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Digital issue
issue 3 - 2004
publisher Vita e Pensiero
format Digital issue | Pdf

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Government Spending in a Monetary Model of Endogenous Growth
by Stefano Bosi pages: 16 € 6.00
Few endogenous growth models are able to encompass unbalanced transitional dynamics. In Barro (1990) public spending is a productive externality and growth is only regular. The second best tax rate equals the public spending return. We provide a monetary version of Barro (1990), where short-run fluctuations are due to money and long-run effects to technology. Barro’s rule is found to be surprisingly robust within transition.
A Two-Sector Model of Endogenous Growth with Money
by Salvatore Capasso pages: 22 € 6.00
Use a two-sector model in which both physical and human capital is employed in the production process, and real money balances function as a Hicks neutral technological factor in the production of physical goods. Even though money has no effect on steady state growth, its inclusion as a production factor forces production parameters to remain within a specific range of values, so that human capital and physical capital grow at different rates. In this model, steady state growth is not influenced (as it usually is) by the parameters by which the willingness to save is determined, such as the rate of time preference or rates of depreciation. Rather, it is determined solely by the form and parameters of the production functions.
Indipendenza della Banca Centrale e democrazia: una contraddizione apparente
by Maria Olivella Rizza pages: 30 € 6.00
Since Rogoff theorised it, central bank independence has been analysed almost exclusively with the tools of economic science, leading some economists to highlight a contradiction between independence and democracy. Recent contributions introducing political science tools have proposed a rationalisation of monetary conduct in which this contradiction does not hold. This article examines the contributions to the debate of Blinder, Stiglitz and Cama e Pittaluga, whose implicit positions on the neutrality of monetary policy are made explicit. It shows that Central Bank independence can be endorced even if neutrality is not agreed and suggests that independence is to be ascribed in different forms and degrees.

Note e discussioni

Prezzi e inflazione nel mercato dell’auto in Italia
by Luigi Campiglio, Alessia Longhi pages: 31 € 6.00
We draw on a complete data-base for the Italian automotive market which allows to identify make, model and version for all the vehicles sold, including the main technical characteristics for each version. The period considered is from January 1998 to March 2002. The main result is that the official inflation rate, measured on a sample, underestimates the true inflation rate, measured on the universe. Over the period the official annual inflation rate was +2,1 percent, while our estimate on the universe was + 5,2 percent. We suggest two explanations: increasing market variety and improved quality. Our estimates confirm a significant increase in market variety. Inflation rate is lower in the lower market segments and higher in the higher ones, perhaps not full represented in the sample. The role of quality is confirmed, but its effective impact on inflation measure is ambiguous.
Problematiche inerenti all’inserimento lavorativo dei disabili, con particolare riferimento alla recente produzione legislativa
by Giuliana Parodi pages: 14 € 6.00
Italy; the part of it which deals with the employment of the disabled is critically discussed in this article. Attention is drawn on the lack of clarity and on evident inconsistencies within the legislation itself. A comparison with previous (1999) legislation shows how the rights of the disabled have now become weaker, especially with respect to rules about placements, threatening the still existing principle of compulsory hiring. Particularly questionable appears the institution of agents contracting out jobs to firms which, if applicable to the disabled as well, is likely to reduce the chances of employment of the severely disabled. Discrimination, both by employers and by colleagues is discussed, and more attention to proper evaluation of job potential and to difficulties faced in the job environment is advocated. An example of good practice is described.