Giorgio Calcagnini

Università degli Studi di Urbino Carlo Bo · Economics, Politics and Society

We develop a novel dynamic model for household debt and household income change studying the interaction between financial fragility and financial literacy. We compare the results to the U.S. data under several parameterizations. Households react pro-cyclically to income shocks and are better able to represent aggregate data when financial literacy...

We investigate how banks’ internal ratings were affected by the first lockdown shock in Italy (March-June 2020). Using monthly proprietary data from a regional bank between October 2019 and January 2022, and adding credit registry data and balance sheet data of client firms, we estimate the lockdown effect on the change in six different ratings ass...

Introduction Both mental and physical health of office workers had a positive relationship with their work engagement, with the latter relationship being driven by the association of a healthy diet and physical activity (PA). This observational study aimed to investigate the associations between PA levels, musculoskeletal disorders (MSDs), burnout,...

In this chapter we study Ramsey’s neoclassical growth model. Consumption and investment decisions are made simultaneously. The model assumes that the utility function of a benevolent planner represents collective preferences. We then show that a decentralized economy achieves the same growth path. The model is in continuous time and solved using th...

In this chapter we study the portfolio choices of risk-averse individuals. We assume that there are n-risky assets and one risk-free asset. From the Euler equation, we derive the equilibrium relation known as the Consumer Capital Asset Pricing Model (CCAPM). This relationship expresses the risk premium as a function of the negative correlation betw...

In this chapter we introduce two types of uncertainty: uncertainty about labor income and uncertainty about returns on financial assets. The intertemporal problem is solved using dynamic programming. When labor income is uncertain, we obtain the well-known result that the level of consumption follows a random walk. When asset returns are uncertain,...

In this chapter we study intertemporal consumption choices under conditions of certainty. We begin with a two-period model in which an individual chooses between current and future consumption, given the intertemporal budget constraint. The saving decision becomes consumption in the next period, then investment and future production. We explain the...

The intertemporal consumption model is extended to the case of uncertainty in continuous time. Stochastic variables are described by Wiener processes and Brownian motions. We study the properties of these processes and show that although they are not differentiable in time, an approximation known as Ito’s Lemma can be used. This Lemma makes it poss...

We study how bank internal ratings were affected by the first lockdown shock in Italy (March-June 2020). Using monthly proprietary data from one regional bank between October 2019 and January 2022, and adding credit registry data and balance sheet data for the client firms, we estimate the lockdown effect on the change in six different ratings that...

In this paper, we model an evolutionary noncooperative game between politicians and citizens that, given the level of infection, describes the observed variety of mitigation policies and citizens’ compliance during the COVID-19 pandemic period. Our results show that different stable equilibria exist and that different ways/paths exist to reach thes...

Background Workplace exercise interventions showed good results, but lack of time was often reported as a barrier to participation. To overcome this problem, several studies attempted to implement short high-intensity interval training (HIT) within the workplace. Objectives The aim of this systematic review is to explore the feasibility and effect...

This observational study aimed to explore the associations between PA, musculoskeletal disorders, burnout, and work performance in a sample of Italian white-collar workers.

Corporate demand for cash is related to a number of firm-specific characteristics, like the presence of transaction costs, information asymmetry in credit markets, uncertainty and risk aversion. The purpose of this paper is to build a dynamic model that describes the potential chaotic effects of the accumulation of cash by firms over a prolonged pe...

This paper provides an empirical analysis of the Italian total factor productivity (TFP) growth for the 1995-2012 period that takes into account the factors explaining cross-regional differences in productivity growth. We focus on the changes in the quality of labor caused by the increasing use of temporary workers and on the migration flows of hum...

In recent years concerns about poverty traps have risen to the forefront of policy. Accordingly, the decision on investing or waiting in specific sectors or locations of poor countries is in part assigned to the government of that country. We study the optimal timing of a foreign direct investment (FDI) where the returns are stochastic and the cost...

