Fabio Schiantarelli - Profile on Academia.edu (original) (raw)

Papers by Fabio Schiantarelli

Political Risk, Populism and the Economy

The Economic Journal

We study the financial and real effects of political risk shocks for Italy, Spain, Ireland, Portu... more We study the financial and real effects of political risk shocks for Italy, Spain, Ireland, Portugal and Greece between 2008 and 2019. We build an instrument for these shocks using the changes of the sovereign yield spread around political and policy dates, and estimate their effects in the context of local projection. We show that adverse political risk shocks have negative effects on domestic financial markets and in some countries generate spillovers on the spreads of other eurozone economies. Moreover, in Italy populism-related political risk shocks have a larger effect on financial markets and they harm the real economy.

SSRN Electronic Journal, 2020

Any opinions expressed in this paper are those of the author(s) and not those of IZA. Research pu... more Any opinions expressed in this paper are those of the author(s) and not those of IZA. Research published in this series may include views on policy, but IZA takes no institutional policy positions. The IZA research network is committed to the IZA Guiding Principles of Research Integrity. The IZA Institute of Labor Economics is an independent economic research institute that conducts research in labor economics and offers evidence-based policy advice on labor market issues. Supported by the Deutsche Post Foundation, IZA runs the world's largest network of economists, whose research aims to provide answers to the global labor market challenges of our time. Our key objective is to build bridges between academic research, policymakers and society. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.

Employment Effects of a Shorter Work Week

Policy Research Working Papers, 2005

Any opinions expressed here are those of the author(s) and not those of the institute. Research d... more Any opinions expressed here are those of the author(s) and not those of the institute. Research disseminated by IZA may include views on policy, but the institute itself takes no institutional policy positions. The Institute for the Study of Labor (IZA) in Bonn is a local and virtual international research center and a place of communication between science, politics and business. IZA is an independent nonprofit company supported by Deutsche Post World Net. The center is associated with the University of Bonn and offers a stimulating research environment through its research networks, research support, and visitors and doctoral programs. IZA engages in (i) original and internationally competitive research in all fields of labor economics, (ii) development of policy concepts, and (iii) dissemination of research results and concepts to the interested public. IZA Discussion Papers often represent preliminary work and are circulated to encourage discussion. Citation of such a paper should account for its provisional character. A revised version may be available directly from the author.

Dynamics and Asymmetric Adjustment in Insider-Outsider Models

The Economic Journal, 1992

ABSTRACT This paper analyzes the time consistent and efficient solution for wages and employment ... more ABSTRACT This paper analyzes the time consistent and efficient solution for wages and employment in intertemporal insider-outsider models of bargaining with endogenous membership. When the reservation wage is made endogenous in a general equilibrium context, insider-outsider models can generate a fundamental asymmetry in the adjustment of employment to the steady state. While upturns are gradual, severe downturns are characterized by a sharp drop in employment, obtained by laying off workers. Further reductions in employment are achieved solely through quits. Copyright 1992 by Royal Economic Society.

Macroeconomic Effects of Product and Labor Market (De) Regulation: The Long and Short of Reforming Europe!

Most countries in the Euro Area are characterized by high product and labor market regulation – l... more Most countries in the Euro Area are characterized by high product and labor market regulation – large barriers to entry, …ring restrictions and unemployment bene…ts. In this paper we study long and short to medium run e¤ects of deregulating Europe by developing a Dynamic Stochastic General Equilibrium model featuring endogenous producer entry and search and matching frictions in the labor market. We analyze the e¤ects of single policy changes and a global reform in which product and labor market regulations are set at the current U.S. level. Three main results emerge. First, we show that deregulation –either single or global -would trigger adjustment costs in the short run, increasing unemployment and reducing consumption. Long run welfare gains would make up for short run costs. Second, reforms are interdependent as the e¤ects of a policy change in one market depend upon the level of regulation prevailing in the other. Third, regulation has important consequences for the business c...

In this paper we provide some econometric evidence on the impact of financial factors like cash f... more In this paper we provide some econometric evidence on the impact of financial factors like cash flow, debt and stock measures of liquidity on the investment decisions of U. K. firms. These variables are introduced via an extension of the Q model of investment which explicitly includes agency/financial distress costs. We discuss if the significance of cash flow may be due to the fact that it proxies for output or because it is a better measure of market fundamentals than Q. Moreover we investigate if the effect of financial factors varies across different types of firms, according to size, age, and type of industry (growing and declining). We analise the determinants of the magnitude of the cash flow effect and explain why caution must be exercised in attributing inter-firm differences only to differences in the importance of agency or financial distress costs.

