University of Brescia

Faculty of Economics

Research Report

2008 - 2010

Department of Economics via San Faustino, 74/B – 25122 Brescia

Tel.: 030.2988839/840/848Fax : 030.2988837, e-mail: segeco@eco.unibs.it

internet: http://www.unibs.it/on-line/dse/Home.html

PRESENTATION________________________________________________________________

The Department of Economics, founded in 1991, is one of the most dynamic and promising medium-size

economics departments in Italy.

As a recent research shows that our department has the third high h index in Italy (www.lavoce.info). All its

staff members have experienced studying, research and working at important foreign universities and

institutions, and strictly cooperate with researchers and economists from prestigious universities and

agencies within both national and international networks.

The Department of Economics aims at reaching excellent standards in economic research and assesses its

outputs not only in terms of publications and studies but also as concerns its visibility and active interaction

with both the international scientific community and the local economic agents.

The Department of Economics promotes several workshops and debates with local companies, public

agencies and financial institutions, invites to its weekly seminars economists and experts from the world’s

most prestigious research centres, is co-founder of a Graduate School in Social Sciences running a PhD

course in economics with partners such as Boston College, Université de Louvain, Queen Mary College,

University of York and University of Leicester, shares its research funds conditionally on fixed targets in

terms of publications (as measured for the refereed journals by the Impact Factor).

The polyhedric interests of its staff and the young and stimulating environment makes the Department of

Economics an ideal laboratory for cross-fertilization and synergic complementarities in economic research as

witnessed by the high rate of scientific co-authoring between members.

THE STAFF_____________________________________________________________________

The Department of Economics consists of 22 members.

Giovanni Amisano »»

Roberto Casarin »»

Mario Cassetti »»

Chiara Dalle Nogare »»

Alessandra Del Boca »»

Matteo Maria Galizzi »»

Rosella Levaggi »»

Enrico Marelli »»

Francesco Menoncin »»

Enrico Minelli »»

Raffaele Miniaci »»

Giulio Palermo »»

Paolo Panteghini »»

Maria Laura Parisi »»

Angelo Santagostino »»

Carlo Scarpa »»

Francesco Spinelli »»

Francesco Squintani »»

Tiziana Tagliaferri »»

Carmine Trecroci »»

Matilde Vassalli »»

Sergio Vergalli »»

The International links of the Department with foreign universities means that each year the Department

hosts a member of foreign researcher visiting Brescia for teaching and research studies.

In 2009 the Department was visited by:

Karim Aroussi, École de Management, Lyon;

Pierluigi Balduzzi, Boston College, Carroll School of Management;

Federico Maria Bandi, The University of Chicago Booth School of Business;

Jacques Bourrinet, Jean Monnet Chair, Université Aix-en-Provence;

Claudio Cressati, Jean Monnet Professor, Udine University;

Domenico Cuoco, Wharton University of Pennsylvania;

Stefano De Michelis, University of di Pavia;

Monica Frassoni, European Parlament;

Michele Fratianni, Indiana University, Kelley School of Business, Università Politecnica delle Marche

(Ancona);

Paolo Fulghieri, University of North Carolina;

Pierluigi Gilibert, Director General of the Risk Management Directorate;

Aviad Heifetz, Open University, Tel Aviv;

Ioan Horga, Jean Monnet Chair, Oradea University;

Sara Maioli, New Castle University;

Helena Marques, University of Manchester;

Renata Mansini, DEA, University of Brescia;

Martin Meier, Istituto de Analisi Economico, Barcelona;

Marisa Miraldo, University College, London;

Carlos Molina del Pozo, Jean Monnet Chair, Alcalà University;

Anton Muscatelli, Heriot-Watt University;

Heracles Polermarchakis, University of Warvick;

Adina Popovici, Vest University of Timisoara;

Roberto Ricciuti, University of Florence;

Grigore Silasi, Jean Monnet Chair, Vest University of Timisoara;

Massimiliano Tani Bertuol, Macquaire University;

Marco Tronzano, University of Genova;

Pietro Veronesi, University of Chicago Booth School of Business;

Roberto Violi, Banca d'Italia.

TEACHING ACTIVITIES ____________________________________________________________________

UNDERGRADUATE

We run several programmes within the department, mostly in collaboration with other departments.

Courses prepare graduates in areas ranging from management in industrial companies, financial

intermediaries and non-profit organisations, to professions such as public accountancy and auditing, as well

as business, legal and financial consultancy. The courses of study are designed to confer adequate

professional skills for the future. Our graduates face no difficulties in the job market and can choose from a

wide array of professions.

Courses

GRADUATE

The Department participates to the PHD economic program hosted by University of Milan.

PH.D. IN ECONOMICS

The Department is involved in the D. Phil Programme jointly organised by several well established Lombard

Universities (University of Milan “Bicocca”, University of Bergamo, Libera Università “Carlo Cattaneo”

LIUC of Castellanza). The programme involves research activities as well as attendance to lectures and

seminars. The Ph.D. programme consists of a pool of professors and lecturers affiliated with the Universities

participating in the programme. The Ph.D. in Economics aims to train scholars to begin careers as

economists in academic institutions, research centres or high-skilled professions.

ERASMUS/JEAN MONNET

The department of Economics has been awarded a Jean Monnet Chair for the period 2006-2011.

The following curses have been delivered by the chair holder: European Economic Integration, Economic

Development, Economics and Policy of Globalisation, Economics of Foreign Direct Investments &

Multinational Enterprises, Theories of Globalisation. The three latter are part of the European Master (called

Laurea magistrale in the Italian system) in International Economics.

