Electric Waterborne Public Transportation in Venice: a Case Study

The paper reports the results of a study for moving the present diesel-based watercraft propulsion technology used for public transportation in Venice city and lagoon to a more efficient and smart electric propulsion technology, in view of its adopted in a near future. Energy generation and storage systems, electrical machines and drives, as well as economic, environmental and social issues are presented and discussed. Some alternative solutions based on hybrid diesel engine and electric and full electric powertrains are compared in terms of weights, costs and payback times. Previews researches on ship propulsion and electric energy storage developed by the University of Padua and preliminary experiences on electric boats carried out in Venice lagoon by the municipal transportation company ACTV and other stakeholders are the starting point for this study. Results can be transferred to other waterborne mobility systems

Hydrogen production system from photovoltaic panels: experimental characterization and size optimization

In this paper an approach for the determination of the optimal size and management of a plant for hydrogen production from renewable source (photovoltaic panels) is presented. Hydrogen is produced by a pressurized alkaline electrolyser (42 kW) installed at the University Campus of Savona (Italy) in 2014 and fed by electrical energy produced by photovoltaic panels. Experimental tests have been carried out in order to analyze the performance curve of the electrolyser in different operative conditions, investigating the influence of the different parameters on the efficiency. The results have been implemented in a software tool in order to describe the behavior of the systems in off-design conditions. Since the electrical energy produced by photovoltaic panels and used to feed the electrolyser is strongly variable because of the random nature of the solar irradiance, a time-dependent hierarchical thermoeconomic analysis is carried out to evaluate both the optimal size and the management approach related to the system, considering a fixed size of 1 MW for the photovoltaic panels. The thermo-economic analysis is performed with the software tool W-ECoMP, developed by the authors\u2019 research group: the Italian energy scenario is considered, investigating the impact of electricity cost on the results as well

Endogenous Defaults in the Business Cycle

We developed a new-Keynesian DSGE model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. Banks are heterogeneous in the sense that they face, each period, different liquidity shocks and may or not be constrained in the total amount of credit that they can extend to the private sector. Banks can invest in loans to firms, risk less assets or lend one another. The key feature of the analysis is that the probability of default of banks evolves endogenously and is explicitly taken into account by other banks in their investment decisions. In each period, only a fraction, or even none, of banks’ surplus funds is invested on loans to other financial institutions. If the probability of default is high enough, they shift their portfolio choices to risk-less assets and the interbank market freezes. This affects the total supply of credit to firms and, through it, the total level of investments, output and employment. Abstract The model is than estimated using the Bayes technique and several test are carried on to verify the robustness of the estimation. Our findings show that indeed the default probability plays a crucial role in the decision of banks directly affects the economy; in addition we show how the stability of the financial market affects the the real economy and is connected with real and financial variables. In times of financial turmoil, banks reduce their exposure towards other financial institution, reducing the total supply of loans to the private sector and worsening the crisis. In this context, standard inflation targeting, that seems adequate as a response to standard shocks, is not sufficient to counterbalance negative shocks and may even have a negative effect on the economy, leaving room for unconventional tools. In addition, following real shocks, we have identified an additional channel of transmission of monetary policy, through the resiliance of banks

Lewis and Schlick

This paper explores the philosophical relationship between Clarence Irving Lewis and Moritz Schlick, questioning their understanding of verificationism. At stake is not only the crucial point of the possibility of verifying statements regarding, for instance, the other side of the moon, but also the proper status of ethical values in opposition to, or in connection with, scientific propositions grounded in experience. This latter aspect can better explain how both Lewis and Schlick understand the notion of experience in general, posing the conceptual framework within which Pragmatism and Logical Empiricism established a dialogue in the 1930s but still worthy of closer inquiry

Financial Meltdown, Endogenous Defaults and the Business Cycle

Abstract Starting from some of the most recent literature developed after the world financial crisis, it has been developed a new-Keynesian DSGE model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. The key feature of the analysis is that the probability of default of banks evolves endogenously and is explicitely taken into account by banks in their investment decisions. In each period banks, that are heterogeneous, decide to invest only a part, or even none, of their surplus funds on loans to other financial institutions. If the probability of default is high enough, they shift their portfolio choices to risk-less assets. This decision affects the total supply of credit to firms and, through it, the total level of investments, output and employment. The model is then estimated using the bayes technique and several test are carried on to verify the robustness of the estimation. Additionally we decomposed the variance of key variables in order to assess the impact of each shock on them. Our findings show that indeed the default probability plays a crucial role in the decision of banks and directly affects the economy. On top of that we found that usual real and financial shocks changes the risks on the interbank market where they have long lasting and significant effects

