Assessing Italy's Reform Challenges:What Do Growth Accounting and Structural Indicators Say?

Italy's overall GDP growth has been dismal in recent years and this poor performance has been compounded by a declining trend in labour productivity and total factor productivity growth. This paper looks into growth accounting and structural indicators and analyses Italy's performance against other European countries. We look at the evidence provided by newly available information from the Lisbon Assessment Framework (LAF) developed by the Working Group on Lisbon Methodology (LIME) attached to the Economic Policy Committee and the European Commission services (DG ECFIN). Building upon the results of existing literature, we investigate whether this new evidence is supported by data from other sources and provides fresh insight into Italy's reform process. The main message from the analysis of growth accounting and structural indicators appears to be that Italy's GDP growth significantly underperformed that of the EU15 in 2001-2007 notwithstanding progress on reforms.Productivity, Economic Growth and Aggregate Productivity, Italy

ESTIMATING CORE INFLATION IN NORWAY

Central banks are continually considering the problem of how to identify which price changes should be considered permanent and which entirely temporary. Indeed, due to the delayed effect that monetary policy uses to put its choices into action, a wrong valuation of the type of inflation can prove extremely costly for the economy and does not produce the desired results. Since price indexes (as CPI) deliver a distorted picture of underlying inflation, it is necessary to devise a more appropriate target for monetary policy. The need to find a good measure for the latter variable becomes more marked when the central bank adopts price stability as the overriding aim of monetary policy. In this paper we apply the Quah and Vahey (1995) methodology to Norway, oil producing OECD country, and derive measures of core inflation by imposing restrictions from economic theory within the context of a multivariate econometric analysis. To estimate long-term movements of inflation, we present two models that enable the distinction between core and non-core inflation and also between domestic and imported inflation. We conclude that in all the models presented core inflation is a �prime mover� of inflation.Core inflation, Monetary Policy, Norway

Macroeconomic Modelling and the Effects of Policy Reforms: an Assessment for Italy using ITEM and

In this paper we compare the dynamic properties of the Italian Treasury Econometric Model (ITEM) with those of QUEST III, the endogenous growth model of the European Commission (DG ECFIN) in the version calibrated for Italy. We consider an array of shocks often examined in policy simulations and investigate their implications on macro variables. In doing so, we analyse the main transmission channels in the two models and provide a comparative assessment of the magnitude and the persistence of the effects, trying to ascertain whether the responses to shocks are consistent with the predictions of economic theory. We show that, despite substantial differences between the two models, the responses of the key variables are qualitatively similar when we consider competition enhancing policies and labour productivity improvements. On the other hand, we observe quantitative disparities between the two models, mainly due to the forward-looking behaviour and the endogenous growth mechanism incorporated into the QUEST model but not in ITEM. The simulation results show that Quest III is a powerful tool to capture the effects of structural economic reforms, like competitionenhancing policies or innovation-promoting policies. On the other hand, owing to the breakdown of fiscal variables in a large number of components, ITEM is arguably more suitable for the quantitative evaluation of fiscal policy and the study of the impact of reforms on the public sector balance sheet.Economic Modelling, DSGE, Structural Reforms, Italy

La ricerca dei fattori di competitività sui mercati esteri. Solo una questione di produttività o di qualità? Analisi esplorativa dell'export di vino dalla Toscana e dal Piemonte.