This paper analyzes Total Factor Productivity (TFP) in five European countries (France, Germany, Italy, Spain, and UK), the USA and Japan between 1954 and 2017. It uses the common trend– common cycle (CTCC) approach to decompose series in trends and cycles. We find that the seven economies are structurally different and differently affected by simi...

Despite the recent academic focus on the effects of the crisis on bank loan quality, a fully satisfying analysis of their causes is still missing, likely because of a lack of detailed information on bank-borrower relationships and the way loan decisions are taken within banks. Thanks to the availability of a large dataset provided us by a regional...

We present a model where technology transfer (TT) is embedded into a non cooperative model of utility and profit maximization and is the re- sult of an endogenous matching process between technology transfer offices and innovative firms. We show that TT strictly depends on the costs of searching researchers and firm advertising for vacant projects....

Empirical evidence suggests that market imperfections affect firm investment choices, while the theoretical mechanisms underlying such findings are still unexplored. This paper attempts to model the contemporaneous impact of financial and labor market imperfections on investment. A neoclassical investment model with costly external finance is augme...

This paper investigates the convergence process and the distribution dynamics of income among Italian NUTS-3 provinces between 2003 and 2011. Findings show the existence of multiple steady-state equilibria which is consistent with the well-documented persistence in income disparities among Italian provinces. The role of grant-making activities by B...

In recent years, a significant number of papers has been published providing alternative measures of progress and well-being to Gross Domestic Product. Most of these papers differs in terms of their theoretical approach as well as their purpose and statistical methodology used to define what well-being is and how to measure it. In this paper, we co...

Recent years witnessed a growing interest in the concept of well-being and quality of life, as alternative to the Gross Domestic Product (GDP). The determinants of well-being, especially at the regional and provincial levels, is understudied in a macro perspective, as opposed to a micro perspective (individuals, survey data) that has been the domin...

The funding role of bank foundations in the Italian economy, especially to the non-profit sector, significantly increased over the last 25 years. This paper constructs a novel measure of social capital at the provincial level that explicitly takes into account the bank foundations’ sectors of intervention (such as education, public health, and art...

This paper analyzes data from a regional Italian bank to provide new evidence on the relationship between who, within a bank, approves a loan and the subsequent performance of the loan. The size of the bank and its pool of clients, who are primarily small- and medium-size firms, comprises characteristics of both relationship-based and transaction-b...

Theoretical and empirical models provide ambiguous responses on the relationship between labor market regulation, innovation and investment. On the one hand, labor market regulation increases firms' adjustment costs and, ceteris paribus, decreases investment. But, on the other, it also stimulates firms to invest, innovate, increase productivity and...

Le Fondazioni di origine bancaria rappresentano un importante motore per lo sviluppo non solo sociale e culturale dei territori nei quali operano, ma anche per quello economico.

Negli ultimi anni la misurazione del benessere ha ricevuto crescente attenzione da parte di ricercatori, policy-maker ed istituzioni internazionali. L’interesse si è incentrato principalmente sulla ricerca di misure volte al superamento del PIL quale unico indicatore della crescita economica e dello sviluppo. Sono stati così costruiti diversi indic...

Theoretical and empirical models provide ambiguous responses on the relationship among labor regulation, innovation and investment. Labor regulation tends to raise …rms' adjustment costs. But, also labor regulation stimulates …rms to make innovations and investments to recover productivity in the long-run. In this paper we present a neo-Schumpeteri...

In recent years, a significant number of papers has been published providing alternative measures of progress and well-being to Gross Domestic Product. Most of these papers differs in terms of their theoretical approach as well as their purpose and statistical methodology used to define what well-being is and how to measure it. In this paper, we co...

In this paper we present a model where technology transfer is em- bedded into a competitive model of utility and profit maximization and is the result of a matching process between heterogeneous Knowl- edge Transfer Offices (KTOs) and innovative firms. Our model im- proves on previous literature by endogenizing the process that drives the dynamics...

