CefES Publications

Working Papers

Working Papers 2024

Michelangeli, A., Proietti, P., Siragusa, A., & Stamos, I. (2024). Comparative Analysis on Homelessness' Monitoring in Europe for the 2030 Agenda (Working Paper No. 542). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4892589

Ferlaino, F. (2024). Does the Financial Accelerator Accelerate Inequalities? (Working Paper No. 538). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4845237

Gucciardi, G., Ossola, E., Visconti-Parisio, L., & Pelagatti, M. M. (2024). Common Factors Behind Companies’ Environmental Ratings (Working Paper No. 536). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4834107

Albonico, A., Ascari, G., & Haque, Q. (2024). Monetary Policy in the Euro Area: Active or Passive? (Working Paper No. 535). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4825603

Chafwehé, B., Colciago, A., & Priftis, R. (2024). Reallocation, Productivity, and Monetary Policy in an Energy Crisis (Working Paper No. 534). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4814193

Working Papers 2023

Bonfiglioli, A., Crinò, R., Fadinger, H., & Gancia, G. (2023) Robot Imports and Firm-Level Outcomes (Working Paper No. 528). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4590669

Cassola, N., Morana, C., & Ossola, E. (2023) Green Risk in Europe (Working Paper No. 526). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4562028

Bonchi, J., and Nisticò, S. (2023). Optimal Monetary Policy and Rational Asset Bubbles (Working Paper No. 525). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4532927

Campo, F., Giunti, S., Mendola, M., & Tura, G. (2023). Political Backlash to Refugee Settlement: Cultural and Economic Drivers (Working Paper No. 522). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4484183

Bomprezzi, P., Marchesi, S., & Turk-Ariss, R. (2023). Do IMF Programs Stimulate Private Sector Investment? (Working Paper No. 520). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4461339

Marchesi, S., & Marcolongo, G. (2023). Knockin’ on H(e)aven’s Door. Financial Crises and Hidden Wealth (Working Paper No. 518). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4429915

Colciago, A., Lewis, V., & Matyska, B. (2023). Corporate Taxes, Productivity, and Business Dynamism (Working Paper No. 512). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4366044

Ugolini, A., Reboredo, J.C., & Ojea Ferreiro, J. (2023). Is climate transition risk priced into corporate credit risk? Evidence from credit default swaps (Working Paper No. 509). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4331768

Meschi, E., & Pavese, C. (2023). Ability composition in the class and the school performance of immigrant students (Working Paper No. 508). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4323127

Working Papers 2022

Bonacorsi, L., Cerasi, V., Galfrascoli, P. & Manera, M. (2022). ESG Factors and Firms’ Credit Risk (Working Paper No. 507). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4289397

Morana, C. (2022). Euro area inflation and a new measure of core inflation (Working Paper No. 505). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4293197

Gilli, M., & Giorgini, F. (2022). Citizens’ Protests: Causes and Consequences. A Research on Regime Change and Revolutionary Entrepreneurs by Bueno De Mesquita (Working Paper No. 504). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=4218085

Dalla Pellegrina, L., Di Maio, G., & Gilli, M. (2022). Abstention and Populist Voting: Evidence from the Italian 2018 Election (Working Paper No. 503). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=4216951

Massiani, J. (2022). Lost in Taxation (Working Paper No. 501). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=4162779

De Ponti, D., & Gattai, V. (2022). Family Firms and Input Procurement: Firm-Level Evidence from Italy (Working Paper No. 499). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4149448

Giancaterini, F., Hecq, A., & Morana, C. (2022). Is Climate Change Time Reversible? (Working Paper No. 498). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4112308

Spinelli, D., Berta, P., & Santoro, A. (2022). The Optimal Number of Tax Audits: Evidence from Italy (Working Paper No. 497). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4099961

Boitani, A., & Dragomirescu-Gaina, C. (2022). News and narratives: A cointegration analysis of Russian economic policy uncertainty (Working Paper No. 496). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4091630

Campo, F., Giunti, S., & Mendola, M. (2022). Refugees, Right-Wing Populism and Propaganda: Evidence from the Italian Dispersal Policy (Working Paper No. 495). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4077788

Di Maio, G. (2022). The Barycenter of the Distribution and Its Application to the Measurement of Inequality: The Balance of Inequality, the Gini Index, and the Lorenz Curve (Working Paper No. 493). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=4060273

Faggian, A., Michelangeli, A., & Tkach, K. (2022). Inequality in Europe: Reality, Perceptions, and Hopes (Working Paper No. 489). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=4024985

Borrotti, M., Rabasco, M., & Santoro, A. (2022). Using Accounting Information to Predict Aggressive Tax Placement Decisions by European Groups (Working Paper No. 488). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=4023353

Belloni, M., Carrino, L., & Meschi, E. (2022). The Impact of Working Conditions on Mental Health: Novel Evidence from the UK. (Working Paper No. 487). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=4019393

