fabrizio coricelli | University of Siena / Università di Siena (original) (raw)

Papers by fabrizio coricelli

Social Science Research Network, 2015

Economic Policy, Apr 1, 1992

Page 1. Stabilizing a previously centrally planned economy: Poland 1990 Guillermo A. Calvo and Fa... more Page 1. Stabilizing a previously centrally planned economy: Poland 1990 Guillermo A. Calvo and Fabrizio Coriceli International Monetary Fund and The World Bank 1. Introduction ... Stabilization in Poland Guillermo A. Calvo and Fabrizio Coricelli Summary ...

World Bank Research Observer, 1993

The Scandinavian Journal of Economics, Mar 1, 2006

Central European University Press eBooks, Dec 1, 1997

Presenting an integrated view of transition based on a unified analytical framework, this text ev... more Presenting an integrated view of transition based on a unified analytical framework, this text evaluates the experience of several transition economies. The author's view of transition emphasizes the connection between peculiar initial conditions and the effects of market reforms. Taking the starting point of underdeveloped markets and market institutions, he evaluates macroeconomic policies in relation to their impact on the development of markets. He stresses particularly financial markets, the "missing" market under the system of central planning and highlights fundamental trade-offs for economic policy, which can play a crucial role in determining the success of reforms. Intensity and timing of reform measures, he argues, should be adapted to different situations.

RePEc: Research Papers in Economics, 2012

The Stability and Growth Pact (SGP) has come under increasing pressure as the fiscal position of ... more The Stability and Growth Pact (SGP) has come under increasing pressure as the fiscal position of several European Union (EU) member countries has deteriorated with the slowdown of their economies (European Commission 2002a). Proposals for revising the fiscal rules contained in the SGP have advanced in two main aspects: first, the budget deficit limit should apply to the cyclically adjusted balance, and second, public investment should be excluded from the computation of the balance. Indeed, in a recent proposal, the European Commission (2002c) suggests that the deficit be adjusted for the economic cycle. The proposal also gives more weight to public investment and the cost of structural reforms in assessing the fiscal position of countries with a public debt stock below 60 percent of GDP. These revisions would also provide more flexibility to most countries which recently completed, or are currently candidates for, EU accession and which have moderate debt ratios and high public investment.

Cambridge University Press eBooks, 2017

In this chapter we propose a new measure of discretionary public expenditures. We distinguish dis... more In this chapter we propose a new measure of discretionary public expenditures. We distinguish discretionary from non-discretionary spending by evaluating the persistence and volatility of expenditure components. Clearly, discretionary expenditures should be less persistent and more volatile than mandatory spending. By using this metric, we show that only about one third of total expenditure is ready to be used for the purposes of counter-cyclical discretionary fiscal policy in OECD countries. We also point to the puzzling fact that there has been little use of discretionary expenditures to counteract the Great Recession,especially in Europe

European Economic Review, Feb 1, 2022

IZA DP No. 14834 NOVEMBER 2021 Institutional Integration and Productivity Growth: Evidence from t... more IZA DP No. 14834 NOVEMBER 2021 Institutional Integration and Productivity Growth: Evidence from the 1995 Enlargement of the European Union* This paper studies the productivity effects of integration deepening. The identification strategy exploits the 1995 European Union (EU) enlargement, when all candidate countries joined the Single Market but one — Norway — did not join the EU. Our synthetic differencein-differences estimates on sectoral and regional data suggest had Norway chosen deeper integration, the average Norwegian region would have experienced an increase in yearly productivity growth of about 0.6 percentage points. This method also helps determining the sources of heterogeneity, apparently inherent to integration, highlighting higher costs of the missed deeper integration for more peripheral regions and industrial sector. JEL Classification: C33, F15, F55, O43, O52

Journal of Policy Reform, 1996

Managerial and Decision Economics, Nov 13, 2009

Most empirical studies on price setting that use micro data focus on advanced industrial countrie... more Most empirical studies on price setting that use micro data focus on advanced industrial countries. In this paper we analyze the experience of an emerging economy, Slovakia, using a large micro-level dataset that accounts for a substantial part of the consumer price index (about 5 million observations). We find that market structure is an important determinant of pricing behavior. The effect of market structure on persistence of inflation results from two conflicting forces. Increased competition may reduce persistence by increasing the frequency of price changes. In contrast, higher competition may increase persistence through inertial behaviour induced by the strategic complementarity among price setters. In our case study, we find that the latter effects dominate. Indeed, the dispersion of prices is higher while persistence is lower in the non-tradable sectors, suggesting that higher competition is not conducive to lower persistence. Furthermore, we find that the frequency of price changes depends negatively on the price dispersion and positively on the product-specific inflation. These results seem consistent with predictions of Calvo's staggered price model.

The World Bank Economic Review, 1992

... In such a framework, consider once again the effects of a rise in the price of primary import... more ... In such a framework, consider once again the effects of a rise in the price of primary imported inputs. ... Average prime rate on loans 14.1 46.5 22.0 10.5 8.5 6.3 4.5 2.9 2.9 2.9 3.4 4.2 5.1 Source: National Bank of Poland (1990). at Google Indexer on August 31, 2010 ...

Journal of Monetary Economics, May 1, 2019

Deep Blue (University of Michigan), Nov 1, 2006

RePEc: Research Papers in Economics, Feb 1, 2015

The Great Recession has shattered the consensus on the benefits of capital account liberalization... more The Great Recession has shattered the consensus on the benefits of capital account liberalization. Capital account controls have been introduced in several countries and have even been supported by the International Monetary Fund. In this paper we investigate whether capital account policies in the post-Bretton Woods era can be explained as a process driven by learning by policymakers, who update their beliefs on the basis of their own experience and of the policies adopted by other countries. We emphasize the impact of financial crises on the learning process. The learning model developed in the paper explains more than 90% of the variability of capital account policies. We find that over time beliefs about the growth effects have changed slowly and not smoothly from negative to positive. However, at the outset of the Great Recession beliefs on the positive growth dividends from capital account liberalization were still affected by a significant degree of uncertainty, which suggests that reversals in external liberalizations in the aftermath of the Great Recession are consistent with rational learning by policymakers. Finally, in evaluating the potential benefits and costs of capital controls in a given set of countries, contagion effects through changing beliefs of other countries should be taken into account.

The chapter claims that monetary authorities’ conservatism is needed to improve the macroeconomic... more The chapter claims that monetary authorities’ conservatism is needed to improve the macroeconomic performance, the more so the higher the degree of product market competition. Contrary to a widespread belief, central bank conservatism and market competition are complements, rather than substitutes. This could justify the presence of a conservative European Central Bank in the process of a strengthened European integration.

RePEc: Research Papers in Economics, Mar 1, 2006

ABSTRACT Retail lending grew very fast in the New Europe region in the last years, prompting a de... more ABSTRACT Retail lending grew very fast in the New Europe region in the last years, prompting a debate on whether such a rapid growth can be considered sustainable. This paper investigates the main determinants of retail lending growth throughout the region. It tries to identify episodes of credit boom and analyzes the possible correlation between such booms, consumption booms and a country external account position. Estimating an aggregate consumption function, under the assumption of liquidity-constrained households, the paper finds that current trends in household credit markets largely reflect an equilibrium phenomenon, in which household credit increases rapidly from extremely low initial levels, in the context of a relaxation of liquidity constraints. The rate of growth of credit responds to changing market conditions on the supply side and to good prospects for income growth. In such an environment, loosening credit market conditions can have sizable effects on consumption, which, in some cases may create macroeconomic imbalances, both in terms of current account deficits and inflationary pressures.