Slides presented at the SIEPI annual workshop held in Florence (Italy) 4-5 February 2016

In this paper we present a simple model of university-industry collaborations with heterogeneous agents, which is the standard case of technology transfer. We study the characteristics of the matching process, that makes this exchange in technology transfer either efficient or unfeasible. We show that the functioning of the technology transfer mark...

In this paper, we present a model of university–industry collaborations with heterogeneous agents. It develops one of the original intuitions by Leyden and Link (Small Bus Econ 41:797–817. doi:10. 1007/ s11187-013-9507-7, 2013b) about the mechanisms by which innovative firms search for collaborative research partners. We study the characteristics o...

Recent data on European countries show that innovation leaders perform better than economies with low levels of innovation investment and institutions that do not favor knowledge and technology transfer activities. This result confirms that to achieve a high level of performance, countries need a balanced innovation system performing well across al...

Traditionally, female entrepreneurs report either difficulties or higher costs in accessing bank credit. These problems can be either the result of supply-side discrimination, or differences in profitability between female- and male-owned firms. This paper aims at analysing whether these differences are statistically significant in the case of Ital...

In this paper, we present a model of university–industry collaborations with heterogeneous agents. It develops one of the original intuitions by Leyden and Link (Small Bus Econ 41:797–817. doi:10. 1007/ s11187-013-9507-7, 2013b) about the mechanisms by which innovative firms search for collaborative research partners. We study the characteristics o...

In this paper we present a simple model of university-industry collaborations with heterogeneous agents, which is the standard case of technology transfer. We study the characteristics of the matching process, that makes this exchange in tech-nology transfer either efficient or unfeasible. We show that the functioning of the technology transfer mar...

Start-ups increasingly find the prospect of university-industry collaborations to be a powerful driver of innovation and entrepreneurship activity. Moreover, at the geographical level, they are attracted by teaching and research institutions, either public or private. This paper focuses on the role played by universities. Our hypothesis is that geo...

This paper investigates the impact of the interaction between product, labor and financial market imperfections on firms’ investment by using a panel data of European firms over the period 1994-2008. It studies the impact of product and labor market regulations on firm investment and how it changes with the degree of financial market imperfections....

In this paper we present a " green " growth model with energy and pollution. A structural VAR approach is employed to test its empir-ical implications for the Italian economy. We show that variations in energy intensity and pollution per capita result from the accumula-tion of structural " supply " and " demand " shocks: the former have permanent e...

This article analyses the role of guarantees on loan interest rates of Italian firms before and during the recent financial crisis. It improves on the existing literature by using explicit measure of collateral and personal guarantees and by modelling unobserved heterogeneity between low-level groups (banks) within a single nested panel data set. O...

Traditionally, female entrepreneurs report either difficulties or higher costs in accessing bank credit. These problems can be either the result of supply-side discrimination, or differences in profitability between female- and male-owned firms. This paper aims at analyzing whether these differences are statistically significant in the case of Ital...

Alternative Antriebe sind der Weg zur Sicherung einer nachhaltigen Mobilität, jedoch werden sie bislang vom Markt wenig angenommen. Daraus ergibt sich die zentrale Forschungsfrage, was erwartet der Markt und wie kann die Bereitschaft der Verbraucher zum Umstieg auf einen nachhaltigen und klimafreundlichen Antrieb gefördert werden. Hierzu wurde deut...

Alternative Antriebe sind der Weg zur Sicherung einer nachhaltigen Mobilität, jedoch werden sie bislang vom Markt wenig angenommen. Daraus ergibt sich die zentrale Forschungsfrage, wie die Bereitschaft der Verbraucher zum Umstieg auf einen nachhaltigen und klimafreundlichen Antrieb gefördert werden kann. Hierzu wurde deutschlandweit eine repräsenta...