A cycle of eight lectures on Europe has been held between October 2007 and March 2008.

RESEARCH___________________________________________________________________________________

The department’s research interests build on the core areas of econometrics, microeconomics, macroeconomics and public finance.

RECENT SELECTED PAPERS BY THE DEPARTMENT'S STAFF

Articles in refereed journals with ISI index 2010Amisano G., Geweke J., Comparing and Evaluating the Predictive Distribution of Bayesian Models of Asset

Returns, International Journal of Forecasting, 26(2), 216-230.

Amisano G., Geweke J., Hierarchical Markov Normal Mixture Models with Applications to Financial Asset

Returns, Journal of Applied Econometrics, forthcoming.

Amisano G., Tronzano M., Assessing ECB's Credibility During the First Years of the Eurosystem: A

Bayesian Empirical Investigation, The Manchester School, forthcoming.

Amisano G., Tristani O., Euro area inflation persistence in an estimated nonlinear DSGE model, Journal of

Economic Dynamics and Control, forthcoming.

Andersson O., Galizzi M.M, Hoppe T., Kranz S., van der Viel K., Wengstrom E., Persuasion in

Experimental Ultimatum Games, Economics Letters, 108, 16-18.

Barigozzi F., Levaggi R., Emotional Decision-Makers and Anomalous Attitudes towards Information,

Journal of Risk and Uncertainty, forthcoming.

Billio M., Casarin R., Identifying Business Cycle Turning Points with Sequential Monte Carlo: An Online

and Real-Time Application to the Euro Area, Journal of Forecasting, 29, 145-167.

Cabrales A., Miniaci R., Piovesan M., Ponti G., Social Preferences and Strategic Uncertainty: an Experiment

on Markets and Contracts, American Economic Review, forthcoming.

Bernhardt D., Camara O., Squintani F., Competence and Ideology, Review of Economic Studies,

conditionally accepted.

Galizzi M. M., Ghislandi S., Miraldo M., Effects of Reference Pricing in Pharmaceutical Markets: a Review,

PharmacoEconomics, forthcoming.

Ghinamo M., Panteghini P. M., Revelli F., FDI Determination and Corporate Tax Competition in a Volatile

World, International Tax and Public Finance, forthcoming.

Hopenhayn H., Squintani F., Preemption Games with Private Information, Review of Economic Studies,

forthcoming.

Levaggi R., From local to global public goods: how should externalities be represented?, Economic

Modelling, forthcoming.

Levaggi L., Levaggi R., Welfare properties of restrictions to health care services based on cost effectiveness,

Health Economics, forthcoming.

Miniaci R., Pastorello S., Mean-Variance Econometric Analysis of Household Portfolios, Journal of Applied

Econometrics, 25(3), 481-504.

Miniaci R., Monfardini C., and Weber G., How Does Consumption Change upon Retirement?, Empirical

Economics, 38(2), 257-280.

Moretto M., Vergalli S., Managing Migration through Conflicting Policies: an Option-theory Perspective,

Scottish Journal of Political Economy, forthcoming.

Moscarini G., Squintani F., Competitive Experimentation with Private Information, Journal of Economic

Theory, 145(1), 339-360.

Trecroci C., Vassalli M., Monetary Policy Regime Shifts: New Evidence from Time-Varying Policy Rules.

Economic Inquiry, in press.

2009Bernhardt D., Campuzano L., Camara O., Squintani F., On the Benefits of Party Competition, Games and

Economic Behavior, 66(2), 685-707.

Bernhardt D., Duggan J., Squintani F., Private Polling in Elections and Voters' Welfare, Journal of

Economic Theory, 144(5), 2021-2056.

Bernhardt D., Duggan J., Squintani F., The Case for Responsible Parties, American Political Science

Review, 103(4), 570-587.

Boffa F., Scarpa C., An Anticompetitive Effect of Eliminating Transport Barriers in Network Markets,

Review of Industrial Organization, 34, 115-133.

Casarin R., Robert C. P., A discussion on: Approximate Bayesian inference for latent Gaussian models by

using integrated nested Laplace approximations by Rue H., Martino S., Chopin N., Journal of the Royal

Statistical Society, Series B, 71 (2), 359-360.

Casarin R., Marin J. M., Robert C. P., A discussion on: Approximate Bayesian inference for latent Gaussian

models by using integrated nested Laplace approximations by Rue H., Martino S., Chopin N., Journal of the

Royal Statistical Society, Series B, 71 (2), 360-362.

Calzolari G., Scarpa C., Footloose monopolies: regulating a "national champion", Journal of Economics

and Management Strategy, 18(4), 1179-1214.

Forges F., Minelli E., Afriat's Theorem for General Budget Sets, Journal of Economic Theory, 144(1), 135-

145.

Goltsman, M., Hörner, J., Pavlov G., Squintani F., Mediation, arbitration and negotiation, Journal of

Economic Theory, 144(4),1397-1420.

Levaggi R. et al., Marketing and pricing strategies of on line pharmacies, Health Policy, 92(2-3), 187-196.

Marx L., Squintani F., Individual Accountability in Teams, Journal of Economic Behavior and

Organization, 72(1), 260-273.

Panteghini P. M., The Capital Structure of Multinational Companies under Tax Competition, International

Tax and Public Finance, 16, 59-81.

