3,195 research outputs found
Income Taxation when Markets are Incomplete
No full textWe investigate the welfare effects of proportional income taxation in a standard general equilibrium model with incomplete markets (GEI). Formally, our analysis is on the allocative effects of state-contingent income tax reforms. Tax reforms are restricted to be anonymous, publicly and truthfully announced before markets open, and they are required to result in an ex-post constrained efficient allocation. Our main result is to show that there do typically exist contingent tax reforms that are Pareto improving. These reforms, acting directly on the asset span, modify private risk sharing opportunities. Thus, unlike most of the GEI literature, the type of policy transmission mechanism considered does not rely on, second order, relative spot prices effects. Yet, the key welfare effects of our tax reforms are substantially equivalent to those induced through changes in relative spot prices, as for example in Geanakoplos-Polemarchakis (1986), Geanakoplos- Magill-Quinzii-Drèze (1990), or in Citanna-Polemarchakis-Tirelli (2001).Incomplete Markets; Efficiency; Tax Reforms; Personal and Capital Income Taxes
Altino da porto dei Veneti a mercato romano
No full textIII Convegno di Studi Altinati (Venezia 12-14 dicembre 2001) a cura di G. Cresci Marrone e M. Tirelli, Roma, Quasar Editor
Estimating a DSGE model with Limited Asset Market Participation for the Euro Area
No full textWe estimate a medium‐scale dynamic stochastic general equilibrium model for the Euro area with limited asset market participation (LAMP). Our results suggest that in the recent European Monetary Union years LAMP is particularly sizable (39% during 1993–2012) and important to understand business cycle features. The Bayes factor and the forecasting performance show that the LAMP model is preferred to its representative household counterpart. In the representative agent model the risk premium shock is the main driver of output volatility in order to match consumption correlation with output. In the LAMP model this role is played by the investment‐specific shock, because non‐Ricardian households introduce a Keynesian multiplier effect and raise the correlation between consumption and investments. We also detect the contractionary role of monetary policy shocks during the post‐2007 years. In this period consumption of non‐Ricardian households fell dramatically, but this outcome might have been avoided by a more aggressive policy stance.European Commission - Seventh Framework Programme (FP7
Il dono di Altino. Scritti di Archeologia in onore di Margherita Tirelli
No full textIn questo volume colleghi e amici rendono omaggio a Margherita Tirelli, archeologa, curiosa e vivace interprete di un metodo archeologico che ha improntato una stagione particolarmente florida di scavi, scoperte, studi e iniziative non superficiali di valorizzazione.
Ad Altino, quale progenitrice di Venezia, Margherita Tirelli ha dedicato e dedica la sua attenzione ininterrotta, dagli scavi fino alla delicata transizione verso la nuova prestigiosa sede museale. In questa prospettiva, la studiosa ha sviluppato una proficua collaborazione con il Dipartimento di Studi Umanistici dell’Università Ca’ Foscari Venezia, concretizzata in una convenzione di studi e ricerche e in sei convegni di studi altinati, volti ad approfondire svariate tematiche: dal funerario, al sociale, al sacro.
Lo spettro diacronico dei suoi interessi archeologici, storici ed epigrafici trova riscontro nell’articolazione dei contributi che le sono qui dedicati: dalla cultura dei Veneti antichi alle tematiche della romanità, fino a una specifica attenzione sulla produzione vetraria. Il volume si chiude con un lavoro sul vetro di età ‘storica’, argomento che vede ancora oggi in lei una figura di riferimento nella realtà veneziana, e uno dedicato alle scelte dell’allestimento museale, un tema di comunicazione in cui ha saputo coniugare con i suoi collaboratori eleganza ed efficacia.
Collana: Antichistica 23.
Sottocollana: Archeologia 5
Financial crises and sudden stops: Was the European monetary union crisis different?
