Author
Piergiovanna Natale
Other affiliations: University of Milano-Bicocca, Catholic University of the Sacred Heart
Bio: Piergiovanna Natale is an academic researcher from University of Milan. The author has contributed to research in topics: Fiscal policy & Monetary policy. The author has an hindex of 8, co-authored 28 publications receiving 229 citations. Previous affiliations of Piergiovanna Natale include University of Milano-Bicocca & Catholic University of the Sacred Heart.
Topics: Fiscal policy, Monetary policy, Fiscal union, Inflation targeting, Debt
Papers
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TL;DR: In this article, the authors model a monetary union where fiscal discretion generates excessive debt accumulation in steady state and inefficiently delayed debt adjustment following shocks, and call for more focused supervision tasks for the European Commission and for parliamentary discussion whenever a disagreement arises between the Commission and a national government.
66 citations
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TL;DR: In this article, a simple alternative to the deficit ceilings envisaged in the Stability and Growth Pact is proposed, where national governments retain discretion in setting deviations from targets, but these deviations should then be reversed following a predetermined rule.
Abstract: There have been widespread criticisms of EMU fiscal institutions. We consider a simple alternative to the deficit ceilings envisaged in the Stability and Growth Pact. We advocate the adoption of deficit targets. National governments should retain discretion in setting deviations from targets, but these deviations should then be reversed following a predetermined rule. This ensures fiscal discipline and leaves room for stabilisation policies. For the rule to be credible, only small changes are required to current EMU institutions. Our scheme performs well in comparison with existing reform proposals and is consistent with the golden rule of deficit financing.
34 citations
TL;DR: In this paper, the authors surveyed more than 20 contributions that address the optimality of joint ventures under contract incompleteness and revealed the circumstances in which JVs outperform sole ownership.
Abstract: Joint ventures (JVs) are a common form of inter-firm collaboration and, unsurprisingly, the subject of a vast literature, extending from economics to management and business studies.
Issues of control are central to the definition of JVs, and this naturally calls for an interpretation in the context of the property rights theory (PRT) of the firm. In a series of seminal papers, Grossman, Hart and Moore (GHM) offer a rigorous framework to predict the allocation of control rights. Notably, under the standard assumptions of GHM, JVs are suboptimal. However, JVs are not suboptimal in more general settings where a number of the original framework's assumptions are relaxed. In the context of PRT, this paper surveys more than 20 contributions that address the optimality of JVs under contract incompleteness. The surveyed papers question the assumptions of GHM and reveal the circumstances in which JVs outperform sole ownership. Although contributions are scattered over time and bibliographical sources, we believe sufficient material has accumulated over 25 years of economic modelling to encourage some systematization. The discussion is organized in an intuitive and non-technical way; in particular, effort is devoted to analysing each paper in detail and providing a unified framework.
28 citations
01 Feb 2004
TL;DR: In this paper, the authors present an evaluation of alternative targeting rules for the European Central Bank (ECB) based on the Hougaard Jensen Index (HJ Index) and evaluate the impact of different speeds of debt stabilisation in EMU.
Abstract: List of figures List of tables List of contributors Acknowledgements Editors' introduction Part I. Monetary Policy: 1. The European Central Bank: a view from across the ocean Stephen G. Cecchetti 2. Which measure of inflation should the ECB target? C. A. Favero 3. An evaluation of alternative targeting rules for the ECB Pierpaolo Benigno and J. David Lopez-Salido 4. Inflation modelling in the euro area Fabio C. Bagliano, Roberto Golinelli and Claudio Morana Part II. Fiscal Policies: 5. The interaction between monetary and fiscal policies in a monetary union: a review of recent literature Roel Beetsma and Xavier Debrun 6. Independent or coordinated? Monetary and fiscal policy in EMU Luca Lambertini and Riccardo Rovelli 7. Interaction of fiscal policies in the euro area: how much pressure on the ECB? Luca Onorante 8. The macroeconomic impact of different speeds of debt stabilisation in EMU Campbell Leith and Simon Wren-Lewis 9. Fiscal shocks and policy regimes in some OECD countries Giuseppe De Arcangelis and Serena Lamartina 10. Monetary and fiscal policy interactions over the cycle: some empirical evidence V. Anton Muscatelli, Patrizio Tirelli and Carmine Trecroci Part III. Labour Markets: 11. Monetary institutions, monetary union and unionised labour markets: some recent developments Alex Cukierman 12. Inflationary performance in a monetary union with large wage setters Lilia Cavallari 13. On the enlargement of currency unions: incentives to join and incentives to reform Andrew Hughes Hallett and Svend E. Hougaard Jensen Index.
19 citations
TL;DR: In this article, contract-level evidence on control rights allocation in order to define what makes a joint venture is provided, and the authors compare predictions of the theoretical literature with actual governance structures of Sino-Italian joint ventures, as reported in a questionnaire submitted to the entire population of Italian enterprises operating in China.
14 citations
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TL;DR: The authors theoretically and empirically document a puzzle that arises when an RBC economy with a job matching function is used to model unemployment, and show that either sticky wages or match-specific productivity shocks can improve the model's performance by making the firm's flow of surplus more procyclical.
412 citations
01 Jan 2017
TL;DR: In this article, a revisión de literatura with apoyo del análisis de contenido and a modelo de regresión lineal is used to evaluate el nivel de desarrollo de la capacidad de absorción realizada (RACAP) in las Pyme colombianas.
Abstract: El artículo tiene como objetivo evaluar el nivel de desarrollo de la capacidad de absorción realizada (RACAP) en las Pyme colombianas. Se parte de una muestra de 363 Pyme colombianas (Dane,2012), se usa una revisión de literatura con apoyo del análisis de contenido y un modelo de regresión lineal, que permiten mostrar la existencia de una correlación lineal positiva entre la adquisición y asimilación del conocimiento externo en las organizaciones objeto de estudio,. Palabras clave: Capacidades de absorción, capacidades de absorción potencial, medición de las capacidades de absorción ABSTRACT:
296 citations
TL;DR: In this paper, a generalized theoretical approach to study imitation and subject it to rigorous experimental testing is introduced and the authors find that the different predictions of previous imitation models are mainly explained by different informational assumptions, and to a lesser extent by different behavioral rules.
259 citations
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TL;DR: The hypothesis is worth considering that this adverse development is related to the greater social inequality, an inferior health care system, and fewer social safety nets in the United States than in Western and Northern Europe, in spite of higher per capita income.
Abstract: Within the course of the 20th century the American population went through a metamorphosis from being the tallest in the world, to being among the most overweight. The American height advantage over Western and Northern Europeans was between 3 and 9 cm in the middle of the 19th century. Americans were also underweight. However, today, the exact opposite is the case as the Dutch, Swedes, and Norwegians are the tallest, and the Danes, British and Germans - even the East-Germans - are also taller, towering over the Americans by as much as 3-7 cm. Americans also live shorter. The hypothesis is worth considering that this adverse development is related to the greater social inequality, an inferior health-care system, and fewer social safety nets in the United States than in Western and Northern Europe, in spite of higher per capita income. The West- and Northern European welfare states, with cradle to grave health and unemployment insurance currently provide a more propitious environment for the biological standard of living than its US counterpart.
242 citations