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Barbara PISTORESI

Professore Associato presso: Dipartimento di Economia "Marco Biagi"


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Pubblicazioni

2020 - Finance and Development in Italy, 1870-1913 [Articolo su rivista]
Incerpi, A.; Pistoresi, B.; Rinaldi, A.
abstract

This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on Italy’s economic development between 1861 and the World War I. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that investment in Italy was fuelled by a plurality of sources of funding. A crucial role was played by national saving mobilized by domestic banks and also remittances had a significant impact. Our evidence is instead weaker for foreign capital.


2020 - Finance and Economic Development in Italy, 1870-1913 [Working paper]
Incerpi, A.; Pistoresi, B.; Rinaldi, A.
abstract

This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on Italy’s economic development between 1861 and the World War I. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that investment in Italy was fueled by a plurality of sources of funding. A crucial role was played by national saving mobilized by domestic banks and also remittances had a significant impact. Our evidence is instead weaker for foreign capital.


2020 - Human Resource Practices, Job Satisfaction and Perceived Discrimination(s) at the Workplace [Articolo su rivista]
Russo, Tullia; Addabbo, Tindara; Curzi, Ylenia; Pistoresi, Barbara
abstract

This research contributes to the debate in the human resources management (HRM) literature by examining the impact of some HRM practices on workers’ overall job satisfaction and the determinants of workers’ perception of discrimination. The novelty of our study consists in the deepening of the relation between HRM practices and the employees’ perception of discrimination at the workplace: a largely unexplored topic, until now. Our aim is to add value to existing literature by assessing the synergy effect between perception of discrimination and HRM practices on workers’ job satisfaction, performing a probit regression analysis of a selection of variables drawn from the sixth wave of European Working Condition Survey data, collected in 2015. We also provide a comparison of different types of discrimination, examining the moderating effect of the perception of discrimination on the relationship between HRM practices and employees’ job satisfaction, assuming that the strength of the above relation is weaker for discriminated workers. Our findings highlight that HRM practices we analysed (except for autonomy of the work-group and job-intensity) have a positive impact on workers’ satisfaction and reduce the perception of discrimination. Moreover, we find that the perception of every kind of discrimination have a negative impact on workers’ job satisfaction. Our results also suggest that the perception of discrimination has a moderating role in the relation between HRM practices and job satisfaction. Policy implications are finally discussed.


2020 - Italian Spending on Education: a Long-Term Perspective [Articolo su rivista]
Pistoresi, Barbara; Salsano, Francesco
abstract

This paper analyses the long-term evolution of public spending on education in Italy. After presenting a historical overview of the Italian school system, we analyse the trend of public expenditure on education from the Unification of Italy up to the present day, comparing it with other items of public expenditure, in particular social expenditure. We also explore a long-term comparison of expenditure on education between some European countries. Our analysis seems to suggest extremely clear policy implications. Expenditure on the social system appears to be too high compared to expenditure on education, for this reason rebalancing intervention seems necessary.


2020 - La relazione tra credito e comportamento suicidario in Italia [Working paper]
Mattei, G.; Pistoresi, B.; Galeazzi, G. M.
abstract

In this study we assessed the relation between suicide rates and credit cycle in Italy between 1990 and 2014, by means of fixed effects panel regressions, stratified by age, gender, and region. We also tested the possible mitigating role played by active labor market programs, public unemployment spending and overall expenditure in social protection measures. Credit cycle was proxied by the rate of growth of the credit to Gross Domestic Product (GDP) ratio. The analysis pointed out that in Italy credit cycle and suicide rates are complementary: when the former decreases, the latter increase. This association is noticeable among men: a decrease of 1% in the rate of growth of the credit to GDP ratio induces an increase of around 1.18-1.31% in the suicide rate. Young men aged 25-34 seem more vulnerable to this phenomenon. The association between credit cycle and suicidal behavior is noticeable both during normal and abnormal time periods (in this study, the latter is represented by the late-2000s financial crisis), in particular, among men aged 34-44. In contrast, suicidal behaviors among women do not seem to be influenced by credit cycle, but only by severe economic crises. With respect to social protection measures, only the amount of public unemployment spending proved to significantly moderate the relation between suicides and credit cycle, though with a regional specificity (only in the North-East of Italy). Our study suggests that access to credit may be a major determinant of psychological well-being for men, but not for women, both during normal times and during severe economic recessions. Also, both credit and social protection measures might be considered proxies of social capital, which are potentially able to counterbalance the increased level of anomie that may accompany periods of financial instability. Further research is needed to test the validity of our findings and assumptions in case of other countries.


2020 - Performance Appraisal Criteria and Innovative Work Behaviour: The Mediating Role of Employees’ Appraisal Satisfaction [Capitolo/Saggio]
CURZI, Ylenia; FABBRI, Tommaso; PISTORESI, Barbara
abstract

Digitalization of work has recently rekindled the debate about the effectiveness of performance appraisal in encouraging innovative work behaviour. This study addresses this issue by hypothesizing that employees’ satisfaction towards their performance appraisal plays a mediating role in this relationship. Data collected from a sample of 865 Italian employees are used to estimate the mediation model. The main findings show that performance appraisal focused on the employees’ achieved results and new-developed competences boosts innovative behaviour more than traditional forms of evaluation based on time spent at the workplace, assigned tasks, working hours. Moreover, the employees’ satisfaction with the appraisal system and their performance rating agreement totally mediate the above relationship.


2020 - Politiche del lavoro e salute mentale l'integrazione socioassistenziale come strumenti per favorire percorsi di recovery [Articolo su rivista]
Venturi, Giulia; Mattei, Giorgio; Pistoresi, Barbara; Nora, Arturo; Addabbo, Tindara; Galeazzi, Gian Maria
abstract

RIASSUNTO Lavoro e salute mentale, da sempre, sono tra loro in una relazione complessa e dinamica. L’attività lavorativa può agire, a seconda delle sue caratteristiche, come un possibile fattore di rischio oppure protettivo nei confronti dell’insorgenza di disagio psichico. Al contempo, il lavoro è utilizzato nei servizi di salute mentale come strumento riabilitativo, costituendo un vero e proprio hallmark of recovery. Nel presente lavoro si affronteranno entrambi gli aspet-ti. Dapprima, ci focalizzeremo sullo stato di occupazione/disoccupazione dei pazienti con disturbo psichico, per poi analizzare il rapporto tra suicidio, disoccupazione e spesa sociale. Si illustreranno quindi le novità legislative introdotte dalla Regione Emilia-Romagna attra-verso la Legge Regionale 14/2015, che ha ridisegnato i percorsi di inserimento lavorativo delle persone “fragili e vulnerabili”, nell’ottica di una piena integrazione sociosanitaria. L’obiettivo del presente lavoro è quello di sensibilizzare e promuovere una discussione mul-tidisciplinare tra diverse agenzie attive nel campo delle politiche pubbliche, del lavoro e del-la salute mentale, per conciliare le complessità intrinseche al rapporto tra attività lavorativa e salute mentale. A tal fine verranno descritte alcune esperienze di inserimento lavorativo improntate ad una proficua collaborazione tra diversi professionisti (operatori della salute mentale, dei servizi sociali e del mondo della cooperazione) e istituzioni nella Provincia di Modena.


