This paper provides new evidence on the relationship between innovation, export performance and trade elasticities across different sectors. It explores a unique database, which comprises a diverse selection of 15 countries over the period 1976-2012. The empirical investigation also employs different regression techniques, namely a system GMM estimator and a panel error correction model. All estimations

This work studies the economization of life in 21st-century neoliberal capitalism through a systematic review of the literature produced within the field of feminist political economy during the last few years. More specifically, it analyzes various processes that seek to make intimate life profitable. In particular, it focuses on the commodification of affections, feelings, experiences, sex, or life

We study the extent to which countries undergo structural change during and after episodes of sustained investment surges. In particular, we explore the evolution of trade flows, considering (i) exports sophistication or complexity, (ii) exports diversification, and (iii) capital goods imports. Using the episodes identified by Libman et al. (2019), we document the heterogeneous nature of these episodes

This study addresses the new research agenda of reconciling structural change with Kaldor’s facts. The mainstream economics interprets the facts as a state at which the economy grows along the generalised balanced growth path. Sectors in multi-sectoral models can be aggregated since the specific functions are used. The motions of aggregate variables can be described by the two-dimensional differential

This paper empirically investigates the possibility of self-sustained oscillations at business cycle frequency. The theoretical model considers aggregate economic activity and the functional income distribution in the spirit of Goodwin (1967). In the empirical investigation, we utilize four measures each of economic activity and the labor share for the US post-war macroeconomy. Using Schuster’s periodogram

The participation of manufacturing in the GVA of many advanced economies is continuously decreasing. The purpose of this work is to contribute to the dialogue around the drivers of such trend. In order to do so, we use input-output analysis for decomposing the variation in the manufacturing share as the sum of the effects of the variation of various possible drivers of deindustrialization: prices,

In post-Keynesian literature, Hein (2012a) was the first to incorporate financialization as an influential positive determinant of the rate of technological change. However, financialization is more like a two-edged sword which can affect technological change negatively as well. We capture both the positive as well as the negative effect of financialization on technological change which encapsulates

Samuelson assumed a linear wage curve for each of a continuum of techniques such that their envelope was a monotonically falling wage curve for the economy, from which an aggregate production function fulfilling the marginal productivity conditions could be derived. But the capital intensities of the techniques chosen at each rate of profit are not necessarily lower at higher rates of profit, if the

Proportional allocation of subsidies is an inadequate approach in facilitating the recovery of economic sectors from disasters. It treats the sectors in isolation which inaccurately represents an interdependent macroeconomic system. The Inoperability Input-Output Model (IIM) is a disaster impact analysis model that considers the interdependency of economic sectors in measuring the impact of disasters

The goal of the paper is to verify a causal relationship between forward linkages from domestic services to manufacturing and the participation/position of a country in global value chains (GVCs) in selected Central and Eastern European economies. We observed a strong polarisation pattern: the Baltic countries along with the Czech Republic strengthen their positions and participation in GVCs by having

This paper analyses data on industrial robots in European manufacturing sectors. In particular, we focus on the applications and characteristics of industrial robots, their distribution over countries and sectors and the main factors that are correlated with robot adoption such as wage levels and robot prices. We argue that, contrary to popular belief, the types of robots widely used in manufacturing

Three decades after the fall of the Berlin wall and one and a half decades after the Big Bang enlargement of the European Union (2004-2007), we revisit contrasting narratives about the benefit of both free trade and the EU enlargement for Central and Eastern European (CEE) countries. We distinguish old, pre-2004 EU countries from CEE countries that joined the EU in 2004-2007, as well as from the CEE

Social capital plays a role in many desirable economic outcomes. We analyze how these beneficial effects translate into the performance of economies by developing a dynamic stochastic general equilibrium (DSGE) model featuring the role of social capital in explaining the Solow residual. We then simulate and estimate the model with Bayesian techniques using Italian data. Our framework fits actual data

Development studies on the middle-income trap have highlighted the challenges for developing economies to transform their productive systems from simple towards high value-added activities. Here, we use trade data of 116 countries to quantify the stages of productive sophistication and reveal the critical phase that countries encounter at intermediate levels of economic sophistication. Our results

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 human-capital, which almost unidirectionally moved from

