Personal Saving and Social Security in Italy: Fresh Evidence from a Time Series Analysis

The paper provides an econometric analysis of the aggregate saving function of Italian households in the vein of the life cycle theory. Results from an ECM representation based on yearly data for 1951-1998 point to depressive effects on private consumption of recent reforms of social security, actual and expected for next few years. In order to compensate for both reductions in actual pension payments and increased uncertainty about their future claims, households stepped up accumulation of real and financial assets since the beginning of the nineties. First estimates of capital gains do not show a significant impact on consumption demand, in the short and in the long period: their high volatility has likely hindered a fair assessment of their contribution to personal purchasing power on the part of households. Demographic changes, while in the long run not seemingly determined in conjunction with the economic variables we consider, turn out to play a significant role in the evolution of consumption demand.life cycle, saving, pension wealth, capital gains, demographic changes

Social mobility and endogenous cycles in redistribution

By allowing median voterÂ’s location and preferred policy to change over time, a variety of redistributive policies results in the long-run with no unique relationship to inequality. Single outcome depends on the interaction between the pure economic structure and policy action in determining wealth distribution over time. The standard positive correlation between redistribution and inequality is confirmed when the pattern of social mobility, potentially prevailing in a free market, proves robust to public action. Otherwise the non-linear relationship found in recent literature is confirmed. With balanced intensity of backward and upward mobility in free market, policy cycles endogenously arise, with inequality shrinking and enlarging periodically and counter-cyclically.social mobility, political cycle, credit rationing, redistributive policy

A sectoral analysis of Italy's development : 1861 -2010

Italy‘s economic growth over its 150 years of unified history did not occur at a steady pace nor was it balanced across sectors. Relying on an entirely new input (labour and capital) database by us built and presented in the Appendix, together with new Banca d‘Italia estimates of GDP by sector, this paper evaluates the different labour productivity growth trends within the Italian economy‘s sectors, as well as the contribution of structural change to productivity growth. Italy‘s performance is then set in an international context: a comparison of sectoral labour productivity growth rates and levels within a selected sample of countries (UK, US, Germany, Japan, India) allows us to better time, quantify and gauge the causes of Italy‘s catching-up process and subsequent more recent slowdown. Finally, the paper analyses the proximate sources of Italy‘s growth, relative to the other countries, in a standard growth accounting framework, in an attempt also to disentangle the contribution of both total factor productivity growth and capital deepening to the country‘s labour productivity dynamics

Changing institutions in the European market: the impact on mark-ups and rents allocation

We investigate whether the completion of the Single Market Programme has enhanced competition on the product markets across European countries, taking into account the companion structural reforms undertaken by the member countries, particularly in the labour market and the institutional setting of important industries (i.e. network industries). We test for a break in both mark-ups and the division of rent between capital and labour based on a statistical model incorporating efficient bargaining in the labour market. Using industry data for ten EU countries we find that, without controlling for changes in the rent sharing, mark-up estimates tend to increase in the 1990s. However, once we assume efficient bargaining in the labour market, mark-ups remain virtually unchanged or, in some sectors or groups of countries, even decrease; this reflects the declining shares of rents accruing to workers as a result of their diminished bargaining power. The evidence is particularly strong for high and medium-tech manufacturing, for construction and for those activities that went through deep institutional changes and privatization programmes.institutional changes, mark-up, rent-sharing

Changing Institutions in the European Market: the Impact on Mark-ups and Rents Allocation

In this paper, we investigate whether the completion of the Single Market Programme has enhanced competition on the product markets across European countries, while taking into account the companion structural reforms undertaken by the member countries. In particular, since the Single Market Programme went hand in hand with major reforms in the labour market and in the institutional setting of important industries (i.e. network industries), we test for a break in both mark-ups and the division of rent between capital and labour. For this purpose we encompass efficient bargaining in the labour market in both our theoretical and empirical model. Using industry data for ten EU countries we find that, without controlling for changes in the rent sharing, mark-up estimates tend to increase in the 1990s. However, once we assume efficient bargaining in the labour market, mark-ups remain virtually unchanged or even decrease in some sectors or groups of countries; the result stems from the declining shares of rents accruing to workers owing to a decline in their bargaining power. Without controlling for this development, a rise in firms� profitability due to rent reallocation could be wrongly interpreted as an increase in market power. At the industry level the evidence is particularly strong for high and medium-tech manufacturing, for construction and for those activities that went through deep institutional changes and privatization programmes.Mark-ups, Rent Sharing, Bargaining

A Sectoral Analysis of Italy's Development, 1861-2011

Italy's economic growth over its 150 years of unified history did not occur at a steady pace nor was it balanced across sectors. Relying on an entirely new input (labour and capital) database by us built and presented in the Appendix, together with new Banca d'Italia estimates of GDP by sector, this paper evaluates the different labour productivity growth trends within the Italian economy's sectors, as well as the contribution of structural change to productivity growth. Italy's performance is then set in an international context: a comparison of sectoral labour productivity growth rates and levels within a selected sample of countries (UK, US, Germany, Japan, India) allows us to better time, quantify and gauge the causes of Italy's catching-up process and subsequent more recent slowdown. Finally, the paper analyses the proximate sources of Italy's growth, relative to the other countries, in a standard growth accounting framework, in an attempt also to disentangle the contribution of both total factor productivity growth and capital deepening to the country's labour productivity dynamics.Labour productivity, sectoral disaggregation, international comparison, growth accounting