2020 - Remote locations are not all the same: Determinants of work wellbeing among home-based and mobile e-workers [Capitolo/Saggio]
Curzi, Ylenia; Pistoresi, Barbara; Fabbri, Tommaso
abstract

Abstract. This contribution analyses the impact of remote e-work on workers’ well-being, by exploring whether their perception of work-related stress and job satisfaction vary as a function of the type of remote location. It also explores whether organizational autonomy and discretion as well as work intensification have a differential impact on home-based and mobile e-workers’ job satisfaction and work-related stress. The main results suggest that compared to home-based e-workers, mobile ones perceive a greater number of work intensification dimensions as drivers of work-related stress, some of which (i.e. frequent work interruptions, working during one’s free time and time pressure) also have a significant negative impact on job satisfaction. Moreover, although several organizational autonomy and discretion variables positively affect mobile e-workers’ job satisfaction, only discretion over work pace is also significant to reduce their work-related stress. Our findings contribute to advance the understanding of current trajectories of the micro-level organizational transformations associated with the use of new digital technologies, offering insights into the ability of today’s European organizations to leverage the opportunity they open up to shape novel work practices that meet their organizational members’ needs.


2020 - The relationship between credi and suicide in Italy [Articolo su rivista]
Mattei, Giorgio; Pistoresi, Barbara; Galeazzi, Gian Maria
abstract

OBJECTIVES: to analyse the association between suicide rates and credit to the economy in Italy, and the potential role of social protection measures (SPMs) as buffering mechanism. DESIGN: descriptive study. SETTING AND PARTICIPANTS: data were derived from the Italian National Institute of Statistics and from the Organisation for Economic Co-operation and Development. Fixed-effects panel regressions were run to test the association between male and female suicide rates and the rate of growth of the credit-to-GDP (CTG) ratio. The buffering role of social protection measures was investigated. The observation period was from 1990 to 2014. MAIN OUTCOME MEASURES: regional male and female rates of suicide. RESULTS: male suicide rate is influenced by the rate of growth of the CTG ratio: a one-unit decrease in the latter is associated with 1.26 more suicides every 10,000 people. This marginal effect was significant at 1% for men, but not significant for women. Unemployment rate and periods of mass job loss were not associated with the outcome. With respect to SPMs, only public unemployment spending was able to moderate the association between suicide rate and rate of growth of the CTG ratio. A one-unit increase in the rate of growth of public unemployment spending was associated with 0.12 less suicides every 10,000 people, but only among men. Younger and older men were more affected by credit reduction, namely those aged 15-44 years and 75 years or more. Differently, women were not influenced by credit reduction, but only by increased UR in the group aged 55-64 years. CONCLUSIONS: access to credit is a major determinant of psychological well-being for men, but not for women. The rate of growth of the CTG ratio may be more useful than other macroeconomic indicators at identifying the mental health outcomes of economic crises.


2020 - The stressful implications of remote e-working: Evidence from Europe [Articolo su rivista]
Curzi, Ylenia; Fabbri, Tommaso; Pistoresi, Barbara
abstract

Abstract This paper investigates the importance of different modes of spatial flexibility as well as of the distinction between autonomy and discretion to find plausible explanations of the so-called autonomy paradox, which maintains that the more the job autonomy that remote e-workers have the greater the effort they put into their work with adverse effects on work-related stress. Using multiple regressions, we test the hypotheses regarding the direct influence of autonomy, discretion and work intensification as well as their interaction effects on occupational stress in two subsamples of 1.380 home-based e-workers and 2.574 mobile ones drawn from the 2015 European Working Conditions Survey. The main findings are as follows. Home-based e-workers perceive that autonomy (namely over work goals) directly decreases occupational stress and buffers work intensification (i.e. autonomy over work goals and in the organizational choices of their department/company). In the context of remote e-work, discretion is more likely to boost the stressful impact of work intensification when work is mobile. At the same time, we do not find that autonomy increases work intensification, neither among mobile e-workers, nor among home-based e-workers (for whom it buffers the adverse impact of work intensification). In summary, this study does not confirm the existence of an autonomy paradox associated with remote e-work. Contrarily, it suggests that such a paradox is more likely to surface when research relies on conceptual frameworks that ambiguously define autonomy in terms of what should be more properly conceptualized as discretion.


2020 - Understanding the stressful implications of remote e-working: Evidence from Europe [Working paper]
Curzi, Y.; Pistoresi, B.; Fabbri, T.
abstract

This paper investigate the importance of different modes of spatial flexibility as well as of the distinction between autonomy and discretion to find plausible explanations of the so-called autonomy paradox, that is the more the job autonomy that remote e-workers have the greater the effort they put into their work with adverse effects on work-related stress. Using multiple regressions, we test the hypotheses regarding the direct influence of autonomy, discretion and work intensification as well as their interaction effects on occupational stress in two subsamples of 1.380 home-based e-workers and 2.574 mobile ones drawn from the 2015 European Working Conditions Survey. The main findings are as follows. Home-based eworkers perceive that autonomy (namely over work goals) directly decreases occupational stress and buffers work intensification (i.e. autonomy over work goals and in the organizational choices of their department/company). In the context of remote e-work, discretion is more likely to boost the stressful impact of work intensification when work is mobile, demanding to managing complex relationships with a high number of different interest groups and thus more uncertain. At the same time, we do not find that autonomy increases work intensification, neither among mobile e-workers, nor among home-based eworkers (for whom it buffers the adverse impact of work intensification). In summary, this study does not confirm the existence of an autonomy paradox associated with remote e-work. Contrarily, it suggests that such a paradox is more likely to surface when research is based on the JD-C and JD-R frameworks or other approaches that like the former ambiguously define autonomy in terms of what should be more properly conceptualized as discretion.


