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    Unconventional monetary policy expansion: the economic impact through a dynamic CGE model.

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    The ongoing economic stagnation and low inflation rates affecting EU have refuelled the debate on the role and the limits of monetary policy in pushing the economic growth. Given the tight margins for fiscal policy for EU state members, traditional and unconventional monetary policies are becoming more looked-for to break out of this condition. However, the main issue on whether the real or nominal aspects prevails still remains. In this situation, a framework able to identify and analyse any interaction between economic and financial flows becomes crucial to detect the dynamics pushing towards expansions or contractions resulting from monetary policies. Therefore, the aim of this paper is to investigate the direct and indirect impact of monetary policies implemented by the European Central Bank on the main Italian macroeconomic variables both in aggregate and disaggregate terms. For this purpose we use dynamic computable general equilibrium (CGE) model calibrated on the financial social accounting matrix for Italian economy

    The suggested structure of final demand shock for sectoral labour digital skills

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    International data seem to confirm that countries with a relative abundancy of highly-skilled labour with digital competences grow faster than others. For this reason, digital competences and skills in general are progressively assuming a central role in labour market policies. In this article, we show the potential of the disaggregated multisectoral analysis with the macro multipliers approach as a tool of economic policy. Such analyses allow identifying a set of endogenous policies in which specific objectives do not clash with growth objectives. The identification and the quantification of the macro multipliers is based on an extended multi-industry, multi-factor and multi-sector model, which accounts for the representation of the income circular flow as in the social accounting matrix (SAM). The SAM constructed for this exercise allows for a proper disaggregation of the labour factor by formal educational attainment, digital competences and gender for the case of Italy
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