Essays in applied microeconomics

This thesis investigates two different issues in applied microeconomics. Both issues broadly attains to fiscal policy. The first aspect relates to the optimal geographical allocation of public spending; the second issues concerns to the use of fiscal incentives to boost retirement saving, thus alleviating tension on public social security expenditure. In Chapter 1 (co-authored with Giuseppe Albanese and Pietro Tommasino) we contribute to the literature by exploring how formal rules and informal cultural traits (namely, the degree of civicness) interact in shaping elected officials' behaviour. We use a dataset which includes the expenditure proposals sponsored by each member of the Italian Senate from 1993 to 2012 (as well as other individual and district characteristics) and exploit the 2005 electoral reform. As a first step, we are able to confirm previous empirical findings: in particular, legislators elected in first-past-the post districts show higher propensity to sponsor pork barrel bills and to put effort in legislative activity than those elected with a closed-list proportional system. More importantly, we find that the effects of the change in the electoral rule are muted (and in some cases reversed) in areas characterised by a high degree of civicness. We also propose a simple theoretical probabilistic voting model with altruistic preferences to rationalise these findings. In Chapter 2 I study the effect of fiscal and behavioural incentives towards private retirement saving, brought about by an Italian reform in 2007, on total wealth accumulation and on the composition of financial portfolio. According to life-cycle model, any permanent shock to life-cycle wealth is likely to affect savings. Any major social security reform, such as the one under investigation, may qualify as permanent shock. I find evidence that workers who subscribe to private pension funds raise their current propensity to save and tilt their financial portfolio towards less risky assets. The possible explanations to rationalize such evidence may be several, ranging from standard life-cycle hypothesis to behavioural economics models.This thesis investigates two different issues in applied microeconomics. Both issues broadly attains to fiscal policy. The first aspect relates to the optimal geographical allocation of public spending; the second issues concerns to the use of fiscal incentives to boost retirement saving, thus alleviating tension on public social security expenditure. In Chapter 1 (co-authored with Giuseppe Albanese and Pietro Tommasino) we contribute to the literature by exploring how formal rules and informal cultural traits (namely, the degree of civicness) interact in shaping elected officials' behaviour. We use a dataset which includes the expenditure proposals sponsored by each member of the Italian Senate from 1993 to 2012 (as well as other individual and district characteristics) and exploit the 2005 electoral reform. As a first step, we are able to confirm previous empirical findings: in particular, legislators elected in first-past-the post districts show higher propensity to sponsor pork barrel bills and to put effort in legislative activity than those elected with a closed-list proportional system. More importantly, we find that the effects of the change in the electoral rule are muted (and in some cases reversed) in areas characterised by a high degree of civicness. We also propose a simple theoretical probabilistic voting model with altruistic preferences to rationalise these findings. In Chapter 2 I study the effect of fiscal and behavioural incentives towards private retirement saving, brought about by an Italian reform in 2007, on total wealth accumulation and on the composition of financial portfolio. According to life-cycle model, any permanent shock to life-cycle wealth is likely to affect savings. Any major social security reform, such as the one under investigation, may qualify as permanent shock. I find evidence that workers who subscribe to private pension funds raise their current propensity to save and tilt their financial portfolio towards less risky assets. The possible explanations to rationalize such evidence may be several, ranging from standard life-cycle hypothesis to behavioural economics models.LUISS PhD Thesi