Working Papers 2021

Aktas, K., Gattai, V., & Natale, P. (2021). Board Gender Quotas and Outward Foreign Direct Investment: Evidence from France (Working Paper No. 485). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3992813

Cassola, N., De Grauwe, P., Morana, C., & Tirelli, P. (2021). The risks of exiting too early the policy responses to the COVID-19 recession (Working Paper No. 484). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3965069

Boccaletti, S. & Cerasi, V. (2021). Liquidation value of productive assets and product differentiation (Working Paper No. 483). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3947398

Ascari, G., Colciago, A., & Silvestrini, R. (2021). Business Dynamism, Sectoral Reallocation and Productivity in a Pandemic (Working Paper No. 482). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3930245

Battaggion, M. R., Cerasi, V., & Karakoç, G. (2021). The Value of Interlocking Directorates in Vertical Contracting (Working Paper No. 480). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3916383

Marchesi, S., Masi, T., & Paul, S. (2021). Project Aid and Firm Performance (Working Paper No. 479). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3916381

Baiardi, D., & Soana, M.-G. (2021). Macroeconomic and Microeconomic Environmental and Energy Policies: Are They Effective for Improving the Environmental Performance of Listed Companies? (Working Paper No. 478). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3916314

Baiardi, D. (2021). What Do You Think about Climate Change? (Working Paper No. 477). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3916174

Bomprezzi, P., & Marchesi, S. (2021). A firm-level approach on the effects of IMF programs (Working Paper No. 476). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3899134

Battaggion, M. R., & Cerasi, V. (2021). It takes two to tango: Interlockings and Partial Equity Ownership (Working Paper No. 475). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3896482

Pagani, L. & Pica, G. (2021). A peer like me? Early exposure to high achievers in math and later educational outcomes (Working Paper No. 474). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3895095

Casalone, G., Michelangeli, A., Östh, J., & Türk, U. (2021). The Effect of Lockdown on Students’ Performance: A comparative study between Sweden, Italy, and Turkey (Working Paper No. 473). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3891102

Cerasi, V. & Galfrascoli, P. (2021). Bail-in and Bank Funding Cost (Working Paper No. 472). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3886533

Massiani, J. (2021). An inconsistency in the European Union Guidelines for Cost-Benefit Analysis of investment projects (Working Paper No. 470). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3859905

Morana, C. (2021). A New Macro-Financial Condition Index for the Euro Area (Working Paper No. 467). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://papers.ssrn.com/abstract=3823720

Working Papers 2020

Pelagatti, M. (2020). Assessing the effectiveness of the Italian risk-zones policy during the second wave of Covid- 19 (Working Paper No. 457). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3756756

Campo, F., Giunti, S., & Mendola, M. (2020). The Political Impact of Refugee Migration: Evidence from the Italian Dispersal Policy (Working Paper No. 456). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3744773

Poggi, A. (2020). Social contacts in the post-lockdown period (Working Paper No. 455). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3741275

Corazzini, L., Meschi, E., & Pavese, C. (2020). Impact of Early Childcare on Immigrant Children’s Educational Performance (Working Paper No. 452). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3720575

Carletti, E., Oliviero, T., Pagano, M., Pelizzon, L., & Subrahmanyam, M. G. (2020). The COVID-19 Shock and Equity Shortfall: Firm-level Evidence from Italy (Working Paper No. 450). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3703601

Albrecht, S., Ghidoni, R., Cettolin, E., & Suetens, S. (2020). Exposure to ethnic minorities changes attitudes to them (Working Paper No. 449). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3683905

Bosco, B. (2020). Auctioning C02 Emission Allowances in Europe. A Time Series Analysis of Equilibrium Prices (Working Paper No. 448). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3661706

Cerasi, V., & Montoli, S. (2020). Bank resolution and multinational banks (Working Paper No. 447). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3650813

Campo, F., Mendola, M., Morrison, A., & Ottaviano, G. (2020). Immigrant Inventors and Diversity in the Age of Mass Migration (Working Paper No. 446). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3634474

Dalla Pellegrina, L., Di Maio, G., Masciandaro, D., & Saraceno, M. (2020). Are Bankers Crying Wolves? The Risk-Based Approach in Money Laundering Regulation and its Effects (Working Paper No. 444). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3624673

Michelangeli, A., & Östh, J. (2020). Intergenerational Income Mobility in Sweden: A look at the spatial disparities across cities (Working Paper No. 443). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3614413

Camilli, A., & Giagheddu, M. (2020). Public Debt and Crowding-out: The Role of Housing Wealth (Working Paper No. 441). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3606673

Camilli, A. (2020). Labor Market Institutions and Homeownership (Working Paper No. 440). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3606667