2008

Barigozzi F., Levaggi R., Emotions in Physician Agency, Health Policy, 88, 1-14.

Del Boca A., Galeotti M., Rota P., Non-convexities in the Adjustment of Different Capital Inputs: A Firm

Level Investigation, European Economic Review, 52(2), 315-337.

Heifetz A., Minelli E., An Economic Theorists' Reading of Simone Weil, Economic and Philosophy, 24, 1-

14.

Menoncin F., The role of longevity bonds in optimal portfolios, Insurance: Mathematics and Economics, 42,

343-358.

Miniaci R., Scarpa C., Valbonesi P., Distributional Effects of Price Reforms in the Italian Utility Markets,

Fiscal Studies, 29(1), 135-163.

Moretto M., Vergalli S., Migration Dynamics, Journal of Economics, 93(3), 223-265.

Articles in refereed journals without ISI index

2010

Del Boca A., Fratianni M., Spinelli F., Trecroci C., The Phillips curve and the Italian Lira: 1861-1998,

North American Journal of Economics and Finance, in press.

Hölscher J., Marelli E., Signorelli M., China and India in the Global Economy, Economic Systems, 3, in

press.

Levaggi L., Levaggi R., Strategic Costs and Preferences Revelation in the Allocation of Resources for

Medical Treatments, International Journal of Health Care Finance and Economics, forthcoming.

Marelli E., Signorelli M., Institutional, nominal and real convergence in Europe, Banks and Bank Systems,

2, in press.

2009

Casarin R., Marin J. M., Online data processing: Comparison of Bayesian regularized particle filters,

Electronic Journal of Statistics, 3, 239-258.

Corasaniti G., La Candia I., Panteghini P. M., Venturi F., Fiscal Federalism in Italy, Tax Notes International,

2009.

Levaggi R., Moretto M. and Rebba V., Quality and Investment Decisions in Hospital Care when Physicians

are Devoted Workers, Economics of Innovation and New Technology, 18(5), 487-512.

Panteghini P. M., On the Equivalence between Labor and Consumption Taxation, Economics Bulletin, 29(2)

631-638.

Santagostino A., The EU Mediterranean policy ,Eurolimes, 8, 83-99.

2008

Belotti G., Spinelli F., Trecroci C., Brescia 1687: a déjà vu of Islamic finance, Journal of European

Economic History, 2(3), 497-522.

Casarin R., Pelizzon L., Piva A., Italian Equity Funds: Efficiency and Performance Persistence, ICFAI

Journal of Financial Economics, 6(1), 7-28.

Cervigni R., Cuccu O., Miniaci R., The Market for Evaluations: Opportunity or Constraints for Public

Decision-Makers?, Journal of Public Procurement, 8(1), 36-69.

Del Boca A., Galeotti M., Himmelberg C. P., Rota P., Investment and Time to Plan and Build: A Comparison

of Structures vs. Equipment in a Panel of Italian Firms, Journal of the European Economic Association, 6(4),

864-889.

La Candia I., Panteghini P. M., Venturi F., Italy’s Summer Fiscal Reform, Tax Notes International, 52(8),

661-666.

La Candia I., Panteghini P. M., Venturi F., Tax Increases Targeted to Banks, Insurance Companies, Tax

Notes International, 31-31.

Levaggi R., Menoncin F., Merit goods provision and optimal tax evasion, Economics Bullettin, 8(7), 1-3.

Levaggi R., Moretto M., Investment in Hospital Care Technology Under Different Purchasing Rules: A

Real Option Approach, Bulletin of Economic Research, 60(2), 159-172.

Levaggi R., Menoncin F., Fiscal federalism, patients' mobility and the soft budget constraint: a theoretical

approach, Politica Economica, 26(3).

Marelli E., Signorelli M., Institutional Change, Regional Dynamics and Economic Performance in

Transition, Review of Economic Conditions in Italy, 3.

Minelli E., Modica S., Credit Market Failures and Policies, Journal of Public Economic Theory, 11, 363-

382.

Miniaci R., Scarpa C., Valbonesi P., Measuring the Affordability of Basic Public Utility Services in Italy,

Giornale degli Economisti e Annali di Economia, 67(2), 185-230.

Moretto M., Panteghini P. M., Scarpa C., Profit Sharing and Investment by Regulated Utilities: A Welfare

Analysis, Review of Financial Economics, 17(4), 315-337.

Panteghini P. M., Scarpa C., Political Pressures and the Credibility of Regulation: can Profit Sharing

Mitigate Regulatory Risk?, International Review of Economics, 55(3), 253-274.

Santagostino A., How Europe can Dialogue with Islam, Eurolimes, 5, 84-94.

Vergalli S., The Role of Community in Migration Dynamics, Labour, Review of Labour Economics and

Industrial Relations, 22(3), 547-567.

Monographies and contributions to volumes in English

2010

Fratianni, M. Spinelli, F. The 1920s and 1930s: Foreign Exchange Policy and Industrial and Financial

Restructuring”, in G. Wood and F. Capie (eds.), The Great Depression: Critical Concepts, Routledge, 2010

Marelli E., Signorelli M. (eds.), Economic Growth and Structural Features of Transition, Palgrave

Macmillan.

Marelli E., Signorelli M., Growth and Structural Features of Transition: Theoretical Framework and General

Overview, in Marelli E. and Signorelli M. (eds.), cit.

Marelli E., Signorelli M., Productivity, Employment and Human Capital in Eastern and Western EU

Countries, in Marelli E. and Signorelli M. (eds.), cit.

