Inflation targeting and product market deregulation : [Version Januar 2012]

I evaluate the effect of inflation targeting on inflation and how it interacts with product market deregulation during the disinflationary process in the 1990s. Using a sample of 21 OECD countries, I show that, after controlling for product market deregulation, the effect of inflation targeting is quantitatively important and statistically significant. Moreover, product market deregulation also matters in particular in countries that adopted an inflation targeting regime. I propose a New Keynesian Phillips curve with an explicit role for market deregulation to rationalize the empirical evidence

Transparency and emerging market bond spreads : [Version June 2011]

I investigate the effect of transparency on the borrowing costs of Emerging Markets Economies. Transparency is measured by whether or not the countries publish the IMF Article IV Staff report and the Reports on the Observance of Standards and Codes (ROSC). Using difference-in-difference estimation, I study the effect on the sovereign credit spreads for 18 Emerging Market Economies over the period 1999-2007. I show that the effect of publishing the Article IV reports is negligible while publishing the ROSC matters, leading to a reduction in the spreads of over 15% in the samples 1999-2006 and 1999-2007. JEL Classification: F33, F34, G15 Keywords: Sovereign Bond Markets, Transparency, Emerging Market Economie

Climate change and transport infrastructures: State of the art

Transport infrastructures are lifelines: They provide transportation of people and goods, in ordinary and emergency conditions, thus they should be resilient to increasing natural disasters and hazards. This work presents several technologies adopted around the world to adapt and defend transport infrastructures against effects of climate change. Three main climate change challenges have been examined: Air temperatures variability and extremization, water bombs, and sea level rise. For each type of the examined phenomena the paper presents engineered, and architectural solutions adopted to prevent disasters and protect citizens. In all cases, the countermeasures require deeper prediction of weather and climate conditions during the service life of the infrastructure. The experience gained supports the fact that strategies adopted or designed to contrast the effects of climate change on transport infrastructures pursue three main goals: To prevent the damages, protect the structures, and monitor and communicate to users the current conditions. Indeed, the analyses show that the ongoing climate change will increase its impact on transport infrastructures, exposing people to unacceptable risks. Therefore, prevention and protection measures shall be adopted more frequently in the interest of collective safety

Strategic transparency and electoral pressure

This paper investigates how an office-motivated incumbent can use transparency enhancement on public spending to signal his budgetary management ability and win re-election. We show that when the incumbent faces a popular challenger, transparency policy can be an effective signaling device. A more popular challenger can reduce the probability to enhance transparency, while voters can be better off due to a more informative signaling. It is also shown that a higher level of public interest in fiscal issues can increase the probability of enhancing transparency, while voters can be worse off by a less informative signaling

Monetary policy and TIPS yields before the crisis

We make three points. First, the decade before the financial crisis in 2007 was characterized by a collapse in the yield on TIPS. Second, estimated VARs for the federal funds rate and the TIPS yield show that while monetary policy shocks had negligible effects on the TIPS yield, shocks to the latter had one-to-one effects on the federal funds rate. Third, these findings can be rationalized in a New Keynesian model

Road safety analysis of urban roads. Case study of an Italian municipality

Attention to the most vulnerable road users has grown rapidly over recent decades. The experience gained reveals an important number of fatalities due to accidents in urban branch roads. In this study, an analytical methodology for the calculation of urban branch road safety is proposed. The proposal relies on data collected during road safety inspections; therefore, it can be implemented even when historical data about traffic volume or accidents are not available. It permits us to identify geometric, physical, functional, and transport-related defects, and elements which are causal factors of road accidents, in order to assess the risk of death or serious injuries for users. Traffic volume, average speed, and expected consequences on vulnerable road users in case of an accident allow us to calculate both the level of danger of each homogeneous section which composes the road, and the hazard index of the overall branch. A case study is presented to implement the proposed methodology. The strategy proposed by the authors could have a significant impact on the risk management of urban roads, and could be used in decision-making processes to design safer roads and improve the safety of existing roads

Life cycle analysis of road construction and use

Both the construction and use of roads have a range of environmental impacts; therefore, it is important to assess the sources of their burdens to adopt correct mitigation policies. Life cycle analysis (LCA) is a useful method to obtain demonstrable, accurate and non-misleading information for decision-making experts. The study presents a "cradle to gate with options" LCA of a provincial road during 60 year-service life. Input data derive from the bill of quantity of the project and their impacts have been evaluated according to the European standard EN 15804. The study considers the impacts of the construction and maintenance stages, lighting, and use of the vehicles on the built road. The results obtained from a SimaPro model highlight that the almost half of impacts took place during the construction stage rather than the use stage. Therefore, the adoption of environmentally friendly road planning procedures, the use of low-impact procedures in the production of materials, and the use of secondary raw materials could have the largest potential for reducing environmental impacts

