if this message does not display correctly, click here | Table of Contents Furio C. Rosati, University of Rome Tor Vergata - Faculty of Economics Gianluca Cubadda, University of Rome Tor Vergata - Department of Economics and Finance
Alain Hecq, Maastricht University - Department of Quantitative Economics Barbara Annicchiarico, University of Rome, Tor Vergata - Department of Economics and Finance, University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS)
Fabio Di Dio, IGDORE - Institute for Globally Distributed Open Research and Education
Francesca Diluiso, Mercator Research Institute on Global Commons and Climate Change (MCC) | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Furio Camillo Rosati - Director "Child Labour Theories and Policies" 
CEIS Working Paper No. 533 FURIO C. ROSATI, University of Rome Tor Vergata - Faculty of Economics
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This chapter presents the main theoretical analyses in the area of child labour and their implications in terms of policy design. The discussion is based on the human capital approach and presents a simplified model that allows to frame the most relevant results present in the literature. It also looks at some of the evidence available about the impact of the different interventions implemented and review their effectiveness and limitations. From the policy point of view, the chapter concludes pointing out the need to integrate child labour interventions in broader human capital and poverty reduction policies and to consider “big push†interventions able to move the economy permanently to a low child labour equilibrium. "Dimension Reduction for High Dimensional Vector Autoregressive Models"
CEIS Working Paper No. 534 GIANLUCA CUBADDA, University of Rome Tor Vergata - Department of Economics and Finance
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ALAIN HECQ, Maastricht University - Department of Quantitative Economics
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This paper aims to decompose a large dimensional vector autoregessive (VAR) model into two components, the first one being generated by a small-scale VAR and the second one being a white noise sequence. Hence, a reduced number of common components generates the entire dynamics of the large system through a VAR structure. This modelling, which we label as the dimension-reducible VAR, extends the common feature approach to high dimensional systems, and it differs from the dynamic factor model in which the idiosyncratic component can also embed a dynamic pattern. We show the conditions under which this decomposition exists. We provide statistical tools to detect its presence in the data and to estimate the parameters of the underlying small-scale VAR model. Based on our methodology, we propose a novel approach to identify the shock that is responsible for most of the common variability at the business cycle frequencies. We evaluate the practical value of the proposed methods by simulations as well as by an empirical application to a large set of US economic variables. "Climate Actions, Market Beliefs and Monetary Policy"
CEIS Working Paper No. 535 BARBARA ANNICCHIARICO, University of Rome, Tor Vergata - Department of Economics and Finance, University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS)
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FABIO DI DIO, IGDORE - Institute for Globally Distributed Open Research and Education
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FRANCESCA DILUISO, Mercator Research Institute on Global Commons and Climate Change (MCC)
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This paper studies the role of expectations and monetary policy on the economy’s response to climate actions. We show that in a stochastic environment and without the standard assumption of perfect rationality of agents, there is more uncertainty regarding the path and the economic impact of a climate policy, with a potential threat to the ability of central banks to maintain price stability. Market beliefs and behavioral agents increase the trade-offs inherent to the chosen mitigation tool, with a carbon tax entailing more emissions uncertainty than in a rational expectations model and a cap-and-trade scheme implying a more pronounced pressure on allowances prices and inflation. The impact on price stability is worsened by delays in the implementation of stringent climate policies, by the lack of confidence in the ability of central banks to keep inflation under control, and by the adoption of monetary rules tied to expectations rather than current macroeconomic conditions. Central banks can implement successful stabilization policies that reduce the uncertainty surrounding the impact of climate actions and support the greening process while staying within their mandate. | | ^top
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