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  • Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)  (10)
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: Are restrictive monetary policies harmful to growth? The note aims at providing some empirical evidence to answer the question. A significant negative correlation between growth and real interest emerges over the period 1960-94; in the eighties this relationship strengthens. This result is in agreement with the traditional view of a long run positive link between growth and capital accumulation and a negative long run link between accumulation and the cost of capital. Moreover the outcome is in line with the view that links the slowdown in economic growth of the industrial countries over the last decades appears to the implementation of restrictive monetary policies
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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  • 2
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: Traditionally the term "finance" has been used to indicate the art of raising funds to realize both public and private spending programs.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: As a specific institution of distributive trades, e-commerce displays similarities with retail stores and mail ordercompanies. As well as providing theoretical support for the assumption that e-commerce is a way to sell certain goods and services at prices potentially lower than those of traditional distributive channels, this paper analyses its inter-firm diffusion among a sample of firms (mostly SMEs) in Italy. The paper has three main purposes. Firstly, it challenges the view of e-commerce as a "technological revolution", by pointing out its nature as a costminimizing marketing channel. In particular, it shows how, under certain circumstances, e-commerce is a source of transaction cost advantages analogous to those yielded by mail order business. Secondly, the paper identifies the circumstances under which e-commerce sales might achieve a significant level of penetration among those SMEs that would otherwise incur high costs in organizing a proprietary distributive channel. Thirdly, the paper employs a unique data set of Italian manufacturing, service, and hospitality firms (nearly 90% of them with fewer than 100 employees) to estimate a diffusion model based on the logistic curve. According to the estimates, by the fourth quarter of 2003 nearly 50% of the population of firms in the geographical area surveyed will have introduced e-commerce among their marketing channels.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
    Type: doc-type:workingPaper
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: This paper is concerned with the role of the output-capital ratio in growth models. In the first part we highlight the behaviour of the output-capital ratio along the balanced growth path in the models of Solow (1956) and Romer (1986). In the second part we assess the stability of the ratio for some industrial countries.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: In this paper we propose a simple, intuitive approach to asset valuation in terms of marginal contributions to the characteristics (moments) of the market portfolio. Considering only the first two moments, mean and variance, the valuation equation is shown to correspond to Sharpe's CAPM. A risk-neutral pricing formula is easily derived, showing the equivalence between CAPM and the Black and Scholes' model. Extensions to higher moments like skewness and kurtosis are straightforward, providing a generalized valuation equation. Finally, the generalized equation is derived in a different, more rigorous way, as a result of a classical intertemporal general equilibrium model.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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  • 6
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2018-02-02
    Description: Vista da molto lontano la traiettoria della luna intorno al sole potrebbe essere descritta in modo simile a quella della terra: se non si va per il sottile, terra e luna procedono vicine nella loro rivoluzione intorno al sole.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Italian
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  • 7
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: The purpose of the present paper, in contrast, is to show that Keynes, in The general Theory, thought in more complex terme, referring to an economy made of industries in the Marshallian tradition.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: Scopo di questo articolo è offrire una valutazione generale del ruolo delle politiche economiche nel processo di crescita dell'economia italiana. L'esame di dati macroeconomici su un arco temporale di quasi quarant'anni rivela che non è possibile segnalare particolari insufficienze della politica economica: l'evoluzione dell'economia italiana ricalca, oltretutto con un passo più rapido, gli andamenti delle maggiori economie europee. Non si può quindi escludere un giudizio secondo il quale, in generale, le politiche economiche sono state adeguate a consentire il recupero del ritardo e la profonda trasformazione dell'economia italiana. Si pone il problema di spiegare la discrepanza tra le valutazioni spesso negative delle singole politiche (monetarie, fiscali, industriali) e il comportamento aggregato dell'economia italiana che appare in un confronto comparativo più che soddisfacente. In questo contesto appare essenziale valutare se sia stato l'enorme accumulo di debito pubblico il fattore che ha reso coerenti comportamenti sociali ed economici fra loro incompatibili, spostando l'onere dell'aggiustamento sulle generazioni future.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Italian
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: Different authors have argued the importance of central banker's secrecy over alternative targets of monetary policy. One of the argument is based on the welfare results in a well known signalling game of monetary policy by Vickers (1986). This work aims to show how this argument crucially depends on the cost of separation and the specification of the prior beliefs held by private agents about the preferences of central banker. This is performed by solving a model similar to that solved by Vickers (1986) under a different assumption (a continuum of types) about the support of the distribution of prior beliefs. Welfare analysis shows that the result underlying the argument by Persson and Tabellini (1990) about the convenience of Central Banker's secrecy is upturned when the priors are skewed towards high inflation and alternative devices like credible pegging of a nominal variable, delegation and (negotiated) wage controls may be welfare enhancing. Furthermore, we show that if an appointed central banker has to incurr signalling costs a Rogoff (1985) type result can not be obtained and secrecy may be a bad substitute for commitment.
    Keywords: ddc:330
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: Italian
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    Bologna: Alma Mater Studiorum - Università di Bologna, Dipartimento di Scienze Economiche (DSE)
    Publication Date: 2017-05-30
    Description: Using an ordinal approach to utility, in the spirit of Hicks (1962, 1967a), it is possible to greatly simplify the theory of asset prices. The basic assumption is to summarize any probability distribution into its moments so that preferences over distributions can be mapped into preferences over vectors of moments. This implies that assets, like Lancaster's (1966) consumption goods, are bundles of characteristics and can be directly priced, at the margin, in terms of the market portfolio. Expected utility is not required and both St.Petersburg and Allais paradoxes may be easily solved.
    Keywords: ddc:330 ; CAPM ; Nutzenfunktion
    Repository Name: EconStor: OA server of the German National Library of Economics - Leibniz Information Centre for Economics
    Language: English
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