This paper investigates to what extent green growth is able to promote social equity and which social policies can complement environmental policies to achieve social prosperity and sustainability. We develop a dynamic macrosimulation model to explore the social and structural effects of the Italian national energy and climate plan. We show that green growth alone will not result in better societal

This paper aims to analyze economic and commercial convergence in the three active integration agreements in the region: Central American Integration System, Southern Common Market, and Pacific Alliance. To this end, we estimated the Economic Convergence Index and correlations among the main macroeconomic aggregates. The empirical evidence reveals that, apart from Venezuela, Latin American countries

With the growing pressure from the adverse impact of environmental pollution and climate change, the deployment of renewable sources is becoming one of the economic priorities for governments worldwide. Despite potential gains of renewable sources, little evidence is provided in the literature about the determinants of renewable energy deployment in the MENA region. In particular, whether political

This work is intended to show that past epidemic scenarios are not suitable to estimate the macroeconomic impact of the new 2019 coronavirus. Using five centuries of macroeconomic data for England and a unique dataset on epidemics and other significant events (i.e., wars and natural disasters), we show that the macroeconomic effect of epidemics reflects the socio-economic features characterizing different

Contrary to the notion of a natural tendency in deindustrialization, this paper, performing a cross-country long-term analysis, documents the existence of a variety of patterns of deindustrialization. Looking at industrial sectors and their technological characteristics, categorised on the ground of the Pavitt (1984) taxonomy, we do find a markedly uneven process of deindustrialization with Science

I expound a model of technological progress, institutional development and growth in the aggregate. I show the model implies that long-run growth depends upon the evolution of institutions; that fixed institutions do not cause growth in the long-run; that fixed institutions can only cause growth in the short-run; and that institutions that inhibit growth are institutions that are not capable of evolution

Social Exclusion is a major concern for EU institutions and several instruments have been devised to counter it. This work aims to assess the role played by policy measures in fighting social exclusion in the EU, distinguishing between national and supranational tools. Given the available data, we run a multilevel model, combining national and regional observations for 20 EU Member States between 2005

This paper investigates the macroeconomic impact of legislative complexity in relation to political corruption on growth rate, welfare level and income distribution. After reviewing economic literature on corruption and legislative complexity, an endogenous model is provided. The main theoretical findings of the analysis are that a high level of legislative complexity, like political corruption, constitutes

India initiated prudent measures voluntarily in the last two decades to combat against excessive carbon emissions. Acknowledging these initiatives, the study conjoins the policy of ‘border carbon adjustment (BCA)’ by the developed countries on Indian export with the ‘domestic carbon adjustment (DCA)’ by India to evaluate its impact on emission reduction and the macroeconomy. The study also raises an

Economic systems are characterised by constant change and evolution. Explanations concerning the properties of economic structures have received sustained interest in economics. The structure of a system and its dynamics can influence each other through feedback effects – a topic studied extensively in the literature on structural change. In this paper we offer a brief survey of how structure plays

In this paper, we analyze time-varying predictability of financial stress due to growth in income inequality of the United States (US) over the annual period of 1913 to 2016. In order to ensure that we remove the asset price effects on income inequality, and provide incorrect inferences regarding the impact on financial stress, we work with capital-gains excluded six alternative measures of top shares

There is a broad consensus that the gold standard was a key element in explaining the Great Depression and the crisis that hit the world economy in the 1930s, spreading protectionism. Against this backdrop, countries had greater difficulty in restoring their external accounts, if needed. Italy in this period represents a perfect case study of a detailed complex of measures taken to defend the country's

This paper analyses the effects of productivity and country size on the extent of trade structure diversification. Using a testable version of the Ricardian model, we show that relative export variety is an outcome of two forces: a relative productivity change (technological progress) and a relative country size change (labour force growth). The model predictions are validated empirically using product-level

Studies have shown that the COVID-19 pandemic has led to a significant drop in carbon emissions in 2020, however, it is an open question whether carbon emissions continue to decline after the COVID-19 pandemic. To forecast the changes in carbon emissions after the pandemic, this study analyzed the long-term relationship between the extreme events and carbon emissions since 1960, and short-term drivers

We exploit the provincial variability of COVID-19 cases registered in Italy to select the territorial predictors of the pandemic. Absent an established theoretical diffusion model, we apply machine learning to isolate, among 77 potential predictors, those that minimize the out-of-sample prediction error. We first estimate the model considering cumulative cases registered before the containment measures