On the 'conquest' of inflation

Sargent (1999) warns that if policymakersÂ’ views on the unemployment - inflation tradeoff are driven by empirical correlations rather than theory, disinflations (escapes from high to low inflation) may periodically occurr but are not bound to last. This paper asks how different inflation objectives on the part of the policymaker affect this result. We show that escapes in the neighborhood of zero inflation are less frequent and have a shorter duration as policy objectives become more inflation-averse. A sufficiently (but not infinitely) inflationaverse policymaker never escapes Nash inflation and, on average, yields a lower inflation rate.inflation bias, disinflation, learning, conservative bankers

Oil and the macroeconomy: a quantitative structural analysis

We consider an economy in which the oil costs, industrial production, and other macroeconomic variables fluctuate in response to fundamental domestic and external demand and supply shocks. We estimate the effects of these structural shocks on US monthly data for the 1973.1-2007.12 period using robust sign restrictions suggested by theory. The interplay between the oil market and the US economy goes in both directions. About 20% of changes in the cost of oil come in response to US aggregate demand shocks, while shocks originating in the oil market also affect the US economy, the impact depending on the nature of the shock: a negative oil supply shock reduces US output, whereas a positive oil demand shock has a positive and persistent effect on GDP.Business cycle; Oil prices; Structural VAR

Biological variation: back to basics

Biological variation: back to basics

In mezzo al guado. La governance subregionale tra «vecchie» province e «nuove» aree vaste

An ongoing change in regional governance triggered by the Delrio Law (No. 56/2014) led to a differentiated landscape across the country. This reshaping consists more in provisional, inertial and somehow random tendencies than in governance models that are consolidating. What emerges is a not homogeneous system under a variable geometry. The final result is that although transitional, these governance models can mark a divide be-tween first movers – which started a rescaling process – and late comer regions – which did not and thus lag behind, still in midstream. Yet, like all policy legacies, this divide can significantly impact future centre-periphery relations

Dealing with minor illnesses: the link between primary care characteristics and First Aid Clinics’ attendancesA

The reformulation of existing boundaries between primary and secondary care, in order to shift selected services traditionally provided by Emergency Departments to community-based alternatives has determined a variety of organisational solutions aimed at reducing the ED overcrowding. One innovative change has been the introduction of fast-track systems for minor injuries or illnesses, whereby community care providers are involved in order to divert patients away from EDs. These facilities offer an open-access service for patients not requiring hospital treatments, and may be staffed by nurses and/or primary care general practitioners operating within, or alongside, the ED. To date little research has been undertaken on such experiences. To fill this gap, we analyse a First-aid clinic (FaC) in the Italian city of Parma, consisting of a minor injury unit located alongside the teaching hospital’s ED. We examine the link between the utilisation rates of the FaC and primary care characteristics, focusing on the main organisational features of the practices and estimating panel count data models for 2007-2010. Our main findings indicate that the younger cohorts are heavy users of the FaC and that the extension of practice opening hours significantly lowers the number of attendances, after controlling for GP’s and practice’s characteristics

Individual Insurance Risk Propensity and Non-Mandatory Insurance Products Purchases: Evidence from Italy

Based on a representative sample of Italian adults, this study aims to investigate the socio-demographic and socio-economic characteristics and the level of insurance knowledge influencing individual insurance risk propensity. Furthermore, it tests whether these factors influence the purchase of three non-mandatory insurance products, one comprising non-life insurance and for two life insurance. The obtained results demonstrate that there is no perfect relationship between determinants of individual insurance risk propensity and non-mandatory insurance product purchases. Specifically, the purchaser’s level of insurance knowledge does not influence insurance risk propensity but does influence the purchase of non-mandatory insurance products. This paper adds to the literature on the topic considering non-mandatory insurance products, studies being very rare, especially with reference to non-life insurance products. These results may assist policymakers and institutions in identifying areas of intervention and appropriate communication levers to direct attention toward the voluntary purchase of insurance products

Switch-out and switch-in: what motivates the decision makers in Italian occupational pension funds?

To switch presumes two kinds of transactions carried out by the same person: on the one hand, the decision to exit an investment line (switch-out) and, on the other hand, the decision to enter into a new investment line (switch-in). What motivates the decision makers? This paper, considering a sample of Italian occupational pension funds, investigates the impact of short-term and long-term performance on the switch decision process and whether the same performance can lead investors to make opposite switch decisions. Some irrational behaviors are identified

The Role of Wealth in Gain and Loss Perception: An Empirical Analysis

People with significantly different initial starting capitals may perceive gains and losses differently. In order to test this hypothesis, we consider and compare two samples of investors: retail investors as those with a maximum of €500,000 worth of assets under management (AUM) and private investors as those with more than €500,000 AUM. Based on the answers obtained from specifically devised questionnaires, we test the differences in gain and loss perception and check the level of satisfaction/dissatisfaction in situations of gain and loss. The results obtained demonstrate that private and retail investors perceive gains and losses differently

Non-home biased individuals’ investment choices: the role of the birthplace of investors

This paper investigates the determinants of non-home biased investment behaviour among individual investors, focusing on birthplace as an explanatory factor. Using microdata from the 2022 wave of the Bank of Italy’s Household Income and Wealth Survey, which distinguishes Italian citizens born in Italy from those born abroad but living in Italy, a two-stage Heckman selection model is implemented to explore both the likelihood of investing in foreign assets and the extent of such investments. The results show that individuals born outside Italy are significantly more likely to invest in foreign securities, underscoring the role of birthplace in reducing home bias. Furthermore, non-home bias is positively associated with higher education levels, greater financial wealth, and higher risk tolerance, while age has a slight negative effect on the proportion of investment made abroad. Interestingly, the analysis reveals a negative relationship between income class and share of foreign investments, suggesting that wealthier individuals may allocate a smaller portion of their portfolios to foreign assets, despite higher participation rates. The analysis contributes to the literature by identifying birthplace as a significant factor shaping investment decisions and extends the understanding of behavioural finance beyond traditional home bias studies. These findings have practical implications for financial advisors and regulators, helping them tailor portfolio recommendations and evaluate investor suitability based on socio-demographic and behavioural characteristics