Essays in macroeconomics and finance

In Chapter 1, which is joint with Filippo Natoli, we propose a consumption-based model that allows for an inverted term structure of real and nominal risk-free rates. In equilibrium, real interest rates depend not only on shocks to consumption growth but also on expectations about future consumption growth volatility. In bad states, a high uncertainty makes agents more willing to accumulate precautionary savings and to rebalance their bond portfolios towards longer maturities, pushing the equilibrium short-term yields above long-term ones. Pricing time-varying volatility risk is essential to obtain the inversion of the real curve and allows to price the average level and slope of the nominal one. Chapter 2 is based on a joint work with Tiziano Ropele. In this paper I empirically investigate the relationship between firms' in ation expectations and their willingness to invest. Using survey data on Italian firms I find that higher in ation expectations do exert a favourable effect on business investment decisions. While I document a minor role of the firm-level nominal borrowing cost, other determinants of investment expectations are significant, such as the credit markets' access conditions and the expected liquidity position of firms. These results bear important implications for policymakers as they offer support to measures aimed at engineering higher in ation expectations in order to stimulate the economy.In Chapter 1, which is joint with Filippo Natoli, we propose a consumption-based model that allows for an inverted term structure of real and nominal risk-free rates. In equilibrium, real interest rates depend not only on shocks to consumption growth but also on expectations about future consumption growth volatility. In bad states, a high uncertainty makes agents more willing to accumulate precautionary savings and to rebalance their bond portfolios towards longer maturities, pushing the equilibrium short-term yields above long-term ones. Pricing time-varying volatility risk is essential to obtain the inversion of the real curve and allows to price the average level and slope of the nominal one. Chapter 2 is based on a joint work with Tiziano Ropele. In this paper I empirically investigate the relationship between firms' in ation expectations and their willingness to invest. Using survey data on Italian firms I find that higher in ation expectations do exert a favourable effect on business investment decisions. While I document a minor role of the firm-level nominal borrowing cost, other determinants of investment expectations are significant, such as the credit markets' access conditions and the expected liquidity position of firms. These results bear important implications for policymakers as they offer support to measures aimed at engineering higher in ation expectations in order to stimulate the economy.LUISS PhD Thesi

Beyond economy: determinants of electoral accountability in Central and Eastern Europe (1993-2015)

This PhD thesis analyses patterns of electoral accountability in eleven Central and Eastern European countries between 1993 and 2015. Four research questions drove it: How to conceptualize and measure electoral accountability? What are the dynamics that explain variation in the extent to which citizens in Central and Eastern Europe are able to hold politicians accountable at elections? What are the consequences of variation in the systemic characteristics for the degree to which elections generate government accountability? What is the role of electoral integrity in shaping electoral accountability in these young democracies? Chapter 1 presents the theoretical framework and a review of the literature on the quality of democracy and electoral accountability, proposing a conceptualization of the dependent variable as grounded in the literature. The chapter ends presenting the research questions that guide the thesis. Chapter 2 furnishes a first attempt to study variation in electoral accountability across countries and, above all, to explain why the cost of governing in the region is so heavy in terms of electoral punishment. This preliminary analysis is conducted through the presentation of descriptive statistics and some brief descriptive case studies in the attempt to give some useful insights for the empirical analysis conducted in the following chapters. In Chapter 3 the traditional assumptions of economic voting theory and