Un'ipotesi di real business cycle per l'economia italiana: l'analisi delle fluttuazioni dei tassi di crescita

Con riferimento all'economia italiana, le statistiche descrittive delle fluttuazioni dei tassi di crescita delle principali variabili macroeconomiche, sono confrontate con le predizioni di breve e di lungo periodo di un modello standard di ciclo reale. Le conclusioni sono simili a quelle già rilevate in Censolo-Onofri(93): il modello di ciclo reale risulta un valido strumento descrittivo dei fatti stilizzati del mercato dei beni, ma fallisce al confronto con i fatti del mercato del lavoro. Con riferimento al mercato dei beni, si è riscontrata, una sistematica asimmetria tra le serie effettive e le serie simulate; ciò suggerisce che, all'interno del periodo campione considerato, il miglioramento tecnologico non sia stata la sola fonte di crescita del sistema. Con riferimento al mercato del lavoro, l'insoddisfacente performance del modello suggerisce che shock da domanda potrebbero essere stati la fonte principale delle fluttuazioni osservate. Tuttavia, i risultati leggermente più soddisfacenti, quando il modello è confrontato con le più basse frequenze dei ciclo, sembrano indicare che shock da domanda potrebbero essersi propagati parzialmente utilizzando il canale della tecnologia

Un'Ipotesi di Real Business Cycle per l'Economia Italiana

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Measuring social capital with a myograph

We study the behavior of 12 pairs of undergraduate students while they were involved in a simple coordination game requiring motor interaction. Three experimental conditions were defined according to whether a monetary prize was given to both or only one subject, if the couple was in successfully completing the required assignment. Electromyographic potentials (EMG) were recorded from the right first dorsal interosseus (FDI) muscle, a muscle critically involved in the motor task. We also collected written answers from a standard questionnaire from which we constructed individual measures of Social Capital (SC), based on organized group interaction, religious and political involvement. These measures are collected, by standard practice, to estimate individual pro-social attitudes and behavior. Consistently with our simple behavioral model, by which EMG signals are direct measures of subjects’ personal concern (call it utility) associated to the given task, our evidence shows that EMG is increasing in the subjects’ own monetary reward. When we split the subject pool into two subsamples (according to various measures of Social Capital obtained from the questionnaire), we find that monetary incentives explain the level of subjects’ EMG only in the subsample characterized by low SC, while, for subjects with (comparatively) higher SC, effort in the coordination task is much less sensitive to whether it is directly rewarded or not. This result is robust across the different SC index specifications. The present findings seem to support the possibility that an electrophysiological measure, such as EMG, could reveal the most profound attitudes and believes that guide social interaction, and that our relatively inexpensive and ready-to-use technology can back-up socio-economic research in a very effective way.NeuroEconomics; Social Capital

Measuring social capital with a myograph

We study the behavior of 12 pairs of undergraduate students while they were involved in a simple coordination game requiring motor interaction. Three experimental conditions were defined according to whether a monetary prize was given to both or only one subject, if the couple was in successfully completing the required assignment. Electromyographic potentials (EMG) were recorded from the right first dorsal interosseus (FDI) muscle, a muscle critically involved in the motor task. We also collected written answers from a standard questionnaire from which we constructed individual measures of Social Capital (SC), based on organized group interaction, religious and political involvement. These measures are collected, by standard practice, to estimate individual pro-social attitudes and behavior. Consistently with our simple behavioral model, by which EMG signals are direct measures of subjects’ personal concern (call it utility) associated to the given task, our evidence shows that EMG is increasing in the subjects’ own monetary reward. When we split the subject pool into two subsamples (according to various measures of Social Capital obtained from the questionnaire), we find that monetary incentives explain the level of subjects’ EMG only in the subsample characterized by low SC, while, for subjects with (comparatively) higher SC, effort in the coordination task is much less sensitive to whether it is directly rewarded or not. This result is robust across the different SC index specifications. The present findings seem to support the possibility that an electrophysiological measure, such as EMG, could reveal the most profound attitudes and believes that guide social interaction, and that our relatively inexpensive and ready-to-use technology can back-up socio-economic research in a very effective way.We study the behavior of 12 pairs of undergraduate students while they were involved in a simple coordination game requiring motor interaction. Three experimental conditions were defined according to whether a monetary prize was given to both or only one subject, if the couple was in successfully completing the required assignment. Electromyographic potentials (EMG) were recorded from the right first dorsal interosseus (FDI) muscle, a muscle critically involved in the motor task. We also collected written answers from a standard questionnaire from which we constructed individual measures of Social Capital (SC), based on organized group interaction, religious and political involvement. These measures are collected, by standard practice, to estimate individual pro-social attitudes and behavior. Consistently with our simple behavioral model, by which EMG signals are direct measures of subjects’ personal concern (call it utility) associated to the given task, our evidence shows that EMG is increasing in the subjects’ own monetary reward. When we split the subject pool into two subsamples (according to various measures of Social Capital obtained from the questionnaire), we find that monetary incentives explain the level of subjects’ EMG only in the subsample characterized by low SC, while, for subjects with (comparatively) higher SC, effort in the coordination task is much less sensitive to whether it is directly rewarded or not. This result is robust across the different SC index specifications. The present findings seem to support the possibility that an electrophysiological measure, such as EMG, could reveal the most profound attitudes and believes that guide social interaction, and that our relatively inexpensive and ready-to-use technology can back-up socio-economic research in a very effective way.Non-Refereed Working Papers / of national relevance onl