Gli studi empirici sulle determinanti dell’export sono stati normalmente condotti confrontando paesi e settori industriali. Solo recentemente, e grazie alla vasta disponibilità di micro-dati aziendali, un crescente numero di analisi è stato condotto per capire perché alcune imprese esportano più di altre, e perché chi esporta è maggiormente produttivo di chi non esporta. In un vasto numero di studi recenti è stato dimostrato che esportare non incrementa la produttività, mentre è valida la relazione inversa, che le imprese maggiormente produttive diventano esportatrici (Self seletion theory contro Learning by exporting theory). Questa tesi di dottorato mira a favorire una maggiore conoscenza dei fattori di competitività delle imprese italiane che esportano vino, con una particolare attenzione alle imprese toscane e piemontesi. Mediante l’utilizzo di modelli econometrici come il Tobit per variabili dipendenti censurate, e il Probit per variabili dipendenti limitate, sono state analizzate differenti tipologie di imprese che esportano vino tratte da un vasto campione di fonte COE-Istat dal 2001 al 2007. L’analisi si è soffermata sulle componenti che determinano le diverse performance nell’export confrontando le imprese che hanno relazioni internazionali saltuarie, rispetto a quelle che intrattengono relazioni continuative, soffermandosi inoltre sulle imprese multi-regionali, rispetto a quelle regionali. I risultati suggeriscono una conferma della teoria della self selection rispetto ad una bassa evidenza del learning by exporting. Questi risultati suggeriscono inoltre di indirizzare le politiche promozionali sui mercati esteri sulle caratteristiche delle aziende.Empirical studies on the determinants of international trade have mainly been carried out across countries and industries. Only recently, and thanks to the greater availability of firm-level data, have a number of attempts been made to address the further issue of why some firms export more than others, and why exporters are more productive than non-exporters. In a large number of recent studies it was demostrated that exporting does not increase firms’ productivity whereas the inverse relation is true: the most productive firms became exporters (Self seletion theory against Learning by exporting theory). This doctoral thesis aims at contributing to a better understanding of competitivity factors on italian wine export firms, with a special focus on Pidmont and Tuscany. Using econometric models as Tobit censored regression model and Probit discrete response model, we analyse different types of export wine firms based on a large survey of the Italian wine sector (COE-Istat), that spans between 2001 and 2007. We study various explanations on differences in export intensity between sporadic and permanent exporters ass well as between multi-regional and regional firms. Our results suggest a general agreement with the theory on self selection compaired to low evidence with the theory of learning by exporting. These results suggest to aim the wine promotion policies towards foreign markets depending on the characteristics of the firms

A stochastic estimated version of the Italian dynamic General Equilibrium Model (IGEM)

We estimate with Bayesian techniques the Italian dynamic General Equilibrium Model (IGEM), which has been developed at the Italian Treasury Department, Ministry of Economy and Finance, to assess the effects of alter-native policy interventions. We analyze and discuss the estimated effects of various shocks on the Italian economy. Compared to the calibrated version used for policy analysis, we find a lower wage rigidity and higher adjustment costs. The degree of prices and wages indexation to past inflation is much smaller than the indexation level assumed in the calibrated model. No substantial difference is found in the estimated monetary parameters. Estimated fiscal multipliers are slightly smaller than those obtained from the calibrated version of the model

Photonic Jets and Single‐Photon Emitters

Photonic jets (PJs) obtained by illuminating a dielectric microsphere have recently shown to provide an efficient and cost-effective means of laser-writing and localizing single-photon emitters with sub-diffraction precision. The fabrication technique relies on the photoinduced formation of GaAsN quantum dots (QDs) that are self-aligned to the microsphere, which in turn enhances the collection efficiency of their emission. Similarly, the angular magnification introduced by a microsphere placed on top of two close emitters allows to detect and resolve their separation below the diffraction limit by analyzing their angular emission pattern in momentum space. Along with a brief review of the two methods, a systematic numerical study on the formation and properties of PJs to streamline the optimization of the fabrication process is presented

Site-Controlled Quantum Emitters in Dilute Nitrides and their Integration in Photonic Crystal Cavities

We review an innovative approach for the fabrication of site-controlled quantum emitters (i.e., single-photon emitting quantum dots) based on the spatially selective incorporation and/or removal of hydrogen in dilute nitride semiconductors (e.g., GaAsN). In such systems, the formation of stable N-H complexes removes the effects that nitrogen has on the alloy properties, thus enabling the in-plane engineering of the band bap energy of the system. Both a lithographic approach and/or a near-field optical illumination—coupled to the ultra-sharp diffusion profile of H in dilute nitrides—allow us to control the hydrogen implantation and/or removal on a nanometer scale. This, eventually, makes it possible to fabricate site-controlled quantum dots that are able to emit single photons on demand. The strategy for a deterministic spatial and spectral coupling of such quantum emitters with photonic crystal cavities is also presented