the influence of political contexts – i.e. government clarity of responsibility, party system fragmentation, nature of the electoral system and media freedom – on electoral accountability are tested. We also test the different intensity of these effects before and after accession to the European Union and the onset of the economic crisis in 2008. Chapter 4 represents the core of the thesis where we try to bridge two field of research, i.e. electoral accountability and electoral integrity. For this reason, the consequences of electoral integrity are analysed as: the influence of election quality on economic performance voting; its direct effect on incumbent vote; the conditional effect of the contextual variables already included in Chapter 3. The statistical analysis shows that even though economy still represents the main dimension of government performance affecting electoral accountability, the quality of electoral procedures has a significant effect as well. As for economic voting, electoral integrity performance voting turns to be not at all independent by specific aspects of the political context such as government clarity, media freedom and, in addition, party system fragmentation. Finally, Chapter 5 collects and discusses possible implications of the findings in the previous chapters by inquiring to what degree and how electoral accountability works in Central and Eastern Europe and concludes with limitations of the study and suggestions for improving further research.This PhD thesis analyses patterns of electoral accountability in eleven Central and Eastern European countries between 1993 and 2015. Four research questions drove it: How to conceptualize and measure electoral accountability? What are the dynamics that explain variation in the extent to which citizens in Central and Eastern Europe are able to hold politicians accountable at elections? What are the consequences of variation in the systemic characteristics for the degree to which elections generate government accountability? What is the role of electoral integrity in shaping electoral accountability in these young democracies? Chapter 1 presents the theoretical framework and a review of the literature on the quality of democracy and electoral accountability, proposing a conceptualization of the dependent variable as grounded in the literature. The chapter ends presenting the research questions that guide the thesis. Chapter 2 furnishes a first attempt to study variation in electoral accountability across countries and, above all, to explain why the cost of governing in the region is so heavy in terms of electoral punishment. This preliminary analysis is conducted through the presentation of descriptive statistics and some brief descriptive case studies in the attempt to give some useful insights for the empirical analysis conducted in the following chapters. In Chapter 3 the traditional assumptions of economic voting theory and the influence of political contexts – i.e. government clarity of responsibility, party system fragmentation, nature of the electoral system and media freedom – on electoral accountability are tested. We also test the different intensity of these effects before and after accession to the European Union and the onset of the economic crisis in 2008. Chapter 4 represents the core of the thesis where we try to bridge two field of research, i.e. electoral accountability and electoral integrity. For this reason, the consequences of electoral integrity are analysed as: the influence of election quality on economic performance voting; its direct effect on incumbent vote; the conditional effect of the contextual variables already included in Chapter 3. The statistical analysis shows that even though economy still represents the main dimension of government performance affecting electoral accountability, the quality of electoral procedures has a significant effect as well. As for economic voting, electoral integrity performance voting turns to be not at all independent by specific aspects of the political context such as government clarity, media freedom and, in addition, party system fragmentation. Finally, Chapter 5 collects and discusses possible implications of the findings in the previous chapters by inquiring to what degree and how electoral accountability works in Central and Eastern Europe and concludes with limitations of the study and suggestions for improving further research.LUISS PhD Thesi