Measuring social capital with a myograph

We study the behavior of 12 pairs of undergraduate students while they were involved in a simple coordination game requiring motor interaction. Three experimental conditions were defined according to whether a monetary prize was given to both or only one subject, if the couple was in successfully completing the required assignment. Electromyographic potentials (EMG) were recorded from the right first dorsal interosseus (FDI) muscle, a muscle critically involved in the motor task. We also collected written answers from a standard questionnaire from which we constructed individual measures of Social Capital (SC), based on organized group interaction, religious and political involvement. These measures are collected, by standard practice, to estimate individual pro-social attitudes and behavior. Consistently with our simple behavioral model, by which EMG signals are direct measures of subjects’ personal concern (call it utility) associated to the given task, our evidence shows that EMG is increasing in the subjects’ own monetary reward. When we split the subject pool into two subsamples (according to various measures of Social Capital obtained from the questionnaire), we find that monetary incentives explain the level of subjects’ EMG only in the subsample characterized by low SC, while, for subjects with (comparatively) higher SC, effort in the coordination task is much less sensitive to whether it is directly rewarded or not. This result is robust across the different SC index specifications. The present findings seem to support the possibility that an electrophysiological measure, such as EMG, could reveal the most profound attitudes and believes that guide social interaction, and that our relatively inexpensive and ready-to-use technology can back-up socio-economic research in a very effective way

Measuring social capital with a myograph

We study the behavior of 12 pairs of undergraduate students while they were involved in a simple coordination game requiring motor interaction. Three experimental conditions were defined according to whether a monetary prize was given to both or only one subject, if the couple was in successfully completing the required assignment. Electromyographic potentials (EMG) were recorded from the right first dorsal interosseus (FDI) muscle, a muscle critically involved in the motor task. We also collected written answers from a standard questionnaire from which we constructed individual measures of Social Capital (SC), based on organized group interaction, religious and political involvement. These measures are collected, by standard practice, to estimate individual pro-social attitudes and behavior. Consistently with our simple behavioral model, by which EMG signals are direct measures of subjects’ personal concern (call it utility) associated to the given task, our evidence shows that EMG is increasing in the subjects’ own monetary reward. When we split the subject pool into two subsamples (according to various measures of Social Capital obtained from the questionnaire), we find that monetary incentives explain the level of subjects’ EMG only in the subsample characterized by low SC, while, for subjects with (comparatively) higher SC, effort in the coordination task is much less sensitive to whether it is directly rewarded or not. This result is robust across the different SC index specifications. The present findings seem to support the possibility that an electrophysiological measure, such as EMG, could reveal the most profound attitudes and believes that guide social interaction, and that our relatively inexpensive and ready-to-use technology can back-up socio-economic research in a very effective way

Electromyographic Activity of Hand Muscles in a Motor Coordination Game: Effect of Incentive Scheme and Its Relation with Social Capital

Background. A vast body of social and cognitive psychology studies in humans reports evidence that external rewards, typically monetary ones, undermine intrinsic motivation. These findings challenge the standard selfish-rationality assumption at the core of economic reasoning. In the present work we aimed at investigating whether the different modulation of a given monetary reward automatically and unconsciously affects effort and performance of participants involved in a game devoid of visual and verbal interaction and without any perspective-taking activity. Methodology/Principal Findings Twelve pairs of participants were submitted to a simple motor coordination game while recording the electromyographic activity of First Dorsal Interosseus (FDI), the muscle mainly involved in the task. EMG data show a clear effect of alternative rewards strategies on subjects' motor behavior. Moreover, participants' stock of relevant past social experiences, measured by a specifically designed questionnaire, was significantly correlated with EMG activity, showing that only low social capital subjects responded to monetary incentives consistently with a standard rationality prediction. Conclusions/Significance Our findings show that the effect of extrinsic motivations on performance may arise outside social contexts involving complex cognitive processes due to conscious perspective-taking activity. More importantly, the peculiar performance of low social capital individuals, in agreement with standard economic reasoning, adds to the knowledge of the circumstances that makes the crowding out/in of intrinsic motivation likely to occur. This may help in improving the prediction and accuracy of economic models and reconcile this puzzling effect of external incentives with economic theory

The Early Consequences of the Crisis on Fiscal Convergence in the EU

This article investigates the early signs of the impact of the 2008 crisis on fiscal convergence within the EU area. Over the 2004-2012 period we compare the convergence pattern before and after the crisis by considering the key fiscal aggregates and the main economic and functional components of total government expenditure. We show that the effects of the 2008 financial crisis have been transmitted differently on the fiscal frame in the EU area, signalling an overall tendency to diverge of the Periphery EU countries from the Core. In particular, it emerges a greater persistence among the Periphery countries of the backlash of the crisis on government budgets, causing a further divergence in the debt positions between Core and Periphery, and disarranging effects on government spending in the Peripheral countries, with crowding out of the productive components of public expenditure