Marelli E., Signorelli M., Transition, Regional Features, Growth and Labour Market Dynamics, in Caroleo

F.E. and Pastore F. (eds.), The Labour Market Impact of the EU Enlargement, Springer, Heidelberg.

2009

Menoncin F., Seven entried for "The Encyclopadia of Alternative Investment" (Hedge Ratio, Interest Rate

Swap, Credit Default Swap, Commodity Swap, Basis Swap, Synthetic Future, Double Hedging) ed. by

Gregoriou, Chapman-Hall CRC/Taylor and Frencis Group.

Menoncin F., Using CVaR for optimizing and hedging portfolios, in Gregoriou G. N., Ground Breaking

Research and Developmentsin VaR, Bloomberg Press.

2008

Amisano G., Giannini C., Structural VAR Econometrics, Springer-Verlag, forthcoming.

Casarin R., Solution Manual for Selected Problems, The Bayesian Choice, 2nd Ed. and Paperback Ed. ,

Christian P. Robert, Springer Verlag.

Dalle Nogare C., Vassalli M., Pressure on Bank of Italy: Evidence using a Taylor Rule, in F. Padovano e R.

Ricciuti eds., Italy's Institutional Reforms: an Economic Analysis, Springer-Verlag.

Levaggi R., Hospital care organisation in Italy: a theoretical assessment of the reform, in Padovano F. e

Ricciuti R. (eds) Italian Institutional Reform: A Public Choice Perspective, Springer, ISBN: 978-0-387-

72140-8.

Menoncin F., An Asset Allocation Problem with Credit Derivatives, in Gregoriou G. N. at Alii, The

Handbook of Credit Derivatives, McGraw-Hill.

Menoncin F., An Approximate Solution for Optimal Portfolio in Incomplete Markets, in Sarychev A:,

Shiryaev A., Guerra M., Grossinho M. R. (eds.), Mathematical Control Theory and Finance, Springer-Verlag

Berlin, Heidelberg.

RESEARCH PROJECTS

1) - PRIN 2007: Communication and delegation

Local organiser: Francesco Squintani

The main focus of our research project is the analysis of the role of private information in financial markets.

We aim at understanding how information is transmitted and which effects information transmission plays on

the efficiency and stability of markets.

In order to pursue such a goal, we plan to investigate different information transmission mechanisms:

- face-to-face communication;

- communication through mediators (e.g. consultants, banks etc);

- inference from prices and trades observed in the market.

We consider both the case in which the quality of transmitted information is verifiable and the one in which

is not and, therefore, the transmitted information could be strategically distorted by the sender. Such issues,

and in particular the latter, have received a limited attention by the economic literature, despite being rather

relevant not only from a theoretical point of view (consider, for instance the conflict of interests of financial

analysts, an issue which has recently attracted a great attention by financial newspapers and press).

2) - PRIN 2007: Government, financing, and regulation of health care expenditure

Local organiser: Rosella Levaggi

Health care reforms implemented in Italy and elsewhere have as common denominator the to create a market

for the health performances with the last purpose to improve the efficiency of the system of supply of the

health services In Italy the reform presents some peculiar characteristics which relates to the fact that

decisions about the quantity of care to provide and the organisation of the market have been devolved to

Regions. The aim of this research is to study some of the effects of such reform. The project will be divided

into three areas:

1) Market organisation, demand, supply and regulation;

2) Health expenditure growth, its composition and the soft budget constraint;

3) Determination of the price of specific medical technologies, role of the ticket and the delay as tools of

control demand.

For each area we will focus on the most problematic aspects of the organisation after the reform and through

a theoretical analysis of the different problems we will offer policy indications on the incentive structures

that should be used to improve health care supply and its finance

3) - PRIN 2008: The new industrial policy and public-private interactions in firms and markets

Local organiser: Carlo Scarpa

The recent shift in industrial policies, which has brought back state intervention at the very centre of the

debate, which until few months ago was centred around keywords such as competition or privatisation, is the

main area we want to investigate.

The research aims at evaluating – without prejudice – how industrial policy should adapt to this period, and

whether the recent convictions about the optimal boundaries between "public" and "private" should be totally

reconsidered, or simply adjusted.

After years where the room left to the market has gradually increased, the new role of the public sector will

probably materialise along several dimensions, and we will focus on those which are more closely linked to

the notion of “industrial policy” and its new connotations.

4) - SHARE

Raffaele Miniaci

The Survey of Health, Ageing and Retirement in Europe (SHARE) is a multidisciplinary and cross-national

panel database of micro data on health, socio-economic status and social and family networks of more than

45,000 individuals aged 50 or over. The survey’s third wave of data collection, SHARELIFE, collects

detailed retrospective life-histories in thirteen countries in 2008-09. By now SHARE has become a major

pillar of the European Research Area and in 2008 was selected as one of the projects to be implemented in

the European Strategy Forum on Research Infrastructures (ESFRI).

SHARE is coordinated centrally at the Mannheim Research Institute for the Economics of Aging (MEA). It

is harmonized with the U.S. Health and Retirement Study (HRS) and the English Longitudinal Study of

Ageing (ELSA). SHARE’s scientific power is based on its panel design that grasps the dynamic character of

the ageing process. Data collected include health variables (e.g. self-reported health, health conditions,

physical and cognitive functioning, health behaviour, use of health care facilities), bio-markers (e.g. grip

strength, body-mass index, peak flow), psychological variables (e.g. psychological health, well-being, life

satisfaction), economic variables (current work activity, job characteristics, opportunities to work past

retirement age, sources and composition of current income, wealth and consumption, housing, education),

and social support variables (e.g. assistance within families, transfers of income and assets, social networks,

volunteer activities).