Norme internazionali sulla corruzione e responsabilità d'impresa: aspetti sostanziali e processuali

This work relates to the criminal responsibility and international corruption in own substantive and procedural profiles. The survey begins with the delineation of the relevant regulatory framework, examining especially the Leg. decree June 8, 2001, n. 231. The examination, doctrinal and jurisprudential, of this legislative text will focus on what is most important in the evaluation of the concrete company criminal responsibility, that is the objective and subjective criteria debit and organizational models. In Chapter II, attention will be paid to an important profile, consistent in an analysis of company criminal proceedings. This argument constitutes, for relevance and amplitude, an issue which can’t be synthesized in a few tens of pages. That is why the above comments will aim to highlight the most interesting and the most debated questions of law of latest years. They are the quaestiones relating to legal representation or to the various cases of incompatibility, including those concerning incompatibilities of defendant representative of the presupposed offense and the incompatibility with the position of witness. In Chapter III, however, always taking as a benchmark the case of international corruption, we will analyze the legislation on precautionary measures. They will be evaluated in reference to multiple profiles, such as, for example, the application requirements, the application procedure and the role of the adversarial principle. Finally, the last chapter will examines another question subject of a lively debate in law, the action of liability against defendant institution. These reflections in the course of work will be referred to the case of corruption, long regarded as a purely national phenomenon. Today, however, it had ripened, in the context of international relations, awareness of how the corruption of public officials in international business transactions represents, in any case, not only a form of unfair competition, but also an obstacle to economic competitiveness as well to negatively affect business efficiency and on the financial development of a country. This awareness has favored a gradual process of evolution began in the year 1977 with the adoption law US law, the Foreign Corrupt Practices Act. In essence, the aforementioned Act provides for the exercise of extraterritorial jurisdiction by the US courts, in case of commission of a fact integral extremes of "international corruption", regardless of any proceedings initiated against the beneficiaries of corruption on the part of their national state. By the time it has been felt the need to regulate the phenomenon of corruption in a way also specifies under international agreements, through the conclusion of major multilateral conventions, like as the OECD Convention on combating bribery of foreign public officials in international business transactions, signed in 1977, which marked, in the internationalist, the end of an era, characterized by a non-run always transparent economic operations or again, the Convention on the fight against corruption involving officials of the European Communities or officials of the EU member states, signed in 1997, or to the latest United Nations Convention against Corruption, signed in 2003.This work relates to the criminal responsibility and international corruption in own substantive and procedural profiles. The survey begins with the delineation of the relevant regulatory framework, examining especially the Leg. decree June 8, 2001, n. 231. The examination, doctrinal and jurisprudential, of this legislative text will focus on what is most important in the evaluation of the concrete company criminal responsibility, that is the objective and subjective criteria debit and organizational models. In Chapter II, attention will be paid to an important profile, consistent in an analysis of company criminal proceedings. This argument constitutes, for relevance and amplitude, an issue which can’t be synthesized in a few tens of pages. That is why the above comments will aim to highlight the most interesting and the most debated questions of law of latest years. They are the quaestiones relating to legal representation or to the various cases of incompatibility, including those concerning incompatibilities of defendant representative of the presupposed offense and the incompatibility with the position of witness. In Chapter III, however, always taking as a benchmark the case of international corruption, we will analyze the legislation on precautionary measures. They will be evaluated in reference to multiple profiles, such as, for example, the application requirements, the application procedure and the role of the adversarial principle. Finally, the last chapter will examines another question subject of a lively debate in law, the action of liability against defendant institution. These reflections in the course of work will be referred to the case of corruption, long regarded as a purely national phenomenon. Today, however, it had ripened, in the context of international relations, awareness of how the corruption of public officials in international business transactions represents, in any case, not only a form of unfair competition, but also an obstacle to economic competitiveness as well to negatively affect business efficiency and on the financial development of a country. This awareness has favored a gradual process of evolution began in the year 1977 with the adoption law US law, the Foreign Corrupt Practices Act. In essence, the aforementioned Act provides for the exercise of extraterritorial jurisdiction by the US courts, in case of commission of a fact integral extremes of "international corruption", regardless of any proceedings initiated against the beneficiaries of corruption on the part of their national state. By the time it has been felt the need to regulate the phenomenon of corruption in a way also specifies under international agreements, through the conclusion of major multilateral conventions, like as the OECD Convention on combating bribery of foreign public officials in international business transactions, signed in 1977, which marked, in the internationalist, the end of an era, characterized by a non-run always transparent economic operations or again, the Convention on the fight against corruption involving officials of the European Communities or officials of the EU member states, signed in 1997, or to the latest United Nations Convention against Corruption, signed in 2003.LUISS PhD Thesi

