Credit and banking in a DSGE model of the euro area

This paper studies the role of credit-supply factors in business cycle fluctuations. For this purpose, we introduce an imperfectly competitive banking sector into a DSGE model with financial frictions. Banks issue collateralized loans to both households and firms, obtain funding via deposits and accumulate capital from retained earnings. Margins charged on loans depend on bank capital-to-assets ratios and on the degree of interest rate stickiness. Bank balance-sheet constraints establish a link between the business cycle, which affects bank profits and thus capital, and the supply and cost of loans. The model is estimated with Bayesian techniques using data for the euro area. The analysis delivers the following results. First, the existence of a banking sector partially attenuates the effects of demand shocks, while it helps propagate supply shocks. Second, shocks originating in the banking sector explain the largest share of the fall of output in 2008 in the euro area, while macroeconomic shocks played a limited role. Third, an unexpected destruction of bank capital has a substantial impact on the real economy and particularly on investment.collateral constraints, banks, banking capital, sticky interest rates

Assessing SMEs’ cybersecurity organizational readiness: Findings from an Italian survey

The Small and Medium-sized Enterprises’ (SMEs) level of organizational cybersecurity readiness has been poorly investigated to date. Currently, all SMEs need to maintain an adequate level of cybersecurity to run their businesses, not only those wishing to fully exploit digitalization’s benefits. Unfortunately, due to their lack of resources, skills, and their low level of cyber awareness, SMEs often seem unprepared. It is essential that they address the digital threats that they face by using technology and complementary (and not alternative) factors, such as guidelines, formal policies, and training. All these elements trigger development processes regarding skills, awareness, the organizational cybersecurity culture, and the organizational resilience. This paper describes Italy’s first multidisciplinary attempt to assess its SMEs’ overall cybersecurity readiness level. We used a survey as its initial quantitative assessment approach, although SMEs can also use it as a cyber self-assessment tool, which prepares them better to navigate the digital ecosystem. Thereafter, we held semi-structured interviews to explore the critical points that had emerged from the study’s first phase. The overall results show that SMEs have not yet achieved high levels of organizational readiness. SMEs are currently starting to set the stage for their organizational cyber readiness and will, therefore, have to take many more proactive steps to address their cyber challenges

Organizational resilience: state of the art and new future cyber inquiries

Contemporary societies, and the organizational systems on which they rely, are increasingly exposed to unexpected disruptive events, such as the recent health or geo-political crises. Organizations therefore need a certain level of Organizational Resilience (OR). Since OR is a multifaceted concept, a first aim of this article is to find a trait d’union among many studies and conceptualizations of OR, stimulating academic debate, critical thinking, and further research. An additional goal is to propose a specific direction for future research leading to a better understanding of the characteristics that make organizations more resilient to an increasing relevant adverse phenomenon, namely cybersecurity and related cyberattacks. The authors develop a systematic literature review about the concept of OR in the Management and Organization science fields. A second facet is the authors’ proposed three-stage conceptual framework of OR, which is consistent with the relevant ideas emerging from the systematic literature review. A third section focuses on the exploration of relationships between cybersecurity and organizational domains, going beyond a purely technical focus. Results show that there is a need to address many unresolved research gaps, and to systematize the fragmentation of current Organization and Management research. It is clear that many critical areas still lack a solid and more comprehensive operationalization of OR, including cyber OR

Engineering Method and Tool for the Complete Virtual Commissioning of Robotic Cells

Intelligent robotic manufacturing cells must adapt to ever-varying operating conditions, developing autonomously optimal manufacturing strategies to achieve the best quality and overall productivity. Intelligent and cognitive behaviors are realized by using distributed controllers, in which complex control logics must interact and process a wide variety of input/output signals. In particular, programmable logic controllers (PLCs) and robot controllers must be coordinated and integrated. Then, there is the need to simulate the robotic cells’ behavior for performance verification and optimization by evaluating the effects of both PLC and robot control codes. In this context, this work proposes a method, and its implementation into an integrated tool, to exploit the potential of ABB RobotStudio software as a virtual prototyping platform for robotic cells, in which real robots control codes are executed on a virtual controller and integrated with Beckhoff PLC environment. For this purpose, a PLC Smart Component was conceived as an extension of RobotStudio functionalities to exchange signals with a TwinCAT instance. The new module allows the virtual commissioning of a complete robotic cell to be performed, assessing the control logics effects on the overall productivity. The solution is demonstrated on a robotic assembly cell, showing its feasibility and effectiveness in optimizing the final performance