Le autostrade del mare in Italia- Analisi delle criticità e prospettive per il futuro

La presente ricerca si propone di analizzare il sistema delle autostrade del mare in Italia con particolare attenzione alle criticità presenti nei nodi marittimi italiani. Le autostrade del mare rappresentano uno strumento introdotto in sede europea per cercare di ridurre il traffico su strada, attraverso incentivi che rendano più conveniente una modalità, quale quella marittima, caratterizzata da un minor impatto ambientale e in grado di generare minori costi generalizzati del trasporto. La necessità stessa di introdurre questo nuovo tipo di “infrastruttura” deriva dalla congestione di alcune grandi arterie del trasporto stradale che hanno aumentato le esternalità del trasporto su gomma, sia merci che passeggeri, mettendo in evidenza la necessità di un riequilibrio modale. Attraverso l’analisi delle rotte attualmente presenti a livello nazionale, degli operatori, dei terminali marittimi e delle criticità ad essi legate, lo studio verifica il raggiungimento degli obbiettivi alla base di questa politica e suggerisce possibili interventi, a livello infrastrutturale e normativo, al fine di promuoverne ulteriormente lo sviluppo.:Motorways of the Sea, Short Sea Shipping, Italian shipping industry, Logistic

Financial Meltdown, Endogenous Defaults and the Business Cycle

Abstract Starting from some of the most recent literature developed after the world financial crisis, it has been developed a new-Keynesian DSGE model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. The key feature of the analysis is that the probability of default of banks evolves endogenously and is explicitely taken into account by banks in their investment decisions. In each period banks, that are heterogeneous, decide to invest only a part, or even none, of their surplus funds on loans to other financial institutions. If the probability of default is high enough, they shift their portfolio choices to risk-less assets. This decision affects the total supply of credit to firms and, through it, the total level of investments, output and employment. The model is then estimated using the bayes technique and several test are carried on to verify the robustness of the estimation. Additionally we decomposed the variance of key variables in order to assess the impact of each shock on them. Our findings show that indeed the default probability plays a crucial role in the decision of banks and directly affects the economy. On top of that we found that usual real and financial shocks changes the risks on the interbank market where they have long lasting and significant effects

The financial meltdown: a model with endogenous default probability

Abstract Starting from some of the most recent literature developed after the world financial crisis, it has been developed a model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. The key feature of the analysis is that the probability of default evolves endogenously and is taken into account by banks in their investment decisions. In each period banks, that are heterogeneous, decide to invest only a part, or even none, of their surplus funds on loans to other financial institutions, if the probability of default is high enough, preferring to use that funds to purchase riskless assets. This decision effects the total supply of credit to firms and, through it, the total level of investments, output and employment. Abstract When a financial crisis occurs, banks reduce their supply of interbank funds replicating, to some extent, the behaviour of the interbank market during the last crisis. Through the definition of an endogenous default probability and the analysis of how it effects the credit supply, it is possible to understand the connections between the behaviour of financial markets and the real economy. The model, at last, is calibrated in order to test the response of the system to exogenous shocks and to conventional and unconventional economic policies

The financial meltdown: a model with endogenous default probability

Abstract Starting from some of the most recent literature developed after the world financial crisis, it has been developed a model with heterogeneous agents and an active interbank market, characterized by an endogenous default probability. The key feature of the analysis is that the probability of default evolves endogenously and is taken into account by banks in their investment decisions. In each period banks, that are heterogeneous, decide to invest only a part, or even none, of their surplus funds on loans to other financial institutions, if the probability of default is high enough, preferring to use that funds to purchase riskless assets. This decision effects the total supply of credit to firms and, through it, the total level of investments, output and employment. Abstract When a financial crisis occurs, banks reduce their supply of interbank funds replicating, to some extent, the behaviour of the interbank market during the last crisis. Through the definition of an endogenous default probability and the analysis of how it effects the credit supply, it is possible to understand the connections between the behaviour of financial markets and the real economy. The model, at last, is calibrated in order to test the response of the system to exogenous shocks and to conventional and unconventional economic policies