Comparative life cycle assessment of lighting systems and road pavements in an Italian twin- tube road tunnel

This work calculates and discusses the Life Cycle Assessment (LCA) of four scenarios composed of two types of road pavements and two types of lighting systems to be built in an Italian twin-tube road tunnel. A 20-year time horizon is adopted to assess the burdens of construction and maintenance of both flexible and rigid pavements and high-pressure sodium (HPS) and lightemitting diode (LED) lamps, traffic, and switching on of lamps. All considered scenarios are comparable with each other in terms of technical performances, but significantly differ regarding their environmental consequences. The geometrical and technical characteristics of the examined scenarios comply with current Italian standards for highways. In all the examined cases, LCA is carried out according to the European standard, EN 15804, and includes 19 impact categories (IC). The analysis demonstrates that the use of more reflecting surface pavement materials (i.e., concrete vs. asphalt) and more performing lighting systems (i.e., LED vs. HPS) can effectively mitigate the deleterious burdens related to road construction, maintenance, and use. For most of the examined ICs, the most environment-friendly scenario has LED lamps and concrete pavement

Airport veer-off risk assessment: An italian case study

The objective of this paper is to assess the veer-off risk of an Italian airport that is characterized for having near 12,000 annual movements. The name of this airport is not disclosed for security purposes. The methodology used followed the principles of probabilistic risk analysis in order to characterize the events and assess the corresponding damages. The study used statistical data about accident reports and local conditions that were collected following the standards of the International Civil Aviation Organization (ICAO). The methodology used in this work complies with the guidelines for the adjustment of lateral runway strips, edited by the Italian Civil Aviation Authority (ENAC). Besides, data available in worldwide databases of airplane accidents were also gathered and included as part of the analysis. The method used to assess the veer-off risk of the airport is consistent with probability and damage quantification methods published in the literature. The main variables considered in the analysis were traffic information, wind conditions, the existence of landsidebuildings adjacent to the runway, and the geotechnical conditions of the subgrade underneath the strip zones. For the assessment of the veer-off risk, the authors used primary data provided by the airport management body within the period 2013-2015 and secondary data available in the literature. The risk of veer-off was calculated in more than 1,500 points around the runway. Besides, the authors proposed maximum allowable risks in different locations, and these values were compared to the actual risk levels previously computed. The results of this comparison suggested that improvements in the soil capacity and/or in the airport management activities might contribute to achieve the proposed allowable risk. The results from this assessment showed that the two critical variables determining the risk of veer-off accidents in the airport under evaluation were wind conditions and the bearing capacity of the soil underneath the strip areas. Also, it was found that the highest veer-off risk level obtained within the Cleared and Graded Area (CGA, part of the runway strip cleared of all obstacles and graded) was 2 10-7, while the lowest level was 3 10-8, which are considered typical risk ranges in airport operations. In general, the results demonstrate that the adopted methodology is a useful tool to evaluate the veer-off risk of a specific airport. Besides, the method allows comparing the actual levels of risk with proposed target levels of safety.Consequently, the quantification of the veer-off risk levels offers the airport management body the possibility of implementing appropriate measurements in those cases where minimum safety requirements are not achieved

Environmental, human health and socio-economic effects of cement powders: The multicriteria analysis as decisional methodology

The attention to sustainability-related issues has grown fast in recent decades. The experience gained with these themes reveals the importance of considering this topic in the construction industry, which represents an important sector throughout the world. This work consists on conducting a multicriteria analysis of four cement powders, with the objective of calculating and analysing the environmental, human health and socio-economic effects of their production processes. The economic, technical, environmental and safety performances of the examined powders result from official, both internal and public, documents prepared by the producers. The Analytic Hierarchy Process permitted to consider several indicators (i.e., environmental, human health related and socio-economic parameters) and to conduct comprehensive and unbiased analyses which gave the best, most sustainable cement powder. As assumed in this study, the contribution of each considered parameter to the overall sustainability has a different incidence, therefore the procedure could be used to support on-going sustainability efforts under different conditions. The results also prove that it is not appropriate to regard only one parameter to identify the ‘best’ cement powder, but several impact categories should be considered and analysed if there is an interest for pursuing different, often conflicting interests