2020 - Unfolding the relationship between mortality, economic fluctuations and health in Italy [Articolo su rivista]
Cavicchioli, Maddalena; Pistoresi, Barbara
abstract

Despite the long run strong negative association between economic development and mortality, their short run relationship remains controversial. In the present work, we study comovement between mortality growth (overall, gender- and cause-specific) and economic fluctuations in Italy over the period 1862-2013. To this aim, we use Johansen (1991) procedure to jointly estimate the short and long run dynamics of the two variables, avoiding omitted variable bias in the cyclical co-movement extraction or spurious association attributable to trends. We also take into account possible asymmetric responses of mortality growth to shocks in GDP. We find that an increase of 1% in real GDP per capita induces a reduction in mortality rate of 0.27% for total population. Moreover, we observe that business cycle fluctuations do not affect mortality in the prewars era, where only the long run decrease matters driven by reduction in infections and accidents mortality. On the contrary, in the post-wars period, expansive phases of business cycle are associated with reduction in mortality growth and periods of recession generate an ever-deeper decrease. However, in this period, mortality for cancer is procyclical and significantly increasing in expansion: this reinforces the debate for controlling environmental factors.


2019 - Impact of the economic crises on suicide in Italy: an empirical analysis on the moderating role of active labor market programs [Articolo su rivista]
Mattei, Giorgio; Pistoresi, Barbara; de Vogli, Roberto
abstract

Abstract Purpose. To analyze the association between unemployment and suicide in Italy during the years 1990–2014, with a peculiar focus on the great recession (GR) and the role played by social protection as buffering mechanism against the negative effect on health outcomes. Methods. Fixed effects panel regressions were used to assess the association between changes in unemployment rate and suicide rates. Additional models investigated the role of active labor market programs (ALMPs) as possible moderators of the association. Analyses were carried out for both males and females, stratified by age and region. Results. The negative time-trend displayed by suicide rate in Italy until 2007 was slowed down by changes in unemployment at the beginning of the GR, when this trend reversed and the rate of suicide started increasing. Male workers aged 25–64 and women aged 55–64 years were affected by both “normal” unemployment rate fluctuations as well as severe economic crises. Women aged 35–44 were only influenced by the latter. Men benefit from ALMPs mainly in Central Italy, while women did not benefit significantly from ALMPs. Conclusions. In Italy, economic downturns were associated with increased suicides mainly among men, while severe economic crises were associated with increased suicides among both men and women. ALMPs showed to be effective in moderating the association between unemployment and suicide among men aged 45–54 only in Central Italy. The overall small effectiveness of such programs may be due to lack of sufficient funding.


2019 - Unemployment and suicide in Italy: evidence of a long-run association mitigated by public unemployment spending [Articolo su rivista]
Mattei, Giorgio; Pistoresi, Barbara
abstract

From the mid-1990s on, the suicide rate in Italy declined steadily, then apparently rising again after the onset of the Great Recession, along with a sharp increase in unemployment. The aim of this study is to test the association between the suicide rate and unemployment (i.e., the unemployment rate for males and females in the period 1977-2015 and the long-term unemployment rate in the period 1983-2012) in Italy, by means of co-integration techniques. The analysis was adjusted for public unemployment spending (referring to the period 1980-2012). The study identified a long-run relationship between the suicide rate and long-term unemployment. On the other hand, an association between the suicide and unemployment rate stemmed out, though statistically weaker. A 1% increase in long-term unemployment increases the suicide rate by 0.83%, with a long-term effect lasting up to eighteen years. Public unemployment spending (as percentage of the Italian Gross Domestic Product) may mitigate this association: when its annual growth rate is higher than 0.18%, no impact of unemployment on suicide in detectable. A decrease in the suicide rate is expected for higher amounts of social spending, which may be able to compensate for the reduced level of social integration resulting from unemployment, helping the individual to continue to integrate into society. A corollary of this is that austerity in times of economic recession may exacerbate the impact of the economic downturn on mental health. However, a specific ‘‘flexicurity’’ system (intended as a combination of high employment protection, job satisfaction and labour-market policies) may have a positive impact on health.


2018 - A Random Forests Approach to Assess Determinants of Central Bank Independence [Articolo su rivista]
Cavicchioli, Maddalena; Papana, Angeliki; Papana Dagiasis, Ariadni; Pistoresi, Barbara
abstract

In this paper we implement an efficient non-parametric statistical method, Random survival forests, for the selection of the determinants of Central Bank Independence (CBI) among a large database of political and economic variables for OECD countries. This statistical technique enables us to overcome omitted variables and overfitting problems. It turns out that the economic variables are major determinants compared to the political ones and linear and nonlinear effects of chosen predictors on CBI are found.


2018 - La spesa pubblica in Italia. Una crescita senza limiti? [Monografia/Trattato scientifico]
Pistoresi, Barbara; Rinaldi, Alberto; Salsano, Francesco
abstract

Nell’ultimo decennio, nei paesi occidentali la sostenibilità dei debiti sovrani dovuta alla dimensione ed al finanziamento dei disavanzi pubblici ha posto al centro del dibattito politico-economico il livello e la crescita della spesa pubblica. È così ritornata di attualità la “legge di Wagner”, che prende il nome dallo studioso tedesco Adolf Wagner, il quale, alla fine dell’ottocento, aveva individuato una regolarità empirica, secondo cui, con lo sviluppo economico, aumenta la quota della spesa pubblica sul reddito nazionale. Questo volume analizza l’evoluzione della spesa pubblica e sottoporre a verifica la “legge di Wagner” in Italia lungo l’intera storia post-unitaria. Si trova un’evidenza molto forte in favore di detta legge dall’Unità nazionale alla fine del XIX secolo, quando essa è verificata sia per la spesa totale che per tutte le singole categorie di spesa. Diversa è la situazione nel secondo dopoguerra, quando la legge di Wagner vale non più per la spesa totale, ma solo per sue alcune categorie: infrastrutture, welfare e azione redistributrice, ma non per la spesa in istruzione. Così, se da un lato questa configurazione della spesa è servita a rafforzare il ruolo dello Stato nella società italiana e ad accomodare una domanda crescente di protezione sociale da parte dei cittadini, dall’altro lato è dubbio che essa sia stata funzionale a promuovere al meglio la crescita economica.


2017 - Central Bank Independence, Financial Instability and Politics: New Evidence for OECD and Non-OECD Countries [Articolo su rivista]
Pistoresi, Barbara; Cavicchioli, Maddalena; Brevini, G.
abstract

This paper analyses the determinants of a new index of central bank independence, recently provided by Dincer and Eichengreen (2014), using a large database of economic, political and institutional variables. Our sample includes data for 31 OECD and 49 non-OECD economies and covers the period 1998-2010. To this aim, we implement factorial and regression analysis to synthesize information and overcome limitations such as omitted variables, multicollinearity and overfitting. The results confirm the role of the IMF loans program to guide all the economies in their choice of more independent central banks. Financial instability, recession and low inflation work in the opposite direction with governments relying extensively on central bank money to finance public expenditure and central banks’ political and operational autonomy is inevitably undermined. Finally, only for non-OECD economies, the degree of central bank independence responds to various measures of strength of political institutions and party political instability.


