University of Milan Bicocca Department of Economics最新文献_第2页

Do Individual Heterogeneity and Spatial Correlation Matter? An Innovative Approach to the Characterisation of the European Political Space 个体异质性和空间相关性重要吗?欧洲政治空间特征的创新方法

University of Milan Bicocca Department of Economics Pub Date : 2017-12-06 DOI: 10.2139/ssrn.3083570

G. Iannantuoni, Elena Manzoni, F. Rossi

{"title":"Do Individual Heterogeneity and Spatial Correlation Matter? An Innovative Approach to the Characterisation of the European Political Space","authors":"G. Iannantuoni, Elena Manzoni, F. Rossi","doi":"10.2139/ssrn.3083570","DOIUrl":"https://doi.org/10.2139/ssrn.3083570","url":null,"abstract":"In this paper we refine the interpretation of the European two-dimensional political space and the investigation of its determinants compared to the approach commonly adopted in the spatial voting literature. Specifically, we take into account heterogeneity and cross-correlation among legislators by explicitly including into the model a spatial effect which, in turn, relies on new sets of linguistic, geographical, institutional and cultural metrics. We confirm that the first dimension of the European political space is mainly explained by the Members of European Parliament's ideological position on a left-right scale. We also find that correlation across legislators plays a significant role in explaining the first dimension when their pairwise distance is defined according to an individualism index, which turns out to be closely related to left-right ideology positioning. Even more interestingly, we show that \"space\" intended in a broad economic sense plays an important role in interpreting the second dimension of the political spectrum. The most relevant metric that induces spatial effects along the second dimension is based on an institutional index. Moreover, we also find that the second dimension is influenced by the gender composition of the political parties.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-12-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131223281","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 0

Subprime Mortgages and Banking in a DSGE Model DSGE模型中的次级抵押贷款和银行业

University of Milan Bicocca Department of Economics Pub Date : 2017-06-22 DOI: 10.2139/ssrn.2991333

Martino Ricci, P. Tirelli

引用次数: 2

Life after Default: Private vs. Official Sovereign Debt Restructurings 违约后的生活:私人与官方主权债务重组

University of Milan Bicocca Department of Economics Pub Date : 2017-01-12 DOI: 10.2139/ssrn.3042568

S. Marchesi, T. Masi

{"title":"Life after Default: Private vs. Official Sovereign Debt Restructurings","authors":"S. Marchesi, T. Masi","doi":"10.2139/ssrn.3042568","DOIUrl":"https://doi.org/10.2139/ssrn.3042568","url":null,"abstract":"This paper studies the relationship between sovereign debt default and annual GDP growth taking into account the depth of a debt restructuring and distinguishing between private and official deals, as well as between debt flow and stock reduction. Analyzing 520 restructuring episodes, over the period 1975-2013, we find that private and official defaults may have different growth outcomes. Most importantly, controlling for the severity of the debt crisis, we are able to detect a more lasting and negative relationship between default and growth. While private defaults are generally associated with lower growth during the crisis and over the long run (mitigated by the amount involved), for official defaulters we do not observe a growth contraction throughout the years of the crisis and they are associated with higher growth over the long run (independently of the amount involved). When debt relief operations involve debt write offs, however, the negative relationship between private default and growth becomes blurred, while official defaulters strongly benefit in terms of growth from the face value reduction. Using the Synthetic Control Method, we present further evidence for the heterogeneity of the economic impact of debt restructurings, confirming that official and private defaults may have different effects on GDP growth and should then be treated differently.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-01-12","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122031260","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 7

An Investigation of Weak-Veto Rules in Preference Aggregation 偏好聚合中弱否决规则的研究

University of Milan Bicocca Department of Economics Pub Date : 2017-01-01 DOI: 10.2139/ssrn.2920436

Stergios Athanasoglou

引用次数: 0

Cognitive Ability and Games of School Choice 认知能力与择校博弈

University of Milan Bicocca Department of Economics Pub Date : 2016-06-21 DOI: 10.2139/ssrn.2798709

Christian Basteck, M. Mantovani

引用次数: 43

Protecting Unsophisticated Applicants in School Choice through Information Disclosure 通过信息披露保护不成熟的申请人择校

University of Milan Bicocca Department of Economics Pub Date : 2016-06-18 DOI: 10.2139/ssrn.2797584

Christian Basteck, M. Mantovani

引用次数: 2

Is it the Way They Use it? Teachers, ICT and Student Achievement 是他们使用的方式吗?教师、信息通信技术和学生成就