Fiscal policy coordination and government debt deleveraging in the EMU

In Chapter 1 I explain my motivation for the topic and review some literature on Fiscal Policy Coordination in Currency Unions, in particular in the European Economic and Monetary Union (EMU). The EMU is a perfect case study for this key issue, which has been covered more and more by the recent literature. Fiscal Policy Coordination was initially discussed by the seminal article of Mundell (1961), where one of the successful criteria of an Optimum Currency Area (OCA) was shown to be a risk-sharing system like fiscal transfers that redistribute money to areas adversely affected by shocks. This motivates the creation of a Fiscal Union inside a Currency Union like the EMU, and can be seen as an extreme case of Fiscal Policy Coordination. I also suggest some questions and avenues of research, which guide my work. In Chapter 2 we build a Two-Country Open-Economy New-Keynesian DSGE model of a Currency Union to study the effects of fiscal policy coordination, by evaluating the stabilization properties of different degrees of fiscal policy coordination, in a setting where the union-wide monetary policy affects fiscal policies and viceversa, because of price rigidities and distortionary taxation. We calibrate the model to represent two groups of countries in the European Economic and Monetary Union and run numerical simulations of the model under a range of alternative shocks and under alternative scenarios for fiscal policy. We also compare welfare under the different scenarios, bringing to policy conclusions for the proper macroeconomic management of a Currency Union. We find that: a) coordinating fiscal policy, by targeting net exports rather than output, produces more stable dynamics, b) consolidating government budget constraints across countries and moving tax rates jointly provides greater stabilization, c) taxes on labour income are exponentially more distortionary than taxes on firm sales. Our policy prescriptions for the Eurozone are then to use fiscal policy to reduce international demand imbalances, either by stabilizing trade ows across countries or by creating some form of fiscal union or both, while avoiding the excessive use of labour taxes, in favour of sales taxes. In Chapter 3 we build a Two-Country Open-Economy New-Keynesian DSGE model of a Currency Union with a debt-elastic government bond spread in an incomplete market setting, to study the effects of government debt deleveraging, by evaluating the stabilization properties of different deleveraging rules, in a setting where the union-wide monetary policy affects fiscal policies and viceversa, because of price rigidities and distortionary taxation. We calibrate the model to represent two groups of countries in the European Monetary Union and run numerical simulations under a range of alternative shocks and under alternative scenarios for government debt deleveraging. We also compare welfare under the different scenarios, bringing to policy conclusions for the proper government debt management in a Currency Union. We find that: a) backloading deleveraging or reducing its speed provides more stabilization to the economy, b) taxes are the instrument for deleveraging which stabilizes the economy the most, c) coordinating fiscal policy by targeting the net exports gap, instead of the output gap, increases volatility with incomplete markets, d) the joint movements of the fiscal instruments increases volatility with incomplete markets, although consolidating budget constraints might otherwise smooth distortions. Our policy prescriptions for the Eurozone are then to reduce the speed of deleveraging and to use taxes to achieve it, while reducing domestic demand imbalances and avoiding to form a fiscal union like the one we describe. Once financial markets are completely integrated though, these results are overturned.In Chapter 1 I explain my motivation for the topic and review some literature on Fiscal Policy Coordination in Currency Unions, in particular in the European Economic and Monetary Union (EMU). The EMU is a perfect case study for this key issue, which has been covered more and more by the recent literature. Fiscal Policy Coordination was initially discussed by the seminal article of Mundell (1961), where one of the successful criteria of an Optimum Currency Area (OCA) was shown to be a risk-sharing system like fiscal transfers that redistribute money to areas adversely affected by shocks. This motivates the creation of a Fiscal Union inside a Currency Union like the EMU, and can be seen as an extreme case of Fiscal Policy Coordination. I also suggest some questions and avenues of research, which guide my work. In Chapter 2 we build a Two-Country Open-Economy New-Keynesian DSGE model of a Currency Union to study the effects of fiscal policy coordination, by evaluating the stabilization properties of different degrees of fiscal policy coordination, in a setting where the union-wide monetary policy affects fiscal policies and viceversa, because of price rigidities and distortionary taxation. We calibrate the model to represent two groups of countries in the European Economic and Monetary Union and run numerical simulations of the model under a range of alternative shocks and under alternative scenarios for fiscal policy. We also compare welfare under the different scenarios, bringing to policy conclusions for the proper macroeconomic management of a Currency Union. We find that: a) coordinating fiscal policy, by targeting net exports rather than output, produces more stable dynamics, b) consolidating government budget constraints across countries and moving tax rates jointly provides greater stabilization, c) taxes on labour income are exponentially more distortionary than taxes on firm sales. Our policy prescriptions for the Eurozone are then to use fiscal policy to reduce international demand imbalances, either by stabilizing trade ows across countries or by creating some form of fiscal union or both, while avoiding the excessive use of labour taxes, in favour of sales taxes. In Chapter 3 we build a Two-Country Open-Economy New-Keynesian DSGE model of a Currency Union with a debt-elastic government bond spread in an incomplete market setting, to study the effects of government debt deleveraging, by evaluating the stabilization properties of different deleveraging rules, in a setting where the union-wide monetary policy affects fiscal policies and viceversa, because of price rigidities and distortionary taxation. We calibrate the model to represent two groups of countries in the European Monetary Union and run numerical simulations under a range of alternative shocks and under alternative scenarios for government debt deleveraging. We also compare welfare under the different scenarios, bringing to policy conclusions for the proper government debt management in a Currency Union. We find that: a) backloading deleveraging or reducing its speed provides more stabilization to the economy, b) taxes are the instrument for deleveraging which stabilizes the economy the most, c) coordinating fiscal policy by targeting the net exports gap, instead of the output gap, increases volatility with incomplete markets, d) the joint movements of the fiscal instruments increases volatility with incomplete markets, although consolidating budget constraints might otherwise smooth distortions. Our policy prescriptions for the Eurozone are then to reduce the speed of deleveraging and to use taxes to achieve it, while reducing domestic demand imbalances and avoiding to form a fiscal union like the one we describe. Once financial markets are completely integrated though, these results are overturned.LUISS PhD Thesi

Labor law, economics and regulation: Italy and Spain: comparing models in the European framework

