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The Determinants of Individual Behaviour in Network Formation: Some Experimental Evidence
No full textMonograph's chapter
Il ruolo del consumatore nella politica per la concorrenza: il caso dei mercati liberalizzati
No full textLa tutela del consumatore. Switching costs. Il mercato energetico. Il mercato delle telecomunicazioni. Informazione, switching costs, timori dei consumatori: dalla teoria alla pratica.La tutela del consumatore. Switching costs. Il mercato energetico. Il mercato delle telecomunicazioni. Informazione, switching costs, timori dei consumatori: dalla teoria alla pratica.LUISS PhD Thesi
Il mercato dei project bond: un'analisi empirica nel caso dei paesi in via di sviluppo.
No full textLe operazioni di project finance fra storia antica e rivisitazione moderna. Le fasi del project finance. Le fonti di finanziamento nel project finance. L'utilizzo del project finance nei paesi in via di sviluppo.Le operazioni di project finance fra storia antica e rivisitazione moderna. Le fasi del project finance. Le fonti di finanziamento nel project finance. L'utilizzo del project finance nei paesi in via di sviluppo.LUISS PhD Thesi
Esercizio del credito e delega "esterna" nella società bancaria.
No full textL'esercizio del credito e l'assunzione del relativo rischio quale elemento caratterizzante l'attività e la vigilanza bancaria. La decisione sul credito nella governance della società per azioni bancaria. La delega esterna di poteri in materia di esercizio del credito nella società per azioni bancaria.L'esercizio del credito e l'assunzione del relativo rischio quale elemento caratterizzante l'attività e la vigilanza bancaria. La decisione sul credito nella governance della società per azioni bancaria. La delega esterna di poteri in materia di esercizio del credito nella società per azioni bancaria.LUISS PhD Thesi
Optimal investment models with vintage capital: Dynamic Programming approach
No full textThe Dynamic Programming approach for a family of optimal investment models with vintage capital is here developed. The problem falls into the class of infinite horizon optimal control problems of PDE's with age structure that have been studied in various papers (see e.g. [11, 12], [30, 32]) either in cases when explicit solutions can be found or using Maximum Principle techniques. The problem is rephrased into an infinite dimensional setting, it is proven that the value function is the unique regular solution of the associated stationary Hamilton-Jacobi-Bellman equation, and existence and uniqueness of optimal feedback controls is derived. It is then shown that the optimal path is the solution to the closed loop equation. Similar results were proven in the case of finite horizon in [26][27]. The case of infinite horizon is more challenging as a mathematical problem, and indeed more interesting from the point of view of optimal investment models with vintage capital, where what mainly matters is the behavior of optimal trajectories and controls in the long run. The study of infinite horizon is performed through a nontrivial limiting procedure from the corresponding finite horizon problems.The Dynamic Programming approach for a family of optimal investment models with vintage capital is here developed. The problem falls into the class of infinite horizon optimal control problems of PDE's with age structure that have been studied in various papers (see e.g. [11, 12], [30, 32]) either in cases when explicit solutions can be found or using Maximum Principle techniques. The problem is rephrased into an infinite dimensional setting, it is proven that the value function is the unique regular solution of the associated stationary Hamilton-Jacobi-Bellman equation, and existence and uniqueness of optimal feedback controls is derived. It is then shown that the optimal path is the solution to the closed loop equation. Similar results were proven in the case of finite horizon in [26][27]. The case of infinite horizon is more challenging as a mathematical problem, and indeed more interesting from the point of view of optimal investment models with vintage capital, where what mainly matters is the behavior of optimal trajectories and controls in the long run. The study of infinite horizon is performed through a nontrivial limiting procedure from the corresponding finite horizon problems.Refereed Working Papers / of international relevanc
Vintage Capital in the AK growth model: a Dynamic Programming approach. Extended version
No full textThis paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [18]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical difficulties. So far, in this approach, the model is studied by the Maximum Principle; here we develop the Dynamic Programming approach to the same problem by obtaining sharper results and we provide more insight about the economic implications of the model. We explicitly find the value function, the closed loop formula that relates capital and investment, the optimal consumption paths and the long run equilibrium. The short run fluctuations of capital and investment and the relations with the standard AK model are analyzed. Finally the applicability to other models is also discussed.This paper deals with an endogenous growth model with vintage capital and, more precisely, with the AK model proposed in [18]. In endogenous growth models the introduction of vintage capital allows to explain some growth facts but strongly increases the mathematical difficulties. So far, in this approach, the model is studied by the Maximum Principle; here we develop the Dynamic Programming approach to the same problem by obtaining sharper results and we provide more insight about the economic implications of the model. We explicitly find the value function, the closed loop formula that relates capital and investment, the optimal consumption paths and the long run equilibrium. The short run fluctuations of capital and investment and the relations with the standard AK model are analyzed. Finally the applicability to other models is also discussed.Non-Refereed Working Papers / of national relevance onl