5) - GALILEO PROJECT WITH ECOLE DE MANAGEMENT DE LYON (EML)

Francesco Menoncin

The project is aimed at studying the asset allocation problem for a pension fund in a market where sudden

crises may arise. Thus, instead of modelling the behaviour of the market index through continuous Wiener

processes, we plan to use jump processes. We will compare the optimal asset allocation in the two cases of a

financial market without crises (the diffusion case) and with crises (the jump-diffusion case).

The introduction of jumps in the asset price process leads to the lack of a closed form solution to the asset

allocation problem. Numerical methods will then be used for solving the partial differential equation arising

from the dynamic programming approach to portfolio optimization

6) – GRETA: Research project on Square-Root Iterated Kalman Filter

Roberto Casarin

The project aims to study the optimal number of iterations for the Iterated Kalman Filers with particular

attention to the class of Square-root filters. Moreover the extension of these algorithms to the matrix-variate

case will be considered. An important aim of the project is the applications to the business cycle analysis.

7) – GRETA: Research Project on Bank Deposits Duration Models

Roberto Casarin

This project aims to provide accurate modelling and suitable estimation procedure for the valuation of the

banks deposits. The model will account for the dynamics of the Euribor and for the expected duration of the

deposits. In particular the determinants of the deposits duration will be studied. Databases from three Italian

national banks groups will be used to this aim.

8) - EUROSTAT-GRETA: Joint project on Modern Tools for Business Cycle Analysis"

Roberto Casarin

The aim of this three year- project is to focus on the duration of the cycle with the aim to capture some

features of the duration of phases and to include them in the business cycle model. In particular it will be

studied the inclusion in the model some constraints on the maximum duration and duration distribution.

9) - FRENCH NATIONAL RESEARCH COUNCIL PROJECT: Adaptive Monte Carlo Methods

Roberto Casarin

The project deals with adaptive Monte Carlo methods in statistics. I was involved for some two months in

the part of the project related to the application of the self-avoiding random walk (SAW) proposals to

sequential Monte Carlo algorithms. I studied the properties of the resulting algorithm and estimates its

performance when applied to the solution of Bayesian inference problems.

10) - Service deregulation, competition and the performance of French and Italian firms

Alessandra del Boca and Marialaura Parisi

Sickness Absence In Italy: Why does the Private Sector React more than the Public to Law 133? A

Microeconometric analysis of absentee policy

11) - CONGIUNTUR

Chiara Dalle Nogare, Matteo Galizzi, Tiziana Tagliaferri

Congiuntur is a University of Brescia project in collaboration with the Province of Brescia. Its aim is to

monitor touristic trends in the area through online surveys compiled by a panel of self-selected managers of

hotels, B&B, apartment rentals, camping sites etc. The main objects of analysis are the number of reserved

rooms at a certain point in time before the summer season and the actual occupancy rates as reported at the

end of summer. Other issues concerning tourism in the Brescia area (also comprising part of Lake Garda)

may be occasionally considered for spot surveys.

About 1.100 touristic firms are in the panel, 10% of which regularly send their answers to the surveys. Three

surveys have already been submitted, and three reports produced: Summer 2009, Winter 09-10, April 2010.

Reports are quickly written (15-20 days after survey) and are freely available online on www.congiuntur.it.

12) - EUROPEAN COMMISSION'S SIXTH FRAMEWORK PROGRAMME: Circe Project

Sergio Vergalli

CIRCE aims at developing for the first time an assessment of the climate change impacts in the

Mediterranean area.

The objectives of the project are:

- to predict and to quantify physical impacts of climate change in the Mediterranean area;

- to evaluate the consequences of climate change for the society and the economy of the populations located

in the Mediterranean area;

- to develop an integrated approach to understand combined effects of climate change;

- to identify adaptation and mitigation strategies in collaboration with regional stakeholders.

CIRCE brings together the natural sciences community and social community in a new integrated and

comprehensive way.

WORKING PAPERS____________________________________________________________________

PAPERS 2010

1001 – E. BRENTARI, R. LEVAGGI, “ Hedonic price for the Italian red wine: a panel analysis”. (.pdf)

1002 – M. BILLIO, R. CASARIN, “Bayesian Estimation of Stochastic-transition Markov-switching

Models for Business Cycle Analysis”.(.pdf)

1003 – M.M. GALIZZI, M. MIRALDO, “Are you what you eat? Experimental evidence on health habits

and risk preferences”. (.pdf )

1004 – M. CASSETTI, “Macroeconomic outcomes of changing bargaining relationships in open economies,

the feasibility of a wage-led economy reconsidered”. (.pdf)

1005 – A. FEDELE, A. MANTOVANI, F. LIUCCI, “Credit availability in the crisis: which role for the

European investments bank group?”.(.pdf)

1006 – A. BUCCIOL, R. MINIACI, “Household Portfolios and Implicit Risk Preference”.(.pdf)

1007 – F. BARION, R. MINIACI, P.M. PANTEGHINI, M.L. PARISI, “Profit Shifting by Debt

Financing in Europe”. (.pdf)