Prices of residential property in Italy: constructing a new indicator

We present a new indicator of house prices in Italy, with more extensive geographical and time coverage. The new indicator now makes it possible to analyze medium- and long-term trends with satisfactory representation of the Italian housing market. It also allows for timely updating, for prompt assessment of housing input both to the business cycle and to inflationary pressures. We offer a preliminary identification, based solely on graphical inspection, of four different property price cycles since the late 1960s; the latest began at the end of the 1990s and signaled a slowdown since 2006. Finally, we tentatively assess the effect of including transactions in dwellings in the Italian HICP basket according to the net acquisition approach, which apparently results in about a quarter point of additional inflation each year since 2000.business cycle, housing market, property prices, inflation measures

A Sectoral Analysis of Italy's Development: 1861 -2010

Italy’s economic growth over its 150 years of unified history did not occur at a steady pace nor was it balanced across sectors. Relying on an entirely new input (labour and capital) database by us built and presented in the Appendix, together with new Banca d’Italia estimates of GDP by sector, this paper evaluates the different labour productivity growth trends within the Italian economy’s sectors, as well as the contribution of structural change to productivity growth. Italy’s performance is then set in an international context: a comparison of sectoral labour productivity growth rates and levels within a selected sample of countries (UK, US, Germany, Japan, India) allows us to better time, quantify and gauge the causes of Italy’s catching-up process and subsequent more recent slowdown. Finally, the paper analyses the proximate sources of Italy’s growth, relative to the other countries, in a standard growth accounting framework, in an attempt also to disentangle the contribution of both total factor productivity growth and capital deepening to the country’s labour productivity dynamicsLabour, productivity, sectoral disaagregation, international comparison growth,accounting

Ectodermal dysplasia treated with one-step surgical rehabilitation: a case report.

Abstract Ectodermal dysplasia (ED) comprises a large heterogeneous group of inherited disorders that are characterized by primary defects in the skin, hair, nails, eccrine glands and teeth. The most characteristic findings are the reduced number of teeth. All rehabilitative programmes involve proper evaluation of skeletal relationships. Prosthetic-implantological treatment at the end of bony growth can be used. In this article a case of ED treated with Le Fort I for maxillary advancement, femur homografts, implants' insertion and immediate loading is described. In December 2007, a 38-year-old female was referred to the Maxillofacial Department of Galeazzi Hospital (Milan, Italy) who had a diagnosis of ED. Twelve implants were inserted in one-step surgical procedure. No implant was lost and all are stable. The occlusion is stable after 15 months of follow-up. The results indicate that the one-step oral rehabilitation can be performed in adults who are affected by ED. Also, this significantly reduces the time of oral and facial rehabilitation

Impact of Orthodontic Treatment on Crestal Bone Resorption in Periodontally Compromised Patients: a Case Series

Svrha: Kako se povećava broj pacijenata s parodontnom bolešću koji se podvrgavaju ortodontskom liječenju (OL-u), a nema izvještaja specifično fokusiranog na utjecaj OL-a u slučaju pregradnje alveolarne kosti (PAK-a), odlučili smo se za retrospektivnu studiju. Ispitanici i postupak: Kod dvadeset i šestero pacijenata ortodontski je liječeno 445 od 645 zuba. Unutar alveolarne kosti srednja im je visina iznosila 0,47 posto prije OL-a. Rendgensko snimanje i χ2-test upotrijebljeni su za procjenu razlike u PAK-u. Rezultati: Nije bilo gubitka zuba. Pokazali smo da (1) OL ne djeluje štetno na potpornu kost liječenog zuba, a s obzirom na to da su srednje vrijednosti resorpcije alveolarne kosti iznosile 0,03 milimetra kod liječenih i 0,26 milimetara kod neliječenih zuba (2), nije bilo statističke razlike u PAK-u između liječenih i neliječenih zuba), tako da (3) duljina aktivnog OL-a nije kritični čimbenik za PAK. Zaključak: OL je kod pacijenata s parodontnom bolešću moguće obaviti i postiže se dobar učinak na PAK.Objective: Since the number of patients with periodontitis undergoing the orthodontic treatment (OT) is increasing and no report specifically focuses on the impact of OT on crestal bone remodeling (CBR), we performed a retrospective study. Materials and Methods: Twenty six patients had OT on 445 over 645 teeth. The mean tooth high inserted into alveolar bone was 0.47% before OT. X-rays and χ2 test were used to evaluate differences in CBR. Results: No tooth was lost. We have demonstrated that (1) OT has no adverse effect on bone supporting the treated teeth (since the mean crestal bone resorption was 0.03 mm and 0.26 mm in treated and untreated teeth, respectively) (2) treated and untreated teeth have no statistical difference in CBR, and (3) the length of active OT is not a critical factor on CBR. Conclusion: OT of periodontally compromised patients can achieve good results on CBR