if this message does not display correctly, click here | Table of Contents Leonardo Becchetti, University of Rome Tor Vergata - Faculty of Economics
Sara Mancini, University of Rome Tor Vergata - Department of Economics and Finance
Nazaria Solferino, University of Rome Tor Vergata - Faculty of Economics Nicola Amendola, University of Rome Tor Vergata - Department of Economics and Finance
Giulia Mancini, UniversitĂ Degli Studi di Sassari
Silvia Redaelli, World Bank
Giovanni Vecchi, University of Rome Tor Vergata - Department of Economics, Law and Institutions Alessandro Giovannelli, University of Rome Tor Vergata
Marco Lippi, Einaudi Institute for Economics and Finance (EIEF)
Tommaso Proietti, University of Rome II - Department of Economics and Finance | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Furio Camillo Rosati - Director "Relational Skills and Corporate Productivity in a Comparative Size Class Perspective" 
CEIS Working Paper No. 557 LEONARDO BECCHETTI, University of Rome Tor Vergata - Faculty of Economics
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SARA MANCINI, University of Rome Tor Vergata - Department of Economics and Finance
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NAZARIA SOLFERINO, University of Rome Tor Vergata - Faculty of Economics
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Based on results from the different fields of the game theoretic literature on strategic interactions and social dilemmas, gift exchange and procedural utility, we argue that corporate social responsibility and relational skills i) with other firms; ii) between employers and workers iii) among workers and iv) with stakeholders are associated to positive effects on productivity. We test our research hypothesis in a comparative perspective on small, medium and large sized Italian firms. We find that size matters when investigating the impact of relational skills on added value per worker after controlling for relevant concurring factors. The identified significant skill related components are: i) corporate policies considering strategic workers’ wellbeing; ii) team working attitudes considered as priority soft skills when hiring workers; iii) initiatives in favour of the productive network operating in the same local area; iv) involvement of stakeholders in CSR projects. Our findings show that the fourth component (stakeholder involvement) is positive and significant for all (small, medium and large) size classes, while the first (workers wellbeing) for small and medium firms, the second (team working) applies mainly to medium firms, and the third (initiative for the local productive network) to medium and large firms. Instrumental variable estimates on the relational skill principal component suggest that a causality link exists beyond these significant correlations. Our conclusion is that scale has an inverse U-shaped effect on the impact of team skills, weakens the impact of gift exchange mechanisms, while it reinforces those of investment in the local productive environment on added value per worker. "Deflation by Expenditure Components: A Harmless Adjustment?"
CEIS Working Paper No. 558 NICOLA AMENDOLA, University of Rome Tor Vergata - Department of Economics and Finance
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GIULIA MANCINI, UniversitĂ Degli Studi di Sassari
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SILVIA REDAELLI, World Bank
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GIOVANNI VECCHI, University of Rome Tor Vergata - Department of Economics, Law and Institutions
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We investigate the effect that seemingly minor features of the implementation of cost-of-living adjustments have on the distribution of household expenditures, by developing an analytical framework that is consistent with standard consumer theory, and mindful of data limitations faced by practitioners. The main result is at odds with common sense: even when multiple price indices are available (e.g. a food and a non-food CPI), it turns out that using a single price index (e.g. the total CPI), to adjust the consumption aggregate is recommended. The practice of adjusting subcomponents of consumption separately (food with a food index, non-food with a non-food index) can lead to a systematic bias in the welfare measure, and consequently in poverty and inequality measures. Using Iran’s 2019 Household Expenditures and Income Survey, we find that the bias manifests as a systematic underestimation of urban poverty, and overestimation of rural poverty. "Band-Pass Filtering with High-Dimensional Time Series"
CEIS Working Paper No. 559 ALESSANDRO GIOVANNELLI, University of Rome Tor Vergata
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MARCO LIPPI, Einaudi Institute for Economics and Finance (EIEF)
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TOMMASO PROIETTI, University of Rome II - Department of Economics and Finance
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The paper deals with the construction of a synthetic indicator of economic growth, obtained by projecting a quarterly measure of aggregate economic activity, namely gross domestic product (GDP), into the space spanned by a finite number of smooth principal components, representative of the medium-to-long-run component of economic growth of a high-dimensional time series, available at the monthly frequency. The smooth principal components result from applying a cross-sectional filter distilling the low-pass component of growth in real time. The outcome of the projection is a monthly nowcast of the medium-to-long-run component of GDP growth. After discussing the theoretical properties of the indicator, we deal with the assessment of its reliability and predictive validity with reference to a panel of macroeconomic U.S. time series. | | ^top
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