by Laura Barbieri
Over the last decade much research has been carried out on the topic of econometric non-stationary
panel data, especially because of the availability of new datasets (e.g. the Penn World
Tables) in which the time-series dimension and the cross-section dimension are of the same order of
magnitude. This paper presents a review of the most recent cointegration tests in a panel framework.
This kind of test has been developed to extend the unit root approach to a multivariate context.
Panel cointegration tests in literature are twofold, on the one hand there are those which verify the null
hypothesis of no cointegration, on the other hand there are those which verify the null hypothesis of
cointegration. This paper covers both sides of the subject providing insights on the applicability of
by Giuseppe Curreri
This paper deals with unemployment crises linked to the so-called general glut problem studied
in classical economic theory. Its aim is to compare the main authors who analyzed the issue in order
to highlight the differences in their approaches. On the one hand, some economists, such as Ricardo
and Say himself, believed in Say’s Law, at the same time taking into consideration the emergence
of temporary unemployment, due to technological constraints. On the other hand, Sismondi and
Malthus focused their analysis on the role of the demand for goods and on excess production. In
particular, the latter outlined a seminal distinction between product innovation and process innovation.
by Marco Fattore
It is generally agreed that poverty cannot be faithfully represented by a single monetary measure.
Poverty involves many different aspects of life, and people can be poor in different ways, to different
degrees and from several points of view. For this reason, fuzzy multidimensional indicators have
been proposed to measure material deprivation. However, the statistical procedures used to build
such indicators do not seem to be fully consistent. In this paper we show how partially ordered set
theory can help overcome such consistency problems, providing a sound basis for a multidimensional
and fuzzy analysis of poverty. In particular, we propose new criteria for defining fuzzy poverty
membership functions and give a fuzzy generalization of the notion of quantile, which may
prove useful when analyzing and comparing poverty data.
by Marco Musella, Nunzia Nappo
Within the current debate on social priorities, voluntary work has come to the forefront. It is important
to collocate appropriately this activity, which involves loyalty and solidarity, within economic
theory, recognising its contribution to economic and social development and to improved labour
In this paper, the perspective is «normative» rather than «positive»; in other words, the aim is
not to discuss the role of voluntary work in Italy and the world today, but rather to discuss how volunteering
should be regulated in order to ensure its contribution to a country’s social and economic
by Enrico Sorisio, Steinar Strøm
We have estimated the demand for erythropoietin (EPO) using market data from the Scandinavian
countries. Assuming that prices are set in a Nash-Bertrand game we determine the degree of
competition in this Scandinavian market. We also report on the impact of product innovation on
welfare, e.g on consumer (buyer) and producer surplus. The product innovation is the entry of Aranesp
onto the Scandinavian market. We find a positive effect in the EPO market related to the introduction
of Aranesp. However, the notable increase in expected consumer surplus does not seem to
be accompanied by a corresponding increase in expected producer surplus. Some time after the introduction
of the innovation, the total surplus does not seem to increase, remaining more or less constant.
An important conclusion is that although there are few firms competing in the Scandinavian
EPO market, the estimated long-run market power is rather low.
by Andrea Villani