In post-Unification Italy the cyclical movements of the economy largely reflected those in the production of durable goods. The engineering industry has been seen as one that transformed metal into machines: its metal consumption suggests that investment in machinery followed the Kuznets-cycle...

In Italy two censuses were taken in 1911: the usual demographic census, that contains labor-force data, and the first industrial census, that contains employment data. The two yield aggregate figures that are very far apart. The literature directly concerned with estimating industrial employment...

This paper presents the second-generation estimates for the Italian engineering industry in 1911, a year documented both by the customary demographic census, and the first industrial census. The first part of this paper uses the census data to estimate the industry’s value added, sector...

The reconstruction of the historical national accounts for post-Unification Italy is proceeding. The national time series most recently compiled are those for the all-important engineering industry; this paper presents their regional counterparts. The engineering industry is very unevenly...

In the literature the (Italian) engineering industry is seen as one that transformed metal into machines; its time path is inferred from that of its consumption of metal. Newly recovered evidence indicates that far more metal was turned into (traditional) hardware than into (modern) machines....

This paper deals with a constrained investment problem for a defined contribution (DC) pension fund where retirees are allowed to defer the purchase of the annuity at some future time after retirement. This problem has already been treated in the unconstrained case in a number of papers. The aim...

We consider the portfolio selection problem in the accumulation phase of a defined contribution (DC) pension scheme. We solve the mean-variance portfolio selection problem using the embedding technique pioneered by Zhou and Li (2000) and show that it is equivalent to a target-based optimization...

We solve a mean-variance optimisation problem of a defined contribution pension scheme in the accumulation phase. The financial market consists of: (i) the risk-free asset, (ii) a risky asset following a GBM, and (iii) a bond driven by a stochastic interest rate following the Vasicek [1977]...

This paper deals with a constrained investment problem for a defined contribution (DC) pension fund where retirees are allowed to defer the purchase of the annuity at some future time after retirement. This problem has already been treated in the unconstrained case in a number of papers. The aim...

The paper provides natural hedging strategies among death benefits and annuities written on a single and on different generations. It obtains closed-form Delta and Gamma hedges, in the presence of both longevity and interest rate risk. We present an application to UK data on survivorship and...