ESTIMATING CORE INFLATION IN NORWAY

Central banks are continually considering the problem of how to identify which price changes should be considered permanent and which entirely temporary. Indeed, due to the delayed effect that monetary policy uses to put its choices into action, a wrong valuation of the type of inflation can prove extremely costly for the economy and does not produce the desired results. Since price indexes (as CPI) deliver a distorted picture of underlying inflation, it is necessary to devise a more appropriate target for monetary policy. The need to find a good measure for the latter variable becomes more marked when the central bank adopts price stability as the overriding aim of monetary policy. In this paper we apply the Quah and Vahey (1995) methodology to Norway, oil producing OECD country, and derive measures of core inflation by imposing restrictions from economic theory within the context of a multivariate econometric analysis. To estimate long-term movements of inflation, we present two models that enable the distinction between core and non-core inflation and also between domestic and imported inflation. We conclude that in all the models presented core inflation is a �prime mover� of inflation.Core inflation, Monetary Policy, Norway

The evolutionary dynamics of tolerance

This paper incorporates the phenomenon of tolerance, as the ability to accept diversity, into an economic analysis showing how different aptitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that agents attribute to their own nature and to the institutional parameters in their utility function. We thus construct a model of overlapping generations, showing that the incentives that influence descendants’ predisposition to tolerance depend on both institutional factors, where behaviour is imposed by rules, and on social (or cultural) factors, found in popular customs and established traditions. Our study highlights the absolute impossibility of affirming tolerance through formal rules. In fact, intolerance is a persistent attitude and its control is only possible through constant and continuous interventions on the educational processes of new generations (intolerance trap).Tolerance; Evolutionary dynamics; Imperfect empathy

Macroeconomic Modelling and the Effects of Policy Reforms: an Assessment for Italy using ITEM and

In this paper we compare the dynamic properties of the Italian Treasury Econometric Model (ITEM) with those of QUEST III, the endogenous growth model of the European Commission (DG ECFIN) in the version calibrated for Italy. We consider an array of shocks often examined in policy simulations and investigate their implications on macro variables. In doing so, we analyse the main transmission channels in the two models and provide a comparative assessment of the magnitude and the persistence of the effects, trying to ascertain whether the responses to shocks are consistent with the predictions of economic theory. We show that, despite substantial differences between the two models, the responses of the key variables are qualitatively similar when we consider competition enhancing policies and labour productivity improvements. On the other hand, we observe quantitative disparities between the two models, mainly due to the forward-looking behaviour and the endogenous growth mechanism incorporated into the QUEST model but not in ITEM. The simulation results show that Quest III is a powerful tool to capture the effects of structural economic reforms, like competitionenhancing policies or innovation-promoting policies. On the other hand, owing to the breakdown of fiscal variables in a large number of components, ITEM is arguably more suitable for the quantitative evaluation of fiscal policy and the study of the impact of reforms on the public sector balance sheet.Economic Modelling, DSGE, Structural Reforms, Italy

The Evolutionary Dynamics of Tolerance

This paper incorporates the phenomenon of tolerance into an economic analysis, showing how different attitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that agents attribute to their own nature and to the institutional parameters in their utility function. We thus construct an overlapping generations model (OLG), showing that the incentives that influence descendants’ predisposition to tolerance depend on both institutional factors, where behaviour is imposed by rules, and on social (or cultural) factors, found in popular customs and established traditions. Our study highlights the absolute impossibility of affirming tolerance through formal rules. In fact, we show that intolerance emerges as persistent attitude (intolerance trap) and its control is only possible through constant and continuous interventions on the educational processes of new generations.JEL Classification: D1, Z1 Theoretical and Practical Research in Economic Fields is indexed in IndexCopernicus, EBSCO, RePEC and in CEEOL databas

Optimal Fiscal Policy in a Simple Macroeconomic Context

This article derives optimal fiscal rules within a stochastic model of Keynesian type in the context of Poole (1970) analysis. By using optimal control theory and applying the Hamilton-Jacoby-Bellman equation, we extend the original Poole results concerning the output stabilization properties of monetary policy to the case of fiscal policy. In particular, we look for the optimal setting of government expenditure and lump-sum taxation in the case that the fiscal authority wishes to keep the product close to a reference value and that the economy is assumed to be affected by stochastic disturbances of real and/or monetary type. According to the findings an optimal government expenditure rule is on average preferable to a taxation rule whatever the source of disturbances

The Evolutionary Dynamics of Tolerance

This paper incorporates the phenomenon of tolerance into an economic analysis, showing how different attitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that agents attribute to their own nature and to the institutional parameters in their utility function. We thus construct an overlapping generations model (OLG), showing that the incentives that influence descendants’ predisposition to tolerance depend on both institutional factors, where behaviour is imposed by rules, and on social (or cultural) factors, found in popular customs and established traditions. Our study highlights the absolute impossibility of affirming tolerance through formal rules. In fact, we show that intolerance emerges as persistent attitude (intolerance trap) and its control is only possible through constant and continuous interventions on the educational processes of new generations.JEL Classification: D1, Z1 Theoretical and Practical Research in Economic Fields is indexed in IndexCopernicus, EBSCO, RePEC and in CEEOL databas

