Housing market spillovers: Evidence from an estimated DSGE model

The ability of a two-sector model to quantify the contribution of the housing market to business fluctuations is investigated using U.S. data and Bayesian methods. The estimated model, which contains nominal and real rigidities and collateral constraints, displays the following features: first, a large fraction of the upward trend in real housing prices over the last 40 years can be accounted for by slow technological progress in the housing sector; second, residential investment and housing prices are very sensitive to monetary policy and housing demand shocks; third, the wealth effects from housing on consumption are positive and significant, and have become more important over time. The structural nature of the model allows identifying and quantifying the sources of fluctuations in house prices and residential investment and measuring the contribution of housing booms and busts to business cycles.House prices, Collateral Constraints, Bayesian methods, Two-sector Models

Housing market spillovers : evidence from an estimated DSGE model

We study sources and consequences of fluctuations in the housing market. The upward trend in real housing prices of the last 40 years can be explained by slow technological progress in the housing sector. Over the business cycle, housing demand and housing technology shocks explain one-quarter each of the volatility of housing investment and housing prices. Monetary factors explain 20 percent, but they played a bigger role in the housing cycle at the turn of the century. We show that the housing market spillovers are non-negligible, concentrated on consumption rather than business investment, and have become more important over time.Housing, Wealth E¤ects, Bayesian Estimation, Two-sector Models

Tempo e giustizia nella conciliazione vita-lavoro

Work-life balance is one of the current issues within the academic, political, and managerial debate. An article discussed in a TAO Research Programs seminar held in June 2015 at the University of Modena and Reggio Emilia, suggests a critical interpretation of the mainstream literature and its related controversial results in terms of work-life reconciliation practices. The article also provides an alternative analytical framework based on Bruno Maggi\u2019s organization theory, Norbert Elias\u2019 theory of time, and Amartya Sen\u2019s theory of justice

Multicyclic Norias: A First-Transition Approach to Extreme Values of the Currents

For continuous-time Markov chains we prove that, depending on the notion of effective affinity F, the probability of an edge current to ever become negative is either 1 if F&lt;0 else ∼exp-F. The result generalizes a “noria” formula to multicyclic networks. We give operational insights on the effective affinity and compare several estimators, arguing that stopping problems may be more accurate in assessing the nonequilibrium nature of a system according to a local observer. Finally we elaborate on the similarity with the Boltzmann formula. The results are based on a constructive first-transition approach.</p

Extreme value statistics of edge currents in Markov jump processes and their use for entropy production estimation

The infimum of an integrated current is its extreme value against the direction of its average flow. Using martingale theory, we show that the infima of integrated edge currents in time-homogeneous Markov jump processes are geometrically distributed, with a mean value determined by the effective affinity measured by a marginal observer that only sees the integrated edge current. In addition, we show that a marginal observer can estimate a finite fraction of the average entropy production rate in the underlying nonequilibrium process from the extreme value statistics in the integrated edge current. The estimated average rate of dissipation obtained in this way equals the above mentioned effective affinity times the average edge current. Moreover, we show that estimates of dissipation based on extreme value statistics can be significantly more accurate than those based on thermodynamic uncertainty ratios, as well as those based on a naive estimator obtained by neglecting nonMarkovian correlations in the Kullback-Leibler divergence of the trajectories of the integrated edge current.Comment: 38 pages, 6 figure

Realization of a high power optical trapping setup free from thermal lensing effects

Transmission of high power laser beams through partially absorbing materials modifies the light propagation via a thermally-induced effect known as thermal lensing. This may cause changes in the beam waist position and degrade the beam quality. Here we characterize the effect of thermal lensing associated with the different elements typically employed in an optical trapping setup for cold atoms experiments. We find that the only relevant thermal lens is represented by the $TeO_2$ crystal of the acousto-optic modulator exploited to adjust the laser power on the atomic sample. We then devise a simple and totally passive scheme that enables to realize an inexpensive optical trapping apparatus essentially free from thermal lensing effects

Pacciamature vive per la gestione del sottofila: un caso applicativo

Attraverso la descrizione di un caso studio, sono presentati i principi di base ed i vantaggi ecologici dell'introduzione di pacciamature vive in vigneti biologici

Work as a process of personal development / Il lavoro come processo di sviluppo personale

This volume introduces a conception of work as a process of personal growth and development. Three fundamental moments of passage are discussed, in which the life and work connection becomes evident: the transition from education to work, the daily relationship between work and extra-work life, the evaluations in the workplace upon which the career paths depend. Critical reflections about mainstream theories, methodologies and practices are suggested. Examples and case studies illustrate their limitations and negative consequences. Finally, alternative organizational choices aimed at improving the work situations and facilitating, in the workplace, the development and well-being of people, are proposed