2017 - Central Bank Independence, financial instability and politics: new evidence for OECD and non-OECD countries [Working paper]
Pistoresi, B.; Cavicchioli, M.; Brevini, G.
abstract

This paper analyses the determinants of a new index of central bank independence, recently provided by Dincer and Eichengreen (2014), using a large database of economic, political and institutional variables. Our sample includes data for 31 OECD and 49 non-OECD economies and covers the period 1998-2010. To this aim, we implement factorial and regression analysis to synthesize information and overcome limitations such as omitted variables, multicollinearity and overfitting. The results confirm the role of the IMF loans program to guide all the economies in their choice of more independent central banks. Financial instability, recession and low inflation work in the opposite direction with governments relying extensively on central bank money to finance public expenditure and central banks’ political and operational autonomy is inevitably undermined. Finally, only for non-OECD economies, the degree of central bank independence responds to various measures of strength of political institutions and party political instability.


2017 - Government spending and its components in Italy, 1862-2009: drivers and policy implications [Articolo su rivista]
Pistoresi, Barbara; Rinaldi, Alberto; Salsano, Francesco
abstract

Using a new historical dataset over the time period 1862-2009, this paper tests the validity of Wagner’s Law of public spending (WL) in Italy. To this aim, cointegration and Granger causation are used to investigate the long run relationship between GDP and government expenditure. Moreover, DOLS method is applied to estimate consistent long run elasticity between these two variables. In contrast to previous studies, we evaluate WL for both total government expenditure and some specific items of spending. Our main findings are that WL does not hold in the long run for total government expenditure. However, we find strong support for WL in the shorter time span from 1862 to the end of the 19th century. Here WL is confirmed as regards both total government expenditure and all the specific items of spending we have considered. Conversely, in the post-Second World War years, WL holds only for capital expenditure, compensation of employees, justice and national security, welfare and redistribution by the state. Thus, it seems that Italy invested a great deal and for a long period in infrastructures, justice, national security, and welfare, and less in items such as education and culture that play a paramount role in the formation of human capital. Keywords:


2016 - Determinants of Central Bank independence: a random forest approach [Working paper]
Cavicchioli, M.; Angeliki, Papana; Papana Diagasis, A.; Pistoresi, B.
abstract

In this paper we implement an effcient non-parametric statistical method, Random survival forests, for the selection of the determinants of Central Bank Independence (CBI) among a large data base of political and economic variables for OECD countries.This statistical technique enables us to overcome omitted variables and overftting problems. It turns out that the economic variables are major determinants compared to the political ones and linear andnonlinear effects of chosen predictors on CBI are found.


2016 - International financial flows, domestic banks, and the economic development of the periphery: Italy 1861-1913 [Working paper]
Di Martino, P.; Pistoresi, B.; Rinaldi, A.
abstract

This paper analyses the impact of different sources of financing (foreign capital, migrants’ remittances, and domestic banks intermediation) on economic development in Italy between 1861 and WWI. Existing literature has analysed the role of these channels of financial intermediation separately, while this paper for the first time considers them in conjunction. Using IRF from a Cholesky identification structure of a VAR model and relying on an original dataset that combines the most recent series of several financial and economic aggregates, this paper shows that both international capital and domestic saving had a significant impact on investment, while remittances did not. Foreign capital was invested directly, but also via domestic banks, in particular the “German-style” universal banks. Finally, foreign and d omestic capital had different attitudes towards the types of investment (construction vs. plant, machinery and transport equipment) and industries they financed. Combined together, these results shed a new light on the process of economic development of Italy and, more generally, of peripheral economies in the age of the international gold standard.


2016 - Testing threshold cointegration in Wagner's Law: the role of military spending [Working paper]
Cavicchioli, M.; Pistoresi, B.
abstract

This paper uses historical data since mid-19th century to test the validity of Wagner's Law for the Italian economy. Unlike the previous studies, we accommodate possible nonlinear asymmetric effects of total goverment spending and GDP toward their long-run equilibrium. Our results show the presence of a threshold cointegrating relationship between the two variables with significantly different error correction adjustments in normal and extreme regimes. Particularly, we find the validity of Wagner's Law from 1862 to 2009, only when we take into account strong nonlinear responses of government spending during the WWI and WWII period. Robustness checks clearly recognize nonlinear behaviour of government expenditure driven by military spending


2016 - Testing threshold cointegration in Wagner’s Law: The role of military spending [Articolo su rivista]
Cavicchioli, Maddalena; Pistoresi, Barbara
abstract

This paper analyses historical data since the mid-19th century to find support for Wagner’s Law in the Italian economy. Unlike previous studies, we accommodate possible nonlinear asymmetric effects of government spending and GDP towards their long-run equilibrium. The results reveal a threshold cointegrating relationship between the two variables with significantly different error correction adjustments in normal and extreme regimes. A long-run tendency for the public sector to grow relative to GDP from 1862 to 2009 is observed only when nonlinearities generated by temporary higher military spending during wars are take into account.


2015 - Capital inflows, current accounts and the investment cycle in Italy [Articolo su rivista]
Pistoresi, Barbara; Rinaldi, Alberto
abstract

Relying on a new dataset, this paper examines the genesis of current account fluctuations and the investment cycle in Italy. We perform a Granger causality test that shows that the persistent current account deficits in the years from unification to World War I were generated by variations in capital inflows, as hypothesized by Fenoaltea, and not by the dynamics of GDP, as in the Bonelli-Cafagna model. Finally, we show that these capital inflows prompted an industrial investment cycle in equipment and machinery but not - as claimed by Fenoaltea (1988) - a general investment cycle which included also construction and more volatile components of investment. These patterns held under both fixed and floating exchange rate regimes.


2015 - Credit, venture capital and regional economic growth [Articolo su rivista]
Pistoresi, Barbara; Venturelli, Valeria
abstract

In this paper we investigate the role of credit and venture capital investments on regional economic growth. In particular, the paper investigates the nexus between finance and regional economic growth by means of an international comparison, making joint use of banking system structural indicators (i.e. the predominance of mutual bank circuits or large commercial banks) and risk capital values obtained in a local context. The dataset consists of a panel of 53 regions belonging to three countries, Germany, Italy and Spain, for the period 1995–2008. To avoid a problem of endogeneity, we estimate a dynamic panel using the generalised method of moments (GMM). The results underline the important role played by different types of financial intermediaries in regional economic growth: both mutual and commercial banks have a strong positive effect on regional economic growth, but the role of mutual banks is greater in economically deprived areas [EDAs]. Finally, the positive effect of venture capital investments is also more effective in EDAs regions.