Family Ties and Children Obesity in Italy

This paper examines the impact of overweight family members on weight outcomes of Italian children aged 6 to 14 years. We use an original dataset matching the 2012 cross sections of the Italian Multipurpose Household Survey and the Household Budget Survey. Since identification of peer effects within the family is well known to be a difficult challenge, we implement our analysis on a partially identified model by means of valid inferential procedures recently introduced in the literature and based on standard Bayesian computation methods. We find evidence of a strong, positive effect of both overweight peer children in the family and overweight adults on children weight outcomes. The impact of overweight peer children in the household is larger than the impact of adults

Family Ties and Children Obesity in Italy

This paper examines the impact of overweight family members on weight outcomes of Italian children aged 6 to 14 years. We use an original dataset matching the 2012 cross sections of the Italian Multipurpose Household Survey and the Household Budget Survey. Since identification of peer effects within the family is well known to be a difficult challenge, we implement our analysis on a partially identified model by means of valid inferential procedures recently introduced in the literature and based on standard Bayesian computation methods. We find evidence of a strong, positive effect of both overweight peer children in the family and overweight adults on children weight outcomes. The impact of overweight peer children in the household is larger than the impact of adults

Double row spacing and drip irrigation as technical options in energy sorghum management

The effect of two row spacing configurations and four water supply levels was investigated on sweet and fibre sorghum in Central Italy for two consecutive years. Results highlighted the influence of both irrigation and row spatial configuration on crop productivity. Indeed, several studies have pointed out the positive response of sorghum to irrigation in Mediterranean climate, as in this environment water stress represents one of the main limiting factors on crop productivity. On the other hand, few attempts have been made to explore the role of row spacing on energy sorghum productivity. Results outlined an average increase in sorghum dry biomass yield ranging from +23% to +79% at variable rates of water supply as compared to rainfed control. The positive effect of irrigation was also observed on leaf area index and radiation use efficiency. Moreover, we observed a crop yield increase, from 9% to 20%, under double row spacing compared to the standard planting pattern ( i.e. single row spacing). Finally, it was confirmed the efficient use of water by sorghum and the great ability of sorghum to increase its biomass yield in response to increasing volumes of water supplied. Therefore, this work suggests how row spacing configuration and drip irrigation could be feasible technical options to increase sorghum biomass yields in Mediterranean environments. These techniques should be experienced by farmers towards a sustainable intensification of current cropping systems

Seasonal nutrient dynamics and biomass quality of giant reed (Arundo donax L.) and miscanthus (Miscanthus x giganteus Greef et Deuter) as energy crops

The importance of energy crops in displacing fossil fuels within the energy sector in Europe is growing. Among energy crops, the use of perennial rhizomatous grasses (PRGs) seems promising owing to their high productivity and their nutrient recycling that occurs during senescence. In particular, nutrient requirements and biomass quality have a fundamental relevance to biomass systems efficiency. The objective of our study was to compare giant reed (Arundo donax L.) and miscanthus (Miscanthus × giganteus Greef et Deuter) in terms of nutrient requirements and cellulose, hemicelluloses and lignin content. This aim was to identify, in the Mediterranean environment, the optimal harvest time that may combine, beside a high biomass yield, high nutrient use efficiency and a good biomass quality for second generation biofuel production. The research was carried out in 2009, in San Piero a Grado, Pisa (Central Italy; latitude 43°41' N, longitude 10°21' E), on seven-year-old crops in a loam soil characterised by good water availability. Maximum above-ground nutrient contents were generally found in summer. Subsequently, a decrease was recorded; this suggested a nutrient remobilisation from above-ground biomass to rhizomes. In addition, miscanthus showed the highest N, P, and K use efficiency, probably related to its higher yield and its C4 pathway. Regarding biomass quality, stable values of cellulose (38%), hemicelluloses (25%) and lignin (8%) were reported from July onwards in both crops. Hence, these components appear not to be discriminative parameters in the choice of the harvest time in the Mediterranean environment. In conclusion, our results highlighted that, in our environment, a broad harvest period (from late autumn to winter) seems suitable for these PRGs. However, further research is required to evaluate the role of rhizomes in nutrient storage and supply during the growing season, as well as ecological and productive performances in marginal lands, in particular those where water availability may be a limiting factor