Papers by Daniela Federici
Aspiration bias and job satisfaction of young Italian graduates
Economia Politica
Family Firms’ Aggressive Tax Planning: An Empirical Evaluation for Italy
Italian Economic Journal
Institutions and Local Development
Social Science Research Network, Jul 16, 2019
Il contributo del capitale umano imprenditoriale alla riqualificazione delle imprese
The connection between the weak performance of the Italian economy and the mechanisms governing t... more The connection between the weak performance of the Italian economy and the mechanisms governing the creation and allocation of human capital has been investigated only rarely. This paper argues that the Italian economy faces not just a generic shortage of human capital but a specific shortage of entrepreneurial human capital, which explains the small size of firms and their lack of international competitiveness in high-tech sectors. We identify the main institutional mechanisms responsible for this state of affairs and the economic policy tools needed to promote the generation of entrepreneurial human capital.
Qualità del sistema imprenditoriale e riposizionamento competitivo dei distretti del tessile-abbigliamento
Some insights from a population-based survey § February 2016
Start-ups founded by university students and graduates play a substantial role in bringing new kn... more Start-ups founded by university students and graduates play a substantial role in bringing new knowledge to the market and in employment creation; a role that appears to be even more important than the one played by the typical technology transfer activities carried out by universities, i.e. patenting and licensing activities, or spin-offs founded by academic staff. Indeed, robust empirical evidence suggests that entrepreneurs’ education is a good predictor of firms’ performance. Unfortunately, data show that the share of Italian entrepreneurs with tertiary educations is quite small, and this is especially the case of the younger generation. In this paper, we use a population-based approach to explore entrepreneurship among 61,115 graduates, alumni of the 64 Italian universities that belong to the AlmaLaurea consortium, in the second half of 2014, at the time when they completed their academic experience. We detect various levels of engagement and intentions to be involved in entrep...
Digital Technologies in Italian Cultural Institutions
Handbook of Research on Smart Management for Digital Transformation, 2022
The application of digital technologies plays a crucial role in offering solutions to enhance the... more The application of digital technologies plays a crucial role in offering solutions to enhance the economic potential of the cultural sector, through new modalities for distribution and reception of cultural experiences. The question of whether and how ICT adds value to collections, museums, and cultural sites and promotes access and communication with users/visitors is an open one. This chapter aims to provide empirical evidence on the effects of technological innovations in the economic performance of cultural institutions. To this end, the authors use data of Italy's statistical office covering the universe of Italian cultural organizations in the year 2018. The findings suggest that new digital technologies play a role in enhancing the value and relevance of cultural heritage and its influences over the socio-economic context.
Entrepreneurial Human Capital and Industrial Restructuring
The connection between the weak performance of the Italian economy and its mechanisms governing t... more The connection between the weak performance of the Italian economy and its mechanisms governing the creation and allocation of human capital has been investigated only rarely. This paper argues that the Italian economy faces not just a generic shortage of human capital but also a specific shortage of entrepreneurial human capital, which explains the small size of firms and their lack of international competitiveness in high-tech sectors. We identify the main institutional mechanisms responsible for this state of affairs and the economic policy tools needed to promote the generation of entrepreneurial human capital.
The continuous time approach to macroeconomic modelling with an application to the Italian economy
The impact of remittance flows on growth and income distribution has attracted a great deal of at... more The impact of remittance flows on growth and income distribution has attracted a great deal of attention, but the theoretical and empirical literature on the relationship between remittances and economic development is far from clear. Although there is wide consensus that foreign remittances can help receiving households to increase income, consumption and capabilities to face socioeconomic shocks, there has been little quantitative research on impacts of remittances on household welfare and poverty. Our paper seeks to fill some of these gaps and it proposes an empirical analysis of the role of remittances as tool for reducing inequality and covering households against poverty and social exclusion risks. The empirical analysis focuses on four Eastern European Countries: Slovenia, Poland, the Czech Republic and Hungary, and is based on the EU-SILC 2005 data-set, that for each household provides information regarding inter-household cash transfers received amongst which, regular cash ...
Chaos in Economics 1
Chaos theory has generated a lot of excitement and important results in physics and some other fi... more Chaos theory has generated a lot of excitement and important results in physics and some other fields. Can we say the same as regards economics? This paper briefly surveys the large body of literature on chaos in economics, about which much has been written. More specifically, the attention will be devoted to discuss the extent to which the techniques to approach chaos in economics can address market anomalies, complexity and chaotic phenomena. The various ways to detect chaotic behavior in economics can be well exemplified by considering exchange rates. We consider a continuous time exchange rate model that allows for heterogeneity of the agents' beliefs, in order to explore non-linearities and possible chaotic behavior since we believe that the correct approach is to try to find the dynamic model (if any) underlying the data. The model is econometrically estimated with Euro/Dollar data and examined for the possible presence of chaotic motion. The results indicate that the poss...