2015 - Government expenditure and economic development: evidence from Italy 1862-2009 [Working paper]
Pistoresi, B.; Rinaldi, A.; Salsano, F.
abstract

Using a new historical dataset over the time period 1862-2009, this paper tests the validity of Wagner’s Law of public spending (WL) in Italy. To this aim, cointegration and Granger causation are used to investigate the long run relationship between GDP and government expenditure. Moreover, DOLS method is applied to estimate consistent long run elasticity between these two variables. In contrast to previous studies, we evaluate WL for both total government expenditure and some specific items of spending. Our main findings are that WL does not hold in the long run for total government expenditure. However, we find strong support for WL in the shorter time span from 1862 to the end of the 19th century. Here WL is confirmed as regards both total government expenditure and all the specific items of spending we have considered. Conversely, in the post-Second World War years, WL holds only for capital expenditure, compensation of employees, justice and national security, welfare and redistribution by the state. Thus, it seems that Italy invested a great deal and for a long period in infrastructures, justice, national security, and welfare, and less in items such as education and culture that play a paramount role in the formation of human capital.


2015 - La spesa pubblica in Italia: una crescita senza limiti? [Working paper]
Pistoresi, Barbara; Rinaldi, Alberto; Salsano, F.
abstract

Using new historical data, this paper evaluates Wagner’s Law in Italy over the time period from 1862 to 2009. To this aim, cointegration and Granger causation are used to investigate the long run relationship between government expenditure and GDP. Moreover, DOLS method is applied to estimate consistent long run elasticity between these two variables. Our main findings are that Wagner’s Law does not hold in the long run for total government expenditure. However, we find strong support for Wagner’s Law in the shorter time span from 1862 to the end of the 19th century. Such a result seems the consequence of state-building after Italy’s political unification. The new-born Italian state made a huge effort to create nation-wide infrastructures (i.e., railways, telegraph, mail, and so on) as well as an administrative structure well-ramified throughout the country. Conversely, evidence in support of Wagner’s Law is weaker in the period following WW2. Now Wagner’s Law is not verified for total government expenditure, but only for social spending, infrastructure spending, and spending for subsidies to the economy. This seems the consequence of the expansion of income-elastic cultural and welfare expenditures that were demanded to the state.


2014 - A note on Italy's current account sustainability: 1861-2010 [Articolo su rivista]
Rinaldi, Alberto; Pistoresi, Barbara
abstract

By using an original dataset, this paper analyzes the sustainability of Italy's current accounts over the years 1861-2010. We find empirical support to sustainability: the Italian economy used external deficits (surpluses) to smooth aggregate consumption. Persistent current account deficits from 1861 to WW1 seem to have been used to prompt the nation's productivity and economic efficiency and so they do not seem to have undermined the nation's intertemporal solvency.


2014 - Capital Inflows, Current Accounts and Investment Cycle in Italy: 1861-1913 [Working paper]
Pistoresi, B.; Rinaldi, A.
abstract

By relying on a new dataset, this paper presents an econometric strategy to test the Fenoaltea’s thesis with regard to both the genesis of current account fluctuations and of the investment cycle. We perform a Granger causality test that shows that the persistent current account deficits in the years from unification from WW1 were generated by variations in capital inflows, as pointed by Fenoaltea, and not by the dynamics of the GDP, as claimed by the Bonelli-Cafagna model. Finally, this paper supports the Fenoaltea’s thesis that these capital inflows prompted a general investment cycle which included both construction and industrial investments.


2013 - External constraint and economic growth in Italy: 1861-2000 [Working paper]
Pistoresi, B.; Rinaldi, A.
abstract

This paper analyzes the relationship between external constraint and economic growth in Italy from 1861 to 2000. In particular, it investigates whether the persistent current account deficits in the 1861-1913 years constrained output growth. To this aim it studies the genesis of the current account fluctuations, that is whether these were generated by the dynamics of the GDP or by variations in capital inflows. Using integration and co-integration analysis and the Granger causality testing, it shows that in the long run Italy’s external position is sustainable: the Italian economy seems to have used the external deficits (surpluses) to smooth its aggregate consumption. Moreover in the shorter 1861-1913 sub-period, the persistent current account deficits, financed by foreign capital inflows, do not seem to have curbed economic growth.


2013 - External constraint and economic growth in Italy: 1861-2000 [Relazione in Atti di Convegno]
Pistoresi, Barbara; Rinaldi, Alberto
abstract

This paper analyzes the relationship between external constraint and economic growth in Italy from 1861 to 2000. In particular, it investigates whether the persistent current account deficits in the 1861-1913 years constrained output growth. To this aim it studies the genesis of the current account fluctuations, that is whether these were generated by the dynamics of the GDP or by variations in capital inflows. Using integration and co-integration analysis and the Granger causality testing, it shows that in the long run Italy’s external position is sustainable: the Italian economy seems to have used the external deficits (surpluses) to smooth its aggregate consumption. Moreover in the shorter 1861-1913 sub-period, the persistent current account deficits, financed by foreign capital inflows, do not seem to have curbed economic growth. JEL


2013 - Italy's current account sustainability: a long run perspective, 1861-2000 [Working paper]
PISTORESI, Barbara; RINALDI, Alberto
abstract

This paper analyzes the sustainability of Italy’s current accounts from 1861 to 2000. Whether or not we find empirical support to sustainability depends on the statistical condition of stationarity of the current account series. Non stationarity of the current accounts implies the economy has violated its intertemporal budget constraint. Unit root tests to study the stationarity of Italy’s current accounts suggest that in the long run (1861 to 2000) Italy’s external position was sustainable: the Italian economy seems to have used the external deficits (surpluses) to smooth its aggregate consumption. The persistent current account deficits in the shorter 1861-1913 period were generated by foreign capital inflows that allowed investment to rise and, in turn, to prompt the nation’s productivity and economic efficiency. Therefore, they do not seem to have curbed economic growth.


2012 - Credit, venture capital and regional economic growth [Working paper]
PISTORESI, Barbara; VENTURELLI, Valeria
abstract

In this paper we investigate the role of credit and venture capital investments on regional economic growth. The dataset consists of a panel of 53 regions belonging to three countries, Germany, Italy and Spain, for the period 1995‐2008. To avoid a problem of endogeneity, we estimate a dynamic panel using the generalised method of moments (GMM). The results underline the important role played by different types of financial intermediaries in regional economic growth: both mutual and commercial banks areimportant for regional growth but the role of mutual banks is greater in economically deprived areas [EDAs]. Similar results are obtained for the venture capital investments.