No full textWe estimate a two-region model of the Euro area, with the purpose of identifying the shocks that caused the 2008–2009 recession and the subsequent 2010 sovereign bond crisis. One striking result is that both crises were demand-driven in the core Euro area countries, whereas region-specific permanent technology shocks explain most of the output growth slowdown in the peripheral countries. Adverse technology shocks became particularly important during the sovereign bond crisis. This is in line with cross-country evidence on the effects of sudden stops
Income taxation when markets are incomplete
No full textWe investigate the welfare effects of proportional income taxation in a standard general equilibrium model with incomplete markets (GEI). Formally, our analysis is on the allocative effects of state-contingent income tax reforms. Tax reforms are restricted to be anonymous, publicly and truthfully announced before markets open, and they are required to result in an ex-post constrained efficient allocation. Our main result is to show that there do typically exist contingent tax reforms that are Pareto improving. These reforms, acting directly on the asset span, modify private risk sharing opportunities. Thus, unlike most of the GEI literature, the type of policy transmission mechanism considered does not rely on, second order, relative spot prices effects. Yet, the key welfare effects of our tax reforms are substantially equivalent to those induced through changes in relative spot prices, as for example in Geanakoplos-Polemarchakis (1986), Geanakoplos- Magill-Quinzii-Drèze (1990), or in Citanna-Polemarchakis-Tirelli (2001)
Forbearance versus Foreclosure in a General Equilibrium Model
No full textIn a business cycle model with endogenous firms' dynamics and debt renegotiation, we show that during financial crises loan forbearance does not harm the economy unless banks imperfectly monitor loans, and loan opacity worsens banks' moral hazard problem. Aggressive interest rate reductions and quantitative easing limit defaults and financial crisis-induced output contractions without hampering the entry of new firm entries. The decline in the natural interest rate, due to slower productivity growth and persistent liquidity shocks, potentially explains the observed long-term trend in nonperforming loan shares
1978 Guiseppi Tirelli
No full textAlt Text: Headshot of UNI men\u27s tennis athlete Guiseppi Tirelli. He wears a dark jacket with a UNI tennis logo on the chest. Black and white image.https://scholarworks.uni.edu/panther_athletics/2466/thumbnail.jp
Disinflation, Inequality and Welfare in a TANK Model
No full textWe investigate the redistributive and welfare effects of disinflation in a two-agent New Keynesian (TANK) model characterized by Limited Asset Market Participation (LAMP) and wealth inequality. We highlight two key mechanisms driving our long-run results: i) the cash in advance constraint on firms working capital (CIA); ii) dividends endogeneity. These two channels point in opposite directions. Lower inflation softens the CIA and, by raising labor demand, lowers inequality. But the disinflation also raises dividends and this increases inequality. The disinflation is always welfare-improving for asset holders. We obtain ambiguous results for non-asset holders, who suffer substantial consumption losses during the transition
Improved method for the determination of furosine in food by capillary electrophoresys
No full textA previously described method for determination of furosine by capillary zone electrophoresis in food has been improved for greater accuracy and sensitivity. Acid-hydrolysed samples are subjected to solid phase extraction, then dried and redissolved before injection. Electrophoretic separation is performed in a fused silica capillary tube (50 mum inside diam.) with an extended-path-length detection cell using a 3-(N-morpholino)-2-hydroxypropanesulphonic acid solution at pH 7.0 as run buffer. The in-laboratory repeatability was within +or-7.1% at the 95% confidence level when the amount of furosine ranged between 8 and 250 mg/100 g protein. The value of both repeatability and sensitivity fulfill the requirements stated in the EU and Italian regulations for furosine determination in pasteurized milk and Mozzarella cheese. The data obtained on 48 different food samples including heat-treated milk, cheeses and durum wheat products were comparable with those obtained by an HPLC method and proved to be accurate for furosine values up to at least 400 mg/100 g protein. The furosine values found in cultured fresh cheese samples suggest that the use of this furosine index holds promise for the characterization of this type of cheese
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