New Series since November 2015


2024/03  "When should central banks fear inflation expectations?"
Lucio Gobbi, Ronny Mazzocchi and Roberto Tamborini

2024/02 "The ECB and the integrity of the euro area: Past and future"
Luigi Bonatti, Andrea Fracasso and Roberto Tamborini

2024/01 "Municipal procurement, productivity and dynastic management: Evidence from Italian firms"
Marco Augliera, Fabio Pieri and Andrea Ricci


2023/04 "Extended producer responsibility and trade flows in waste: The case of batteries"
Marco Compagnoni, Marco Grazzi, Fabio Pieri and Chiara Tomasi

2023/03 "Extending Amartya Sen’s Paretian Liberal Paradox to a Firm’s Hierarchy"
Massimiliano Vatiero

2023/02 "Smart contracts vs incomplete contracts: A transaction cost economics viewpoint"
Massimiliano Vatiero

2023/01 "Inflation surprises in a New Keynesian economy with a true consumption function. The Eurozone as an inflation target zone"
Roberto Tamborini


2022/07 "The Eurozone as an inflation target zone"
Pompeo Della Posta and Roberto Tamborini

2022/06  "Long-term Economic Implications of Demeny. Voting: A Theoretical Analysis"
Luigi Bonatti and Lorenza Alexandra Lorenzetti

2022/05 "The economic value of coral reefs: climate change impacts and spatial targeting of restoration measures"
Carlo Fezzi, Derek J. Ford, Kirsten L.L. Oleson

2022/04 "Foreign Competition, Skill Premium, and Product Quality: Impact of Chinese Competition on Mexican Plants"
Thi Hang Banh, Mauro Caselli

2022/03 "The ECB and the Ukraine war: threats to price, economic and financial stability"
Luigi Bonatti, Roberto Tamborini

2022/02 "Nowcasting industrial production using linear and non-linear models of electricity demand"
Giulio Galdi, Roberto Casarin, Davide Ferrari, Carlo Fezzi, Francesco Ravazzolo

2022/01 "What to expect from inflation expectations: theory, empirics and policy issues"
Luigi Bonatti, Andrea Fracasso, Roberto Tamborini


2021/17 "Macroeconomic dynamics and the role of market power. The case of Italy"
Jasmine Mondolo

2021/16 "The Covid-19 pandemic and school closure: learning loss in mathematics in primary education"
Dalit Contini, Maria Laura Di Tommaso, Caterina Muratori, Daniela Piazzalunga, Lucia Schiavon

2021/15 "Different But the Same? Comparing Institutional Textures between Germany and Italy with LAU level data"
Nadia von Jacobi

2021/14 "Is High Inflation the New Challenge for Central Banks?"
Luigi Bonatti, Roberto Tamborini

2021/13 "What Feeds on What? Networks of Interdependencies between Culture and Institutions"
Nadia von Jacobi, Vito Amendolagine

2021/12 "Robots and Labor Regulation: A Cross-Country/Cross-Industry Analysis"
Silvio Traverso, Massimiliano Vatiero, Enrico Zaninotto

2021/11 "Tackling the gender gap in mathematics with active learning methodologies"
Maria Laura Di Tommaso, Dalit Contini, Dalila De Rosa, Francesca Ferrara, Daniela Piazzalunga, Ornella Robutti

2021/10 "The existential trilemma of EMU in a model of fiscal target zone"
Pompeo Della Posta, Roberto Tamborini

2021/09 "Monetary and Fiscal Spillovers Across the Atlantic: The Role of Financial Markets"
Luigi Bonatti, Andrea Fracasso, Roberto Tamborini

2021/08 "Coping with high decline: firms’ resilience to adversity"
Silviano Esteve-Pérez, Fabio Pieri, Diego Rodriguez

2021/07 "A Stata package for the estimation of the dose-response function when the treatment is multidimensional"
Enrico Cristofoletti

2021/06"Stop worrying and love the robot: An activity-based approach to assess the impact of robotization on employment dynamics"
Mauro Caselli, Andrea Fracasso, Sergio Scicchitano, Silvio Traverso, Enrico Tundis

2021/05"Unconventional Policy Instruments and Transmission Channels: A State-Contingent Toolbox for the ECB"
Luigi Bonatti, Andrea Fracasso, Roberto Tamborini