2012 - Exports, imports and growth. New evidence on Italy: 1863-2004 [Articolo su rivista]
Pistoresi, Barbara; Rinaldi, Alberto
abstract

The nexus between trade and economic growth in Italy has been widely debated byhistoriography. However, there are not long run analysis on this topic that cover the whole span fromUnification to present days. This paper contributes to fill this gap by investigating the relationshipbetween real exports, imports and GDP in Italy from 1863 to 2004 by using cointegration analysis andcausality tests. The outcome suggests that these variables comove in the long run but the direction ofcausality varies across time. In the period prior to the First World War import growth led GDP growththat in turn led export growth. Conversely, in the post-Second World War period we have a strongbidirectionality between imports and exports consequent on the increase in intra-industry trade. Wealso find a weak support for export-led growth and growth-led imports. This suggests that exportswere not the only or the main driver of economic growth. There was probably a multiplicity of factorsat work, among which high rates of capital formation and the expansion of internal demand probablystood out.


2011 - Exports and Italy's economic growth: a long-run perspective (1863-2004) [Working paper]
PISTORESI, Barbara; RINALDI, Alberto
abstract

This paper investigates the relationship between real export and real GDP in Italy from 1863 to 2004 by using cointegration analysis and causality tests. The outcome suggests that these variables comove in the long run but the direction of causality depends on the level of economic development: in the period prior to WW1 the growth of the Italian economy led that of exports, while in the post-WW2 period the causal relationship was reversed with the expansion of exports that determined the growth of the Italian economy.


2011 - Exports, growth and causality. New evidence on Italy: 1863-2004 [Relazione in Atti di Convegno]
Pistoresi, Barbara; Rinaldi, Alberto
abstract

This paper investigates the relationship between real exports and real GDP in Italy from 1863 to 2004 by using cointegration analysis and causality tests. The outcome suggests that these variables comove in the long run but the direction of causality depends on the level of economic development: in the period prior to WW1 the growth of the Italian economy led that of exports, while in the post-WW2 period the causal relationship was reversed with the expansion of exports that determined the growth of the Italian economy.


2011 - Exports, imports and growth. New evidence on Italy: 1863-2004 [Working paper]
PISTORESI, Barbara; RINALDI, Alberto
abstract

The nexus between trade and economic growth in Italy has been widely debated by historiography. However, there are not long run analysis on this topic that cover the whole span from Unification to present days. This paper contributes to fill this gap by investigating the relationship between real exports, imports and GDP in Italy from 1863 to 2004 by using cointegration analysis and causality tests. The outcome suggests that these variables comove in the long run but the direction of causality varies across time. In the period prior to the First World War import growth led GDP growth that in turn led export growth. Conversely, in the post-Second World War period we have a strong bidirectionality between imports and exports consequent on the increase in intra-industry trade. We also find a weak support for export-led growth and growth-led imports. This suggests that exports were not the only or the main driverof economic growth. There was probably a multiplicity of factors at work, among which high rates of capital formation and the expansion of internal demand probably stood out.


2011 - Political institutions and central bank independence revisited [Articolo su rivista]
Pistoresi, Barbara; F., Salsano; Ferrari, Davide
abstract

We build on earlier studies regarding Central Bank independence (CBI) by relating it to political, institutional and economic variables. The data suggest that CBI is positively related to the presence of federalism, the features of the electoral system and parties, the correlation between the shocks to the level of economic activity in the countries included in the sample and, for a sub-sample of economies, the convergence criteria to join the European Monetary Union (EMU).


2011 - Transnational social capital and FDI. Evidence from Italian associations worldwide [Articolo su rivista]
Murat, Marina Giovanna; Pistoresi, Barbara; Rinaldi, Alberto
abstract

This paper studies the influence of a country’s transnational social capital - defined as the shared customary values and beliefs of emigrant communities - on its external transactions. It usesItaly’s emigrant associations abroad as a proxy of transnational social capital and measures its effects on Italy’s bilateral FDI. Our results are that the associative activity of emigrants, which partly dates far back into the past, positively and strongly affects the Italian bilateral FDI, especially concerning the countries hosting the older associations and the FDI into Italy.


2011 - Transnational social capital and FDI.Evidence from Italian associations worldwide [Working paper]
MURAT, Marina Giovanna; PISTORESI, Barbara; RINALDI, Alberto
abstract

Emigrant associations abroad are nodal points of social networks; they are manifestations of a transnational social capital. Italian associations are numerous, spread across several countries, in some cases they exist since the end of the nineteenth century, and may count on high numbers of members. Also, they are robustly tied to the home country. This paper assesses the effects of Italian associations abroad on the bilateral FDI between Italy and the countries of settlement of Italian diaspora. The main results are that these effects are positive and strongly significant, especially for the inward FDI and relatively to the countries with the oldest associations.


2010 - Exports, growth and causality. New evidence on Italy: 1863-2004 [Working paper]
PISTORESI, Barbara; RINALDI, Alberto
abstract

This paper investigates the causal relationship between export and economic growth in Italy from 1863 to 2004 by using cointegration analysis and causality tests. The outcome suggests that in the period prior to WW1 the growth of the Italian economy led that of exports, while in the post-WW2 period the causal relationship was reversed with the expansion of exports that determined the growth of the Italian economy.


2009 - Emigrant and immigrant networks in FDI [Articolo su rivista]
Murat, Marina Giovanna; Pistoresi, Barbara
abstract

This article studies the relationship between emigration, immigration andthe bilateral foreign direct investments (FDI), inward and outward,between Italy and 51 foreign countries. The results suggest that thenetworks of Italian emigrants abroad significantly promote both inwardand outward bilateral FDI. The overall influence of immigrants is weaker.Their role is positively dependent on distance for FDI inward, only.


2009 - Italian Diaspora and Foreign Direct Investment: A cliometric perspective [Articolo su rivista]
Murat, Marina Giovanna; Pistoresi, Barbara; Rinaldi, Alberto
abstract

Recent economic literature highlights that migrant networks help to overcome the informal barriers that exist in the international markets and boost international investment. Empirical studies on different countries confirm this prediction. This paper estimates (OLS-IV) an econometric model to study the impact of both emigration and immigration on Italy’s bilateral foreign direct investment (FDI). The main result is that only the Italian diaspora has a significant positive effect on Italy’s both inward and outward FDI. A theoretical framework, a profile of the diaspora and of immigration in Italy and some exemplary entrepreneurial histories help to interpret the econometric evidence.


2009 - Migrant networks: empirical implications for the Italian bilateral trade [Articolo su rivista]
Murat, Marina Giovanna; Pistoresi, Barbara
abstract

A significant number of empirical studies, focusing on different countries, have found a positive link between migration and trade. This paper studies the relationship between emigration, immigration and trade using Italian data. The sample regards 51 foreign trading partners and spans from 1990 to 2005. The results suggest that: networks of Italian emigrants in foreign countries boost bilateral trade. The effects of immigrants are weak, on exports, or negative, on imports. Results do not change when the cultural and institutional dissimilarities between countries are considered.


