1,720,973 research outputs found
Smart grids: Impacts and challenges on energy sector.
Full text linkDigitalisation, driven by the transformative impact of digital technologies, has an important role in the energy transition process. Advancements in these technologies are bringing about significant changes in how energy is generated, transmitted, and utilised. In particular, digital technologies enable modern smart grids to optimize energy management by integrating renewable energy sources more effectively. In this context, the paper explores the effects of smart grids on the energy transition, emphasising their benefits and the key incentives that promote investment. Additionally, it reviews current trends in smart grid development across European countries, with a specific focus on Italy. The objective is to provide a comprehensive overview of the investments required to implement both existing and new smart grid projects
Disinflation Costs and Macroprudential Policies: Real and Welfare Effects
Full text linkThis paper investigates the costs of disinflation in an otherwise standard DSGE model with borrowing constraints and credit frictions, augmented with macroprudential authority. Analyzing the real and welfare effects of a permanent change in the inflation rate, we study the role of macroprudential policy and its interaction with monetary policy in ensuring financial stability. Results show that when macroprudential authority intervenes actively in order to improve financial stability, disinflation costs are limited. As for the welfare effects, disinflation is welfare improving for savers but welfare costly for borrowers and banks
Inflation-based fiscal consolidation: a DSGE approach
No full textThis paper investigates under which conditions a permanent increase in inflation target might entail public debt reduction, in a Two Agents New Keynesian model with sticky prices and distortionary taxation. In light of that, this paper contributes to the more recent lively debate among economists and policymakers regarding whether an increase in inflation could contribute to a public debt reduction without damaging macroeconomic stability. Real and welfare effects caused by changes in the inflation target from 2% to 5% are discussed. Overall, results show that an increase in inflation affects the economy positively in the short run but negatively in the long term. Consistently, higher inflation worsens households’ welfare. Moreover, a sensitivity analysis of the model’s key parameters is carried out. Quite interestingly, it emerges that fiscal consolidation through an increase in inflation is far from obvious. A more sluggish inflation adjustment path influences households’ expectations, entailing debt-to-GDP ratio increases rather than decreases
Fiscal consolidation plans with underground economy
No full textFiscal consolidation literature often neglects that there are economies characterized by sizable underground sectors, with their mechanisms of response to fiscal policy shocks. Therefore, reliable analyses of fiscal consolidation plans call for the decomposition of Gross Domestic Product in its regular and hidden components. We investigate fiscal consolidation effects in the context of tax evasion for the Italian economy. Results show that a temporary cut in public spending associated with a permanent drop in tax rate yet entails tax evasion reduction. The main underlying mechanism is the strong responsiveness of
the underground sector, implying a reallocation of resources toward the regular sector
Effects of Releasing Capital Requirements: A DSGE Approach
No full textThis paper simulates a macroprudential policy of reduction in capital
requirements, in line with the measures promoted by macroprudential authorities to face
the effects of the recent pandemic crisis on real economy. We do that in an otherwise
standard DSGE model augmented with a housing sector and a macroprudential regulator.
Results show that a regulatory intervention aiming at reducing capital requirements
entails a deep and prolonged recession, worsening financial and macroeconomic stability.
Overall, it follows that the effects could be opposite to those desired. Two channels lead
to this outcome: the financial channel of interest rates on deposits and loans, and the real
estate channel of housing price
Food quality and circular economy: the value of renewable energy
No full textToday more than ever, companies operating in the food sector have to respond to market needs with products able to "guarantee" not only the quality, but above all sustainability. The concept of food quality, in particular, has been enriched with new and multidimensional meanings that have began to demand from them new codes of conduct and new strategic approaches to the growing of business itself, as an inseparable part of a system of actors who, in a given territory, determinates the orientation towards sustainability. The adoption by the General Assembly of the United Nations of Agenda 2030 for sustainable development in this regard has already held that the circular economy is the economic system model useful to assess these new codes and patterns, recognizing in the renewable energy an important goal and a valid parameter for a circular paradigm in the territories and the relative enterprises. Based on these considerations, this paper aims to present a new model through which to read and interpret a food quality, functional for the pursuit of economic, social, environmental and territorial sustainability and focused on the role of renewable energies: the system food quality model. The aim, in particular, is to develop an appropriate instrument to determinates the motivations or values that guide the individual and collective well-being satisfaction, compared to energy issues, providing useful insights for policy makers to implementing strategies for the enterprises that operate in the food system
Going Beyond Counting First Authors in Author Co-citation Analysis
Full text linkThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
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