PAPERS 2009

0901 - A. DEL BOCA, M. FRATIANNI, F. SPINELLI, C. TRECROCI, "Wage Bargaining Coordination

and the Phillips Curve Italy". (.pdf)

0902 - L. LEVAGGI, R. LEVAGGI, "Welfare properties of restrictions to the health care services based on

cost effectiveness". (.pdf)

0903 - R. LEVAGGI, " From local to global public goods: how should externalities be represented?". (.pdf)

0904 - P. M. PANTEGHINI, "On the Equivalence between Labour and Consumption Taxation". (.pdf)

0905 - S. GLORIA, G. PALERMO, "Les consequences ideologiques de la crise des SUBPRIMES". (.pdf)

0906 - M. M. GALIZZI, "Bargaining and Networks in a Gas Bilateral Oligoloply". (.pdf)

0907 - C. D'ALPAOS, M. MORETTO, P. VALBONESI, S. VERGALLI, "It is never too late: optimal

penalty for investment delay in public procurement contracts”. (.pdf)

0908 - A. DEL BOCA, M. FRATIANNI, F. SPINELLI, C. TRECROCI, "The Phillips curve and the

Italian lira, 1861-1998". (.pdf)

0909 - R. LEVAGGI, F. MENONCIN, "Decentralised provision of merit and impure public goods". (.pdf)

PAPERS 2008

0801 - A. FOSSATI, R. LEVAGGI, "Delay is not the answer: waiting time in healthcare & income

redistribution". (.pdf)

0802 - M. GHINAMO, P. M. PANTEGHINI, F. REVELLI, "FDI determination and corporate tax

competition in a volatile world". (.pdf)

0803 - V. KANNIAINEN, P. M. PANTEGHINI, "Tax neutrality: illusion or reality? The case of

entrepreneurship". (.pdf)

0804 - P. M. PANTEGHINI, "Corporate debt, hybrid securities and the effective tax rate". (.pdf)

0805 - M. MORETTO, S. VERGALLI, "Managing migration through quotas: an option-theory

perspective". (.pdf)

0806 - F. MENONCIN, P. M. PANTEGHINI, "The Johansson-Samuelson theorem in general equilibrium:

a rebuttal". (.pdf)

0807 - R. MINIACI, S. PASTORELLO, "Mean-variance econometric analysis of household portfolios".

(.pdf)

0808 - A. BUCCIOL, R. MINIACI, "Household portfolios and implicit risk aversion". (.pdf)

0809 - L. PODDI, S. VERGALLI, "Does corporate social responsability affect firms' performance?". (.pdf)

0810 - S. CAPRI, R. LEVAGGI, "Drug pricing and risk sharing agreements". (.pdf)

0811 - M. M. GALIZZI, "Persuasion in experimental ultimatum games". (.pdf)

0812 - R. LEVAGGI, "Decentralisation Vs. fiscal federalism in the presence of impure public goods". (.pdf)

0813 - F. BIAGI, M. L. PARISI, L. VERGANO, "Organizational innovations and labour productivity in a

panel of italian manufacturing firms". (.pdf)

0814 - G. AMISANO, R. CASARIN, "Particle filters for Markov-switching stochastic-correlation models".

(.pdf)

0815 - M. BILLIO, R. CASARIN, "Identifying business cycle turning points with sequential Monte Carlo

methods". (.pdf)

0816 - R. CASARIN, D. SARTORE, "Matrix-State particle filter for Wishart stochastic volatility

processes". (.pdf)

0817 - R. CASARIN, L. PELIZZON, A. PISA, "Italian equity funds: efficiency and performance

persistence". (.pdf)

0818 - C. DALLE NOGARE, M. M. GALIZZI, "The political economy of cultural spending: evidence

from Italian cities". (.pdf)

CONFERENCES_____ ________________________________________________________________________

1) - FIRST PHD STUDENTS WORKSHOP FINANCIAL ECONOMETRICS AND QUANTITATIVE

FINANCE

11 December 2009, University of Brescia.

Organising committee: Gianni Amisano, Roberto Casarin, Raffaele Miniaci

2) - ASSENTEISMO: I LAVORI DELLA COMMISSIONE

One day conference organised by Alessandra del Boca (President of the commission on absenteism) where

the main results of the research made by the Commission on the determinants of absenteism, its

measurement and its impact on the activity of the public employment were presented.

3) - PRESENTATION OF THE VOLUME: ECONOMIA E MERCATO: BRESCIA ALLA PROVA

DEL TERZO MILLENNIO

The volume includes the results of a research on the structural characteristics and recent evolution of

Brescia's economy.

4) - THIRD JAPANESE-EUROPEAN BAYESIAN ECONOMETRICS AND STATISTICS MEETING (JEUBES 2008)

Sala Biblioteca

Università degli Studi di Brescia, Facoltà di Economia

26 August 2008

Organizers: Institute for Advanced Studies (IHS) of Wien.

Local organizers: Gianni Amisano, Roberto Casarin and Raffaele Miniaci.

5) - AIEL

Associazione Italiana Economisti del Lavoro

XXIII Convegno Nazionale di Economia del Lavoro

Università degli Studi di Brescia, Facoltà di Economia

11-12 September 2008

Local organizers: Alessandra Del Boca, Enrico Marelli.

The Department of Economics organised, joint with AIEL (Associazione Italiana Economisti del Lavoro) the

XXIII National Conference of Labour Economics which was held in Brescia on 11 and 12 September 2008.

Over 130 reports, nearly half by foreign speakers were submitted.