Review of Economics and Finance, 2014
This paper analyses the relationship between corporate taxes and exports of Italian firms. We use... more This paper analyses the relationship between corporate taxes and exports of Italian firms. We use an integrated dataset for the manufacturing industry combining, for the period 2004-2006, survey data on enterprises and company accounts to analyse firms' export participation. Our results suggest that export propensity as well as export intensity are positively associated with corporate taxation. This finding can be traced out to greater ability of exporting firms to transfer the tax-induced costs on international markets, compared to domestic firms. The methodology used to calculate the average and the marginal corporate tax rates allows deriving firm-specific effective corporate tax rates.
Start-ups founded by university students and graduates play a substantial role in bringing new kn... more Start-ups founded by university students and graduates play a substantial role in bringing new knowledge to the market and in employment creation; a role that appears to be even more important than the one played by the typical technology transfer activities carried out by universities, i.e. patenting and licensing activities, or spin-offs founded by academic staff. Indeed, robust empirical evidence suggests that entrepreneurs’ education is a good predictor of firms’ performance. Unfortunately, data show that the share of Italian entrepreneurs with tertiary educations is quite small, and this is especially the case of the younger generation. In this paper, we use a population-based approach to explore entrepreneurship among 61,115 graduates, alumni of the 64 Italian universities that belong to the AlmaLaurea consortium, in the second half of 2014, at the time when they completed their academic experience. We detect various levels of engagement and intentions to be involved in entrep...
The aim of this paper is to investigate the roots of the slowdown in the Italian total factor pro... more The aim of this paper is to investigate the roots of the slowdown in the Italian total factor productivity (TFP). The analysis focusses on the specific pattern of technical progress in determining the dynamics of the TFP. This analysis can not be done with Cobb—Douglas technology but requires the employment of a CES function that allows distinguishing between the direction and the bias of technical progress. We employ a CES specification embodying both laborand capitalaugmenting technical change, with a less than 1. We obtain three main results. 1) There seems to have been a structural break around the mid-1990s in the direction and bias of technological change; 2) The first half of the sample features a labor-augmenting technical change and a capital bias; 3) In the second part of the sample, both these characteristics seem to disappear, and the evolution of factor endowments assumes a key role. This fact may be seen as one of the potential causes of the stagnation in Italian pro...
Statistical Economic Approach to Mixed Stock-Flow Dynamic Models in Macroeconomics
There is wide consensus that entrepreneurial talent lies in the ability to discover and exploit m... more There is wide consensus that entrepreneurial talent lies in the ability to discover and exploit market opportunities by taking the relevant risky decisions. By determining the nature of the discovery and exploitation processes, institutions and technology play an essential role in shaping entrepreneurial opportunities and the nature of entrepreneurial talent. Building on these premises, the aim of our research work is to investigate the sources of entrepreneurial talent in Italy. In addition to the standard controls, various indices of occupational opportunities are used in order to determine how tacit and codified knowledge determine the returns on different occupational choices in different environments. The data are drawn from the Italian Survey of Household Income and Wealth (SHIW), a large-scale household survey conducted biannually by the Bank of Italy. The original data-set has been integrated with a wide variety of environmental variables drawn from different data sources de...
Economic Modelling
This paper analyses the effect of home corporate taxes on a firm's decision to expand the scale o... more This paper analyses the effect of home corporate taxes on a firm's decision to expand the scale of its activity through exports using a rich data on Italian firms. Starting out from the observation that firms' export activity vary greatly among them and tend to be systematically related to firm's characteristics, we relate differences in firms' export choices to firm level incidence of corporate taxes. Our results suggest that (i) corporate taxes matter at both the extensive and the intensive margin and (ii) higher corporate taxes may increase the probability of new firms' entry in the foreign market while they decrease the export intensity of incumbent exporters.
Il tasso di cambio reale di equilibrio euro/dollaro
Fiscal Shocks and the Current Account
The main goal of this paper is to study the effects of fiscal policy on the current account throu... more The main goal of this paper is to study the effects of fiscal policy on the current account through the analysis of one of the most innovative intertemporal models of recent years, the Obstfeld Rogoff model of 1995.To overcome the arbitrariness related to the use of calibration methods, we proposed an econometric approach to the model, focusing on the estimation of the microeconomic parameters that appear in its fundamental equations. The estimation is based on a dynamic extension of the original model, developed modifying the first order conditions system of the maximization problem. The estimated parameters were then used to empirically determine the multipliers that, according to the theory, connect permanent and temporary variations in public expenditure to the current account
In Saltari et al. (2012, 2013) we estimated a dynamic model of the Italian economy. The main resu... more In Saltari et al. (2012, 2013) we estimated a dynamic model of the Italian economy. The main result of those papers is that the weakness of the Italian economy in the last two decades has been the total factor productivity slowdown. The aim of this paper is to investigate the roots of this slowdown. Specifically, we want to analyze the specific pattern of technical progress in determining the TFP dynamics. This analysis can not be done with the Cobb-Douglas technology but requires the employ of a CES function which allows to distinguish between the direction and the bias of technical progress. We employ a CES specification embodying both labor- and capital-augmenting technical change, with a σ less than 1. We obtain three main results. 1) There seems to have been a structural break around the mid-nineties in the direction and bias of technological change; 2) The first half of the sample features a labor-augmenting technical change and a capital bias; 3) In the second part of the sam...
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Papers by Daniela Federici