A stochastic estimated version of the Italian dynamic General Equilibrium Model (IGEM)

We estimate with Bayesian techniques the Italian dynamic General Equilibrium Model (IGEM), which has been developed at the Italian Treasury Department, Ministry of Economy and Finance, to assess the effects of alter-native policy interventions. We analyze and discuss the estimated effects of various shocks on the Italian economy. Compared to the calibrated version used for policy analysis, we find a lower wage rigidity and higher adjustment costs. The degree of prices and wages indexation to past inflation is much smaller than the indexation level assumed in the calibrated model. No substantial difference is found in the estimated monetary parameters. Estimated fiscal multipliers are slightly smaller than those obtained from the calibrated version of the model

The evolutionary dynamics of tolerance

This paper incorporates the phenomenon of tolerance, as the ability to accept diversity, into an economic analysis showing how different aptitudes to trust and cooperation can affect economic outcomes. In the economic system we propose, tolerance is associated with the different weight that agents attribute to their own nature and to the institutional parameters in their utility function. We thus construct a model of overlapping generations, showing that the incentives that influence descendants’ predisposition to tolerance depend on both institutional factors, where behaviour is imposed by rules, and on social (or cultural) factors, found in popular customs and established traditions. Our study highlights the absolute impossibility of affirming tolerance through formal rules. In fact, intolerance is a persistent attitude and its control is only possible through constant and continuous interventions on the educational processes of new generations (intolerance trap)

ANALISI ECONOMICA RETROSPETTIVA SULLE MISURE DI CONTENIMENTO DELLA SPESA FARMACEUTICA DELL’ASP 1 DI AGRIGENTO RELATIVE AL TRIENNIO 2010/2011/2012

Introduzione. Le misure di contenimento della spesa farmaceutica sono state le principali prerogative previste dal Piano di Rientro della Regione Sicilia ( adempimento A.1.2), in tal senso le realtà delle singole ASP si sono adeguate alle direttive regionali mostrando una classifica tra le Asp siciliane che vedono come protagonista virtuosa l’Asp di Agrigento, prima in classifica. La disamina dei dati fa riferimento al triennio 2010/2011/2012. Materiali e metodi. La rilevazione concerne farmaci rimborsati dal SSN ed erogati tramite canale convenzionale privato, farmaci distribuiti direttamente e quelli utilizzati in ambito ospedaliero nel triennio 2010/2011/2012, attraverso report sulla spesa farmaceutica della regione Sicilia. Risultati. Nel 2010 la spesa farmaceutica annua è stata per l’ASP 1 di Agrigento di € 102.942.864,99, questa grazie all’incremento della distribuzione diretta, di cui al PHT D.A.2205/08 attraverso l’introduzione di molecole appartenenti alla categoria N05A (l’11,03 % della spesa totale nell’anno 2011) secondi solo agli antianemici categoria B03X (26,93 % della spesa totale) già presenti nel 2010. La spesa della distribuzione diretta nel 2011 è stata di € 13.973.336,60 mentre la distribuzione attraverso le farmacie private avrebbe fatto lievitare la spesa totale a € 25.006.073,81 nel 2012 invece l’importo è stato di € 14.953.719,04 ed attraverso il canale privato convenzionato avremmo avuto un costo di € 29.530.504,13 . La spesa totale dell’Asp è passata dunque da € 102.942.864,99 nel 2010, a € 92.883.552,99 nel 2011, a € 91.128.889,13 nel 2012. Conclusioni. Le misure adottate per il contenimento della spesa hanno previsto l’introduzione a partire dal 2011 degli antipsicotici atipici, ed il potenziamento del primo ciclo di terapia per il periodo susseguente alla dimissione ospedaliera in base ai criteri dettati dal D.A. 0150/08 portando l’ASP di Ag ad essere tra le più virtuose della regione Sicilia passando dunque dalla sesta posizione in classifica nel 2010 alla prima nel 2012 con un risparmio pari al 11,48 %, il passaggio degli antipsicotici è stato dettato anche dalla necessità dei pazienti che hanno nell’essere sottoposti a controlli periodici da parte degli specialisti ma anche alla valutazione dell’appropriatezza prescrittiva che in quest’ultimo caso è affidato al farmacista ospedaliero. Un altro obiettivo dell’ASP 1 di Agrigento mirato ad un ulteriore contenimento della spesa è quello di estendere la distribuzione diretta anche alla prescrizione successiva ad ogni visita specialistica ambulatoriale

Practice patterns and 90-day treatment-related morbidity in early-stage cervical cancer

To evaluate the impact of the Laparoscopic Approach to Cervical Cancer (LACC) Trial on patterns of care and surgery-related morbidity in early-stage cervical cancer