CefES Publications

Working Papers

Working Papers 2023

Bonfiglioli, A., Crinò, R., Fadinger, H., & Gancia, G. (2023) Robot Imports and Firm-Level Outcomes (Working Paper No. 528). University of Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan 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 Milan Bicocca Department of Economics, Management and Statistics. https://doi.org/10.2139/ssrn.2960191