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Research paper thumbnail of Education and Job Market Signalling: How Robust is the Nexus?

SSRN Electronic Journal, 1999

In this paper the Signalling approach to the explanation of wage differentials is analysed in a c... more In this paper the Signalling approach to the explanation of wage differentials is analysed in a critical way. Departing from the classic Spence's model, the article shows how the introduction of inequalities in accessing to education leads to separating equilibria characterised by redistributive effects among workers and firms, with lower wages for high skill workers respect to the traditional model. Moreover pooling equilibria can also exist as effect of such inequalities; in this case a unique wage exists for all types of workers, operating as a redistributive effect from high-skill to low-skill workers.

Research paper thumbnail of How does firms' broadband adoption affect regional TFP in Italy?

Economia Politica

In the literature, the positive effect of ICT on labour productivity and, in general, economic gr... more In the literature, the positive effect of ICT on labour productivity and, in general, economic growth is vast and well consolidated. This paper wants to go beyond the general term of ICT and look inside the "black box." In particular, broadband adoption among Italian firms is critical for productivity. Hence, we focus on broadband adoption and internet facilities and how they affect the firms' total factor productivity in the Italian business sector firms at NUTS2 over the period 2003–2018. Italy is indeed still characterized by a robust North–South divide. Our question is: can we exploit the digital advantage for filling the productivity gap? To answer, we are going to use a classical two-stage approach. In the first one, the TFP is filtered out using both a semi-parametric approach and a parametric one (spatial ML). The second step investigates its determinants, using broadband firms' adoption as a covariate in an ECM augmented by spatial spillovers, controlling ...

Research paper thumbnail of 2. Individual or Collective Bargaining 3. Empirical Analysis 4. Latent Variables Interpretation

What is behind bargaining at firm level? An empirical investigation using LISREL techniques†

Research paper thumbnail of The Optimal Timing of School Tracking: a General Model with Calibration for Germany 1 by

Most primary and secondary school systems in the developed world consist of an initial period of ... more Most primary and secondary school systems in the developed world consist of an initial period of exposure to the same curriculum followed by diversification of curricula into separate tracks. In Europe, there are vocational and general or

Research paper thumbnail of A MODEL OF UNION BEHAVIOUR AND BENEFITS UNDER UNCERTAINTY Did Thatcher’s benefits policy increase employment and reduce union power? Abstract for press By

This paper offers some results on the relationship between unemployment benefits and employment i... more This paper offers some results on the relationship between unemployment benefits and employment in a stochastic framework. The intention is not to provide an exhaustive analysis of this relationship but, rather, to investigate the effects of uncertain unemployment insurance in a unionised economy. Uncertainty about the system of unemployment benefits may be important for those entering unemployment. There are indeed a number of features of the model of benefit incentive effects that may be discussed, but we have looked at only one aspect of the problem: the effect of compensation uncertainty on employment and union power in a unionised economy. Consider an economy with a monopoly union (a monopoly model). The union with identical individuals-members maximises an objective function taking into account the effects of its wage-setting on the employed union members. In this context, literature shows that an increase in wages reduces employment in the unionised sector, and each worker th...

Research paper thumbnail of Productivity Growth of Transition Economies: An Assessment

Accession to the euro area is a long term process that is still under way for most transition eco... more Accession to the euro area is a long term process that is still under way for most transition economies, and different paths to macroeconomic stabilization were adopted by local authorities. This study is based on data for

Research paper thumbnail of Research of the Ministry of Education and Technology. The Optimal Timing of School Tracking

We develop a simple model which determines the optimal timing of school tracking as the outcome o... more We develop a simple model which determines the optimal timing of school tracking as the outcome of the trade o ¤ between the advantages of specialization, which call for early tracking, and the costs of early selection, which lead to later tracking. We calibrate the model for Germany and study how relative demand shifts toward more general skills and changes in the (exogenous) rate of technical progress a¤ect the optimal tracking time as well as the e ¢ cient allocation of students to general and vocational tracks. 1

Research paper thumbnail of Human Capital and Income Distribution Dynamics

The paper assumes a continuum of two period-lived agents; agents are identical except for the inh... more The paper assumes a continuum of two period-lived agents; agents are identical except for the inherited income. Young agents optimally allocate their inherited income between consumption and investment in human capital in a stochastic environment. In the second period they receive a wage proportional to the accumulated human capital and invest in o®spring. Two main results are provided: a low earning per unit of human capital leads the economy to converge to a stationary income distribution whatever the initial distribution. Viceversa, for a su±cently high wage an endogenous growth is at work and the income distribution dynamics depends on the initial conditions. In this case several redistributive policies are analized.

