Now showing items 11-20 of 38
Innovation Dynamics and Fiscal Policy: Implications for Growth, Asset Prices, and Welfare
"We study the general equilibrium implications of different fiscal policies on macroeconomic quantities, asset prices, and welfare by utilizing two endogenous growth models. The expanding variety model features only ...
Temperature Shocks and Welfare Costs
This paper examines the welfare implications of rising temperatures. Using a standard VAR, we empirically show that a temperature shock has a sizable, negative and statistically significant impact on TFP, output, and labor ...
Heterogeneity in the Internationalization of R&D: Implications for Anomalies in Finance and Macroeconomics
Empirical evidence suggests that investments in research and development (R&D) by older and larger firms are more spread out internationally than R&D investments by younger and smaller firms. In this paper, I explore the ...
Endogenous Retirement Behavior of Heterogeneous Households Under Pension Reforms
We propose a unified framework to measure the effects of different reforms of the pension system on retirement ages and macroeconomic indicators in the face of demographic change. A rich overlapping generations (OLG) model ...
Asset Pricing in OLG Economies With Borrowing Constraints and Idiosyncratic Income Risk
This paper analyzes how the combination of borrowing constraints and idiosyncratic risk affects the equity premium in an overlapping generations economy. I find that introducing a zero-borrowing constraint in an economy ...
Monetary Policy and the Cost of Wage Rigidity: Evidence from the Stock Market
Using a unique confidential contract level dataset merged with firm-level asset price data, we find robust evidence that firms' stock market valuations and employment levels respond more to monetary policy announcements ...
The Long-Term Distributional and Welfare Effects of Covid-19 School Closures
Using a structural life-cycle model, we quantify the long-term impact of school closures during the Corona crisis on children affected at different ages and coming from households with different parental characteristics. ...
Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking
This paper studies the dynamic trade-off between the short-run costs and the long-run benefits of bank bailouts. In the model, banks leverage thanks to their cost advantage at monitoring firms, but hold precautionary capital ...
MSCI Total Return Index
The National Council for Economics and Labor (CNEL) is provided for in art. 99 of the Constitution of the Italian Republic, coming into force on 1st January 1948. However, it was established only 10 years later, with the ...