Gilli, M., & Tedeschi, P. (2020). European Union and Transnational Terrorism. A Normative Analysis of Strategic Spillovers. (Working Paper No. 437). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3554937

Etro, F., Marchesi, S., & Stepanova, E. (2020). Liberalizing art. Evidence on the Impressionists at the end of the Paris Salon (Working Paper No. 432). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3229053

Marchesi, S., & Masi, T. (2020). Life after default: Official vs. Private sovereign debt restructurings (Working Paper No. 431). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3538312

Amaral-Garcia, S., Dalla Pellegrina, L., & Garoupa, N. (2020). Consensus and Ideology in Courts: An Application to the Judicial Committee of the Privy Council (Working Paper No. 430). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3536947

Baiardi, D., & Morana, C. (2020). Climate Change Awareness: Empirical Evidence for the European Union. (Working Paper No. 426). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3513061

Baiardi, D. (2020). Do Sustainable Energy Policies Matter for Reducing Greenhouse Gas Emissions? (Working Paper No. 425). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3513041

Glas, A., & Hartmann, M. (2020). Uncertainty Measures from Partially Rounded Probabilistic Forecast Surveys (Working Paper No. 247). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3522499

Working Papers 2019

Cassola, N., Kok, C., & Mongelli, F. P. (2019). The ECB After the Crisis: Existing Synergies Among Monetary Policy, Macroprudential Policies and Banking Supervision. (Working Paper No. 424). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3502715

Marchesi, S., & Masi, T. (2019). Sovereign risk after sovereign restructuring. Private and official defaults (Working Paper No. 423). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://ssrn.com/abstract=3494597

Mellinato, G. (2019). “Constructuring” the First Maritime Globalization. Competing Shipping Subsidies and the Race for the Commercial Spaces 1881-1914. (Working Paper No. 421). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3474317

Gatti, M., & Oliviero, T. (2019). Deposit Insurance and Banks’ Deposit Rates: Evidence from the 2009 EU Policy Change. (Working Paper No. 419). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3452664

Alessi, L., Ossola, E., & Panzica, R. (2019). The Greenium matters: Greenhouse Gas Emissions, Environmental Disclosures, and Stock Prices. (Working Paper No. 418). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3452649

Gilli, M., & Manzoni, E. (2019). Populism, the Backlash Against Ruling Politicians and the Possible Malfunctioning of Representative Democracy. (Working Paper No. 417). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3438897

Bastianin, A., & Del Bo, C. F. (2019). Procurement in Big Science Centres: Politics or Technology? Evidence from CERN. (Working Paper No. 410). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3396860

Bastianin, A., Castelnovo, P., Florio, M., & Giunta, A. (2019). Technological Learning and Innovation Gestation Lags at the Frontier of Science: From CERN Procurement to Patents. (Working Paper No. 405). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3371025

Ferrara, M., & Tirelli, P. (2019). Disinflation, Inequality and Welfare in a TANK Model. (Working Paper No. 402). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3337091

Michelangeli, A., & Türk, U. (2019). Cities as Drivers of Social Mobility. (Working Paper No. 397). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3310480

Working Papers 2018

Albonico, A., Ascari, G., & Gobbi, A. (2018). The Debt Multiplier. (Working Paper No. 397). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3304494

Bastianin, A., Galeotti, M., & Polo, M. (2018). Convergence of European natural gas prices. (Working Paper No. 397). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3297088

Friebel, G., Manchin, M., Mendola, M., & Prarolo, G. (2018). International Migration Intentions and Illegal Costs: Evidence from Africa‐to‐Europe Smuggling Routes. (Working Paper No. 397). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3287323

Albonico, A., Paccagnini, A., & Tirelli, P. (2018). Limited Asset Market Participation and the Euro Area Crisis. An Empirical DSGE Model. (Working Paper No. 397). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3285115

Brugali, N., Buonanno, P., & Gilli, M. (2018). Political Regimes and the Determinants of Terrorism and Counter-Terrorism. (Working Paper No. 397). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3214601

Borgoni, R., Michelangeli, A., & Pirola, F. (2018). Residential Satisfaction for a Continuum of Households: Evidence from European Countries. (Working Paper No. 397). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3151414

Working Papers 2017

Iannantuoni, G., Manzoni, E., & Rossi, F. (2017). Do Individual Heterogeneity and Spatial Correlation Matter? An Innovative Approach to the Characterisation of the European Political Space. (Working Paper No. 376). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3083570

Albonico, A., Cardani, R., & Tirelli, P. (2017). Debunking the Myth of Southern Profligacy. A DSGE Analysis of Business Cycles in the EMU’s Big Four. (Working Paper No. 373). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.3065824

Cerasi, V., Deininger, S., Gambacorta, L., & Oliviero, T. (2017). How Post-Crisis Regulation Has Affected Bank CEO Compensation. (Working Paper No. 365). University of Milano-Bicocca, Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.2960191