The first thematic session on "Employment, Productivity and Growth" has been organised by Alessandra

Del Boca and Enrico Marelli. Its significance and relevance stems from the fact that the most serious

problem afflicting the Italian economy by at least a decade is that of weak growth, which in turn is linked to

poor dynamic labour productivity,. To introduce the work two eminent speakers, Gilles Saint Paul (Professor

at the Université des Sciences Sociales de Toulouse and one of the leading European experts in the problems

of the labour market) and Tito Boeri (Bocconi University, also known to general public for his acute analysis

in the current discussion of economic policy) were asked to make a keynote speach.

www.aiel.it

6) - HEALTH AND ECONOMICS LAB

The Laboratory is jointly organised by the Department of Economics and the Department of Public Health of

the Faculty of Medicine. Its aim is to bring together competences form Economics and Medicine with the

aim to study and discuss topical themes in health economics. The 2009 edition treated the following theme:

Health strategies for a global world Living in a "global village" has implications for health in the world and

opens the road to new ways of promoting and protecting health.

This year the Laboratory of Health Economics and Organization, in its fifth edition, has become an

opportunity for reflection and critical reading of the phenomenon of globalization in health, with the aim of

providing the operator strategies to navigate the complex and dynamic world of e-health. The workshop

foresaw five meetings in the period february-may. The detailed programme can be found at

www.sitinazionale.com

7) - LEDIECIGIORNATE DI BRESCIA – EDIZIONE 2008

Associazione Francesco Soldano

Università degli Studi di Brescia, Facoltà di Economia

26 September 2008

with Riccardo Chiaberge, Giuseppe Guzzetti, Piero Gastaldo and Salvatore Settis.

8) - PRESENTATION OF “ANIMAL SPIRITS” BY G. AKERLOF AND R. SHILLER, JOINT WITH

“ISTITUTO DI STUDI ECONOMICI E PER L'OCCUPAZIONE – I·S·E·O”.

Prof. George Akerlof, 2001 Nobel Price, Berkeley University (California).

Università degli Studi di Brescia, Facoltà di Economia

24 November 2008

9) - UN NUOVO CONTRATTO PER TUTTI

Università degli Studi di Brescia, Facoltà di Economia

3 Dicembre 2008

with Tito Boeri

SEMINARS

SEMINARS 2010

M. Kifman (Università di Augsburg)19 gennaio 2010“Hyperbolic Discounting and the Demand for Long-term Care Insurance”

T. Boeri (Università Bocconi Milano)26 gennaio 2010“Shadow Sorting”

A Del Boca, M.L. Parisi (Università degli Studi di Brescia)02 febbraio 2010“Sickness Absence in Italy: A Microeconometric Analysis of a Private and a Put”

O. Tarola (Università di Roma)09 febbraio 2010“Acquisition or de novo entry? An entry dilemma in a vertically differentiated market”

M. Casari (Università degli Studi di Bologna)23 febbraio 2010“Institutions for long-run Cooperation: Experiments on Markets with Frictions”

V. Atella (Università di Tor Vergata)02 marzo 2010“Who is responsabile for your health: you, your doctor new technologies?”

A Germiniasi (Northeastern University)04 marzo 2010“The effect of Union Coverage on the Probability of Work-related Injuries”

A Gigliobianco (Banca d’Italia) 09 marzo 2010“Financial Market Regulation in the Wake of Financial Crises: the Historical Experience”

A Caiumi (ISAE)11 maggio 2010“The effectiveness evaluation of selected tax expenditures: a novel approach. An application to regional tax incentives for business investment in Italy”

G. Amisano (ECB, Università degli Studi di Brescia)18 maggio 2010“A Regime Switching DSGE Model for the Term Structure”

SEMINARS 2009

M. Pellizzari (Bocconi University)13 gennaio 2009“Wage compression and Self-Employment. Evidence from the abolition of the Scala Mobile in Italy”

M. C. Marcuzzo (University “La Sapienza”)27 gennaio 2009“Cos'è “buona” ricerca in economia?”

G. Weber (University of Padova) 3 febbraio 2009“Ageing and Unused Capacity in Europe: Is There an Early Retirement Trap”

S. Albanesi (Columbia University) 10 marzo 2009“Intertemporal Distortions in The Second Best”

G. Harrison (University of Central Florida) 31 marzo 2009“Estimating Aversion to Uncertainty”

A. Savoldi (University of Brescia) 15 aprile 2009"Public Service Obligations and Unknow Demand"

C. P. Robert (Ceremade-Universitè Paris Dauphne) 21 aprile 2009“Approximative Bayesian Computation (ABC) Methods”

G. Piccirilli (Catholic University of Milan) 28 aprile 2009“Job protection, industrial relations and employment”

F. Aiello (University of Calabria ) 5 maggio 2009“Capacità di gestione, efficienza istituzionale e impatto dei fondi strutturali in Italia”

R. Savona (University of Brescia) 12 maggio 2009“Multidimensional Distance to Collapse Point and Sovereign Default Prediction”

T. Buettner (LMU) 19 maggio 2009“Thin-Capitalization Rules and the Financing and Investment Decisions of Multinationals”

L. Stanca (University of Milano “Bicocca”) 21 maggio 2009“ Price to Give for: An Experiment on Public Good Funding Mechanisms”

A. Fedele (University of Brescia) 26 maggio 2009"Does Product Market Competition Increase Credit Availability?"

V. Scoppa (University of Calabria) 9 giugno 2009“Can gender quotas break down negative stereotypes? Evidence from changes in electoral rules”