Traditionally female entrepreneurs report difficulties or higher costs in accessing bank credit. These difficulties can be either the result of supply side discrimination, or the lower profitability of female-owned firms than male-owned ones. This paper aims at analyzing the access to credit of small- and medium-sized enterprises (SMEs) owned by wo...

The outbreak of the recent crisis that began at the end of the last decade eventually uncovered the problems that almost all Western economies had been able to camouflage thanks to economic growth fueled by an unprecedented expansion in the financial industry. Within this context the Italian economy is a special case: its annual growth rate has bee...

The paper analyzes the role of guarantees on interest rates before and during the recent financial crisis in small-sized firm financing. The novelty of this work is the distinction between real and personal guarantees, and the potential different role they could have played in the bank-borrower relationship during the recent financial crisis. This...

The paper analyzes the role of guarantees on loan interest rates before and during the recent financial crisis in Italian firm financing. The paper improves on existing literature by distinguishing between real and personal guarantees. Further, the paper investigates the potential different role of guarantees in the bank-borrower relationship durin...

This book seeks to analyze how small and medium businesses react to the economic and financial crisis. Its focus is on the activities and strategies of SMEs in the areas of innovation, R&D investment, labor markets and finance. The book takes an international perspective and includes both comparative and national analyses and policies, with authors...

This paper aims at analysing financial models of innovative firms in Italy by means of a sample of firms located in the Marche region. While it is well known that innovative firms have different financial needs and more severe problems in accessing funds than traditional firms, our analysis shows that only a small number of the interviewed firms ha...

Is small still beautiful? The recent economic and financial crisis has shown that developed countries in which firms are smaller suffered the biggest GDP plunges. Today, economic growth depends more than in the past on sound and well-organized firms, which means more innovation, a better educated labor force, higher likelihood of access to financia...

In this paper we evaluate the empirical importance of the contemporaneous presence of financial and labor market imperfections by studying cross-country differences in market valuations of listed companies and firms’ cash holdings. Our results show that, as expected, financial market imperfections are positively correlated with firms’ cash holdings...

This paper aims at analyzing the impact of Employment Protection Legislation (EPL) on rms' investment policies in the presence of financial imperfections. Our results show that investment is positively correlated to measures of internal funds available to firms and negatively to the level of national labour market regulation. Moreover, the latter i...

This paper analyses how financial and labor market imperfections jointly influence investment. The contemporaneous presence of imperfections gives rise to a negative correlation between EPL and investment. Our results support the policies promoted by European institutions to reform both markets.

This book collects eleven papers concerned with the effects of market imperfections on the decision-making of economic agents and on economic policies that try to correct the inefficient market outcomes due to those imperfections. The Table of Contents provides a classification, and implicitly an interpretation, of each contribution according to th...

Standard real business cycle models must rely on total factor productivity (TFP) shocks to explain the observed comovement of consumption, investment, and hours worked. This paper shows that a neoclassical model consistent with observed heterogeneity in labor supply and consumption can generate comovement in the absence of TFP shocks. Intertemporal...

This paper aims at analysing whether banking changes that occurred in Italy in the last fifteen years have mined the soundness of its financial system. We look for potential threats to financial stability as a result of the dynamic behaviour of Italian banks that progressively have been favouring consumer households at the expense of firms in the a...

One of the most lively-debated effects of banking acquisitions is the change in lending and asset allocation of the target bank in favour of transaction-based products, at the expense of small and informationally opaque borrowers. These changes may be the result of two distinct restructuring strategies pursued by the acquirer with respect to the as...

Obiettivo di questo lavoro è di presentare la creazione, l'esecuzioe e i risultati di un gioco interattivo (Multicountry) cercando di metterne in evidenza le potenzialità di apprendimento matematico-quantitativo dell'economia, e le possibilità di produrre artificialmente informazioni quantitative che possono essere proficuamente utilizzate negli st...