Research paper thumbnail of Crescita economica e distribuzione del reddito : le opinioni degli economisti e i loro limiti

Research paper thumbnail of Dispensa integrativa del corso di economia politica

Research paper thumbnail of La gestione del debito come strumento di finanza pubblica

Research paper thumbnail of Private versus Public Capital in Italy: An Empirical Analysis

In recent years, European countries experienced severe fiscal policy measures which hindered gove... more In recent years, European countries experienced severe fiscal policy measures which hindered government spending, in compliance with the process of budgetary consolidation and the development of fiscal rules at EU level. Italy was no exception. Since the whole area is also facing low rates of economic growth it is widely recognized that a sustained growth in spending would improve the EU’s growth potential as well. As a consequence, most European countries are developing specific provisions for public investment within the EU’s framework for budgetary surveillance. The relevance of public infrastructure spending as a strategy to promote economic development has been well acknowledged among economists through times although there is not general consensus about whether and how public capital affects the economy: most economists agree on the positive impact of public investment on output and productivity, but results are not very strong and depend quite crucially on the analytical meth...

Research paper thumbnail of The Optimal Timing of School Tracking

We develop a simple model which determines the optimal timing of school tracking as the outcome o... more We develop a simple model which determines the optimal timing of school tracking as the outcome of the trade off between the advantages of specialization, which call for early tracking, and the costs of early selection, which lead to later tracking. We calibrate the model for Germany and study how relative demand shifts toward more general skills and changes in the (exogenous) rate of technical progress affect the optimal tracking time as well as the efficient allocation of students to general and vocational tracks.

Research paper thumbnail of No . 17 / 04 Job Search Mechanism and Individual Behaviour

This paper modelles job search mechanism at individual level by a determinstic-stochastic approac... more This paper modelles job search mechanism at individual level by a determinstic-stochastic approach in a economy with perfect competion and rational agents. Each single unit, firm or worker, is analyzed over time; aggregate dynamics comes directly from the micro-structure of the economy. We show that the unemployment as well as vacancy rate converge in the long run to an ergodic distribution whose average value lies on the Beverdige curve. Transitional paths are not-monotone and depending on initial conditions. The micro-model is exploited to assess the relationship between job search and social networks (neighborhood effects); results show that, when the network is endogenous, such spillovers affect both transitional paths and steady state in several way, not last in a negative way. J.E.L. J20 J23 J24

Research paper thumbnail of The Optimal Timing of School Tracking

SSRN Electronic Journal

The Optimal Timing of School Tracking * We develop a simple model which determines the optimal ti... more The Optimal Timing of School Tracking * We develop a simple model which determines the optimal timing of school tracking as the outcome of the trade off between the advantages of specialization, which call for early tracking, and the costs of early selection, which lead to later tracking. We calibrate the model for Germany and study how relative demand shifts toward more general skills and changes in the (exogenous) rate of technical progress affect the optimal tracking time as well as the efficient allocation of students to general and vocational tracks.

Research paper thumbnail of Productivity Growth of Transition Economies: An Assessment

Advances in Economics and Business

Accession to the euro area is a long term process that is still under way for most transition eco... more Accession to the euro area is a long term process that is still under way for most transition economies, and different paths to macroeconomic stabilization were adopted by local authorities. This study is based on data for three groups of countries: EEC Eastern European countries

Research paper thumbnail of Regional wage and productivity in Italy: a spatio-temporal analysis

Spatial Economic Analysis

This paper analyses the empirical functioning of the regional labour market in Italy (21 Italian ... more This paper analyses the empirical functioning of the regional labour market in Italy (21 Italian regions over the period 1995–2015). Starting from centralized union bargaining, it derives a micro-f...

Research paper thumbnail of Regional Wage and Productivity in Italy: A Spatial-Temporal Analysis

SSRN Electronic Journal

As known, Italy is characterized by a strong polarization between North and South and the 2007 cr... more As known, Italy is characterized by a strong polarization between North and South and the 2007 crises has exacerbated such pattern. Most of the story is related to the regional labour market functioning. The paper investigates upon the functioning of Italian labour market at NUTS 2 level, over 1995-2015, by means of a panel error correction model after controlling for spatial interactions among Italian regions.<br><br>Our results show that in the long run wage per worker follows a labour demand curve arising from a theoretical model of union bargaining, with a subsequent adjustment of short run dynamics to the long one. Hence wage are essentially driven by labour productivity. But regional characteristics matter, as residuals show a certain degree of cross dependence and presence of common factors. This means that regional disparities could be related to the local functioning of labour market and to productivity gap, that calls for the different industrial and institutional tissue among Italian regions.

Research paper thumbnail of A Model of Union Behaviour and Benefits Under Uncertainty - Did Thatcher's Benefits Policy Increase Employment and Reduce Union Power?

Research paper thumbnail of Legge 142/1990: una mezza riforma

Rivista Trimestrale Di Scienza Dell Amministrazione, 1992

Research paper thumbnail of Education and Job Market Signalling: How Robust is the Nexus?