2009 - On the determinants of central bank independence [Articolo su rivista]
D'Amato, M; Pistoresi, Barbara; F., Salsano
abstract

We test some positive implications of the commitment hypothesis for the design of monetary institutions in open economies, by studying the determinants of Central Bank independence on a sample of 55 countries, for the period 1980-89. We document fairly consistent empirical evidence in support of the hypothesis that strategic commitment is indeed important to understand cross country variation in the level of Central Bank degree of dependence. We also address the related question (Romer, 1993) why only highly industrialized countries have relied on such a solution to the inflationary bias of monetary policy whereas other countries have not. Data suggest that the answer is related to the presence and the size of world-wide common features in the business cycle at country level.


2009 - Political Institutions and Central Bank Independence revisited [Working paper]
D., FERRARI; PISTORESI, Barbara
abstract

We build on earlier studies regarding Central Bank independence (CBI) by relating it to political, institutional and economic variables. The data suggest that CBI is positively related to the presence of federalism, the features of the electoral system and parties, the correlation between the shocks to the level of economic activity in the countries included in the sample and, for a sub-sample of economies, the convergence criteria to join the European Monetary Union (EMU).


2009 - Transnational Social Capital and FDI. Evidence from Italian Associations Worldwide [Relazione in Atti di Convegno]
Murat, Marina Giovanna; Pistoresi, Barbara; Rinaldi, Alberto
abstract

Recent economic literature highlights that migrant networks help to overcome the informal barriers that exist in international markets and boost international investment. Stock or shares of immigrants by country of origin in the host country are the variable universally used as a proxy of networks. In this paper we propose a different measure of networks which is given by the associative activity of a given ethnic group in a wide number of foreign countries. Specifically, we utilize data on Italian associations abroad, with the idea that this variable has a finer explanatory power in generating the transnational social capital conducive to the formation of networks that prompt bilateral foreign direct investment (FDI). This paper estimates (OLS) an econometric model to study the impact of Italian associations abroad on Italy's bilateral FDI. The main result is that these associations have a significant positive effect on Italy's both inward and outward FDI. A theoretical framework, a historical profile of Italian associations abroad and one exemplary case help to interpret the econometric evidence.


2009 - Transnational Social Capital and FDI. Evidence from Italian Associations Worldwide [Relazione in Atti di Convegno]
Murat, Marina Giovanna; Pistoresi, Barbara; Rinaldi, Alberto
abstract

This paper analizes the impact that one of the more important diasporas of modern history has had on the international transactions of its origin country, Italy. A diaspora is considered as a manifestation of social capital in an international context, and social capital is seen as the cultural traits that the ethnic group transmits from generation to generation and enable their members to act together more effectively to pursue shared objectives. More specifically, it facilitates the circulation of information on economic opportunities in the country of origin and in the country of settlement. This information is valuable for firms and can boost bilateral trade and foreign direct investments (FDI). In particular, this paper assesses the impact of the transnational social capital of the Italian diaspora on Italy's bilateral FDI. On that purpose, it estimates (OLS) an econometric model which uses Italian associations abroad as a proxy of the diaspora's social capital. The main result is that this variable has a significant positive effect on Italy's both inward and outward FDI. This paper also reconstructs a historical profile of Italian associations aborad and examines in detail how one of these opearted, prompting connections among members of the diaspora and establishing links with the home country.


2008 - Italian diaspora and foreign direct investment: a cliometric perspective. [Working paper]
MURAT, Marina Giovanna; PISTORESI, Barbara; RINALDI, Alberto
abstract

Recent economic literature highlights that migrant networks help to overcome theinformal barriers that exist in the international markets and boost international investment.Empirical studies on different countries confirm this prediction. This paper estimates (OLS-IV) aneconometric model to study the impact of both emigration and immigration on Italy’s bilateralforeign direct investment (FDI). The main result is that only the Italian diaspora has a significantpositive effect on Italy’s both inward and outward FDI. A theoretical framework, a profile of thediaspora and of immigration in Italy and some exemplary entrepreneurial histories help to interpretthe econometric evidence.


2008 - Migrant Networks and Foreign Direct Investment: A Cliometric Perspective [Working paper]
MURAT, Marina Giovanna; PISTORESI, Barbara; RINALDI, Alberto
abstract

Recent economic literature highlights that migrant networks help to overcome the informal barriers that exist in the international markets and boost international investment. Empirical studies on different countries confirm this prediction. This paper estimates (OLS-IV) an econometric model to study the impact of both emigration and immigration on Italy's bilateral foreign direct investment (FDI). The main results are that Italian emigrants abroad have a significant positive effect on Italy's both inward and outward FDI, while immigrants are not a signifcant determinant. A theoretical framework, a profile of the diaspora and of immigration in Italy and some exemplary entrepreneurial histories help to interpret the econometric evidence.


2008 - Migrant Networks and Italian Foreign Direct Investment [Relazione in Atti di Convegno]
Murat, Marina Giovanna; Pistoresi, Barbara; Rinaldi, Alberto
abstract

Recent economic literature highlights that migrant networks help to overcome the informal barriers that exist in the international markets and boost international investment. Empirical studies on different countries confirm this prediction. This paper estimates (OLS-IV) an econometric model to study the impact of both emigration and immigration on Italy's bilateral foreign direct investment (FDI). The main results are that Italian emigrants abroad have a significant positive effect on Italy's both inward and outward FDI, while immigrants are not a signifcant determinant. A theoretical framework, a profile of the diaspora and of immigration in Italy and some exemplary entrepreneurial histories help to interpret the econometric evidence.


2007 - Migrant networks: empirical implications for the Italian bilateral trade [Working paper]
MURAT, Marina Giovanna; PISTORESI, Barbara
abstract

A significant number of empirical studies, focusing on different countries, have found apositive link between migration and trade. This paper studies the relationship between emigration,immigration and trade using Italian data. The sample regards 51 foreign trading partners and spansfrom 1990 to 2005. The results suggest that: networks of Italian emigrants in foreign countriesboost bilateral trade. The effects of immigrants are weak, on exports, or negative, on imports.Results do not change when the cultural and institutional dissimilarities between countries areconsidered.


2006 - Determinanti delle migrazioni: eviednza empirica sui flussi PECO - Italia [Articolo su rivista]
Bertolini, Paola; Pistoresi, Barbara; A., Zaghi
abstract

This article focuses on the presence of immigrants from Eastern Europe in Italy and applies an econometric model to assess the economic and social factors affecting the extent of the phenomenon. The results suggest that the prospect of eastward extension is not a significant determinant of this migration phenomenon, while the economic and employment situation in the contry of origin and network of relations in Italy are relevant. The phenomenon is not conditioned by distance or expectations regarding the economic dynamics of the Italian labour market and income.


