rogoff (1983a,b) literature on forecasting exchange rates, we find that the reverse forecasting regression does not survive out-of-sample testing. We argue, however, that it is quite plausible that exchange rates will be better predictors of exogenous commodity prices than vice-versa, because the exchange rate is fundamentally forward looking. Therefore, following Campbell and Shiller (1987) and Engel and West (2005), the exchange rate is likely to embody important information about future commodity price movements well beyond what econometricians can capture with simple time series models. In contrast, prices for most commodities are extremely sensitive to small shocks to current demand and supply, and are therefore likely to be less forward looking. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0971532; Publication Type: Working Paper; Update Code: 200805 URL: http://www.nber.org/papers/w13901.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 310 Author: Chen, Y.-c.; Rogoff, K.; Rossi, B. Year: 2008 Title of Work: Can Exchange Rates Forecast Commodity Prices? Institution: University of Washington, Department of Economics, Working Papers: UWEC-2008-11 Short Title: Can Exchange Rates Forecast Commodity Prices? DOI: http://faculty.washington.edu/yuchin/Papers/CRR.pdf Abstract: This paper demonstrates that "commodity currency" exchange rates have remarkably robust power in predicting future global commodity prices, both in-sample and out-of-sample. A critical element of our in-sample approach is to allow for structural breaks, endemic to empirical exchange rate models, by implementing the approach of Rossi (2005b). Aside from its practical implications, our forecasting results provide perhaps the most convincing evidence to date that the exchange rate depends on the present value of identifiable exogenous fundamentals. We also find that the reverse relationship holds; that is, that commodity prices Granger-cause exchange rates. However, consistent with the vast post-Meese-Rogoff (1983a,b) literature on forecasting exchange rates, we find that the reverse forecasting regression does not survive out-of-sample testing. We argue, however, that it is quite plausible that exchange rates will be better predictors of exogenous commodity prices than vice-versa, because the exchange rate is fundamentally forward looking. Therefore, following Campbell and Shiller (1987) and Engel and West (2005), the exchange rate is likely to embody important information about future commodity price movements well beyond what econometricians can capture with simple time series models. In contrast, prices for most commodities are extremely sensitive to small shocks to current demand and supply, and are therefore likely to be less forward looking. J.E.L. Codes: C52, C53, F31, F47. Key words: Exchange rates, forecasting, commodity prices, random walk. Acknowledgements. We would like to thank C. Burnside, C. Engel, M. McCracken, R. Startz, V. Stavreklava, A. Tarozzi, M. Yogo and seminar participants at the University of Washington for comments. We are also grateful to various staff members of the Reserve Bank of Australia, the Bank of Canada, the Reserve Bank of New Zealand, and the IMF for helpful discussions and for providing some of the data used in this paper. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1007151; Publication Type: Working Paper; Update Code: 200812 URL: http://faculty.washington.edu/yuchin/Papers/CRR.pdf Author Address: University of Washington Harvard University Duke University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 311 Author: Chen, Y.-c.; Rogoff, K.; Rossi, B. Year: 2008 Title of Work: Can Exchange Rates Forecast Commodity Prices? Institution: University of Washington, Department of Economics, Working Papers: UWEC-2008-11-FC Short Title: Can Exchange Rates Forecast Commodity Prices? DOI: http://faculty.washington.edu/yuchin/Papers/CRR.pdf Abstract: This paper demonstrates that "commodity currency" exchange rates have remarkably robust power in predicting future global commodity prices, both in-sample and out-of-sample. A critical element of our in-sample approach is to allow for structural breaks, endemic to empirical exchange rate models, by implementing the approach of Rossi (2005b). Aside from its practical implications, our forecasting results provide perhaps the most convincing evidence to date that the exchange rate depends on the present value of identifiable exogenous fundamentals. We also find that the reverse relationship holds; that is, that commodity prices Granger-cause exchange rates. However, consistent with the vast post-Meese-Rogoff (1983a,b) literature on forecasting exchange rates, we find that the reverse forecasting regression does not survive out-of-sample testing. We argue, however, that it is quite plausible that exchange rates will be better predictors of exogenous commodity prices than vice-versa, because the exchange rate is fundamentally forward looking. Therefore, following Campbell and Shiller (1987) and Engel and West (2005), the exchange rate is likely to embody important information about future commodity price movements well beyond what econometricians can capture with simple time series models. In contrast, prices for most commodities are extremely sensitive to small shocks to current demand and supply, and are therefore likely to be less forward looking. J.E.L. Codes: C52, C53, F31, F47. Key words: Exchange rates, forecasting, commodity prices, random walk. Acknowledgements. We would like to thank C. Burnside, C. Engel, M. McCracken, R. Startz, V. Stavreklava, A. Tarozzi, M. Yogo and seminar participants at the University of Washington for comments. We are also grateful to various staff members of the Reserve Bank of Australia, the Bank of Canada, the Reserve Bank of New Zealand, and the IMF for helpful discussions and for providing some of the data used in this paper. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1083883; Publication Type: Working Paper; Update Code: 201001 URL: http://faculty.washington.edu/yuchin/Papers/CRR.pdf Author Address: University of Washington Harvard University Duke University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 312 Author: Chen, Y.-c.; Rogoff, K.; Rossi, B. Year: 2008 Title of Work: CAN EXCHANGE RATES FORECAST COMMODITY PRICES? Institution: Duke University, Department of Economics, Working Papers: 08-03 Pages: 44 Pages Short Title: CAN EXCHANGE RATES FORECAST COMMODITY PRICES? DOI: http://www.econ.duke.edu/~brossi/ChenRogoffRossi2008.pdf Keywords: Model Evaluation and Selection C520 Forecasting Methods Simulation Methods C530 Foreign Exchange F310 Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation F470 Abstract: This paper studies the dynamic relationship between exchange rate fluctuations and world commodity price movements. Taking into account parameter instability, we demonstrate surprisingly robust evidence that exchange rates predict world commodity price movements, both in-sample and out-of-sample. Because commodity prices are exogenous to the exchange rates we consider, we are able to overcome the identification problems that plague the existing empirical exchange rate literature. Because our finding that exchange rates predict future commodity prices can be given a true causal interpretation, it provides the most concrete support yet for the importance of selected macroeconomic fundamentals in determining exchange rates. As an important by-product of our analysis, we show that exchange rate-based forecasts may be a viable alternative for predicting future commodity price movements. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0959222; Keywords: Exchange rates, forecasting, commodity prices, random walk; Publication Type: Working Paper; Update Code: 200803 URL: http://www.econ.duke.edu/~brossi/ChenRogoffRossi2008.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1188 Author: Chen, Y.-c.; Rogoff, K.; Rossi, B. Year: 2009 Title of Work: Predicting Agri-Commodity Prices: an Asset Pricing Approach Institution: University of Washington, Department of Economics, Working Papers: UWEC-2010-02 Short Title: Predicting Agri-Commodity Prices: an Asset Pricing Approach DOI: http://faculty.washington.edu/yuchin/Papers/CRR_ag.pdf Abstract: Volatile and rising agricultural prices place significant strain on the global fight against poverty. An accurate reading of future food price movements would thus be an invaluable budgetary planning tool for government agencies and food aid programs aimed at alleviating hunger. Using the asset-pricing approach developed in Chen, Rogoff and Rossi (2010), we show that information from the currency and equity markets of several commodity-exporting economies can offer powerful help in forecasting world agricultural prices. Our formulation builds upon the notion that because these countries' currency and equity valuations depend on the world price of their commodity exports, market participants would incorporate expected future commodity price movements into the current values of these assets. As the exchange rate and equity markets are typically much more fluid than the agri-commodity markets (where prices tend to be more constrained by current supply and demand conditions), these asset prices can signal future agricultural price dynamics beyond information contained in the agri-commodity prices themselves. Our findings complement forecast methods based on structural factors such as supply, demand, and storage considerations. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1103755; Publication Type: Working Paper; Update Code: 201005 URL: http://faculty.washington.edu/yuchin/Papers/CRR_ag.pdf Author Address: University of Washington Harvard University Duke University Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 308 Author: Chen, Y.-c.; Rogoff, K.; Rossi, B. Year: 2010 Title of Work: Can Exchange Rates Forecast Commodity Prices? Institution: Duke University, Department of Economics, Working Papers: 10-07 Pages: 49-49 Short Title: Can Exchange Rates Forecast Commodity Prices? DOI: http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1262463_code1070428.pdf?abstractid=1183164&mirid=1 Keywords: Model Evaluation, Validation, and Selection C520 Forecasting Methods Simulation Methods C530 Foreign Exchange F310 Macroeconomic Aspects of International Trade and Finance: Forecasting and Simulation: Models and Applications F470 Abstract: This paper demonstrates that "commodity currency" exchange rates have remarkably robust power in predicting future global commodity prices, both in sample and out-of-sample. A critical element of our in-sample approach is to allow for structural breaks, endemic to empirical exchange rate models, by implementing the approach of Rossi (2005b). Aside from its practical implications, our forecasting results provide perhaps the most convincing evidence to date that the exchange rate depends on the present value of identifiable exogenous fundamentals. We also find that the reverse relationship holds; that is, that commodity prices Granger-cause exchange rates. However, consistent with the vast post-Meese-Rogoff (1983a,b) literature on forecasting exchange rates, we find that the reverse forecasting regression does not survive out-of-sample testing. We argue, however, that it is quite plausible that exchange rates will be better predictors of exogenous commodity prices than vice-versa, because the exchange rate is fundamentally forward looking. Therefore, following Campbell and Shiller (1987) and Engel and West (2005), the exchange rate is likely to embody important information about future commodity price movements well beyond what econometricians can capture with simple time series models. In contrast, prices for most commodities are extremely sensitive to small shocks to current demand and supply, and are therefore likely to be less forward looking. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1129985; Keywords: Exchange rates, forecasting, commodity prices, random walk; Publication Type: Working Paper; Update Code: 201009 URL: http://papers.ssrn.com/sol3/Delivery.cfm/SSRN_ID1262463_code1070428.pdf?abstractid=1183164&mirid=1 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 307 Author: Chen, Y.