The work here presented wishes to propose a critical and reasoned reflection about the relationship between labor law and economics in a continuously changing international scenario. The theme can certainly be inserted among the “classic” ones, because it faces one of the most fascinating issues labor law – as a subject – places when it projects itself outside its natural conceptual perimeter. The research object is in fact based on a critical reflection around the vexata quaestio of the relationship between the juridical-labor law sphere and the economic dimension of reference. More in detail, in this general framework, we carry out a research which thrusts down its roots in an organic analysis of the theoretical positions of law and labor economics, in order to develop a synergic argument which can possibly be advantageous in both research ambits. With the present work, we wish therefore to test the holding of the relationship between the two spheres of knowledge considered, also in the perspective of the elaboration of hermeneutic contributions useful for a possible re-conceptualization of labor law, partially imposed by the morphological change of the socio-economic contexts of reference. Following a logical sequence, the present work is structured in five conceptually autonomous chapters, which however permeate each other and are conceived in a indissoluble unitary dimension in order to guarantee systematic coherence to the research. In detail, moving from a careful reflection about the “crisis” of labor law considered by itself and in its interaction with economics, attention is placed on the intrinsically conflictual and dualistic nature of the subject, in its being a projection of the pair “capital/work”. After some unavoidable methodological considerations, useful for an analytical-conceptual reflection, we then highlight the elements of interest deriving from the comparison between and the balancing of economic and social rationality, economic factuality and juridical “evaluation”. From a methodological point of view, the logical and scientific assumption of the research is the firm conviction that only through a systemic approach, characterized by a strong comparative and multidisciplinary framework, it is possible to carefully analyze the current structure and configuration of the relationship between labor law and economics in order to outline in particular the boundaries of future perspectives of development. A clear reconstruction of a suitable method to rationalize the dialectic process between cognitive openness and juridical reconceptualization is indeed inescapable. The use of the comparison – contextualized and teleologically addressed to give the work an appreciable hermeneutic contribution – is thus considered the privileged, functional research method. The labor law systems compared – as shown in the body of the present work – are those of Italy and Spain, because of the proximity of the regulatory paths explored from time to time and of the convergence resulting also from recent reforms. Hence, looking at the paradigmatic institutes of the impact of the economic sphere on juridical regulations, the concrete relationship between economics and labor law is in particular considered with specific reference to the worker’s tasks (and demotion/deskilling), also as a consequence of the recent legislative reforms, which have been introduced in the two legal systems object of comparison. In addition, special consideration is reserved to the concept of “flexibility”, to the specular notion of “security”, and to the boundaries of the concept of “flexicurity”, in the scenario of a European labor law undergoing a deep change in the search of a possible new balance. Exactly the search of a new adjustment between the different interests involved in present-day labor law relationships finds in an axiological framework of values the natural landing of the research path here briefly presented. In the conclusions of the present work, we propose some targeted reflections about the urgent need to “return” to the principles and the values which have represented the essence of the subject, yesterday as today. Labor regulation, in relation to economic efficiency and to the requests of deregulation coming from the market, cannot leave aside the rediscovery of the table of values of reference and the balancing of the different interests involved.The work here presented wishes to propose a critical and reasoned reflection about the relationship between labor law and economics in a continuously changing international scenario. The theme can certainly be inserted among the “classic” ones, because it faces one of the most fascinating issues labor law – as a subject – places when it projects itself outside its natural conceptual perimeter. The research object is in fact based on a critical reflection around the vexata quaestio of the relationship between the juridical-labor law sphere and the economic dimension of reference. More in detail, in this general framework, we carry out a research which thrusts down its roots in an organic analysis of the theoretical positions of law and labor economics, in order to develop a synergic argument which can possibly be advantageous in both research ambits. With the present work, we wish therefore to test the holding of the relationship between the two spheres of knowledge considered, also in the perspective of the elaboration of hermeneutic contributions useful for a possible re-conceptualization of labor law, partially imposed by the morphological change of the socio-economic contexts of reference. Following a logical sequence, the present work is structured in five conceptually autonomous chapters, which however permeate each other and are conceived in a indissoluble unitary dimension in order to guarantee systematic coherence to the research. In detail, moving from a careful reflection about the “crisis” of labor law considered by itself and in its interaction with economics, attention is placed on the intrinsically conflictual and dualistic nature of the subject, in its being a projection of the pair “capital/work”. After some unavoidable methodological considerations, useful for an analytical-conceptual reflection, we then highlight the elements of interest deriving from the comparison between and the balancing of economic and social rationality, economic factuality and juridical “evaluation”. From a methodological point of view, the logical and scientific assumption of the research is the firm conviction that only through a systemic approach, characterized by a strong comparative and multidisciplinary framework, it is possible to carefully analyze the current structure and configuration of the relationship between labor law and economics in order to outline in particular the boundaries of future perspectives of development. A clear reconstruction of a suitable method to rationalize the dialectic process between cognitive openness and juridical reconceptualization is indeed inescapable. The use of the comparison – contextualized and teleologically addressed to give the work an appreciable hermeneutic contribution – is thus considered the privileged, functional research method. The labor law systems compared – as shown in the body of the present work – are those of Italy and Spain, because of the proximity of the regulatory paths explored from time to time and of the convergence resulting also from recent reforms. Hence, looking at the paradigmatic institutes of the impact of the economic sphere on juridical regulations, the concrete relationship between economics and labor law is in particular considered with specific reference to the worker’s tasks (and demotion/deskilling), also as a consequence of the recent legislative reforms, which have been introduced in the two legal systems object of comparison. In addition, special consideration is reserved to the concept of “flexibility”, to the specular notion of “security”, and to the boundaries of the concept of “flexicurity”, in the scenario of a European labor law undergoing a deep change in the search of a possible new balance. Exactly the search of a new adjustment between the different interests involved in present-day labor law relationships finds in an axiological framework of values the natural landing of the research path here briefly presented. In the conclusions of the present work, we propose some targeted reflections about the urgent need to “return” to the principles and the values which have represented the essence of the subject, yesterday as today. Labor regulation, in relation to economic efficiency and to the requests of deregulation coming from the market, cannot leave aside the rediscovery of the table of values of reference and the balancing of the different interests involved.LUISS PhD Thesi