SSRN Electronic Journal, 1999

In this paper the Signalling approach to the explanation of wage differentials is analysed in a c... more In this paper the Signalling approach to the explanation of wage differentials is analysed in a critical way. Departing from the classic Spence's model, the article shows how the introduction of inequalities in accessing to education leads to separating equilibria characterised by redistributive effects among workers and firms, with lower wages for high skill workers respect to the traditional model. Moreover pooling equilibria can also exist as effect of such inequalities; in this case a unique wage exists for all types of workers, operating as a redistributive effect from high-skill to low-skill workers.

Research paper thumbnail of How does firms' broadband adoption affect regional TFP in Italy?

Economia Politica

In the literature, the positive effect of ICT on labour productivity and, in general, economic gr... more In the literature, the positive effect of ICT on labour productivity and, in general, economic growth is vast and well consolidated. This paper wants to go beyond the general term of ICT and look inside the "black box." In particular, broadband adoption among Italian firms is critical for productivity. Hence, we focus on broadband adoption and internet facilities and how they affect the firms' total factor productivity in the Italian business sector firms at NUTS2 over the period 2003–2018. Italy is indeed still characterized by a robust North–South divide. Our question is: can we exploit the digital advantage for filling the productivity gap? To answer, we are going to use a classical two-stage approach. In the first one, the TFP is filtered out using both a semi-parametric approach and a parametric one (spatial ML). The second step investigates its determinants, using broadband firms' adoption as a covariate in an ECM augmented by spatial spillovers, controlling ...

Research paper thumbnail of 2. Individual or Collective Bargaining 3. Empirical Analysis 4. Latent Variables Interpretation

What is behind bargaining at firm level? An empirical investigation using LISREL techniques†

Research paper thumbnail of The Optimal Timing of School Tracking: a General Model with Calibration for Germany 1 by

Most primary and secondary school systems in the developed world consist of an initial period of ... more Most primary and secondary school systems in the developed world consist of an initial period of exposure to the same curriculum followed by diversification of curricula into separate tracks. In Europe, there are vocational and general or

Research paper thumbnail of A MODEL OF UNION BEHAVIOUR AND BENEFITS UNDER UNCERTAINTY Did Thatcher’s benefits policy increase employment and reduce union power? Abstract for press By

This paper offers some results on the relationship between unemployment benefits and employment i... more This paper offers some results on the relationship between unemployment benefits and employment in a stochastic framework. The intention is not to provide an exhaustive analysis of this relationship but, rather, to investigate the effects of uncertain unemployment insurance in a unionised economy. Uncertainty about the system of unemployment benefits may be important for those entering unemployment. There are indeed a number of features of the model of benefit incentive effects that may be discussed, but we have looked at only one aspect of the problem: the effect of compensation uncertainty on employment and union power in a unionised economy. Consider an economy with a monopoly union (a monopoly model). The union with identical individuals-members maximises an objective function taking into account the effects of its wage-setting on the employed union members. In this context, literature shows that an increase in wages reduces employment in the unionised sector, and each worker th...

Research paper thumbnail of Productivity Growth of Transition Economies: An Assessment

Accession to the euro area is a long term process that is still under way for most transition eco... more Accession to the euro area is a long term process that is still under way for most transition economies, and different paths to macroeconomic stabilization were adopted by local authorities. This study is based on data for

Research paper thumbnail of Research of the Ministry of Education and Technology. The Optimal Timing of School Tracking

We develop a simple model which determines the optimal timing of school tracking as the outcome o... more We develop a simple model which determines the optimal timing of school tracking as the outcome of the trade o ¤ between the advantages of specialization, which call for early tracking, and the costs of early selection, which lead to later tracking. We calibrate the model for Germany and study how relative demand shifts toward more general skills and changes in the (exogenous) rate of technical progress a¤ect the optimal tracking time as well as the e ¢ cient allocation of students to general and vocational tracks. 1

Research paper thumbnail of Human Capital and Income Distribution Dynamics

The paper assumes a continuum of two period-lived agents; agents are identical except for the inh... more The paper assumes a continuum of two period-lived agents; agents are identical except for the inherited income. Young agents optimally allocate their inherited income between consumption and investment in human capital in a stochastic environment. In the second period they receive a wage proportional to the accumulated human capital and invest in o®spring. Two main results are provided: a low earning per unit of human capital leads the economy to converge to a stationary income distribution whatever the initial distribution. Viceversa, for a su±cently high wage an endogenous growth is at work and the income distribution dynamics depends on the initial conditions. In this case several redistributive policies are analized.