University of Milan Bicocca Department of Economics Pub Date : 2016-06-13 DOI: 10.2139/ssrn.2795207

S. Comi, M. Gui, Federica Origo, L. Pagani, G. Argentin

引用次数: 178

Some Twins are Not Alike: FDI Premia in the Former Soviet States 有些双胞胎不一样:前苏联国家的外国直接投资溢价

University of Milan Bicocca Department of Economics Pub Date : 2016-06-13 DOI: 10.2139/ssrn.2795139

V. Gattai, Rajssa Mechelli, Piergiovanna Natale

{"title":"Some Twins are Not Alike: FDI Premia in the Former Soviet States","authors":"V. Gattai, Rajssa Mechelli, Piergiovanna Natale","doi":"10.2139/ssrn.2795139","DOIUrl":"https://doi.org/10.2139/ssrn.2795139","url":null,"abstract":"PurposeThe purpose of this paper is to estimate foreign direct investment (FDI) premia in the former Soviet states.Design/methodology/approachThe authors follow an empirical approach. Using Orbis data for a sample of more than 3,000 companies, the authors characterize FDI involvement and FDI premia of firms from three distinctive groups of former Soviet states, designated “upper-middle”-income, “lower-middle”-income and “high”-income countries. This yields interesting within-group and between-group results on the effects of outward FDI (OFDI) and inward FDI (IFDI) on firm-level innovation.FindingsThe authors unveil new facts about innovation and FDI in the former Soviet states. FDI firms innovate more than non-FDI firms and OFDI firms innovate more than IFDI firms. The innovation effect of OFDI is the largest for firms from the “lower-middle” countries, followed by the “high” and “upper-middle” countries. The innovation effect of IFDI is the largest for firms from the “lower-middle” countries, followed by the “upper-middle” and “high” countries. FDI to and from Europe has the largest impact on innovation; this holds across country groups.Research limitations/implicationsThe estimates of this paper document robust FDI premia, i.e., a positive and significant correlation between firm-level innovation and FDI. However, the cross-sectional nature of the data does not permit a proper causality analysis.Originality/valueThe paper contributes to the literature on FDI premia by: considering IFDI and OFDI in a unified empirical framework; dissecting IFDI and OFDI by location; measuring firm-level productivity in terms of innovation; and providing cross-country comparable evidence on both emerging and advanced economies. At the same time, the paper contributes to the literature on FDI from emerging economies by: taking a firm-level quantitative approach; focusing on a relatively unexplored set of countries; and providing comparable cross-country evidence on both emerging and advanced economies.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-06-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131365468","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 4

Optimal Ownership Regime in the Presence of Investment Spillovers 投资溢出下的最优所有权制度

University of Milan Bicocca Department of Economics Pub Date : 2016-03-30 DOI: 10.2139/ssrn.2756717

Piergiovanna Natale, V. Gattai

引用次数: 0

Macroeconomic and Financial Effects of Oil Price Shocks: Evidence for the Euro Area 油价冲击的宏观经济和金融影响:欧元区的证据

University of Milan Bicocca Department of Economics Pub Date : 2016-02-25 DOI: 10.2139/ssrn.2738044

C. Morana

{"title":"Macroeconomic and Financial Effects of Oil Price Shocks: Evidence for the Euro Area","authors":"C. Morana","doi":"10.2139/ssrn.2738044","DOIUrl":"https://doi.org/10.2139/ssrn.2738044","url":null,"abstract":"The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that \"not all the oil price shocks are alike\", yet without imposing any a priori identification assumption. We find evidence of recessionary effects triggered not only by oil price hikes, but also by oil price slumps in some cases, likewise for the most recent episode, which is also rising deflation risk and financial distress. In addition through uncertainty effects, the current slump might then be depressing aggregate demand by increasing the real interest rate, as ECB monetary policy is already conducted at the zero lower bound. The increase in real money balances following the slump points to the accommodation of the shock by the ECB, concurrent with the implementation of the Quantitative Easing policy (Q.E.). Yet, in so far as Q.E. failed to generate inflationary expectations within the current and expected environment of soft oil prices, the case for a more expansionary use of fiscal policy than in the past would become compelling, in order to counteract the deflationary and recessionary threats to the euro area.","PeriodicalId":415063,"journal":{"name":"University of Milan Bicocca Department of Economics","volume":"133 ","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2016-02-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"120981127","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

引用次数: 29