Lckie-Mason, C. Megir, J. Poterba, A. Weiss and participants at the NBER )nference. Errors remain their own. This paper is part of NBER's research ogram in Financial Markets and Monetary Economics. Any opinions expressed

Generalized Q models for investment and employment

Decisioni d'investimento e ruolo dell'indebitamento, delle attività finanziarie e del cash flow: evidenza empirica da un" panel" di dati italiani

The Review of Economics and Statistics, 1991

We extend the Q theory of investment to allow for adjustment costs for labor, under the additiona... more We extend the Q theory of investment to allow for adjustment costs for labor, under the additional assumption that the firm is a monopolistic competitor in the output market. The issue of nonconstant returns to scale is also discussed. We show that the standard Q model is a special case of a more general model involving testable parameter restrictions. Estimates for the U.S. manufacturing sector suggest that the departure from the assumption of perfect competition and lack of adjustment costs for labor receive empirical support in the data.

The Cyclicality of Markups in a Model with Adjustment Costs: Econometric Evidence for US Industry

Oxford Bulletin of Economics and Statistics, 1998

In this paper, the authors investigate the impact of demand fluctuations on market power in U.S. ... more In this paper, the authors investigate the impact of demand fluctuations on market power in U.S. manufacturing industries. They impose on a model with adjustment costs the minimum structure necessary to recover a measure of markups. Markups are allowed to vary with both the state and future evolution of demand and estimates of price-cost margins are obtained from the Euler

Journal of Monetary Economics, 2005

Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch ge... more Die Dokumente auf EconStor dürfen zu eigenen wissenschaftlichen Zwecken und zum Privatgebrauch gespeichert und kopiert werden. Sie dürfen die Dokumente nicht für öffentliche oder kommerzielle Zwecke vervielfältigen, öffentlich ausstellen, öffentlich zugänglich machen, vertreiben oder anderweitig nutzen. Sofern die Verfasser die Dokumente unter Open-Content-Lizenzen (insbesondere CC-Lizenzen) zur Verfügung gestellt haben sollten, gelten abweichend von diesen Nutzungsbedingungen die in der dort genannten Lizenz gewährten Nutzungsrechte. Terms of use: Documents in EconStor may be saved and copied for your personal and scholarly purposes. You are not to copy documents for public or commercial purposes, to exhibit the documents publicly, to make them publicly available on the internet, or to distribute or otherwise use the documents in public. If the documents have been made available under an Open Content Licence (especially Creative Commons Licences), you may exercise further usage rights as specified in the indicated licence.

Stock Market Volatility and Investment: Do Only Fundamentals Matter?

Economica, 1994

The empirical evidence in the volatility literature suggests that movements in stock prices canno... more The empirical evidence in the volatility literature suggests that movements in stock prices cannot be satisfactorily explained purely in terms of changes in fundamentals. This paper shows how to obtain proxies for the fundamental and fad components of changes in stock prices and asks the question: Do only fundamentals matter for investment decisions? We find that changes in investment are

Investment decisions and the role of debt, liquid assets and cash flow: evidence from Italian panel data

Applied Financial Economics, 1994

... MARZIO GALEOTTI*, FABIO SCHIANTARELLIf and FIDEL JARAMILLO&amp;amp;amp;amp;quot; *Ins... more ... MARZIO GALEOTTI*, FABIO SCHIANTARELLIf and FIDEL JARAMILLO&amp;amp;amp;amp;quot; *Institute di Economia Politlca, Universita &amp;amp;amp;amp;#x27;L. Bocconi, via Sarfatti 25, 20136 Milano ... variables for Italian firms see Barca and Magnani (1989), Capri0 (1989), Conti (1989), Frasca and Marotta (1989), Ranci ...

DP1697 Inventories, Production Smoothing and the Shape of the Cost Function

Monopolistic Competition in US Industry in a Model with Adjustment Costs: An Euler Equation Approach

Production Smoothing and the Shape of the Cost Function