Massimiliano Serati

Because local economic development is linked to the ability to attract business, policymakers have begun to endow territories with suitable factor conditions for the enticement of new enterprises, as in the case of EU Structural Funds. We investigate this phenomenon to provide valuable policy suggestions with a dynamic factor model and a panel regression analysis with spatial effects on a database with many cross-sections (1531 municipalities) and variables (55 indicators). Results show that structural variables like technological endowment, infrastructural provision, productive structure, local taxation, human capital and innovation represent the most important drivers to stimulate business location, even at the municipal level, offering relevant cues for policymakers.

Since the 2008 Financial crisis, macroeconomic and financial markets' stabilisation policies relied mainly on monetary actions, reducing the ECB's margin of manoeuvre and calling for a major role for fiscal authorities. We investigate the impact of government decisions on financial markets for 11 Eurozone economies (from 1995 to 2021), in the very short run, using an event study, finding a positive (negative) reaction to fiscal expansion (consolidation) announcements and in the short/ medium-run, with a Bayesian TVP-FAVAR, identifying cross-country heterogeneities; stronger (weaker) public finances show a direct (indirect) relation between fiscal policies and stock prices and an indirect (direct) one with 10-year bond yield.

Lease accounting has often been criticized for being too reliant on bright lines and subjective judgments, as lessees were not required to disclose assets and liabilities arising from operating leases directly on the balance sheet, thereby improving the appearance of the financial condition to investors. To remedy this, in January and February 2016 the IASB and the FASB issued the new accounting standard IFRS 16 and ASC 842, starting a new era of lease accounting and ending the guesswork previously required when calculating companies' lease obligations. This paper investigates the impact on investors' risk perception level of EU and US airline companies, following the enactment of these accounting standards. Results confirm the importance of disclosing all the relevant information about leases directly within the financial statements and not in footnotes, as this increases transparency and comparability between financial statements, protecting all investors, ranging from the rational ones to the more credulous.

This paper aims at studying the mechanisms through which credit markets convey financial shocks to the real economy. To accomplish this task, we perform a comprehensive assessment of the credit market dynamics in the Euro Area, from their drivers and evolution over time to the cross-country heterogeneity of their effects. We do so by employing a Bayesian TVP-FAVAR model which adopts a novel identification strategy exploiting data on 11 Euro Area economies (Austria, Belgium, Finland, France, Germany, Greece, Ireland, Italy, the Netherlands, Portugal and Spain) between 2000:Q1 and 2018:Q4. We find that firms' financing displays higher sensitivity than households’ borrowing to credit demand and supply contractions and that, overall, credit aggregates reactions to such shocks display both time and cross-country heterogeneities. Policy-wise, this evidence highlights the need for structural interventions to better align the functioning of the banking and industrial systems in the Euro Area countries.

Tourism has the potential to protect natural and cultural assets upon which it depends; however, the growing number of travelers may pose burdens. Among the potential environmental externalities, solid waste production is an often overlooked factor, although the literature highlights it as one of tourism's most visible impacts on the environment. This paper aims to address the complex interdependence of tour- ism and waste generation using spatial models. The results showed a positive response of solid waste disposal at an increase in tourism flows. Due to the complex- ity of the topic, the research note calls for future research.

Despite scholars have given much attention to research on managerial behaviours, the results have not been always consistent till today, heading thus in multiple directions. Previous studies on this area have generally adopted the point of view of managers, thus partially neglecting the perspective of their employees, who are among their most important stakeholders. In the attempt to enrich this strand of literature, in this study we aim at identifying which are the managerial behaviours that bring employees to recommend their manager as someone they should work for in the future. This is done by collecting data gathered from an online survey answered by 461 Italian employees.

Since its inception, the adequacy of the Eurozone to be an Optimal Currency Area has been questioned, and, along with it, the homogeneous transmission and impact of the monetary impulses across the member countries. We provide a comprehensive assessment of the transmission mechanism's functioning, its symmetry, impact on target variables, and evolution, addressing all the questions which have remained unanswered in the previous literature, while adding evidence on the impact of non-standard policy measures. We do so by adopting a Bayesian Time-Varying Parameters FAVAR model that fixes the flaws present in past research. The empirical analysis shows that the occurrence of the two crises significantly altered policy transmission, with both the interest rate and credit channel being consistently affected. It also shows that while they provided effective stimuli to the economies, the unconventional measures implemented were not able to fix those asymmetries. Policy-wise, our findings suggest that authorities must push towards consistent innovation on the fiscal side, while gaining more confidence with regards to the new monetary toolkit.