-C.; Rogoff, K. S.; Rossi, B. Year: 2010 Title: Can Exchange Rates Forecast Commodity Prices Journal: Quarterly Journal of Economics Volume: 125 Issue: 3 Pages: 1145-1194 Short Title: Can Exchange Rates Forecast Commodity Prices ISSN: 00335533 DOI: http://www.mitpressjournals.org/loi/qjec Accession Number: 1134148 Alternate Accession Number: EP53550930 Keywords: Country and Industry Studies of Trade F140 Trade: Forecasting and Simulation F170 Foreign Exchange F310 International Finance Forecasting and Simulation: Models and Applications F370 International Linkages to Development Role of International Organizations O190 Socialist Institutions and Their Transitions: International Trade, Finance, Investment, and Aid P330 Abstract: We show that "commodity currency" exchange rates have surprisingly robust power in predicting global commodity prices, both in-sample and out-of-sample, and against a variety of alternative benchmarks. This result is of particular interest to policy makers, given the lack of deep forward markets in many individual commodities, and broad aggregate commodity indices in particular. We also explore the reverse relationship (commodity prices forecasting exchange rates) but find it to be notably less robust. We offer a theoretical resolution, based on the fact that exchange rates are strongly forward-looking, whereas commodity price fluctuations are typically more sensitive to short-term demand imbalances. Notes: Keywords: Exchange Rate; Forecast; Forecasting; Geographic Descriptors: Australia; Canada; China; New Zealand; South Africa; Geographic Region: Africa; Asia; Northern America; Oceania; Publication Type: Journal Article; Update Code: 201010; Copyright: © 2010 President & Fellows of Harvard University URL: http://www.mitpressjournals.org/loi/qjec Author Address: U WA Harvard U Duke U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 690 Author: Chiaromonte, F.; Dosi, G. Year: 1993 Title: Heterogeneity, Competition, and Macroeconomic Dynamics Journal: Structural Change and Economic Dynamics Volume: 4 Issue: 1 Pages: 39-63 Short Title: Heterogeneity, Competition, and Macroeconomic Dynamics ISSN: 0954349X DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/525148/description#description Accession Number: 0300458 Keywords: One, Two, and Multisector Growth Models O410 Innovation and Invention: Processes and Incentives O310 Abstract: The paper presents an evolutionary model in which certain regularities in macroeconomic dynamics, such as in income and labor productivity growth, are the outcome of far-from-equilibrium interactions among heterogeneous, boundedly rational, agents. Relatively ordered patters of change emerge as a collective self-organizing property of the system, while individual agents are always undergoing processes of mistake-ridden innovation, imitations, and market selection. Technological dynamics is endogenous and the rate of innovation is primarily constrained by the abilities of agents to exploit notional innovative opportunities; these are generally well in excess of what agents are able to master. Innovations influence aggregate dynamics via (i) time-consuming diffusion among producers and user, and (ii) associated demand impulses. Microheterogeneity has a paramount importance for the aggregate behavior of the system. Notes: Keywords: Growth; Innovation; Publication Type: Journal Article; Update Code: 199403 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/525148/description#description Author Address: U MN U Rome 'La Sapienza' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1025 Author: Chiaromonte, F.; Dosi, G. Year: 1999 Title of Work: Modeling a Decentralized Asset Market: An Introduction to the Financial 'Toy-Room' Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Modeling a Decentralized Asset Market: An Introduction to the Financial 'Toy-Room' DOI: http://www.lem.sssup.it/WPLem/files/1999-02.pdf Abstract: In this paper, we describe a micro-founded simulation enviroment for decentralized trade in financial asset. Within the philosophy of computer simulated "artificial markets", this enviroments allows one to experiment in a modular fashion with (i) individual characterizations in terms of behaviors and learning, (ii) different architectural and institutional traits of the market, and (iii) time-embedding of events at the system and the individual level. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034862; Keywords: -; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/1999-02.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 822 Author: Chiaromonte, F.; Dosi, G.; Orsenigo, L. Year: 1993 Title: Innovative Learning and Institutions in the Process of Development: On the Microfoundation of Growth Regimes Editor: R. Thomson Book Title: Learning and technological change Publisher: New York: St. Martin's Press; London: Macmillan Press Pages: 117-149 Short Title: Innovative Learning and Institutions in the Process of Development: On the Microfoundation of Growth Regimes Keywords: Search Learning Information and Knowledge Communication Belief D830 Innovation and Invention: Processes and Incentives O310 Notes: Accession Number: 0406050; Reviewed Book ISBN: 0-312-09591-0; Keywords: Learning; Publication Type: Collective Volume Article; Update Code: 199704 Author Address: U MN U Rome 'La Sapienza' Bocconi U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 810 Author: Chiaromonte, F.; Dosi, G.; Orsenigo, L. Year: 2000 Title: Innovation Learning and Institutions in the Process of Development: On the Microfoundation of Growth Regimes Editor: G. Dosi Book Title: Innovation, organization and economic dynamics: Selected essays Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt. Pages: 501-533 Short Title: Innovation Learning and Institutions in the Process of Development: On the Microfoundation of Growth Regimes Reprint Edition: [1993] Keywords: Search Learning Information and Knowledge Communication Belief D830 Innovation and Invention: Processes and Incentives O310 Notes: Accession Number: 0639482; Reviewed Book ISBN: 1-85898-591-9; Keywords: Innovation; Learning; Publication Type: Collective Volume Article; Update Code: 200305 Author Address: Unlisted St Anna School of Advanced Studies, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 182 Author: Chiaromonte, F.; Jonard, N.; Dosi, G. Year: 1999 Title of Work: A Speculative Centralized Asset Market with Adaptive Heterogenous Agents Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: A Speculative Centralized Asset Market with Adaptive Heterogenous Agents Abstract: - Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034843; Keywords: -; Publication Type: Working Paper; Update Code: 200905 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 697 Author: Chiuri, M. C.; Del Boca, D. Year: 2010 Title: Home-Leaving Decisions of Daughters and Sons Journal: Review of Economics of the Household Volume: 8 Issue: 3 Pages: 393-408 Short Title: Home-Leaving Decisions of Daughters and Sons ISSN: 15695239 DOI: http://www.springerlink.com/content/1569-5239 Accession Number: 1231533 Keywords: Marriage Marital Dissolution Family Structure Domestic Abuse J120 Fertility Family Planning Child Care Children Youth J130 Economics of Gender Non-labor Discrimination J160 Abstract: In spite of relevant differences between countries, a common international pattern emerges: daughters leave parental homes earlier than sons. Drawing upon the European Community Household Panel, we explore the impacts of various factors that affect daughters' and sons' home-leaving decisions. Our results show important differences across genders as well as across countries. The decisions of daughters appear to be more responsive than sons' to family structure as well as to institutional factors such as the labor and the mortgage market. Notes: Keywords: Family; Gender; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201105 URL: http://dx.doi.org/10.1007/s11150-010-9093-2 http://www.springerlink.com/content/1569-5239 Author Address: U Bari U Turin Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 701 Author: Chiuri, M. C.; Del Boca, D. Year: 2010 Title: Household Membership Decisions of Adult Children: Exploring European Diversity Journal: Labour Volume: 24 Pages: 3-24 Date: Special Issue Short Title: Household Membership Decisions of Adult Children: Exploring European Diversity ISSN: 11217081 DOI: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Accession Number: 1149025 Keywords: Household Production and Intrahousehold Allocation D130 Marriage Marital Dissolution Family Structure Domestic Abuse J120 Fertility Family Planning Child Care Children Youth J130 Abstract: Although several social, economic, and financial indicators point to a growing convergence among European countries, striking differences still emerge in the timing of leaving home for adult children. In our work, we explore the European diversity, analysing living arrangements of people 18-34 years old from 14 European countries. We use the European Community Household Panel survey and augment its informational content with intertemporal indicators of labor, housing, and marriage markets characteristics as well as proxy for welfare states and culture. We find that their role varies by group as well as within groups of European countries. Some important policy implications derive. Notes: Keywords: Children; Households; Marriage; Geographic Descriptors: Selected European Countries; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201101 URL: http://www.blackwellpublishing.com/journal.asp?ref=1121-7081 Author Address: Unlisted U Turin Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 618 Author: Chiuri, M. C.; Jappelli, T. Year: 2001 Title of Work: Financial Market Imperfections and Home Ownership: A Comparative Study Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2717 Short Title: Financial Market Imperfections and Home Ownership: A Comparative Study DOI: http://www.cepr.org/pubs/dps/DP2717.asp Keywords: Financial Institutions and Services: General G200 Abstract: We explore the determinants of the international pattern of home ownership using the Luxembourg Income Study (LIS), a collection of microeconomic data on fourteen OECD countries. In most, the cross-section is repeated over time and includes several demographic variables carefully matched between the different surveys. This allows us to construct a truly unique international dataset, merging data on more than 400,000 households with aggregate panel data on mortgage loans and down payment ratios. After controlling for demographic characteristics, country effects, cohort effects and calendar time effects, we find strong evidence that the availability of mortgage finance - as measured by outstanding mortgage loans and down payment ratios - affects the age-profile of home ownership, especially at the young end. The results have important implications for the debate on the relationship between saving and growth. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693986; Keywords: Financial Markets; Home Ownership; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2717.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 617 Author: Chiuri, M. C.; Jappelli, T. Year: 2003 Title: Financial Market Imperfections and Home Ownership: A Comparative Study Journal: European Economic Review Volume: 47 Issue: 5 Pages: 857-875 Short Title: Financial Market Imperfections and Home Ownership: A Comparative Study ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0668736 Keywords: Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Urban, Rural, and Regional Economics: Housing Demand R210 Abstract: We explore the determinants of the distribution of owner occupancy rates across age groups using a collection of microeconomic data on 14 OECD countries. In most, the survey is repeated over time. This allows us to construct an international dataset, merging data on 39 national household surveys with aggregate data on down payment ratios. We find strong evidence that the availability of mortgage finance--as measured by down payment ratios--affects the distribution of owner occupancy rates across age groups, especially at the young end. The results are consistent with previous theoretical models and have important implications for the debate on the relation between saving and growth. Notes: Keywords: Finance; Financial Market; Homes; Mortgage; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 200312 URL: http://dx.doi.org/10.1016/S0014-2921(02)00273-8 http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: U Bari and U Salerno U Salerna and Center for Econ Policy Research Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 475 Author: Chiuri, M. C.; Jappelli, T. Year: 2010 Title: Do the Elderly Reduce Housing Equity? An International Comparison Journal: Journal of Population Economics Volume: 23 Issue: 2 Pages: 643-663 Short Title: Do the Elderly Reduce Housing Equity? An International Comparison ISSN: 09331433 DOI: http://www.springerlink.com/content/100520/ Accession Number: 1100901 Alternate Accession Number: EP47778869 Keywords: Economics of the Elderly Economics of the Handicapped Non-labor Market Discrimination J140 Urban, Rural, and Regional Economics: Housing Demand R210 Housing Supply and Markets R310 Abstract: We explore the pattern of elderly homeownership using 60 microeconomic surveys on about 300,000 individuals residing in 15 OECD countries. In all countries, the survey is repeated over time, permitting construction of an international dataset of repeated cross-sectional data. We find that ownership rates decline considerably after age 60. However, a large part of the decline depends on cohort effects. Adjusting for them, we find that ownership rates start falling after age 70 and reach a percentage point per year decline after age 75. We find that differences across country ownership trajectories are correlated with indicators measuring market regulation degree. Notes: Keywords: Elderly; Home Ownership; Homeownership; Housing; Geographic Descriptors: OECD; Publication Type: Journal Article; Update Code: 201005; Copyright: Copyright of Journal of Population Economics is the property of Springer Science & Business Media B.V. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://dx.doi.org/10.1007/s00148-008-0217-4 http://www.springerlink.com/content/100520/ Author Address: U Bari U Naples 'Federico II' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 340 Author: Christelis, D.; Jappelli, T.; Padula, M. Year: 2006 Title of Work: Cognitive Abilities and Portfolio Choice Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5735 Short Title: Cognitive Abilities and Portfolio Choice DOI: http://www.cepr.org/pubs/dps/DP5735.asp Keywords: Information, Knowledge, and Uncertainty: General D800 Macroeconomics: Consumption, Saving, Production, Employment, and Investment: General (includes Measurement and Data) E200 General Financial Markets: General (includes Measurement and Data) G100 Abstract: We study the relation between cognitive ability and the decision to invest in stocks using the recent Survey of Health, Ageing and Retirement in Europe (SHARE). The survey has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities: mathematical, verbal fluency, and recall skills. We find that the propensity to invest in stocks is strongly associated with cognitive abilities, for both direct stock market participation and indirect participation through mutual funds and investment accounts. We also find that stockholding increases with social interactions, intention to leave a bequest, and is negatively associated with health status. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0872839; Keywords: cognitive abilities; portfolio choice; stockholding; Publication Type: Working Paper; Update Code: 200611 URL: http://www.cepr.org/pubs/dps/DP5735.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 341 Author: Christelis, D.; Jappelli, T.; Padula, M. Year: 2010 Title: Cognitive Abilities and Portfolio Choice Journal: European Economic Review Volume: 54 Issue: 1 Pages: 18-38 Short Title: Cognitive Abilities and Portfolio Choice ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 1095889 Keywords: Personal Finance D140 Portfolio Choice Investment Decisions G110 Abstract: We study the relation between cognitive abilities and stockholding using the recent Survey of Health, Ageing and Retirement in Europe (SHARE), which has detailed data on wealth and portfolio composition of individuals aged 50+ in 11 European countries and three indicators of cognitive abilities: mathematical, verbal fluency, and recall skills. We find that the propensity to invest in stocks is strongly associated with cognitive abilities, for both direct stock market participation and indirect participation through mutual funds and retirement accounts. Since the decision to invest in less information-intensive assets (such as bonds) is less strongly related to cognitive abilities, we conclude that the association between cognitive abilities and stockholding is driven by information constraints, rather than by features of preferences or psychological traits. Notes: Keywords: Portfolio; Portfolio Choice; Stock Market; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 201004 URL: http://dx.doi.org/10.1016/j.euroecorev.2009.04.001 http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: U Salerno and CSEF U Naples 'Federico II' and CSEF U Venice 'Ca'Foscari' and CSEF Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1423 Author: Cimoli, M.; Dosi, G. Year: 1990 Title: The Characteristics of Technology and the Development Process: Some Introductory Notes Editor: M. Chatterji Book Title: Technology transfer in the developing countries Publisher: New York: St. Martin's Press Pages: 51-75 Short Title: The Characteristics of Technology and the Development Process: Some Introductory Notes Keywords: Technological Change and Innovation 6211 Economic Development Models and Theories 1120 Notes: Accession Number: 0280224; Reviewed Book ISBN: 0-312-03679-5; ; Publication Type: Collective Volume Article; Update Code: 199306 Author Address: U Udine and U Sussex U Rome and U Sussex Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 819 Author: Cimoli, M.; Dosi, G.; Mazzoleni, R.; Sampat, B. Year: 2011 Title of Work: Innovation, technical change and patents in the development process: A long term view Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Innovation, technical change and patents in the development process: A long term view DOI: http://www.lem.sssup.it/WPLem/files/2011-06.pdf Abstract: An essential aspect of "catching up" by developing countries is the emulation of technological leaders and the rapid accumulation by individuals and organizations of the knowledge and capabilities needed in order to sustain processes of technical learning. The rates and patterns of development of such capabilities are fundamentally shaped by the opportunities that indigenous organizations have to enter and operate in particular markets and technology areas. However, knowledge accumulation is also influenced by the governance of intellectual property rights (IPRs). The purpose of this work--prepared for a volume of the Initiative for Policy Dialogue, Columbia University, Intellectual and Property Rights Taskforce--is to offer an assessment of such influences in the long term, beginning with the early episodes of industrialization all the way to the present regime. The historical record is indeed quite diverse and variegated. However if there is a robust historical fact, it is the laxity or sheer absence of intellectual property rights in nearly all instances of successful catching up. We begin by reviewing a few theoretical arguments that economists have formulated on the effects of a system of patent protection. We will then review the historical evidence on the roles of patents in economic development. Next we discuss the changes in the IPR regime that have taken place roughly over the last third of a century in the United States. The reason for focusing on the United States is that doing so will outline the broad template of patent policy reform that has been adopted by policy makers in many other countries as a result of a varying mix of external pressures, myopia, corruption and ideological blindness. The final part of this essay, explores the likely impact of harmonization of international patent laws--including TRIPS--on developing countries. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1156097; Keywords: Intellectual Property Rights, Catching-up, Imitation, Development, TRIPS; Publication Type: Working Paper; Update Code: 201103 URL: http://www.lem.sssup.it/WPLem/files/2011-06.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 835 Author: Cimoli, M.; Dosi, G.; Nelson, R. R.; Stiglitz, J. Year: 2006 Title of Work: Institutions and Policies Shaping Industrial Development: An Introductory Note Institution: Laboratory of Economics and Management (LEM), Sant'Anna School of Advanced Studies, Pisa, Italy, LEM Papers Series Short Title: Institutions and Policies Shaping Industrial Development: An Introductory Note DOI: http://www.lem.sssup.it/WPLem/files/2006-02.pdf Abstract: In this work, meant as an introduction to the contributions of the task force on Industrial Policies and Development, Initiative for Policy Dialogue, Columbia University, New York, we discuss the role of institutions and policies in the process of development. We begin by arguing how misleading the "market failure" language can be in order to assess the necessity of public policies in that it evaluates it against a yardstick that is hardly met by any observed market set-up. Much nearer to the empirical evidence we argue that even when one encounters a prevailing market form of governance of economic interactions, the latter are embedded in a rich thread of non-market institutions. This applies in general and is particularly so with respect to the production and use of information and technological knowledge. In this work we build on the fundamental institutional embeddedness of such processes of technological learning in both developed and catching-up countries and we try to identify some quite robust policy ingredients which have historically accompanied the co-evolution between technological capabilities, forms of corporate organisations and incentive structures. All experiences of successful catching-up and sometimes overtaking the incumbent economic leaders--starting with the USA vis-a-vis Britain--have involved "institution building" and policy measures affecting technological imitation, the organisations of industries, trade patterns and intellectual property rights. This is likely to apply today, too,--we argue--also in the context of a "globalised" world economy. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1034703; Keywords: Institutions, development, industrial policies, technological catching-up, trade specialisations.; Publication Type: Working Paper; Update Code: 200905 URL: http://www.lem.sssup.it/WPLem/files/2006-02.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 834 Author: Cimoli, M.; Dosi, G.; Nelson, R. R.; Stiglitz, J. E. Year: 2009 Title: Institutions and Policies in Developing Economies Editor: B.-A. Lundvall, K. J. Joseph, C. Chaminade and J. Vang Book Title: Handbook of Innovation Systems and Developing Countries: Building Domestic Capabilities in a Global Setting Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 337-359 Short Title: Institutions and Policies in Developing Economies Keywords: Industrialization Manufacturing and Service Industries Choice of Technology O140 Formal and Informal Sectors Shadow Economy Institutional Arrangements O170 Management of Technological Innovation and R&D O320 Technological Change: Government Policy O380 Notes: Accession Number: 1165072; Reviewed Book ISBN: 978-1-84720-609-1; Keywords: Institution; Geographic Descriptors: LDCs; Publication Type: Collective Volume Article; Update Code: 201104 Author Address: U Venice 'Ca 'Foscari' and ECLAC Sant'Anna School of Advanced Studies, Pisa Columbia U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Record Number: 776 Author: Cimoli, M.; Dosi, G.; Stiglitz, J. E. e. Year: 2009 Title: Industrial Policy and Development: The Political Economy of Capabilities Accumulation Publisher: Initiative for Policy Dialogue Series. Oxford and New York: Oxford University Press Number of Pages: xix Short Title: Industrial Policy and Development: The Political Economy of Capabilities Accumulation Keywords: Industrial Policy Sectoral Planning Methods L520 Industrial Policy O250 Industrialization Manufacturing and Service Industries Choice of Technology O140 Industry Studies: Manufacturing: General L600 Socialist Systems and Transitional Economies: National Income, Product, and Expenditure Money Inflation P240 Technological Change: Government Policy O380 Abstract: Nineteen papers explore state intervention in industry and markets, focusing on successful industrial policies and interventions. Papers discuss institutions and policies shaping industrial development--an introductory note; technological learning, policy regimes, and growth--the long-term patterns and some specificities of a "globalized" economy; emulation versus comparative advantage--competing and complementary principles in the history of economic policy; industrial policies in developing countries--history and perspectives; industrial tariffs, international trade, and development; the (slow) return of industrial policies in Latin America and the Caribbean; the different capabilities of east Asia and Latin America to "demand-adapt" and "supply-upgrade" their export productive capacity; microeconomic evolution in high uncertainty contexts--the manufacturing sector in Argentina; the impact of public policies in Brazil along the path from semistagnation to growth in a Sino-centric market; the past, present, and future of industrial policy in India--adapting to the changing domestic and international environment; growth and development in China and India--the role of industrial and innovation policy in rapid catch-up; the political economy of industrial policy in Asia and Latin America; the roles of research at universities and public labs in economic catch-up; nationality of firm ownership in developing countries--who "crowds out" whom in imperfect markets; a question of trust--historical lessons for current development; competition policy and industrial development; latecomer entrepreneurship--a policy perspective; intellectual property and industrial development--a critical assessment; and the future of industrial policies in the new millennium--toward a knowledge-centered development agenda. Cimoli is with the United Nations Economic Commission for Latin America and the Caribbean and the Department of Economics at the University of Venice (Ca Foscari). Dosi is Professor of Economics at the Sant'Anna School of Advanced Studies, Pisa. Stiglitz is University Professor at Columbia University and Co-President of the Initiative for Policy Dialogue. Index. Notes: Accession Number: 1123073; Reviewed Book ISBN: 978-0-19-923526-1 (cloth); 978-0-19-923527-8 (pbk); Keywords: Developing Countries; Development; Growth; Industrial Policy; Publication Type: Book; Update Code: 201009 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 738 Author: Cingano, F.; Schivardi, F. Year: 2004 Title: Identifying the Sources of Local Productivity Growth Journal: Journal of the European Economic Association Volume: 2 Issue: 4 Pages: 720-742 Short Title: Identifying the Sources of Local Productivity Growth ISSN: 15424766 DOI: http://www.mitpressjournals.org/loi/jeea Accession Number: 0783910 Alternate Accession Number: EP13838352 Keywords: Measurement of Economic Growth Aggregate Productivity Cross-Country Output Convergence O470 Regional Economic Activity: Growth, Development, and Changes R110 Abstract: Using firm-level based TFP indicators (as opposed to employment-based proxies) we estimate the effects of alternative sources of dynamic externalities at the local level. In contrast to previous empirical work, we find that industrial specialization and scale indicators affect TFP growth positively, while neither product variety nor the degree of local competition have any effect. Employment-based regressions yield nearly the opposite results, in line with most of previous empirical work. We argue that such regressions suffer