Adjuvant Trastuzumab with Docetaxel or Vinorelbine for HER-2-Positive Breast Cancer

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Effect of exercise training on neuromuscular function of elbow flexors and knee extensors of type 2 diabetic patients

Purpose: The effects of exercise training on neuromuscular function of arm and leg muscles in type 2 diabetic patients (T2D) was investigated. Methods: Eight T2D sedentary male patients (61.0 ± 2.3 years) and eight sedentary healthy age matched control subjects (H, 63.9 ± 3.8 years) underwent a 16-week supervised combined endurance and resistance exercise program. Before and after training, maximal isometric (MVIC), isokinetic (15, 30, 60, 120, 180, 240° s−1) torque and muscle endurance of the elbow flexors (EF) and knee extensors (KE) were assessed. Simultaneously, surface electromyographic signals from biceps brachii (BB) and vastus lateralis (VL) muscles were recorded and muscle fiber conduction velocity (MFCV) estimated. Results: Following training, maximal torque of the KE increased during MVIC and isokinetic contractions at 15 and 30° s−1 in the T2D (+19.1 ± 2.7% on average; p 0.05). MFCV recorded from the VL during MVIC and during isokinetic contractions at 15 and 30° s−1 increased (+11.2 ± 1.6% on average; p < 0.01), but in the diabetic group only. Muscular endurance was lower in T2D (20.1 ± 0.7 s) compared to H (26.9 ± 1.3 s), with an associated increase in the MFCV slope after training in the KE muscles only. Conclusion: The effect of a combined exercise training on muscle torque appears to be angular velocity-specific in diabetic individuals, with a more pronounced effect on KE muscles and at slow contraction velocities, along with an associated increase in the MFCV. MFCV appears to be a more sensitive marker than torque in detecting the early signs of neuromuscular function reconditioning

Common peroneal nerve injuries at the knee: outcomes of nerve repair

Background. Common peroneal nerve (CPn) lesion at the knee is one of the most frequent neurologic injury of the lower limb. Among the etiologies there are also open and closed trauma. If direct nerve repair is not possible, nerve grafting is indicated as a primary or delayed procedure. Nerve and tendon transfer are other possible therapeutic options. Material and methods. In this retrospective double center study, 35 patients with post-traumatic CPn lesion at the knee, that underwent surgical repair, were analyzed. Exclusion criteria were severe concomitant neurological pathologies, complex injury of the lower leg including major vessels lesion and or tibial nerve injury. The objective of the study is to demonstrate the degree of foot dorsiflexion recovery based on the type of trauma and the corresponding performed surgery: the Medical Research Council classification (M0-M5) was used as rating scale. Results. There were 23 closed and 12 open injuries. Time of surgery varied from 6 to 11 months after closed trauma, whereas 2 open traumas were explored at emergency and the remaining 10 patients were explored 3 to 9 months after injury. Neurolysis was performed in 12 cases. Neurorraphy was performed in 2 cases. Sural nerve grafting was performed in 21 patients, with a length range of 6-10,5 cm and 4-9 cm for closed and open trauma respectively. Conclusions. Our series confirms that repairs of traumatic CPn injuries have an unfavorable outcome. Motor recovery score ≥ M3 was obtained in only 10 cases (28,57%). Neurolysis and nerve suture show better results than nerve graft alone, although no statistically significant differences emerged; CPn reconstructions with grafts show unsatisfactory results, particularly if the length of the grafts exceeds 6 cm and when patients are treated over 6 months after the trauma. Patients with closed trauma achieve less satisfactory results than those with open injury (13 vs 58%) and this was statistically significant (p &lt; 0.05), so palliative surgery may be indicated as the first surgical approach for these patients to achieve good foot dorsiflexion