Did inflation really soar after the euro cash changeover? Indirect evidence from ATM withdrawals

The introduction of the euro notes and coins in the first two months of 2002 was followed by a lively debate on the alleged inflationary effects of the new currency. In Italy, as in the rest of the euro area, survey-based measures signaled a much sharper rise in inflation than measured by the official price indices, whose quality was called into question. In this paper we gather indirect evidence on the behavior of prices from the analysis of cash withdrawals from ATM and their determinants. Since these data do not rely on official inflation statistics, they provide an independent check for the latter. We present a model in which the relationship between aggregate ATM withdrawals and aggregate expenditure is not homogenous of degree one in the price level, a prediction which is strongly supported by the data. This feature allows us to test the hypothesis that, after the introduction of the euro notes and coins, consumer prices underwent an increase not recorded by official inflation statistics. We do not find evidence in support of this hypothesis.banknotes, currency, euro, inflation.

Wage Inequality in Europe: the Role of Labour Market and Redistributive Institutions

This paper aims at a deeper understanding of the determinants of wage inequality, the most important component of income inequality, in the European countries. We investigate on how wage inequality is affected by government regulation in the labour market and by the redistribution operated by the social protection system, also controlling for the impact of the effect of skillpremium related to technical change. To explain the continuously rising wage inequality in Europe, two regression models of wage inequality are employed each one using a different databases. In the last period, the overall degree of governance of the labour markets does not substantially change, but a different balance between decreasing labour market regulation and increasing redistribution manifest across Europe. While job and wage protection has been eased, income redistribution was strengthened, though its size differs across four clusters of European countries, depending on the majority voting preference for “risk insurance”. Overall, institutional substitution between labour market regulation and income redistribution seems to back the upward trend in wage inequality

CPCs and ECM. A good mix for cardiac regeneration

ABSTRACT Despite several improvements in term of diagnosis and prevention, ischemic heart disease still represents one of the principal worldwide causes of death. Cardiac progenitor cells (CPCs) based therapy is considered a valid alternative to heart transplant, but several issues concerning the transplanted cells viability, retention and therapeutic effect need to be solved. Tissue engineering, mixing synthetic or natural polymers with injected cells, could represent the way through which overcomes shortages and set up an effective cardiac regenerative therapy. Nowadays, it is well known that cardiac extracellular matrix (ECM) provides structural and functional integrity, affects cardiac function, development and physiologic repair. In this optic, ECM and ECM-like materials represent functional and biocompatible tools with a great potential to serve as natural or nature-mimicking scaffolds in the field of regenerative medicine. The aim of the present work is to provide an overview on the state of the art and recent advantages on CPCs and scaffold-based therapy for heart regeneration

Do Preferences in EU Member-States Support Fiscal Federalism?

The aim of this paper is to assess preferences with respect to fiscal federalism in EU member-states. In particular, we address the question of whether each EU country would - if the decision were taken by 'majority voting' - or should – if the decision were takenby a social planner – favour centralisation or decentralisation of mutual risk insurance. Our analysis implicitly assumes that each EU median voter or each EU social planner takes the composition of the fiscal federation as given, leaving aside the issue of how manyand which countries take part in the optimal EU fiscal federation. With majority voting, the median voter 'individual' and the median voter 'region' in each EU country are decisive. In this situation, the national (federal) government level for redistribution is preferredif the national ratio between median income and mean income is lower (higher) than the EU ratio. In contrast, were the decision taken by the social planner, the choice in favour of centralisation(decentralisation) would be derived from the maximisation of a social welfare function. In terms of European regions, the index of 'jurisdictional distance' indicates that social welfare ismaximised by (de)centralised redistribution whenever intra -national income dispersion is greater (smaller) than inter-national income dispersion. The results show that, for the large majority ofEU member-states, when one of the two decision-makers prefers centralisation (decentralisation), the other has the opposite preference; moreover, the chosen government level is in most cases thesame for interpersonal redistribution and inter-jurisdictional redistribution: what is good for the individual is also good for the nation.Income Distribution ; Public Choice ; Fiscal Federalism ; European Economics

Spectral Detection on Sparse Hypergraphs

We consider the problem of the assignment of nodes into communities from a set of hyperedges, where every hyperedge is a noisy observation of the community assignment of the adjacent nodes. We focus in particular on the sparse regime where the number of edges is of the same order as the number of vertices. We propose a spectral method based on a generalization of the non-backtracking Hashimoto matrix into hypergraphs. We analyze its performance on a planted generative model and compare it with other spectral methods and with Bayesian belief propagation (which was conjectured to be asymptotically optimal for this model). We conclude that the proposed spectral method detects communities whenever belief propagation does, while having the important advantages to be simpler, entirely nonparametric, and to be able to learn the rule according to which the hyperedges were generated without prior information.Comment: 8 pages, 5 figure

Optimization of laser wavelength, power and pulse duration for eye-safe Raman spectroscopy

Abstract Raising the interest in remote chemical analysis, in particular through Raman and fluorescence spectroscopy, the opportunity of increasing the exposure represents an important step for an easier and more reliable spectrum analysis. However, the European directive 2006/25/EC defines the maximum permitted exposure (MPE) to artificial radiations according to exposure duration, wavelength, coherence of the radiation and beam divergence. Though the Raman cross section scales in general according to the fourth power of the excitation wavelength, promoting the use of deep UV radiation, a synergy between wavelength and exposure time can raise the Raman signal in the near UV or in the near IR if compliance to eye-safety directives is requested. In this work we will analyze the possibilities offered by commercially available components for enhancing the Raman scattering under eye-safe conditions

Integrated survey for the reconstruction of the Papal Basilica and the Sacred Convent of St. Francis in Assisi, Italy

The Papal Basilica and the Sacred Convent of Saint Francis in Assisi in Italy are characterized by unique and composite particularities that need an exhaustive knowledge of the sites themselves to guarantee visitor's security and safety, considering all the people and personnel normally present in the site, visitors with disabilities and finally the needs for cultural heritage preservation and protection. This aim can be reached using integrated systems and innovative technologies, such as Internet of Everything (IoE), which can connect people, things (smart sensors, devices and actuators; mobile terminals; wearable devices; etc.), data/information/knowledge and processes to reach the wanted objectives. The IoE system must implement and support an Integrated Multidisciplinary Model for Security and Safety Management (IMMSSM) for the specific context, using a multidisciplinary approach. The purpose of the paper is to illustrate the integrated survey for the reconstruction of the considered site that was necessary to obtain all the necessary information to start to set up the considered IMMSSM and the related IoE based technological system