from serious identification problems when interpreted as evidence of dynamic externalities. Our results question the conclusions of most of the existing literature on dynamic agglomeration economies. Notes: Keywords: Growth; Productivity; Geographic Descriptors: Italy; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200507; Copyright: Copyright of Journal of the European Economic Association is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.mitpressjournals.org/loi/jeea Author Address: Bank of Italy Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1467 Author: Colombino, U.; Del Boca, D. Year: 1990 Title: The Effect of Taxes on Labor Supply in Italy Journal: Journal of Human Resources Volume: 25 Issue: 3 Pages: 390-414 Date: Summer Short Title: The Effect of Taxes on Labor Supply in Italy ISSN: 0022166X Accession Number: 0239474 Keywords: Time Allocation and Labor Supply J220 Abstract: In this research we estimate a neoclassical household labor supply model for married individuals, incorporating the main elements of the tax system, using Italian microdata. We found that while the labor supply of women is rather elastic with respect to wages and income variation, men's labor supply is inelastic with respect to variation in both. We use these results to measure the behavioral and welfare effects of alternative tax systems: the actual tax system, where the unit of taxation is the individual; joint family taxation; and a flat tax. The simulation results show that relative to the actual system the joint tax implies a higher average social cost but is more equally distributed. The flat tax implies a lower social cost but is less equally distributed. Notes: Geographic Descriptors: Italy; Publication Type: Journal Article; Update Code: 199103 Author Address: U Salerno Milan Polytechnic Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 667 Author: Commendatore, P.; Salvadori, N.; Tamberi, M. Year: 2009 Title: Geography, Structural Change and Economic Development: Introduction Editor: N. Salvadori, P. Commendatore and M. Tamberi Book Title: Geography, Structural Change and Economic Development: Theory and Empirics Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: ix-xix Short Title: Geography, Structural Change and Economic Development: Introduction Keywords: Introductory Material Y200 Notes: Accession Number: 1113712; Reviewed Book ISBN: 978-1-84844-229-0; ; Publication Type: Collective Volume Article; Update Code: 201007 Author Address: U Naples 'Federico II' U Pisa Polytechnic U Marche Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 671 Author: Conne, D.; Ronchetti, E.; Victoria-Feser, M.-P. Year: 2010 Title: Goodness of Fit for Generalized Linear Latent Variables Models Journal: Journal of the American Statistical Association Volume: 105 Issue: 491 Pages: 1126-1134 Short Title: Goodness of Fit for Generalized Linear Latent Variables Models ISSN: 01621459 DOI: http://pubs.amstat.org/loi/jasa Accession Number: 1148987 Keywords: Single Equation Models Single Variables: General C200 Multiple or Simultaneous Equation Models Multiple Variables: General C300 Abstract: Generalized linear latent variables models (GLLVM) enable the modeling of relationships between manifest and latent variables, where the manifest variables are distributed according to a distribution of the exponential family (e.g., binomial or normal) and to the multinomial distribution (for ordinal manifest variables). These models are widely used in social sciences. To test the appropriateness of a particular model, one needs to define a goodness-of-fit test statistic (GFI). In the normal case, one can use a likelihood ratio test or a modified version proposed by Satorra and Bentler (2001) (S&B GFI) that compares the sample covariance matrix to the estimated covariance matrix induced by the model. In the binary case, Pearson-type test statistics can be used if the number of observations is sufficiently large. In the other cases, including the case of mixed types of manifest variables, there exists GFI based on a comparison between a pseudo sample covariance and the model covariance of the manifest variables. These types of GFI are based on latent variable models that suppose that the manifest variables are themselves induced by underlying normal variables (underlying variable approach). The pseudo sample covariance matrices are then made of polychoric, tetrachoric, or polyserial correlations. In this article, we propose an alternative GFI that is more generally applicable. It is based on some distance comparison between the latent scores and the original data. This GFI takes into account the nature of each manifest variable and can in principle be applied in various situations and in particular with models with ordinal, and both discrete and continuous manifest variables. To compute the p-value associated to our GFI, we propose a consistent resampling technique that can be viewed as a modified parametric bootstrap. A simulation study shows that our GFI has good performance in terms of empirical level and empirical power across different models with different types of manifest variables. This article has supplementary material online. Notes: Keywords: Goodness of Fit; Publication Type: Journal Article; Update Code: 201101 URL: http://pubs.amstat.org/loi/jasa Author Address: Life Store SA, Geneva HEC, U Geneva Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 951 Author: Coriat, B.; Dosi, G. Year: 1998 Title: Learning How to Govern and Learning How to Solve Problems: On the Co-evolution of Competences, Conflicts and Organizational Routines Editor: A. D. Chandler, Jr., P. Hagstrom and O. Solvell Book Title: The dynamic firm: The role of technology, strategy, organization, and regions Publisher: Oxford and New York: Oxford University Press Pages: 103-133 Short Title: Learning How to Govern and Learning How to Solve Problems: On the Co-evolution of Competences, Conflicts and Organizational Routines Keywords: Organizational Behavior Transaction Costs Property Rights D230 Search Learning Information and Knowledge Communication Belief D830 Notes: Accession Number: 0566772; Reviewed Book ISBN: 0-19-829052-7; Keywords: Learning; Publication Type: Collective Volume Article; Update Code: 200107 Author Address: U Paris-Nord U Rome 'La Sapienza' Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 952 Author: Coriat, B.; Dosi, G. Year: 2000 Title: Learning How to Govern and Learning How to Solve Problems: On the Co-evolution of Competences, Conflicts and Organizational Routines Editor: G. Dosi Book Title: Innovation, organization and economic dynamics: Selected essays Publisher: Cheltenham, U.K. and Northampton, Mass.: Elgar; distributed by American International Distribution Corporation, Williston, Vt. Pages: 294-324 Short Title: Learning How to Govern and Learning How to Solve Problems: On the Co-evolution of Competences, Conflicts and Organizational Routines Reprint Edition: [1998] Keywords: Organizational Behavior Transaction Costs Property Rights D230 Search Learning Information and Knowledge Communication Belief D830 Notes: Accession Number: 0639475; Reviewed Book ISBN: 1-85898-591-9; Keywords: Learning; Publication Type: Collective Volume Article; Update Code: 200305 Author Address: Unlisted St Anna School of Advanced Studies, Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 586 Author: Coriat, B.; Dosi, G. Year: 2002 Title: Evolution and Regulationary Theories: Similarities and Differences Editor: R. Boyer and Y. Saillard Book Title: Regulation theory: The state of the art Publisher: Translated by Carolyn Shread. London and New York: Routledge Pages: 306-311 Short Title: Evolution and Regulationary Theories: Similarities and Differences Keywords: Economic Methodology B410 Current Heterodox Approaches: Socialist Marxian Sraffian B510 Current Heterodox Approaches: Institutional Evolutionary B520 Capitalist Systems: Political Economy P160 Notes: Accession Number: 0733982; Reviewed Book ISBN: 0-415-23721-1; 0-415-23722-X; ; Publication Type: Collective Volume Article; Update Code: 200407 Author Address: U Paris Nord and Centre for Research in Industrial Econ U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 953 Author: Coriat, B.; Dosi, G. Year: 2003 Title: Learning How to Govern and Learning How to Solve Problems: On the Co-evolution of Competences, Conflicts and Organizational Routines Editor: N. Lazaric and E. Lorenz Book Title: Knowledge, learning and routines. Volume 1. Knowledge and learning Publisher: Elgar Reference Collection. Critical Studies in Economic Institutions, vol. 4. Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 221-251 Short Title: Learning How to Govern and Learning How to Solve Problems: On the Co-evolution of Competences, Conflicts and Organizational Routines Reprint Edition: [1998] Keywords: Organizational Behavior Transaction Costs Property Rights D230 Search Learning Information and Knowledge Communication Belief D830 Notes: Accession Number: 0791487; Reviewed Book ISBN: 1-84064-805-8; Keywords: Learning; Publication Type: Collective Volume Article; Update Code: 200509 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 385 Author: Coricelli, F.; Dosi, G. Year: 1988 Title: Coordination and Order in Economic Change and the Interpretative Power of Economic Theory Editor: G. Dosi and et al. Book Title: Technical change and economic theory Publisher: Edited and compiled by the Maastricht Economic Research Institute on Innovation and Technology International Federation of Institutes for Advanced Study London and New York: Pinter; distributed by Columbia University Press, New York Pages: 124-147 Short Title: Coordination and Order in Economic Change and the Interpretative Power of Economic Theory Keywords: Technological Change and Innovation 6211 General Economic Theory 0200 Notes: Accession Number: 0031842; Publication Type: Collective Volume Article; Update Code: 199112 Author Address: IRS, Milan, and U PA U Rome and U Sussex Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 384 Author: Coricelli, F.; Dosi, G. Year: 1993 Title: Coordination and Order in Economic Change and the Interpretative Power of Economic Theory Editor: G. M. Hodgson Book Title: The economics of institutions Publisher: Elgar Reference Collection. International Library of Critical Writings in Economics, no. 33. Aldershot, U.K.: Elgar; distributed in the U.S. by Ashgate, Brookfield, Vt. Pages: 128-151 Short Title: Coordination and Order in Economic Change and the Interpretative Power of Economic Theory Reprint Edition: [1988] Keywords: Microeconomics: General D000 Technological Change: Choices and Consequences Diffusion Processes O330 History of Economic Thought since 1925: Historical Institutional Evolutionary Austrian B250 Notes: Accession Number: 0408101; Reviewed Book ISBN: 1-85278-764-3; ; Publication Type: Collective Volume Article; Update Code: 199704 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1140 Author: Cornelli, F. Year: 1992 Title of Work: Optimal Selling Procedures with Fixed Costs Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Theoretical Economics Paper Series Short Title: Optimal Selling Procedures with Fixed Costs Abstract: This paper studies the optimal selling procedures for a monopolist, when consumers valuations are unknown and there are fixed costs. The fixed costs introduce a positive externality among customers: each customer benefits from the presence of others who help cover the fixed costs. In this context it is optimal for the monopolist to make the probability of each individual being served contingent on the valuations of all the other customers. The monopolist therefore sets a minimum price and then lets each customer contribute as much as he wishes. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687469; Publication Type: Working Paper; Update Code: 200404 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Thesis Record Number: 1559 Author: Cornelli, F. Year: 1992 Title: Three Essays on the Economics of Imperfect Information University: Harvard University Degree: Ph.D. Short Title: Three Essays on the Economics of Imperfect Information Keywords: Asymmetric and Private Information D820 Notes: Accession Number: 0271799; Keywords: Imperfect Information; Information; Publication Type: Dissertation; Update Code: 199212 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1141 Author: Cornelli, F. Year: 1996 Title: Optimal Selling Procedures with Fixed Costs Journal: Journal of Economic Theory Volume: 71 Issue: 1 Pages: 1-30 Short Title: Optimal Selling Procedures with Fixed Costs ISSN: 00220531 DOI: http://www.sciencedirect.com/science/journal/00220531 Accession Number: 0400570 Keywords: Market Structure and Pricing: Monopoly D420 Nonprofit Institutions NGOs L310 Abstract: This paper studies the optimal selling procedures for a monopolist when consumers valuations are unknown and there are fixed costs. The fixed costs introduce a positive externality among customers: each customer benefits from the presence of others who help cover the fixed costs. In this context, it is optimal for the monopolist to make the probability of each individual being served contingent on the valuations of all the other consumers. The monopolist, therefore, sets a minimum price and then lets each customer contribute as much as he wishes. (c) 1996 Academic Press, Inc. Notes: Keywords: Monopolists; Publication Type: Journal Article; Update Code: 199701 URL: http://www.sciencedirect.com/science/journal/00220531 Author Address: London Business School Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1537 Author: Cornelli, F.; Felli, L. Year: 1995 Title: The Theory of Bankruptcy and Mechanism Design Editor: B. Eichengreen and R. Portes Book Title: Crisis? What crisis? Orderly workouts for sovereign debtors Publisher: With Francesca Cornelli et al. London: Centre for Economic Policy Research; distributed in North America by the Brookings Institution, Washington, D.C. Pages: 69-85 Short Title: The Theory of Bankruptcy and Mechanism Design Keywords: International Lending and Debt Problems F340 Bankruptcy Liquidation G330 Notes: Accession Number: 0446437; Reviewed Book ISBN: 1-898128-23-5; Keywords: Bankruptcy; Publication Type: Collective Volume Article; Update Code: 199805 Author Address: London Business School and CEPR London School of Econ Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 591 Author: Cornelli, F.; Felli, L. Year: 1997 Title: Ex-Ante Efficiency of Bankruptcy Procedures Journal: European Economic Review Volume: 41 Issue: 3-5 Pages: 475-485 Short Title: Ex-Ante Efficiency of Bankruptcy Procedures ISSN: 00142921 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Accession Number: 0423362 Keywords: Bankruptcy Liquidation G330 Corporation and Securities Law K220 Abstract: This paper suggests a framework to analyze the efficiency properties of bankruptcy procedures, distinguishing between ex ante and ex post efficiency. Ex post efficiency consists in maximizing the ex post value of the insolvent firm, whereas ex ante efficiency consists in maximizing the proceeds to creditors from the reorganization of the firm and providing incentives for the creditors to monitor the firm. The authors show that the definition of creditors' ownership rights over the company and the protection of the creditors' seniority are crucial to asses the ex ante efficiency of a bankruptcy procedure. Notes: Keywords: Bankruptcy; Firm; Publication Type: Journal Article; Update Code: 199709 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505541/description#description Author Address: London Business School London School of Econ & Political Science Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1285 Author: Cornelli, F.; Felli, L. Year: 1998 Title of Work: Revenue Efficiency and Change of Control: The Case of Bankruptcy Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2030 Short Title: Revenue Efficiency and Change of Control: The Case of Bankruptcy DOI: http://www.cepr.org/pubs/dps/DP2030.asp Keywords: Auctions D440 Bankruptcy Liquidation G330 Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Abstract: The restructuring of a bankrupt company often entails a change of control. By efficiency of a bankruptcy procedure it is usually meant that the control is allocated into the hands of those who can maximize its value. In this paper we focus instead on how to allocate control with a procedure that allows the creditors to maximize their returns. The conclusion is that creditors should be allowed to retain a fraction of the shares of the company. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693295; Keywords: Auctions; Bankruptcy; change of control; revenue efficiency; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2030.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 728 Author: Cornelli, F.; Felli, L. Year: 2000 Title of Work: How to Sell a (Bankrupt) Company Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 292 Short Title: How to Sell a (Bankrupt) Company DOI: http://www.cesifo.de/DocCIDL/cesifo_wp292.pdf Keywords: Conflict Conflict Resolution Alliances D740 Bankruptcy Liquidation G330 Abstract: The restructuring of a bankrupt company often entails the sale of such company. This paper suggests a way to sell the company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by retaining the minority stake, creditors reduce to a minimum the rents that the sale of the company leaves in the hands of the buyer. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0907105; Keywords: Bankruptcy, control stakes, auction; Publication Type: Working Paper; Update Code: 200706 URL: http://www.cesifo.de/DocCIDL/cesifo_wp292.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 729 Author: Cornelli, F.; Felli, L. Year: 2001 Title of Work: How to Sell a (Bankrupt) Company? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2881 Short Title: How to Sell a (Bankrupt) Company? DOI: http://www.cepr.org/pubs/dps/DP2881.asp Keywords: Auctions D440 Asymmetric and Private Information D820 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Bankruptcy Liquidation G330 Abstract: The restructuring of a bankrupt company often entails its sale. This Paper suggests a way to sell the company that maximizes the creditors' proceeds. The key to this proposal is the option left to the creditors to retain a fraction of the shares of the company. Indeed, by retaining the minority stake, creditors can transfer the control of the company while reducing to a minimum the rents that the sale of the company leaves in the hands of the buyer. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694147; Keywords: auctions; bankruptcy; private benefits; transfer of control; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2881.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 285 Author: Cornelli, F.; Goldreich, D. Year: 1999 Title of Work: Bookbuilding and Strategic Allocation Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2160 Short Title: Bookbuilding and Strategic Allocation DOI: http://www.cepr.org/pubs/dps/DP2160.asp Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Corporate Finance and Governance: General G300 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Abstract: Under the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to pricing the issue. After collecting this demand information, the investment banker prices the issue and allocates shares to the investors. We examine the books from 39 international equity issues. For each issue we consider all institutional bids and the corresponding allocations. We infer some of the criteria the investment banker uses to allocate shares. We find that the investment banker awards more shares to bidders that provide information (such as a limit price in their bids). In addition, regular investors receive more favorable allocations - especially when the issue is heavily oversubscribed. The results support the winner's curse theories and the justifications for the use of bookbuilding. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693427; Keywords: Bookbuilding; IPOs; Winner's Curse; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2160.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 284 Author: Cornelli, F.; Goldreich, D. Year: 2001 Title: Bookbuilding and Strategic Allocation Journal: Journal of Finance Volume: 56 Issue: 6 Pages: 2337-2369 Short Title: Bookbuilding and Strategic Allocation ISSN: 00221082 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Accession Number: 0600293 Alternate Accession Number: EP5528864 Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Pension Funds Other Private Financial Institutions Institutional Investors G230 Asset Pricing Trading volume Bond Interest Rates G120 Abstract: In the bookbuilding procedure, an investment banker solicits bids for shares from institutional investors prior to pricing an equity issue. The banker then prices the issue and allocates shares at his discretion to the investors. We examine the books for 39 international equity issues. We find that the investment banker awards more shares to bidders who provide information in their bids. Regular investors receive favorable allocations, especially when the issue is heavily oversubscribed. The investment banker also favors revised bids and domestic investors. Notes: Keywords: Institutional Investors; Geographic Descriptors: Selected Countries; Publication Type: Journal Article; Update Code: 200204; Copyright: Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Author Address: Duke U, London Business School, and CEPR London Business School Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 286 Author: Cornelli, F.; Goldreich, D. Year: 2001 Title of Work: Bookbuilding: How Informative is the Order Book? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2863 Short Title: Bookbuilding: How Informative is the Order Book? DOI: http://www.cepr.org/pubs/dps/DP2863.asp Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Corporate Finance and Governance: General G300 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Abstract: When using a formal bookbuilding procedure, underwriters observe the demand curves of investors as stated in the 'book' prior to pricing shares in an equity issue. The purpose of this Paper is to examine whether the investment bank uses the information in the book when setting the issue price, and whether this information can help predict subsequent secondary aftermarket prices. We examine the details of the institutional bids for shares for a sample of 63 international equity issues. We find that the issue price is closely related to the limit prices submitted by bidders. The level of oversubscription has a smaller but significant effect. The price primarily reflects the information in the price contingent bids of certain bidder types, such as large bidders and frequent bidders. Aftermarket returns in IPOs are positively correlated with oversubscription and elasticity of the demand. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0694126; Keywords: bookbuilding; Equity Issues; IPOs; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2863.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 287 Author: Cornelli, F.; Goldreich, D. Year: 2003 Title: Bookbuilding: How Informative Is the Order Book? Journal: Journal of Finance Volume: 58 Issue: 4 Pages: 1415-1443 Short Title: Bookbuilding: How Informative Is the Order Book? ISSN: 00221082 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Accession Number: 0663578 Alternate Accession Number: EP10254074 Keywords: Asset Pricing Trading volume Bond Interest Rates G120 Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 International Financial Markets G150 Abstract: We examine the institutional bids submitted under the bookbuilding procedure for a sample of international equity issues. We find that information in bids which include a limit price, especially those of large and frequent bidders, affects the issue price. Oversubscription has a smaller but significant effect for IPOs. Public information affects the issue price to the extent that it is reflected in the bids. Oversubscription and demand elasticity are positively correlated with the first-day aftermarket return, and demand elasticity is negatively correlated with aftermarket volatility. Our results support the view that bookbuilding is designed to extract information from investors. Notes: Keywords: IPO; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200310; Copyright: Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Author Address: U London and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 884 Author: Cornelli, F.; Goldreich, D.; Ljungqvist, A. Year: 2006 Title: Investor Sentiment and Pre-IPO Markets Journal: Journal of Finance Volume: 61 Issue: 3 Pages: 1187-1216 Short Title: Investor Sentiment and Pre-IPO Markets ISSN: 00221082 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Accession Number: 0863750 Alternate Accession Number: EP20857743 Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Abstract: We examine whether irrational behavior among small (retail) investors drives post-IPO prices. We use prices from the grey market (the when-issued market that precedes European IPOs) to proxy for small investors' valuations. High grey market prices (indicating overoptimism) are a very good predictor of first-day aftermarket prices, while low grey market prices (indicating excessive pessimism) are not. Moreover, we find long-run price reversal only following high grey market prices. This asymmetry occurs because larger (institutional) investors can choose between keeping the shares they are allocated in the IPO, and reselling them when small investors are overoptimistic. Notes: Keywords: IPO; Geographic Descriptors: Europe; Publication Type: Journal Article; Update Code: 200609; Copyright: Copyright of Journal of Finance is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-1082 Author Address: U London U Toronto NYU Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 885 Author: Cornelli, F.; Goldreich, D.; Ljungqvist, A. P. Year: 2004 Title of Work: Investor Sentiment and Pre-Issue Markets Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 4448 Short Title: Investor Sentiment and Pre-Issue Markets DOI: http://www.cepr.org/pubs/dps/DP4448.asp Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Corporate Finance and Governance: General G300 Abstract: What role do sentiment investors play in the pricing of newly listed stocks? We derive conditions under which we can distinguish between sentiment and rational pricing behaviour and test for the rationality of small investors' demand for new stock issues using data from pre-issue (or 'grey') markets in Europe. Under sentiment, the model predicts asymmetric relations between the prices at which small investors trade new stock issues in the grey market and i) the subsequent issue price set by the investment bank, ii) prices in the early after-market, and iii) the degree of stock price reversal in the long run. Our empirical results suggest that sentiment demand is present and influences the pricing of newly listed firms. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0740213; Keywords: grey markets; investor sentiment; IPOs; Publication Type: Working Paper; Update Code: 200408 URL: http://www.cepr.org/pubs/dps/DP4448.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1054 Author: Cornelli, F.; Kominek, Z.; Ljungqvist, A. Year: 2010 Title of Work: Monitoring Managers: Does it Matter? Institution: Fondazione Eni Enrico Mattei, Working Papers: 2010.30 Short Title: Monitoring Managers: Does it Matter? DOI: http://www.feem.it/userfiles/attach/20103261234264NDL2010-030.pdf Keywords: Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Corporation and Securities Law K220 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Socialist Systems and Transitional Economies: Planning, Coordination, and Reform P210 Abstract: We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed 'hard' information about the board's performance expectations and 'soft' information about board and CEO actions and the board's beliefs about CEO competence in 473 mostly private-sector companies backed by private equity funds between 1993 and 2008. We find that CEOs are fired when the company underperforms relative to the board's expectations, suggesting that boards use performance to update their beliefs. CEOs are especially likely to be fired when evidence has mounted that they are incompetent and when board power has increased following corporate governance reforms. In contrast, CEOs are not fired when performance deteriorates due to factors deemed explicitly to be beyond their control, nor are they fired for making 'honest mistakes.' Following forced CEO turnover, companies see performance improvements and their investors are considerably more likely to eventually sell them at a profit. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1103177; Keywords: Corporate Governance, Large Shareholders, Boards of Directors, CEO Turnover, Legal Reforms, Transition Economies, Private Equity; Publication Type: Working Paper; Update Code: 201005 URL: http://www.feem.it/userfiles/attach/20103261234264NDL2010-030.pdf Author Address: London Business School and CEPR European Bank for Reconstruction and Development (EBRD) Stern School of Business, New York University, ECGI and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1055 Author: Cornelli, F.; Kominek, Z.; Ljungqvist, A. P. Year: 2009 Title of Work: Monitoring Managers: Does it Matter? Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 7571 Short Title: Monitoring Managers: Does it Matter? DOI: http://www.cepr.org/pubs/dps/DP7571.asp Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Corporation and Securities Law K220 Economic Development: Financial Markets Saving and Capital Investment Corporate Finance and Governance O160 Socialist Systems and Transitional Economies: Planning, Coordination, and Reform P210 Abstract: We test under what circumstances boards discipline managers and whether such interventions improve performance. We exploit exogenous variation due to the staggered adoption of corporate governance laws in formerly Communist countries coupled with detailed 'hard' information about the board's performance expectations and 'soft' information about board and CEO actions and the board's beliefs about CEO competence in 473 mostly private-sector companies backed by private equity funds between 1993 and 2008. We find that CEOs are fired when the company underperforms relative to the board's expectations, suggesting that boards use performance to update their beliefs. CEOs are especially likely to be fired when evidence has mounted that they are incompetent and when board power has increased following corporate governance reforms. In contrast, CEOs are not fired when performance deteriorates due to factors deemed explicitly to be beyond their control, nor are they fired for making 'honest mistakes.' Following forced CEO turnover, companies see performance improvements and their investors are considerably more likely to eventually sell them at a profit. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1082965; Keywords: boards of directors; CEO turnover; Corporate governance; large shareholders; legal reforms; private equity; transition economies; Publication Type: Working Paper; Update Code: 201001 URL: http://www.cepr.org/pubs/dps/DP7571.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 937 Author: Cornelli, F.; Li, D. Year: 1994 Title of Work: Large Shareholders, Private Benefits of Control and Optimal Schemes for Privatization Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 891 Short Title: Large Shareholders, Private Benefits of Control and Optimal Schemes for Privatization DOI: http://www.cepr.org/pubs/dps/DP891.asp Keywords: Auctions D440 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Comparison of Public and Private Enterprises Privatization Contracting Out L330 Abstract: We analyze optimal schemes for privatization in a transitional economy. In many cases, established Western firms are good candidates for large shareholders of a local firm, since the sale of the shares can generate large amount of revenues and furthermore, in the future, the home country can free-ride on the efficiency improvement of the firm. However, not all Western firms are good owners. Some of them are more interested in the private benefit of control than the potential of efficiency improvement. Such Western firms are bad owners in the long run, although they may well be willing to pay a high price to obtain the control right. Assuming that the government cares about a convex combination of sales revenue and the future value of the firm, we show that the optimal scheme is dependent upon the magnitude of the control benefit. Moreover, we show that the number of shares sold is a crucial instrument to attract the most efficient company. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692170; Keywords: East European Privatization; Optimal Auction; Private Benefits of Control; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP891.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1297 Author: Cornelli, F.; Li, D. Year: 1998 Title of Work: Risk Arbitrage in Takeovers Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 2026 Short Title: Risk Arbitrage in Takeovers DOI: http://www.cepr.org/pubs/dps/DP2026.asp Keywords: Asymmetric and Private Information D820 Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Abstract: The paper studies the role of risk arbitrage in takeover contests. We show that arbitrageurs have an incentive to accumulate non-trivial stakes in a company target of a takeover. For each arbitrageur, the knowledge of his own presence (and that he will tender a positive fraction of his shares) is an informational advantage which guarantees that there is a scope for trade with the other shareholders. In equilibrium, the number of arbitrageurs buying shares and the number of shares they buy are determined endogenously. The paper also presents a range of empirical implications, including the relationship between trading volume, takeover premium, bidder's toehold, liquidity of the shares and the probability that the takeover will succeed. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693296; Keywords: Arbitrage; Corporate Control; Mergers; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP2026.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 938 Author: Cornelli, F.; Li, D. D. Year: 1997 Title of Work: Large Shareholders, Private Benefits of Control, and Optimal Schemes of Privatization Institution: CESifo GmbH, CESifo Working Paper Series: CESifo Working Paper No. 133 Short Title: Large Shareholders, Private Benefits of Control, and Optimal Schemes of Privatization Abstract: We analyze optimal schemes for privatization of state enterprises when foreign investors are potential buyers. The highest bidders may not be the best large shareholders for the state enterprise, since their bid may only reflect their high private benefit of control. The government finds itself facing a trade-off between trying to obtain the highest possible payment (the "revenue" objective) and identifying the company which will operate better in the future (the "efficiency" objective). Therefore, ordinary auctions are not appropriate. Our optimal privatization schemes in many cases require the use of the number of shares sold as a crucial instrument to attract the most efficient investors. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0907263; Publication Type: Working Paper; Update Code: 200706 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1298 Author: Cornelli, F.; Li, D. D. Year: 2002 Title: Risk Arbitrage in Takeovers Journal: Review of Financial Studies Volume: 15 Issue: 3 Pages: 837-868 Date: Summer Short Title: Risk Arbitrage in Takeovers ISSN: 08939454 DOI: http://rfs.oxfordjournals.org Accession Number: 0615075 Keywords: Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Asset Pricing Trading volume Bond Interest Rates G120 Abstract: This article studies the role of risk arbitrageurs in takeovers and the source of their advantage. We show how the presence of arbitrageurs affects the value of the target shares, since arbitrageurs are more likely to tender. Therefore an arbitrageur has the informational advantage of knowing he bought shares. In equilibrium, the number of arbitrageurs buying shares and the price they pay are determined endogenously. We also present several empirical implications, including the relationship among trading volume, takeover premium, liquidity of the shares, and the number of risk arbitrageurs investing in one particular deal. Notes: Keywords: Arbitrage; Shares; Takeover; Publication Type: Journal Article; Update Code: 200208 URL: http://rfs.oxfordjournals.org Author Address: Duke U, London Business School, and CEPR Hong Kong U Science & Technology and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 590 Author: Cornelli, F.; Li, D. D. Year: 2006 Title of Work: Ex Ante Effects of Ex Post Managerial Ownership Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 5821 Short Title: Ex Ante Effects of Ex Post Managerial Ownership DOI: http://www.cepr.org/pubs/dps/DP5821.asp Keywords: Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Compensation Packages Payment Methods J330 Socialist Institutions and Their Transitions: Financial Economics P340 Abstract: This paper highlights the trade-off between the need to restructure a company and the need to provide managers with appropriate incentives to run it after the restructuring. In order to provide incentives, it is optimal to let managers acquire equity in the firm. However, the expectations to be able to buy shares in the future may create ex-ante incentives to delay restructuring. This effect is particularly important for events where managers can acquire a substantial number of shares, such as privatizations or MBOs. In equilibrium, the shares are not underpriced, but the delay in restructuring which took place in the period before reduces the value of the company. We report empirical evidence on MBOs and privatizations consistent with the model in this paper. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0872919; Keywords: management buy-outs; managers incentives; privatizations; Publication Type: Working Paper; Update Code: 200611 URL: http://www.cepr.org/pubs/dps/DP5821.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 939 Author: Cornelli, F.; Li, D. D. Year: 2008 Title: Large Shareholders, Private Benefits of Control, and Optimal Schemes of Privatization Editor: M. Crew and D. Parker Book Title: Developments in the Economics of Privatization and Regulation Publisher: Elgar Reference Collection. International Library of Critical Writings in Economics, vol. 219. Cheltenham, U.K. and Northampton, Mass.: Elgar Pages: 88-107 Short Title: Large Shareholders, Private Benefits of Control, and Optimal Schemes of Privatization Reprint Edition: [1997] Keywords: Auctions D440 International Investment Long-term Capital Movements F210 Multinational Firms International Business F230 Public Enterprises Public-Private Enterprises L320 Comparison of Public and Private Enterprises Privatization Contracting Out L330 Notes: Accession Number: 1050696; Reviewed Book ISBN: 978-1-84542-717-7; Keywords: Privatization; Publication Type: Collective Volume Article; Update Code: 200907 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1422 Author: Cornelli, F.; Portes, R.; Schaffer, M. E. Year: 1996 Title of Work: The Capital Structure of Firms in Central and Eastern Europe Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1392 Short Title: The Capital Structure of Firms in Central and Eastern Europe DOI: http://www.cepr.org/pubs/dps/DP1392.asp Keywords: Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Socialist Institutions and Their Transitions: Financial Economics P340 Abstract: According to more recent theories on the optimal capital structure, the availability of external financing is not always guaranteed, or it may come at different costs, depending on the methods of financing used (debt vs. equity, long-term debt vs. short-term debt, etc.). Under such circumstances, firms' investment and financing decisions are interdependent. This paper studies the optimal capital structure for enterprises in transition economies and investigates the actual capital structure and its determinance in Hungary and Poland. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0692674; Keywords: Capital Structures; Enterprise Debt; Transition Economies; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1392.