Understanding the relevance of knowledge flows: how to realize the benefits of knowledge transfer processes

Managing and exploiting knowledge flows is an imperative for all firms. Scholars, practitioners, and analysts agree on the importance of production, diffusion, and use of knowledge as the most relevant drivers of the world economy. Being knowledge tacit or explicit, organizations need to recognize it as a valuable resource and tap into the collective intelligence and skills of employees in order to create a greater organizational knowledge base and remain competitive in the global marketplace. Consistently, investigating knowledge, how this may be accumulated and then used as well as its consequences for individual and organizational performance is still a hot topic in several fields of research. Starting from this premise, this dissertation proposes four studies on different yet interrelated knowledge-related topics. They are categorized into three research areas: cognition in knowledge-based processes, knowledge sharing and knowledge transfer, and knowledge utilization. Cognition in knowledge-based processes is addresses by Chapter 3, which links boundary spanning literature with top management teams’ members interacting with both internal and external networks. The second research area (i.e., knowledge sharing and knowledge transfer) has led to the development of Chapter 4 and Chapter 5 which respectively investigate the organizational antecedents to employees’ knowledge sharing behaviors and vicarious learning among companies engaging in licensing agreements. Knowledge utilization is examined in Chapter 6, whose purpose is to explore the effect of individual creativity and job design dimensions on employees’ orientation toward using the already available knowledge. See Table 1 here below for an outline of the thesis.Managing and exploiting knowledge flows is an imperative for all firms. Scholars, practitioners, and analysts agree on the importance of production, diffusion, and use of knowledge as the most relevant drivers of the world economy. Being knowledge tacit or explicit, organizations need to recognize it as a valuable resource and tap into the collective intelligence and skills of employees in order to create a greater organizational knowledge base and remain competitive in the global marketplace. Consistently, investigating knowledge, how this may be accumulated and then used as well as its consequences for individual and organizational performance is still a hot topic in several fields of research. Starting from this premise, this dissertation proposes four studies on different yet interrelated knowledge-related topics. They are categorized into three research areas: cognition in knowledge-based processes, knowledge sharing and knowledge transfer, and knowledge utilization. Cognition in knowledge-based processes is addresses by Chapter 3, which links boundary spanning literature with top management teams’ members interacting with both internal and external networks. The second research area (i.e., knowledge sharing and knowledge transfer) has led to the development of Chapter 4 and Chapter 5 which respectively investigate the organizational antecedents to employees’ knowledge sharing behaviors and vicarious learning among companies engaging in licensing agreements. Knowledge utilization is examined in Chapter 6, whose purpose is to explore the effect of individual creativity and job design dimensions on employees’ orientation toward using the already available knowledge. See Table 1 here below for an outline of the thesis.LUISS PhD Thesi

