Template-type: ReDIF-Article 1.0
Author-Name: Carlo Rosa
Author-Name: Tim Breitenstein
Title: Macroeconomic Effects of Central Bank Communication: Evidence from the Fed
Abstract: This paper employs exogenous measures of monetary policy shocks directly derived from financial market information to investigate how the economy responds to the surprise component of monetary policy decisions as opposed to central bank announcements about future movements in the policy rate. We find that the U.S. economy strongly reacts to the news shock, the difference between what the central bank announces regarding the future direction of monetary policy and what the market expects it to announce. The responses of output and prices to the unexpected component of policy decisions regarding the federal funds target rate are weak and have implausible signs.
Classification-JEL: E52, E58
Keywords:
Note:
Pages:5-22
Volume: LXIV
Year: 2009
Issue:98
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=38467&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:steste:v:html10.3280/STE2009-098001
Number: 1
Template-type: ReDIF-Article 1.0
Author-Name: Angelo Castaldo
Author-Name: Gianpaolo Crudo
Title: Corporate governance e sistema fiscale: discriminazione tra azionisti
Abstract: Corporate Governance and Tax System: Interest Divergence between Insider-Outsider and Risk - This paper studies the interest diversion that arises, between insider and outsider in the corporation governance, when taking into account the effects determined by tax system. Very similar statutory tax rates, in presence of investment risk, reinforce the positional advantage of insider with respect to outsider. The interaction between corporate governance and tax system has been underestimated by neoclassical economic approach, and recently studied by law and economics? scholars. On the basis of King and Fullerton?s (1984) model, we have developed a microsimulation model, considering specifically Italian tax system regime. We have then calculated effective marginal tax rates (EMTR) both in presence and in absence of risk. The main results show that at the increase of risk, effective marginal tax rates also decrease, but the reduction is more consistent for insiders. As a result, tax discrimination that arises on shareholders further amplifies the divergence of interest between insider and outsider.
Classification-JEL: H20, H21, H24, H25, H32, G30, G32
Keywords:
Note:
Pages:23-57
Volume: LXIV
Year: 2009
Issue:98
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=38468&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:steste:v:html10.3280/STE2009-098002
Number: 2
Template-type: ReDIF-Article 1.0
Author-Name: Elvira Sapienza
Title: A multilateral Framework on Investment: Attempts, Outcomes and Proposal
Abstract: A Multilateral Framework on Investment: Attempts, Outcomes and Proposals - So far the efforts to develop a multilateral regime have failed because of a divergence in approaches between developed and developing countries. States have made efforts to create rules through bargaining and negotiating within international economic institutions that they see as instruments through which pursuing their specific economic interests. These rules, in turn, will shape state behaviour. The key question, especially for developing countries, is whether such sets of rules reflect an existing distribution of economic power or whether these rules can transform power based relationships. This paper examines the complexity of the issues involved in the creation of a comprehensive framework for investment going through the different attempts, the results obtained and analysing the different positions in order to discuss the need of creating such a framework, its form and the best forum.
Classification-JEL: F21, F23, F33, F15
Keywords:
Note:
Pages:59-88
Volume: LXIV
Year: 2009
Issue:98
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=38469&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:steste:v:html10.3280/Ste2009-098003
Number: 3
Template-type: ReDIF-Article 1.0
Author-Name: Cristiana Donati
Title: Progresso tecnico, crescita e declino economico in una prospettiva post-keynesiana
Abstract: Technological Change, Growth and Decline in a Post-Keynesian Perspective - The role of technological change has been investigated in New Growth Theory as in post-keynesian models. In the first approach technological change comes from optimizing behaviour of the agents and, following the growth accounting method, it can be calculated as Solow residual. The modern version of Solow residual is total factor productivity (tfp). Using tfp means to believe that all countries (advanced and less advanced) are on the same production function and that there aren?t any market constraints to growth. An alternative tool, discussed in the paper, to explain differences in economic performances is the augmented technical progress function (atpf). The atpf allows us to account for market constraints that could bite log before supply constraints become operative.
Classification-JEL: E12, E13, E22, F43
Keywords:
Note:
Pages:89-123
Volume: LXIV
Year: 2009
Issue:98
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=38470&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:steste:v:html10.3280/STE2009-098004
Number: 4
Template-type: ReDIF-Article 1.0
Author-Name: Mitja Stefancic
Title: Lessons from the 2007-2008 Crisis: The Benefits from a "Soft" Methodological Pluralism in the Analysis of Financial Markets
Abstract: The article argues that contemporary financial markets and financial innovation can be analysed from a number of perspectives and theoretical standpoints. The 2007-2008 financial crisis stimulates an evaluation of the importance of interdisciplinary approaches in the analysis of a remarkably complex financial system. The article provides an argument in support of the application of a "soft pluralism" in policy related to financial regulation. Particularly softer versions of pluralist methodologies enable financial analysts and professional practitioners to work on the new regulation of financial markets, and to implement the design of a dynamic and fair capitalism. Therefore, soft pluralism is relevant for providing a clear definition of the bases for sustainable wealth creation and the maximisation of the benefits from globalisation through a plurality of perspectives.
Classification-JEL: B41, B50, G01, G10, G18
Keywords:
Note:
Pages:125-134
Volume: LXIV
Year: 2009
Issue:98
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=38471&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:steste:v:html10.3280/Ste2009-098005
Number: 5
Template-type: ReDIF-Article 1.0
Author-Name: n.d.
Title: Recensioni
Abstract:
Classification-JEL:
Keywords:
Note:
Pages:135-150
Volume: LXIV
Year: 2009
Issue:98
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=38472&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:steste:v:html10.3280/STE2009-098006
Number: 6
Template-type: ReDIF-Article 1.0
Author-Name: n.d.
Title: Libri ricevuti
Abstract:
Classification-JEL:
Keywords:
Note:
Pages:151-151
Volume: LXIV
Year: 2009
Issue:98
File-URL:http://www.francoangeli.it/riviste/Scheda_Rivista.aspx?IDArticolo=38473&Tipo=Articolo PDF
File-Format: text/HTML
Handle: RePEc:fan:steste:v:html10.3280/STE2009-098007
Number: 7