617 research outputs found
Sistemi a Ripartizione Equi e Sostenibili: Modelli Teorici e Realizzazioni Pratiche.
No full textCollana 'Documenti' Consiglio Nazionale dell'Economia e del Lavor
Actuarially fair unfunded pension systems: theory and practice
No full text53rd Atlantic Economic Conferenc
Fair and sustainable pay as you go systems: theoretical models and practical realizations
No full textImplementing the NDC theoretical model: a comparison of Italy and Sweden
No full textThe paper compares two European pension reforms of the 90’s, the Italian and the Swedish, both based on the so called Notional Defined Contribution scheme that merges the pay-as-you-go financial architecture with the award and indexation formulas typical of defined-contribution funded systems. The analysis moves from a theoretical framework allowing to better understand the Italian and the Swedish implementations of the NDC model. The comparative analysis shows the incongruities and fragility of the Italian reform as opposed to the coherence and rationality of the Swedish one
Monetary Policy and Stock Prices in an Open Economy
No full textThis paper studies monetary policy in a two-country model where agents
can invest their wealth in both stock and bond markets. In our economy the
foreign country hosts the only active equity market where also residents of
the home country can trade stocks of listed foreign firms. We show that, in
order to achieve price stability, the Central Banks in both countries should
grant a dedicated response to movements in stock prices driven by relative
productivity shocks. Determinacy of rational expectations equilibria and
approximation of the Wicksellian interest rate policy by simple monetary
policy rules are also investigated
Productivity shocks, stabilization policies and the dynamics of net foreign assets
No full textIn this paper we investigate the role of macroeconomic stabilization policies for the international transmission of productivity shocks and their effects on the external sector. We develop a two-country stochastic Dynamic New-Keynesian “perpetual youth” model of the business cycle with incomplete international financial markets. Our OLG structure implies stationary net foreign asset dynamics and allows for a thorough analysis of the interaction of monetary policy with non-balanced budget fiscal policy. We derive the dynamic and cyclical properties of fiscal deficit feedback rules and their implications for net foreign assets dynamics. Our results imply that the degree of “fiscal discipline”, i.e. the extent to which the fiscal rule responds to debt dynamics, is crucial for the dynamics of net foreign assets. We show that under a counter-cyclical fiscal rule with low fiscal discipline temporary positive productivity shocks may result in substantial deteriorations of the Net Foreign Asset position in the medium run. This result crucially hinges on the interplay among nominal rigidities, non-balanced budget fiscal policy, and the wealth effects on consumption that are implied by our OLG structure
Monocromatic excimer Light treatment of psoriasis
No full textB a c k g round: Various reports showed the efficacy of Narrow Band UVB (311-313
nm) and excimer laser (308 nm) in the treatment of psoriasis.
Objective: To prove the efficacy of light produced by xenon-cloride excimer at 308
nm (Monochromatic Excimer Light, MEL) in the treatment of stable forms of
localized plaque psoriasis.
Patients and methods: This study was an open trial with 152 patients affected with
stable mild to moderate plaque psoriasis (PASI score between 4 and 12) were
t reated with a weekly session of MEL A total number of 6-16 sessions was
p e rformed with a dose increase according to patient phototype and re s p o n s e .
Results: 152 patients were enrolled in the study and 149 completed the pro t o c o l .
Patients were followed up every two weeks, 57 patients for one-year and 92 patients
for 6 months. After 4 months there was complete remission in 87 patients, partial
remission in 37 and moderate improvement in 25 patients.
Conclusions: These pre l i m i n a ry results suggest that MEL can be considered as a
valid option for treatment of selected forms of localized plaque psoriasis
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