Israel 1983: A Bout of Unpleasant Monetarist Arithmetic
No full textFrom 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded 400% per annum. This paper claims that anticipated monetary and fiscal effects of a massive government bailout of owners of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed after a scandal in which it was revealed that banks had long manipulated their share prices. The government promised to reimburse innocent owners for the diminished value of their bank shares, but only after four or five years. The public believed that promise and public debt therefore implicitly increased by a large amount. That implied future monetary expansions. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and Wallace (1981).From 1970 to 1985, Israel experienced high inflation. It rose in three jumps to new plateaus and eventually exceeded 400% per annum. This paper claims that anticipated monetary and fiscal effects of a massive government bailout of owners of fallen bank shares caused the last big jump in inflation that occurred in October 1983. Bank shares had just collapsed after a scandal in which it was revealed that banks had long manipulated their share prices. The government promised to reimburse innocent owners for the diminished value of their bank shares, but only after four or five years. The public believed that promise and public debt therefore implicitly increased by a large amount. That implied future monetary expansions. Because that was foreseen, inflation immediately rose as predicted by the unpleasant monetarist arithmetic of Sargent and Wallace (1981).Non-Refereed Working Papers / of national relevance onl
The Inflation-Unemployment Trade-Off at Low Inflation
No full textWage setters take into account the future consequences of their current wage choices in the presence
of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution
for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is
virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic
volatility shifts the Phillips curve outward, implying that stabilization policies can play an important
role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low
inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility
of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment
and that of wage inflation.Wage setters take into account the future consequences of their current wage choices in the presence
of downward nominal wage rigidities. Several interesting implications arise. First, a closed-form solution
for a long-run Phillips curve relates average unemployment to average wage inflation; the curve is
virtually vertical for high inflation rates but becomes flatter as inflation declines. Second, macroeconomic
volatility shifts the Phillips curve outward, implying that stabilization policies can play an important
role in shaping the trade-off. Third, nominal wages tend to be endogenously rigid also upward, at low
inflation. Fourth, when inflation decreases, volatility of unemployment increases whereas the volatility
of inflation decreases: this implies a long-run trade-off also between the volatility of unemployment
and that of wage inflation.Non-Refereed Working Papers / of national relevance onl
Nonoptimality of the Friedman Rule with Capital Income Taxation
No full textThis paper studies the efficient taxation of money and factor income in intertemporal optimizing growth models with infinite horizons, transaction costs technologies and flexible prices. Second-best optimality calls for a positive inflation tax and a non-zero capital
income tax when there are restrictions on taxation of production factors or profits/rents. Our cases of nonoptimality of the Friedman rule —which differ from those of Mulligan and Sala-i-Martin (1997) and extend
substantially those of Schmitt-Grohè and Uribe (2004a)— follow from the violation of the Diamond and Mirrlees (1971) principle on production efficiency.This paper studies the efficient taxation of money and factor income in intertemporal optimizing growth models with infinite horizons, transaction costs technologies and flexible prices. Second-best optimality calls for a positive inflation tax and a non-zero capital
income tax when there are restrictions on taxation of production factors or profits/rents. Our cases of nonoptimality of the Friedman rule —which differ from those of Mulligan and Sala-i-Martin (1997) and extend
substantially those of Schmitt-Grohè and Uribe (2004a)— follow from the violation of the Diamond and Mirrlees (1971) principle on production efficiency.Non-Refereed Working Papers / of national relevance onl