One of the most lively debated effects of banking acquisitions is the change in lending and asset allocation of the target bank in favour of transactional activities, at the expense of small and informational opaque borrowers. These changes may be the result of two distinct restructuring strategies of the asset portfolio of the bidder bank. An asse...

Despite the chances given by the recent legal and institutional changes (above all, the completion of European unification), the Italian financial system still suffers from structural problems which a) generate negative effects on the governance of small and medium-sized enterprises and b) prevent an adequate support to their long-run growth. Conce...

This paper has aimed at analysing how labour and financial markets influence investment. Specifically, we stressed the importance of considering labour market conditions within the most traditional theoretical framework that assigns a significant role to financial market imperfections in determining capital accumulation. Investment is traditionally...

This paper has aimed at analysing how labour and financial markets influence investment. Specifically, we stressed the importance of considering labour market conditions within the most traditional theoretical framework that assigns a significant role to financial market imperfections in determining capital accumulation. Investment is traditionally...

This paper presents a model of de novo branching by Italian banks and reports estimates of its parameters that were obtained by applying a probit-regression (or Tobit) method to cross-section samples of up to 206 large banks for the years 1992-1996. The number of branches has increased rapidly since about 1988. The model incorporates information on...

This paper reports results from a study of location, ownership, and acquisitions of automated teller machines (ATMs) by a sample of large Italian banks between 1991 and 1995. The sample banks had 85% of Italian banking assets. Data are collected at the provincial level for each bank. The underlying model is recursive; a bank is presumed to make bra...

This paper contributes to the long-running debate on the relationship between uncertainty and investment. Our results show that uncertainty negatively affects investment. They are also favorable towards a common European economic policy oriented both to the support and the stabilization of aggregate demand.

This paper reports tests of hypotheses that a variety of interest rates and other measures from financial markets in countries belonging to the European Monetary Union (EMU) were converging prior to the introduction of the euro in January 1999. We expected to find convergence because of i) removal of national barriers to flows of funds, ii) explici...

This paper presents a model of de novo branching by Italian banks and reports estimates of its parameters that were obtained by applying a probit-regression (or Tobit) method to cross-section samples of up to 206 large banks for the years 1992-1996. The number of branches has increased rapidly since about 1988. The model incorporates information on...

Articolo originariamente pubblicato in Moneta e Credito, vol. 51 n. 202 , giugno 1998, pp. 197-214.

This paper studies the dynamic and stochastic properties of fixed investments (IL) for five Italian sectors and for the period 1930-1991. Moreover, it analyses the relationship between the trend and cyclical innovations of IL and between these two types of innovations with those of GDP, real money balances and the real interest rate. We find that t...

This paper aims at analyzing the role of uncertainty on investment. In our analysis we will follow recent economic literature concerning stochastic models of irreversible investment and restrict our attention to the Italian economy. We show that theoretically, and in the presence of irreversibility, demand and interest rate uncertainty both reduce...

This paper reviews and discusses recent developments undergone by investment theory, and tries to address both financial and real decisions within an uncertain environment, here, the Italian economy. According to the recent "option value" approach to investment, if differing degrees of reversibility characterize the accumulation process by groups o...

The introduction of new investment instruments, i.e. long term debt instruments and derivatives contracts, and new market organization, as well as the opening of computerized systems for transaction processing, caused different behavior among Italian investors. In such a context an analysis of Italian asset demand may be useful to understand invest...

The objective of this paper is to present a trend-cycle decomposition of the industrial labor productivity series in six major industrialized countries, to study the relationship between trend and cycle innovations, and to highlight the role of monetary policy as a possible source of transitory and permanent variations in labor productivity.

Il lavoro analizza il tema della discriminazione nell'accesso al credito da parte delle imprese femminili avvalendosi di un ricco database contenente informazioni relative a circa 10500 domande di finanziamento avanzate da imprese a banche delle province di Pesaro-Urbino e Teramo. I principali risultati del lavoro evidenziano che le imprese femmini...