SEMINARS 2008

G. Caporale (Brunel University, London)29 gennaio 2008"Testing for changes in the long-run causal structure of cointegrated vector autoregressions"

A. Ichino (University of Bologna)12 febbraio 2008"Gender based taxation and the division of family chores"

S. De Michelis (University of Pavia)26 febbraio 2008"Extensive communication ans the madness of crowds"

M. Miraldo (University College, London)3 marzo 2008"Price adjustment in the hospital sector"

B. Kosezegi (University of California, Berkeley)17 marzo 2008"Exploiting Naivete about Self-Control in the Credit Market"

A. Cabrales (University of Madrid)8 aprile 2008"Social Interactions and Spillovers: Incentives, Segregation and Topology"

C. Mezzetti (University of Warwick)22 aprile 2008"Manipulative Disclosure"

M. Tani Bertuol (Macquaire University)29 aprile 2008“Regional Skill Endowments, International Migrants, and Employment Structure: A European Study"

A. Postlewaite (University of Pennsylvania)15 maggio 2008"Repeated Games and Limited Information Processing"

J. Davila (Centre d'Economie de la Sorbonne)20 maggio 2008"Constrained efficient taxation of capital"

A. Bennardo (University of Salerno)14 ottobre 2008"Information acquisition, disclosure and contracting in insurance and credit markets"

A. Cabrales (University of Madrid)4 novembre 2008"Democracy and the curse of natural resources"

M. Khun25 novembre 2008"Optimal auditing of health care payments"

P. Della Corte9 dicembre 2008"The Forward Volatility Bias: A New Puzzle in Foreign Exchange"

SEMINARS IN MONEY AND FINANCE 2008

Sponsored by University of Brescia's Master in Money and Finance.

G. Ferri (Università degli Studi di Bari)24 JanuaryMarket Finance through Relationship Banking

R. Golinelli (Università degli Studi di Bologna)7 FebruaryForecasting monthly industrial production in real time: from single-equations to factor-based models

A. Pace (Servizio Studi di Struttura Economia e Finanziaria, Banca d'Italia)21 FebruaryIl debito pubblico italiano dall'Unità a oggi

F. Giordano (Responsabile Area Studi, UniCredit Group)25 FebruaryPresentazione del volume: Storia del sistema bancario italiano

A. Sbuelz (Università degli Studi di Verona)3 MarchSystematic Equity-Based Credit Risk: a CEV Model with Jump to Default

P. Alessandrini (Università Politecnica delle Marche)31 MarchResurrecting Keynes to Revamp the International Monetary System

A. Zazzaro (Università Politecnica delle Marche)11 SeptemberThe Effects of Long-Lasting Bank Relationships on Small and Large Firms' Growth Rate

RESEARCH CENTRES_______________________________________________________________________

CENTRO STUDI INTERDISCIPLINARE "MODELLI PER L'ECONOMIA E LA GESTIONE DEI TRASPORTI"

Head: Carlo Scarpa

The centre was established in 2005 jointly with the Department of Quantitative Methods and the funding of

Autostrade Lombarde. The Centre’s goals are the development of research on issues of local, national and

international transport from a technical, economic and organizational. Particular attention is paid to support

links between research and teaching in business, engineering and logistics related to the transport sector.

The centre relies on the experience gained by its researchers in the following areas:

- Competition and regulation of network industries

- Models of funding and management of transport infrastructure (project finance);

- Quantitative analysis of models of service delivery;

- Project of distribution networks;

- Management of the problems of transport;

- Integration between transport, inventory and production.

Some projects and research in progress:

- Collaboration with Autostrade Lombarde for some aspects of the business plan to support the final draft

BreBeMi;

- Comparative assessment of the business-local public transport in Europe (in collaboration with the

Fondazione Eni Enrico Mattei);

- Comparative analysis of efficiency of airport management companies in Europe (in collaboration with

ICCSAI);

- Collaboration with Cameo for the analysis and design of distribution network;

- Models and methods for the optimization of the distribution.

CENTRO STUDI DI ECONOMIA MONETARIA E BANCARIA

Head: Francesco Spinelli

The Department of Economics supports, with the Department of Business Economics, the activities of the

Center for Banking and Monetary Economics, activities over the years has been an important element of the

cultural growth of the faculty and the city. During 2009, the Centre has supported various research on the

local economy. In particular it has financed a research into loan contracts made between 1500 and 1600 both

in town in the province from which very interesting results are emerging.

Two points in particular are extremely interesting: firstly the levels and movements of interest rates charged

reveal an early integration of local and international financial market and secondly an extraordinary

similarity exists between different contracts and found what is now called the 'Islamic finance'.

In terms of conferences, the Centre has been involved into the presentation of the results of the analysis of

the budget balances of the most important manufacturing firms Brescia in the province of Brescia.

Conferences organized:

La MIFID e le Banche

8 April 2008

with Franco Spinelli (Coordinatore del Master in Moneta e Finanza), Antonio Cinque (Direttore Divisione

Normativa, Servizio Vigilanza, Banca d'Italia), Daniele Maffeis (Docente di Diritto Privato, Università degli

Studi di Brescia), Francesco Trimarchi (Direttore, Filiale di Brescia della Banca d'Italia)

Presentation of Saggi di Storia Monetaria, Franco Spinelli and Carmine Trecroci (eds.), Franco Angeli,

2008.