Research paper thumbnail of Crescita economica e distribuzione del reddito : le opinioni degli economisti e i loro limiti

Research paper thumbnail of Dispensa integrativa del corso di economia politica

Research paper thumbnail of La gestione del debito come strumento di finanza pubblica

Research paper thumbnail of Private versus Public Capital in Italy: An Empirical Analysis

In recent years, European countries experienced severe fiscal policy measures which hindered gove... more In recent years, European countries experienced severe fiscal policy measures which hindered government spending, in compliance with the process of budgetary consolidation and the development of fiscal rules at EU level. Italy was no exception. Since the whole area is also facing low rates of economic growth it is widely recognized that a sustained growth in spending would improve the EU’s growth potential as well. As a consequence, most European countries are developing specific provisions for public investment within the EU’s framework for budgetary surveillance. The relevance of public infrastructure spending as a strategy to promote economic development has been well acknowledged among economists through times although there is not general consensus about whether and how public capital affects the economy: most economists agree on the positive impact of public investment on output and productivity, but results are not very strong and depend quite crucially on the analytical meth...

Research paper thumbnail of The Optimal Timing of School Tracking

We develop a simple model which determines the optimal timing of school tracking as the outcome o... more We develop a simple model which determines the optimal timing of school tracking as the outcome of the trade off between the advantages of specialization, which call for early tracking, and the costs of early selection, which lead to later tracking. We calibrate the model for Germany and study how relative demand shifts toward more general skills and changes in the (exogenous) rate of technical progress affect the optimal tracking time as well as the efficient allocation of students to general and vocational tracks.

Research paper thumbnail of No . 17 / 04 Job Search Mechanism and Individual Behaviour

This paper modelles job search mechanism at individual level by a determinstic-stochastic approac... more This paper modelles job search mechanism at individual level by a determinstic-stochastic approach in a economy with perfect competion and rational agents. Each single unit, firm or worker, is analyzed over time; aggregate dynamics comes directly from the micro-structure of the economy. We show that the unemployment as well as vacancy rate converge in the long run to an ergodic distribution whose average value lies on the Beverdige curve. Transitional paths are not-monotone and depending on initial conditions. The micro-model is exploited to assess the relationship between job search and social networks (neighborhood effects); results show that, when the network is endogenous, such spillovers affect both transitional paths and steady state in several way, not last in a negative way. J.E.L. J20 J23 J24

Research paper thumbnail of The Optimal Timing of School Tracking

SSRN Electronic Journal

The Optimal Timing of School Tracking * We develop a simple model which determines the optimal ti... more The Optimal Timing of School Tracking * We develop a simple model which determines the optimal timing of school tracking as the outcome of the trade off between the advantages of specialization, which call for early tracking, and the costs of early selection, which lead to later tracking. We calibrate the model for Germany and study how relative demand shifts toward more general skills and changes in the (exogenous) rate of technical progress affect the optimal tracking time as well as the efficient allocation of students to general and vocational tracks.

Research paper thumbnail of Productivity Growth of Transition Economies: An Assessment

Advances in Economics and Business

Accession to the euro area is a long term process that is still under way for most transition eco... more Accession to the euro area is a long term process that is still under way for most transition economies, and different paths to macroeconomic stabilization were adopted by local authorities. This study is based on data for three groups of countries: EEC Eastern European countries

Research paper thumbnail of Regional wage and productivity in Italy: a spatio-temporal analysis

Spatial Economic Analysis

This paper analyses the empirical functioning of the regional labour market in Italy (21 Italian ... more This paper analyses the empirical functioning of the regional labour market in Italy (21 Italian regions over the period 1995–2015). Starting from centralized union bargaining, it derives a micro-f...

Research paper thumbnail of Regional Wage and Productivity in Italy: A Spatial-Temporal Analysis

SSRN Electronic Journal

As known, Italy is characterized by a strong polarization between North and South and the 2007 cr... more As known, Italy is characterized by a strong polarization between North and South and the 2007 crises has exacerbated such pattern. Most of the story is related to the regional labour market functioning. The paper investigates upon the functioning of Italian labour market at NUTS 2 level, over 1995-2015, by means of a panel error correction model after controlling for spatial interactions among Italian regions.<br><br>Our results show that in the long run wage per worker follows a labour demand curve arising from a theoretical model of union bargaining, with a subsequent adjustment of short run dynamics to the long one. Hence wage are essentially driven by labour productivity. But regional characteristics matter, as residuals show a certain degree of cross dependence and presence of common factors. This means that regional disparities could be related to the local functioning of labour market and to productivity gap, that calls for the different industrial and institutional tissue among Italian regions.

Research paper thumbnail of A Model of Union Behaviour and Benefits Under Uncertainty - Did Thatcher's Benefits Policy Increase Employment and Reduce Union Power?

Research paper thumbnail of Legge 142/1990: una mezza riforma

Rivista Trimestrale Di Scienza Dell Amministrazione, 1992