2021/04 "Transaction and transactors’ choices: What we have learned and what we need to explore"
Massimiliano Vatiero

2021/03 "Frank H. Knight on Social Values in Economic Consumption. An archival note"
Luca Fiorito, Massimiliano Vatiero

2021/02 "Firms’ imports and quality upgrading: evidence from Chinese firms"
Min Zhu, Chiara Tomasi

2021/01 "When the Mob Goes Silent: Uncovering the Effects of Racial Harassment through a Natural Experiment"
Mauro Caselli, Paolo Falco, Gianpiero Mattera
(UPDATED VERSION (June 2021) "When the Stadium Goes Silent: How Crowds Affect the Performance of Discriminated Groups")

(published on Journal of Labor Economics, 41(2), doi:https://10.1086/719967)


2020/14 "Top-down and bottom-up legitimization of emerging industries. Evidence from two Italian Mechatronics clusters"
Valentina Forrer, Monica Plechero, Alessandro Rossi, Erica Santini (Published in Regional Studies, online 8/9/2021, (2021).  DOI:

2020/13 "Rethinking Monetary and Fiscal Policy in the Post-COVID Euro Area"
Luigi Bonatti, Andrea Fracasso, Roberto Tamborini

2020/12 "Mapping the diffusion of COVID-19 in Italy Local Labour Markets and the cases of Bergamo and Brescia"
Marco Lomuscio (Published in Journal of Entrepreneurial and Organizational Diversity, 10, (1), (2021) 22-47.  DOI:

2020/11 "COVID-19 and the Future of Quantitative Easing in the Euro Area: Three Scenarios with a Trilemma"
Luigi Bonatti, Andrea Fracasso, Roberto Tamborini

2020/10 "Real-time tracking of COVID-19 impacts across Europe reveals that seeking ''herd immunity'' provides no economic benefits"
Carlo Fezzi, Valeria Fanghella

2020/09 "On discriminating between lognormal and Pareto tail: A mixture-based approach"
Marco Bee (Published in Advances in Data Analysis and Classification, (2022).  DOI:

2020/08 "Real-time estimation of the short-run impact of COVID-19 on economic activity using electricity market data"
Carlo Fezzi, Valeria Fanghella
(Published in Environmental and Resource Economics and it is available at:

2020/07 "When does public debt impair economic growth? A literature review in search of a theory"
Roberto Tamborini, Matteo Tomaselli

2020/06 "Phillips Curve and output expectations: New perspectives from the Euro Zone"
Giuliana Passamani, Alessandro Sardone, Roberto Tamborini

2020/05 "Declino demografico, bassa ocupazione e immigrazione Il caso italiano e le sue implicazioni per le politiche europee"
Luigi Bonatti

2020/04 "The “New Comparative Economics”. A critical review"
Bruno Dallago, Sara Casagrande

2020/03 "Modeling multivariate operational losses via copula-based distributions with g-and-h marginals"
Marco Bee, Julien Hambuckers (published on Journal of Operational Risk, 17(1), 1-31:

2020/02 "L’interpretazione delle Componenti Principali secondo Aristotele"
Gabriele Stoppa

2020/01 "Labor market reforms and allocative efficiency in Italy"
Nicolò Gnocato, Francesca Modena, Chiara Tomasi


2019/20 "Finance, property rights and productivity in Italian cooperatives"
Donald A R George, Eddi Fontanari and Ermanno Tortia

2019/19 "Monetary Policy, rational confidence, and Neo-Fisherian depressions Channel"
Lucio Gobbi, Ronny Mazzocchi and Roberto Tamborini

2019/18 "Economic Growth and Public Debt: An Experimental Approach in Search of a Confidence Channel"
Luigi Mittone, Matteo Tomaselli

2019/17 "Not Available"

2019/16 "Capabilities and firm growth: the role of formal collaboration agreements"
Roberto Gabriele, Andrea Mazzitelli, Giuseppe Espa, Maria Michela Dickson

2019/15 "Pirate Attacks and the Shape of the Italian Urban System"
Antonio Accetturo, Michele Cascarano, Guido de Blasio

2019/14 "Mothers’ and children’s employment in Europe. A comparative analysis"
Gabriella Berloffa, Eleonora Matteazzi, Alina Şandor, Paola Villa

2019/13 "CEO age and organic growth among European firms"
Giorgio Barba Navaretti, Davide Castellani and Fabio Pieri