2006 - Migration and Bilateral Trade Flows. Evidence from Italy [Working paper]
Murat, Marina Giovanna; Pistoresi, Barbara
abstract

http://merlino.unimo.it/web_dep/materiali_discussione/0542.pdf


2004 - L' internazionalizzazione dell' economia modenese [Working paper]
E., NANNINI; PISTORESI, Barbara; F., TAGLIAZZUCCHI
abstract

.


2004 - The long run effects of aggregate demand and mark up shocks on Italian unemployment rate [Articolo su rivista]
Pistoresi, Barbara; Gambetti, L.
abstract

This paper estimates a VAR including labor productivity, real wage and unemployment rate, to identify the dynamic effects of technology, demand and mark up shocks, respectively, on the Italian labor market. Identification is achieved by imposing recursive restrictions on the matrix of long run multipliers. Our results show that both mark up and aggregate demand shocks permanently reduce the unemployment rate. Finally, technology shocks do not significantly affect the unemployment rate in the long run. These findings convey important policy implications: expansionary aggregate demand and deregulation policies reducing the mark up permanently decrease the Italian unemployment rate.


2003 - Rent sharing and bargaining levels: evidence from Italy [Articolo su rivista]
Pistoresi, Barbara; Strozzi, Chiara
abstract

This paper studies the extent of rent sharing in the Italian metal- mechanical industry by analyzing separately what occurs at each stage of wage negotiations. In particular,we evaluate how, through the bargaining process, aggregate and idiosyncraticproductivity shocks influence respectively centralized and decentralized wage negotiations. It turns out that while centralized agreements generate rent sharing, at the decentralized bargaining level this phenomenon is absent.


2002 - The importance of local and global externalities for the urban industrial develpment. A dynamic factor analysis [Working paper]
S., Ghio; Pistoresi, Barbara
abstract

.


2001 - Interest rate spreads between Italy and Germany [Articolo su rivista]
M., D'Amato; Pistoresi, Barbara
abstract

In this paper the determinants of the long tern yield spread between Italy and Germany government bonds are studied using daily observations for a period 1 January 1995-28 October 1997. Cointegration analysis is used to test if the interest rate parity condition holds in the period considered and also the dynamic adjustment of total spread and its components is studied using impulse response functions. The main conclusion is that the reduction of the total spread was due both to credibility gains and to favourable dynamics in the German interest rate.


2000 - Investimenti diretti esteri e fattori di localizzazione: L' America Latina e il Sud Est Asiatico [Articolo su rivista]
Pistoresi, Barbara
abstract

This paper focuses on location-specific and policy related determinants of FDI in latin Amarican and South East Asia estimating a panel on the period 1982-1995. The results suggest that FDI depends on economic and political factors.


2000 - Labor Cost and Labor Productivity in Italy: The Role of Wage Bargaining [Working paper]
Pistoresi, Barbara; Strozzi, Chiara
abstract

Dipartimento di Economia Politica, Università di Modena e Reggio Emilia


1999 - Assessing potential targets for policy reforms in Italy [Working paper]
M., D'Amato; Pistoresi, Barbara
abstract

.


1999 - Go and soothe the row. Delegation of monetary policy under private information [Working paper]
M., D'Amato; Pistoresi, Barbara
abstract

.


1998 - Delegation of a monetary policy to a central banker with private information [Working paper]
M., D'Amato; Pistoresi, Barbara
abstract

.


1997 - Co-movements of OECD growth cycles [Articolo su rivista]
D'Amato, M.; Pistoresi, Barbara
abstract

The study is of short-run and long-run co-movements and convergence across 21 OECD real per capita outputs on a sample period spanning 1960 to 1992 using dynamic principal components analysis and coherence analysis. We reject the hypothesis of convergence, but find evidence for long-run growth cycles closely related across countries. In particular, the G5 group exhibits the highest degree of economic integration in the long run. The group of the original members of the Community also exhibits linkages at high and medium frequencies and represents the most homogeneous area in Europe in terms of output dynamics both in the long and short run.


1997 - Persistence of relative unemployment rates across Italian regions [Working paper]
M., D'Amato; Pistoresi, Barbara
abstract

.


1997 - Radici unitarie e persistenza: l' analisi univariata delle fluttuazioni economiche [Articolo su rivista]
Pistoresi, Barbara
abstract

.


1997 - Statistical Evidence on Regional Cohesion in Italy [Articolo su rivista]
M., D`amato; Pistoresi, Barbara
abstract

In this paper we study regional dynamics of output in Italy on a sample spanning from 1970 to 1992 by using a dynamic principal components analysis and a coherence analysis. We find the presence of a basic common economic structure but also the presence of sharp heterogeneity both at low and high frequencies of the growth cycles. Geographical proximity plays a major role in shaping dynamic patterns of regional output in italy. However, we do not find a clear cut dualistic divide across Italian regions, particularly at low frequencies.


1997 - Using a VECM to characterize the relative importance of permanent and transitory components of US total disposable income and total consumption [Articolo su rivista]
Pistoresi, Barbara
abstract

This paper uses a VECM to charcaterize the transitory component in US total disposable income and total consumption. The results indicate that almost all the variance of consumption change is explained by the trend, while the variance of the cyclical component accounts for an estimated 64% of the total variance of income change; consumption is the trend in income but is not a random walk; furthermore there is excess of sensitivity and excess smoothness in consumption. The interpretation of these results cannot be performed in terms of traditional permanent income model.


1996 - Common dynamics in European real outputs [Articolo su rivista]
M., D'Amato; Pistoresi, Barbara
abstract

.


1996 - Is an aggregate ECM representative of disaggregate behaviours? [Working paper]
Pistoresi, Barbara
abstract

.


1996 - La riservatezza del banchiere centrale e' un bene o un male? Effetti dell' informazione incompleta sul benessere in un modello di politica monetria [Articolo su rivista]
M., D`amato; Pistoresi, Barbara
abstract

.


1996 - Modelling wage growth dynamics in Italy: 1960 1990 [Articolo su rivista]
D`amato, M.; Pistoresi, Barbara
abstract

In this work we analyse the common dynamics properties of wage inflation, price inflation, unemployment and labour productivity using Italian annual data: 1960-90. Applying cointegration technique we test for the presence of a wage equation and a proce mark up equation. The overall conclusion is that wage inflation does not contribute in explaining the price inflation process and the traditional mark up view of inflation is not supported by the data. The policy implication is that monetary policy need not respond to wage data because they do not contain additional information about the future path of inflation.


1992 - Analisi di sopravvivenza e modelli di durata della disoccupazione [Articolo su rivista]
Balugani, Federica; Pistoresi, Barbara
abstract

This paper provides the estimate of the duration of unemployment and the hazard rate obtained by means of a proportional hazard model under the assumption of a Weibull distribution function. The variables considered concern the individual characteristics and the past work history. The results do not show a significant dependence of the hazard rate on duration expecially when heterogeneity of unemployment is taken into account.