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1138 Author: Cornelli, F.; Schankerman, M. Year: 1996 Title of Work: Optimal Patent Renewals Institution: Suntory and Toyota International Centres for Economics and Related Disciplines, LSE, STICERD - Economics of Industry Papers Short Title: Optimal Patent Renewals DOI: http://sticerd.lse.ac.uk/dps/ei/ei13.pdf Abstract: When firms have different R&D productivities, it may be welfare increasing to differentiate patent lives across inventions. The reason is that the uniform patent life provides excessive incentives to do R&D to the low productivity firms and insufficient incentives to high productivity firms. Such a differentiated scheme is implementable through renewal fees, which endogenously determine an optimal pattern of patent life-spans and show how it depends on key features of the economic environment, such as the degree of heterogeneity in R&D productivity across firms, the ability of patentees to appropriate the potentital rents generated by R&D and the learning process about the value of innovation. The potential welfare gains associated with optimal renewal schemes are illustrated through simulation analysis. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0687319; Keywords: Patents, renewal fees, R&D, welfare gains, productivity, firms.; Publication Type: Working Paper; Update Code: 200404 URL: http://sticerd.lse.ac.uk/dps/ei/ei13.pdf Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 1161 Author: Cornelli, F.; Schankerman, M. Year: 1998 Title of Work: Patent Renewals and R&D Incentives Institution: C.E.P.R. Discussion Papers, CEPR Discussion Papers: 1971 Short Title: Patent Renewals and R&D Incentives DOI: http://www.cepr.org/pubs/dps/DP1971.asp Keywords: Economics of Regulation L510 Innovation and Invention: Processes and Incentives O310 Intellectual Property Rights O340 Abstract: In a model with moral hazard and assymmetric information, we show that it can be welfare-improving to differentiate patent lives when firms have different R&D productivities. A uniform patent life provides excessive R&D incentive to low-productivity firms, and too little to high ones. The optimally differentiated patent scheme can be implemented through a menu of patent lives (or renewals) and associated fees. We characterize the optimal mechanism, and use simulation analysis to compare it with existing patent renewal systems and to illustrate the potential welfare gains from the optimal policy. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0693234; Keywords: Mechanism Design; patent protection; patent renewals; R&D; Publication Type: Working Paper; Update Code: 200404 URL: http://www.cepr.org/pubs/dps/DP1971.asp Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1160 Author: Cornelli, F.; Schankerman, M. Year: 1999 Title: Patent Renewals and R&D Incentives Journal: RAND Journal of Economics Volume: 30 Issue: 2 Pages: 197-213 Date: Summer Short Title: Patent Renewals and R&D Incentives ISSN: 07416261 DOI: http://www3.interscience.wiley.com/journal/120718852/grouphome/home.html Accession Number: 0495022 Alternate Accession Number: EP2203803 Keywords: Intellectual Property Rights O340 Management of Technological Innovation and R&D O320 Abstract: In a model with moral hazard and asymmetric information, the authors show that it can be welfare improving to differentiate patent lives when firms have different R&D productivities. A uniform patent life provides too much R&D incentive to low-productivity firms and too little to high-productivity ones. The optimally differentiated patent scheme can be implemented through a menu of patent lives (or renewals) and associated fees. The authors characterize the optimal mechanism and use simulation analysis to compare it with existing patent renewal systems and to illustrate the potential welfare gains from the optimal policy. Notes: Keywords: R&D; Publication Type: Journal Article; Update Code: 199908; Copyright: Copyright of RAND Journal of Economics (RAND Journal of Economics) is the property of RAND Journal of Economics and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www3.interscience.wiley.com/journal/120718852/grouphome/home.html Author Address: London Business School and CEPR London School of Economics, EBRD, and CEPR Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 414 Author: Cox, D.; Jappelli, T. Year: 1990 Title: Credit Rationing and Private Transfers: Evidence from Survey Data Journal: Review of Economics and Statistics Volume: 72 Issue: 3 Pages: 445-454 Short Title: Credit Rationing and Private Transfers: Evidence from Survey Data ISSN: 00346535 Accession Number: 0240258 Alternate Accession Number: EP4647885 Keywords: Consumer Economics: Theory D110 Notes: Geographic Descriptors: U.S.; Publication Type: Journal Article; Update Code: 199103; Copyright: Copyright of Review of Economics & Statistics is the property of MIT Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. Author Address: Boston College Institute Studi Econ, Naples Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1463 Author: Cox, D.; Jappelli, T. Year: 1993 Title: The Effect of Borrowing Constraints on Consumer Liabilities Journal: Journal of Money, Credit, and Banking Volume: 25 Issue: 2 Pages: 197-213 Short Title: The Effect of Borrowing Constraints on Consumer Liabilities ISSN: 00222879 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Accession Number: 0295335 Alternate Accession Number: EP5164242 Keywords: Intertemporal Consumer Choice Life Cycle Models and Saving D910 Consumer Economics: Empirical Analysis D120 Abstract: This paper explores the effects of liquidity constraints on consumer liabilities. While much empirical evidence attests to the importance of liquidity constraints in the U.S. economy, evidence about the effects of borrowing constraints on consumer balance sheets is scarce. Using the 1983 Survey of Consumer Finances data we estimate desired borrowing for unconstrained households. We then evaluate the gap between predicted and observed debt for the sample of liquidity constrained consumers. Predicted debt is 75 percent higher than actual debt in the liquidity constrained sample. Thus, the effect of removing borrowing constraints has quantitatively important implications for the allocation of debt in the household portfolio. The removal of borrowing constraints would raise aggregate household liabilities by 9 percent. Notes: Keywords: Consumer; Households; Liquidity Constraints; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 199312; Copyright: Copyright of Journal of Money, Credit & Banking (Ohio State University Press) is the property of Ohio State University Press and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879 Author Address: Boston College Istituto di Studi Economici, Naples Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 654 Author: Cummings, J. R.; Frino, A. Year: 2010 Title: Further Analysis of the Speed of Response to Large Trades in Interest Rate Futures Journal: Journal of Futures Markets Volume: 30 Issue: 8 Pages: 705-724 Short Title: Further Analysis of the Speed of Response to Large Trades in Interest Rate Futures ISSN: 02707314 DOI: http://www3.interscience.wiley.com/cgi-bin/jhome/34434 Accession Number: 1112467 Keywords: Contingent Pricing Futures Pricing option pricing G130 Abstract: This study examines the adjustment process in the interest rate futures market following large block trades, by analyzing changes in the levels of quoted prices, bid-ask spreads, and trading activity. Most of the adjustment in prices and spreads is complete within 12 quote revisions (approximately 70 seconds). Results suggest that block trades stimulate subsequent trading activity, as traders rush to express differences of opinion about the price implication of the block. The market response to block trades exhibits several features in common with the two-phase response of the US treasury market to macroeconomic announcements described by Fleming, M. J. and Remolona, E. M. (1999). Notes: Keywords: Futures Market; Geographic Descriptors: Australia; Geographic Region: Oceania; Publication Type: Journal Article; Update Code: 201007 URL: http://www3.interscience.wiley.com/cgi-bin/jhome/34434 Author Address: Australian Prudential Regulation Authority U Sydney Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 990 Author: Cummings, L. S.; Guthrie, J. Year: 2007 Title: Managerial Attitudes toward Stakeholder Salience within Selected Western Pacific-Rim Economies Journal: Journal of Asia-Pacific Business Volume: 8 Issue: 1 Pages: 7-29 Short Title: Managerial Attitudes toward Stakeholder Salience within Selected Western Pacific-Rim Economies ISSN: 10599231 DOI: http://www.haworthpressinc.com/store/product.asp?sku=J098 Accession Number: 0918158 Alternate Accession Number: EP26798335 Keywords: Corporate Culture Social Responsibility M140 Socialist Enterprises and Their Transitions P310 Abstract: This study empirically examines the attitudes of managers and managerial students in Australia, China and Indonesia, toward the perceived prominence of selected organisational stakeholders. A development model is used to argue that Australian respondents will perceive greater equality in prominence between the selected organisational stakeholders than their Chinese and Indonesian counterparts. Results indicated that Chinese respondents attributed greater prominence toward Government as an organisational stakeholder, and contrary to expectations, perceived greater equality (less variance) in prominence between stakeholders. The study provides a basis on which further work on the perceptions of stakeholder prominence can be undertaken in different contexts. Notes: Geographic Descriptors: Australia; China; Indonesia; Geographic Region: Oceania; Asia; Publication Type: Journal Article; Update Code: 200707; Copyright: Copyright of Journal of Asia-Pacific Business is the property of Taylor & Francis Ltd and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.haworthpressinc.com/store/product.asp?sku=J098 Author Address: Macquarie U U Sydney Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1247 Author: Cybo-Ottone, A.; Di Noia, C.; Murgia, M. Year: 2000 Title: Recent Development in the Structure of Securities Markets Journal: Brookings-Wharton Papers on Financial Services Pages: 223-273 Short Title: Recent Development in the Structure of Securities Markets ISSN: 10983651 DOI: http://www.brookings.edu/press/books/brookingswhartonpapersonfinancialservices2003.htm Accession Number: 0556349 Keywords: General Financial Markets: General (includes Measurement and Data) G100 Notes: Keywords: Securities; Geographic Descriptors: U.S.; EU; Geographic Region: Northern America; Europe; Publication Type: Journal Article; Update Code: 200103 URL: http://www.brookings.edu/press/books/brookingswhartonpapersonfinancialservices2003.htm Author Address: INA/SGR, Italy CONSOB, Italy City U Business School Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1015 Author: Cybo-Ottone, A.; Murgia, M. Year: 2000 Title: Mergers and Shareholder Wealth in European Banking Journal: Journal of Banking and Finance Volume: 24 Issue: 6 Pages: 831-859 Short Title: Mergers and Shareholder Wealth in European Banking ISSN: 03784266 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Accession Number: 0534241 Keywords: Banks Other Depository Institutions Micro Finance Institutions Mortgages G210 Mergers Acquisitions Restructuring Voting Proxy Contests Corporate Governance G340 Abstract: We study the stock market valuation of mergers and acquisitions in the European banking industry. Based on a sample of very large deals observed from 1988 to 1997 we document that, on average, at the announcement time the size-adjusted combined performance of both the bidder and the target is statistically significant and economically relevant. Although our sample shows a great deal of cross-sectional variation, the general results are mainly driven by the significant positive abnormal returns associated with the announcement of domestic bank to bank deals and by product diversification of banks into insurance. On the contrary, we found that M&A with securities firms and concluded with foreign institutions did not gain a positive market's expectation. Our results are remarkably different from those reported for US bank mergers. We explain our different results as stemming from the different structure and regulation of EU banking markets, which are shown to be more similar between them than as compared with the US one. Notes: Keywords: Acquisition; Acquisitions; Banking; Merger; Shareholder; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Journal Article; Update Code: 200010 URL: http://www.elsevier.com/wps/find/journaldescription.cws_home/505558/description#description Author Address: INA Asset Management, Rome City U Business School Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 773 Author: Czellar, V.; Karolyi, G. A.; Ronchetti, E. Year: 2005 Title of Work: Indirect Robust Estimation of the Short-term Interest Rate Process Institution: Ohio State University, Charles A. Dice Center for Research in Financial Economics, Working Paper Series Short Title: Indirect Robust Estimation of the Short-term Interest Rate Process DOI: http://www.cob.ohio-state.edu/fin/dice/papers/2005/2005-4.pdf Abstract: We introduce Indirect Robust Generalized Method of Moments (IRGMM), a new simulation-based estimation methodology, to model short-term interest rate processes. The primary advantage of IRGMM relative to classical estimators of the continuous-time short-rate diffusion processes is that it corrects both the errors due to discretization and the errors due to model misspecification. We apply this new approach to various monthly and weekly Eurocurrency interest rate series. Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 1005632; Publication Type: Working Paper; Update Code: 200812 URL: http://www.cob.ohio-state.edu/fin/dice/papers/2005/2005-4.pdf Author Address: U of Geneva Ohio State U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 774 Author: Czellar, V.; Karolyi, G. A.; Ronchetti, E. Year: 2007 Title: Indirect Robust Estimation of the Short-Term Interest Rate Process Journal: Journal of Empirical Finance Volume: 14 Issue: 4 Pages: 546-563 Short Title: Indirect Robust Estimation of the Short-Term Interest Rate Process ISSN: 09275398 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/523106/description#description Accession Number: 0933653 Keywords: Interest Rates: Determination, Term Structure, and Effects E430 Asset Pricing Trading volume Bond Interest Rates G120 Abstract: We propose Indirect Robust Generalized Method of Moments (IRGMM), a simulation-based estimation methodology, to model short-term interest rate processes. The primary advantage of IRGMM relative to classical estimators of the continuous-time short-rate diffusion processes is that it corrects both the errors due to discretization and the errors due to model misspecification. We apply this approach to monthly US risk free rates and to various monthly Eurocurrency rates and provide extensive evidence of its predictive performances in a variety of settings. Notes: Keywords: Interest Rates; Interest; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Journal Article; Update Code: 200710 URL: http://dx.doi.org/10.1016/j.jempfin.2006.09.004 http://www.elsevier.com/wps/find/journaldescription.cws_home/523106/description#description Author Address: U Geneva OH State U Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 746 Author: Dagnino, G. B. Year: 2006 Title: Il paradigma evolutivo in strategia d'impresa: Approccio controverso o solida prospettiva conoscitiva? (The Evolutionary Paradigm in Strategic Management: A Contentious Approach of a Solid Epistemic Perspective? With English summary.) Journal: Economia e Politica Industriale Volume: 33 Issue: 4 Pages: 103-133 Short Title: Il paradigma evolutivo in strategia d'impresa: Approccio controverso o solida prospettiva conoscitiva? (The Evolutionary Paradigm in Strategic Management: A Contentious Approach of a Solid Epistemic Perspective? With English summary.) ISSN: 03912078 DOI: http://www.francoangeli.it/riviste/sommario.asp?IDRivista=13 Accession Number: 0922550 Keywords: Current Heterodox Approaches: Institutional Evolutionary B520 Firm Behavior: Theory D210 Business Administration: General M100 Abstract: This article aims to identify the enucleating process of the evolutionary paradigm in strategic management, observed as a fundamental tip to understand and characterize the current status of the strategy field as a whole. Moving from the multiple influxes that Darwinian evolution exerts in economics and in strategy. I reconstruct the fundamental ladders leading to the emergence and progressive affirmation of the evolutionary approach in the theory of the firm. This is seen as the positive base for the categorization of an evolutionary paradigm in strategy. I first elucidate the path taken by evolutionary theory in the economics of the firm, unravelling its three phases (i.e., pro-to-evolutionary, evolutionary and neo-evolutionary), correspondent roughly to the key contributions advanced by the historically most celebrated evolutionary authors (i.e., Armen Alchian, Richard Nelson and Sidney Winter). I then epitomize the deeply-seated Schumpeterian legacy by underscoring the main characteristics of the neo-cvolutionary paradigm in strategic perspective. In the concluding section, I eventually stress the major limitations of the neo-evolutionary paradigm and propose a tempting reflection on the role that purposeful managerial action actually plays within this paradigm. Notes: Keywords: Evolutionary; Firm; Firms; Management; Language: Italian; Publication Type: Journal Article; Update Code: 200708 URL: http://www.francoangeli.it/riviste/sommario.asp?IDRivista=13 Author Address: U Catania Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 1021 Author: Dagnino, G. B.; Faraci, R.; Sorrentino, M. Year: 2010 Title: Mobilizing Capital for Fostering the Early Growth of Firms: The Role of Business Angels in Nascent European Entrepreneurship Editor: D. B. Audretsch, G. Battista Dagnino, R. Faraci and R. E. Hoskisson Book Title: New Frontiers in Entrepreneurship: Recognizing, Seizing, and Executing Opportunities Publisher: International Studies in Entrepreneurship. New York and Dordrecht: Springer Pages: 109-124 Short Title: Mobilizing Capital for Fostering the Early Growth of Firms: The Role of Business Angels in Nascent European Entrepreneurship Keywords: Investment Banking Venture Capital Brokerage Ratings and Ratings Agencies G240 Financing Policy Financial Risk and Risk Management Capital and Ownership Structure G320 Transactional Relationships Contracts and Reputation Networks L140 Entrepreneurship L260 New Firms Startups M130 Notes: Accession Number: 1131074; Reviewed Book ISBN: 978-1-4419-0057-9; Keywords: Capital; Entrepreneurship; Firm; Firms; Geographic Descriptors: Europe; Geographic Region: Europe; Publication Type: Collective Volume Article; Update Code: 201010 Author Address: U Catania Second U Naples Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 830 Author: Dagnino, G. B.; Li Destri, A. M.; Baglieri, D. Year: 2009 Title: Institutional Contexts, the Management of Patent Portfolios, and the Role of Public Policies Supporting New Entrepreneurial Ventures Editor: J. Leitao and R. Baptista Book Title: Public Policies for Fostering Entrepreneurship: A European Perspective Publisher: International Studies in Entrepreneurship. Dordrecht and New York: Springer Pages: 35-57 Short Title: Institutional Contexts, the Management of Patent Portfolios, and the Role of Public Policies Supporting New Entrepreneurial Ventures Keywords: Institutions: Design, Formation, and Operations D020 Entrepreneurship L260 Enterprise Policy L530 Industry Studies: Manufacturing: General L600 New Firms Startups M130 Technological Change Research and Development: General O300 Intellectual Property Rights O340 Notes: Accession Number: 1114105; Reviewed Book ISBN: 978-1-4419-0248-1; Keywords: Entrepreneurial; Management; Geographic Descriptors: U.S.; Geographic Region: Northern America; Publication Type: Collective Volume Article; Update Code: 201007 Author Address: U Catania U Palermo U Messina Name of Database: eoh Database Provider: EBSCOhost Reference Type: Book Section Record Number: 506 Author: Dagnino, G. B.; Mariani, M. M. Year: 2007 Title: Dynamic Gap Bridging and Realized Gap Set Development: The Strategic Role of the Firm in the Coevolution of Capability Space and Opportunity Space Editor: U. Cantner and F. Malerba Book Title: Innovation, Industrial Dynamics and Structural Transformation: Schumpeterian Legacies Publisher: Berlin and New York: Springer Pages: 321-341 Short Title: Dynamic Gap Bridging and Realized Gap Set Development: The Strategic Role of the Firm in the Coevolution of Capability Space and Opportunity Space Keywords: Business Objectives of the Firm L210 Innovation and Invention: Processes and Incentives O310 Management of Technological Innovation and R&D O320 Notes: Accession Number: 0973958; Reviewed Book ISBN: 978-3-540-49464-5; Keywords: Firm; Firms; Publication Type: Collective Volume Article; Update Code: 200806 Author Address: U Catania U Bologna Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 944 Author: Dagnino, G. B.; Ruggieri, G. Year: 2009 Title: LE POLITICHE PER L'INNOVAZIONE IN SICILIA: ORIGINI, ATTIVITÀ E LIMITAZIONI Volume: 72 Issue: 1 Pages: 195-212 Short Title: LE POLITICHE PER L'INNOVAZIONE IN SICILIA: ORIGINI, ATTIVITÀ E LIMITAZIONI ISSN: 0390010X Accession Number: EP43205625 Notes: Language: Italian; Publication Type: Article; Copyright: Copyright of Rassegna Economica is the property of Associazione Studi e Ricerche per il Mezzogiorno and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. Author Address: Professore straordinario di Economia e gestione delle imprese, Università di Catania Professore a contratto di Economia del turismo, Università di Palermo Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1159 Author: D'Alessandro, S.; Salvadori, N. Year: 2008 Title: Pasinetti versus Rebelo: Two Different Models or Just One? Journal: Journal of Economic Behavior and Organization Volume: 65 Issue: 3-4 Pages: 547-554 Short Title: Pasinetti versus Rebelo: Two Different Models or Just One? ISSN: 01672681 DOI: http://www.elsevier.com/wps/find/journaldescription.cws_home/505559/description#description Accession Number: 0963238 Keywords: Macroeconomic Analyses of Economic Development O110 One, Two, and Multisector Growth Models O410 Abstract: Pasinetti's [Pasinetti, L. L., 1960. A mathematical formulation of the Ricardian system. Review of Economic Studies 27, 78-98] model formalizing Ricardian growth theory and one of the simplest models developed within the 'new' growth theory [Rebelo, S., 1991. Long run policy analysis and long run growth. Journal of Political Economy 99, 500-521] are shown to share the same structure. This enforces the thesis according to which many endogenous growth models have a 'Classical' flavour. The main difference from Pasinetti's to Rebelo's framework may be interpreted as reflecting the change in the consumption pattern of workers from early to late industrial societies. Notes: Keywords: Growth; Publication Type: Journal Article; Update Code: 200804 URL: http://dx.doi.org/10.1016/j.jebo.2006.01.006 http://www.elsevier.com/wps/find/journaldescription.cws_home/505559/description#description Author Address: U Pisa Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 523 Author: Daniele, C. Year: 1988 Title of Work: Economic interdependence and structural change : results from principal component analysis Institution: CEPREMAP, CEPREMAP Working Papers (Couverture Orange) Pages: 33 pages Short Title: Economic interdependence and structural change : results from principal component analysis Notes: Availability Note: Information provided in collaboration with the RePEc Project: http://repec.org Accession Number: 0690908; Publication Type: Working Paper; Update Code: 200404 Author Address: Unlisted Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 169 Author: Dardanoni, V. Year: 1986 Title: A Note on a Simple Model of Health Investment [On the Concept of Health Capital and the Demand for Health] Journal: Bulletin of Economic Research Volume: 38 Issue: 1 Pages: 97-100 Short Title: A Note on a Simple Model of Health Investment [On the Concept of Health Capital and the Demand for Health] ISSN: 03073378 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0307-3378 Accession Number: 0184953 Alternate Accession Number: EP4520395 Keywords: Human Capital Value of Human Life 8510 Economics of Health (including medical subsidy programs) 9130 Notes: Publication Type: Journal Article; Update Code: 199006; Copyright: Copyright of Bulletin of Economic Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0307-3378 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 371 Author: Dardanoni, V. Year: 1986 Title: Consumption Decisions with Income Uncertainty and a Kinked Budget Constraint Journal: Metroeconomica Volume: 38 Issue: 3 Pages: 317-322 Short Title: Consumption Decisions with Income Uncertainty and a Kinked Budget Constraint ISSN: 00261386 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386 Accession Number: 0210354 Keywords: Microeconomic Theory--Theory of the Household (Consumer Demand) 0222 Theory of Uncertainty and Information 0261 Notes: Publication Type: Journal Article; Update Code: 199006 URL: http://www.blackwellpublishing.com/journal.asp?ref=0026-1386 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Journal Article Record Number: 1132 Author: Dardanoni, V. Year: 1988 Title: Optimal Choices under Uncertainty: The Case of Two-Argument Utility Functions Journal: Economic Journal Volume: 98 Issue: 391 Pages: 429-450 Short Title: Optimal Choices under Uncertainty: The Case of Two-Argument Utility Functions ISSN: 00130133 DOI: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Accession Number: 0211928 Alternate Accession Number: EP4531592 Keywords: Microeconomic Theory--General 0220 Theory of Uncertainty and Information 0261 Abstract: This paper presents a unified treatment for the analysis of two-argument utility functions with a random budget constraint. The way in which changes in both additive and multiplicative risk affect optimal choices has been analyzed providing intuitive economic explanations to third order magnitudes which usually appear in this kind of analysis. Two examples are given in terms of optimal savings and labor supply under uncertainty. Finally, an application to taxation under uncertainty is given, where both the effects of increased tax progressivity and the rules for efficient taxation are analyzed. Notes: Publication Type: Journal Article; Update Code: 199006; Copyright: Copyright of Economic Journal is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. URL: http://www.blackwellpublishing.com/journal.asp?ref=0013-0133 Name of Database: eoh Database Provider: EBSCOhost Reference Type: Unpublished Work Record Number: 751 Author: Dardano