The perspectives of the EU‘s specialization in civilian crisis management under the CSDP mechanism: discursive institutionalist analysis

Institutionalist approaches to crisis management: discursive institutionalism: CSDP, NATO and EU as a regional and global actor. A long story of a young CSDP: European “puissance” in practice. Case studies: theory under Test.Institutionalist approaches to crisis management: discursive institutionalism: CSDP, NATO and EU as a regional and global actor. A long story of a young CSDP: European “puissance” in practice. Case studies: theory under Test.LUISS PhD Thesi

Brevetti e standard: economia dell'innovazione

The intersection between law and economics offers new opportunities of knowledge and different perspectives to approach the relationship between competition law and intellectual property law. In this context, this work aims to analyze the phenomenon of patent hold-up in the IT market under both economic and legal dimension and to propose a set of modular solutions consistent with the results of this mixed analysis. The research was carried out following a "pyramidal" approach: from the studying of the innovative phenomenon in the history of economics, the scope of investigation narrowed towards the structure of the IT market and the subjects operating therein, up to investigate the suitability of existing instruments - and, in particular, those of competition law – in order to remedy opportunistic patent exploitations (patent hold-up). Economic and legal framework showed that patent hold-up is a specific issue of the IT market and exploits its features; therefore, sector-specific solutions and economically oriented remedies have been suggested in the proposals (chapter 5 and conclusions). All the solutions offered here move from the assumption that any intervention to be effective, must also be the least invasive as possible and exploit the same physiological features of IT market, that gave rise to opportunistic behaviors. The implications of this work, and the solutions and remedies it offers, are suitable for being implemented in the new context of the Unified Patent Court, which could also be considered a first testing ground for a European common approach to the problem of patent hold-up.The intersection between law and economics offers new opportunities of knowledge and different perspectives to approach the relationship between competition law and intellectual property law. In this context, this work aims to analyze the phenomenon of patent hold-up in the IT market under both economic and legal dimension and to propose a set of modular solutions consistent with the results of this mixed analysis. The research was carried out following a "pyramidal" approach: from the studying of the innovative phenomenon in the history of economics, the scope of investigation narrowed towards the structure of the IT market and the subjects operating therein, up to investigate the suitability of existing instruments - and, in particular, those of competition law – in order to remedy opportunistic patent exploitations (patent hold-up). Economic and legal framework showed that patent hold-up is a specific issue of the IT market and exploits its features; therefore, sector-specific solutions and economically oriented remedies have been suggested in the proposals (chapter 5 and conclusions). All the solutions offered here move from the assumption that any intervention to be effective, must also be the least invasive as possible and exploit the same physiological features of IT market, that gave rise to opportunistic behaviors. The implications of this work, and the solutions and remedies it offers, are suitable for being implemented in the new context of the Unified Patent Court, which could also be considered a first testing ground for a European common approach to the problem of patent hold-up.LUISS PhD Thesi

La tassatività delle ipotesi di impugnazione del lodo rituale e l'errore di fatto degli arbitri

La stabilità del lodo nel sistema delle impugnazioni. Profili comparatistici. Tassatività e altri limiti alla impugnazione del lodo arbitrale. La revocazione ordinaria, in particolare l'errore di fatto dell'arbitro: limiti ed aperture per una critica coerente con le esigenze di tutela delle parti.La stabilità del lodo nel sistema delle impugnazioni. Profili comparatistici. Tassatività e altri limiti alla impugnazione del lodo arbitrale. La revocazione ordinaria, in particolare l'errore di fatto dell'arbitro: limiti ed aperture per una critica coerente con le esigenze di tutela delle parti.LUISS PhD Thesi