2019/12 "Balanced-budget fiscal stimuli of investment and welfare value"
Cesare Dosi, Michele Moretto, Roberto Tamborini

2019/11 "An improved approach for estimating large losses in insurance analytics and operational risk using the g-and-h distribution"
Marco Bee, Julien Hambuckers, Luca Trapin

2019/10 "On Being Inequality Averse: Measurement and Behavioral Characterization"
Luciano Andreozzi

2019/9 "Access to Banking and the Role of Inequality and the Financial Crisis"
Mauro Caselli, Babak Somekh
(published on The B.E. Journal of Economic Analysis & Policy, 21(4), 1373-1410, doi: https://10.1515/bejeap-2020-0421)

2019/8 "Your vote is (no) secret! How low voter density harms voter anonymity and biases elections in Italy"
Mauro Caselli, Paolo Falco
(published on European Journal of Political Economy, (2022), 102191, doi: https://10.1016/j.ejpoleco.2022.102191)

2019/7 "Teaching International Monetary Economics. Two different views"
Luca Fantacci, Lucio Gobbi, Stefano Lucarelli

2019/6 "The determinants of austerity in the European Union 2010-16"
Roberto Tamborini, Matteo Tomaselli

2019/5 "Globalization, robotization and electoral outcomes: Evidence from spatial regressions for Italy"
Mauro Caselli, Andrea Fracasso, Silvio Traverso
(published on Journal of Regional Science, 61(1), 86-111:

2019/4 "Decomposing Immigrant Differences in Physical and Mental Health: A 'Beyond the Mean' Analysis"
Gabriella Berloffa, Francesca Paolini

2019/3 "Multiple banking relationships: the role of firm connectedness"
Andrea Fracasso, Valentina Peruzzi, Chiara Tomasi

2019/2 "Modelling Extremal Dependence for Operational Risk by a Bipartite Graph"
Oliver Kley, Claudia Klüppelberg, Sandra Paterlini

2019/1 "Current account imbalances and the Euro Area. Alternative views"
Ronny Mazzocchi, Roberto Tamborini


2018/11 (New Version! Updated on 17/6/2019) "Estimating the wrapped stable distribution via indirect inference"
Marco Bee

2018/10 (New Version! Updated on 7/12/2018) "Size matters: Estimation sample length and electricity price forecasting accuracy"
Carlo Fezzi, Luca Mosetti
(published version on Energy Journal:

2018/09 "Classifying Firms with Text Mining"
Giacomo Caterini

2018/8 "Estimating Value-at-Risk for the g-and-h distribution: an indirect inference approach"
Marco Bee, Julien Hambuckers, Luca Trapin

2018/7 "Globalization and Electoral Outcomes: Evidence from Italy"
Mauro Caselli, Andrea Fracasso, Silvio Traverso
(published on Economics & Politics, 32, 68-103:

2018/6 "Bilateral netting and systemic liquidity shortages in banking networks"
Edoardo Gaffeo, Lucio Gobbi, Massimo Molinari

2018/5 "Matching frictions, credit reallocation and macroeconomic activity: how harmful are financial crises?"
Emanuele Ciola, Edoardo Gaffeo, Mauro Gallegati

2018/4 "Monetary policy, de-anchoring of inflation expectations, and the 'new normal' "
Lucio Gobbi, Ronny Mazzocchi, Roberto Tamborini

2018/3 "Leverage and evolving heterogeneous beliefs in a simple agent-based financial market"
Edoardo Gaffeo,

2018/2 (new version April 2020) "Export Modes and Adjustments to Exchange Rate Movements"
Stefano Bolatto, Marco Grazzi, Chiara Tomasi

2018/1 "From central planning toward a market economy: The role of ownership and competition in Vietnamese firms’ productivity"
Fabio Pieri, Le Manh-Duc, Enrico Zaninotto
(Published in Journal of Comparative Economics, 2019, 47 (3), 693-716:


2017/13 "Modelling the joint impact of R&D and ICT on productivity: A frontier analysis approach"
Fabio Pieri, Michela Vecchi, Francesco Venturini
(Published in Research Policy, 2018, 47 (9), 1842-1852:

2017/12 "Remittances and healthcare consumption: human capital investment or responses to shocks? Evidence from Peru"
Gabriella Berloffa, Sara Giunti
(Published in Review of Development Economics, 23(4): 1540-1561:

2017/11 "Alternative classifications of Italian banks:Do different grouping rules mislead results on the risk profile of banks?"
Ivana Catturani, Erika Dalpiaz

2017/10 "It’s not austerity. Or is it? Assessing the effect of austerity on growth in Europe, 2010-15"
Matteo Fragetta, Roberto Tamborini

2017/09 "Equilibrium unemployment as a worker insurance device: Worker insurance and wage setting in worker owned enterprises"
Marina Albanese, Cecilia Navarra, Ermanno Tortia

2017/08 "Why wages tend to be lower in worker owned firms than in investor owned firms?"
Luigi Bonatti, Lorenza A. Lorenzetti

2017/07 "International Competition and Rent Sharing in French Manufacturing"
Lionel Nesta, Stefano Schiavo

2017/06 "Why is Europe engaged in an inter-dependence war, and how can it be stopped?"
Luciano Andreozzi, Roberto Tamborini

2017/05 "The quality of employment in the early labour market experience of young Europeans"
Gabriella Berloffa, Eleonora Matteazzi, Alina Şandor, Paola Villa
(Published in Cambridge Journal of Economics, 43(6): 1549-1575:

2017/04 "The intergenerational transmission of worklessness in Europe.The role of fathers and mothers"
Gabriella Berloffa, Eleonora Matteazzi, Paola Villa

2017/03  "Likelihood-based Risk Estimation for Variance-Gamma Models"
Supp. Mat. Marco Bee, Maria Michela Dickson, Flavio Santi

2017/02  "Resource allocation and productivity across provinces in China"
Peng Bin, Xiaolan Chen, Andrea Fracasso, Chiara Tomasi
(Published International Review of Economics and Finance , 57, 103-113:

2017/01 "Land, Housing, Growth and Inequality"
Luigi Bonatti


2016/12  "The Consumer Co-operatives in the Face of Large Retail Sector in Italy: a Case Study"
Alberto Ianes, Andrea Leonardi

2016/11  "Anemic economic growth in advanced economies: structural factors and the impotence of expansionary macroeconomic policies"
Luigi Bonatti

2016/10  "Analysing Economic Growth and Debt Relationship in a Panel of European Countries"
Giuliana Passamani, Roberto Tamborini, Matteo Tomaselli

2016/09 "Explaining firm sensitivity to R&D subsidies within a dose-response model: The role of financial constraints, real cost of investment, and strategic value of R&D"
Giovanni Cerulli, Bianca Poti'

2016/08 "The co-evolution of tax evasion, social capital and policy responses: A theoretical approach"
Luigi Bonatti, Lorenza Lorenzetti

2016/07 "Taxing financial transactions in fundamentally heterogeneous markets"
Edoardo Gaffeo, Massimo Molinari

2016/06 "A functional perspective to financial networks"
Edoardo Gaffeo, Massimo Molinari

2016/05 "When did inflation expectations in the euro area de-anchor? "
Andrea Fracasso, Rocco Probo
(Published on Applied Economics Letters, 24(20), 1481-1485:

2016/04 "Incomplete geocoding and spatial sampling: the effects of locational errors on population total estimation"
Maria Michela Dickson, Giuseppe Espa, Diego Giuliani

2016/03 "Model-based variance estimation in non-measurable spatial designs"
Roberto Benedetti, Giuseppe Espa, Emanuele Taufer

2016/02 "The "obscure puzzle" of management control. Any remedy?"
Roberto Tamborini

2016/01 "Vertical organization of production and firm growth"
Fabio Pieri
(Published in Industrial and Corporate Change, 27 (1), 83-106:


2015/05 "Firm boundaries in Transition countries. The influence of technological and institutional links"
Maria Litvinova, Maria Luigia Segnana

2015/04 "A Cross-Entropy approach to the estimation of Generalised Linear Multilevel Models"
Marco Bee, Giuseppe Espa, Diego Giuliani, Flavio Santi

2015/03 "How can it work? On the impact of quantitative easing in the Eurozone"
Francesco Saraceno, Roberto Tamborini

2015/02 "Approximate likelihood inference for the Bingham distribution"
Marco Bee, Roberto Benedetti, Giuseppe Espa

2015/01 "Notarial Credit in Eighteenth-Century Trentino: Dynamics and Trends"
Marcella Lorenzini

Old Series