This paper explores a process which I denote as “young workforce disposal” (YWD). YWD reflects the fact that many young people enter the labor market as dependent employees, at some later time they are dismissed and (presumably) move into never-ending unemployment. Long term unemployment may...

The financial crisis of 2007-08 has underscored the importance of adverse selection in financial markets. This friction has been mostly neglected by macroeconomic models of financial frictions, however, which have focused almost exclusively on the effects of limited pledgeability. In this paper,...

L'aggancio tra i dati WHIP e quelli del Casellario degli Attivi consente l'osservazione di tutti i percorsi lavorativi, non solo quelli coperti dai dati INPS (o WHIP). Questa procedura ha permesso di dare una parziale risposta ad una domanda che ci si pone quando si usano i dati WHIP, o di fonte...

In questo rapporto si presentano due informazioni sviluppate partendo dagli archivi degli episodi di lavoro dipendente di WHIP (archivi RL_annui_): gli oneri sociali obbligatori (variabile oneri_sociali) e il costo del lavoro (variabile costo_lavoro). Le stime degli oneri sociali obbligatori e...

This paper is about very long term unemployment (a more appropriate denomination could be "out-of-official-employment") in Italy, its concentration and the process of young worker disposal, an important, yet unexplored, determinant. “Very long” is not just “long”: we are dealing with...

This paper explores the “disposable” patterns of workforce utilization in Italy. The term “disposable” reflects the fact that people enter the labor market, their services are “used” as a disposable commodity for few years, after which they leave the labor market and are no longer...

This paper shows that private information may be crucial in explaining the relationship between liquidity, investment and economic fluctuations. First, it defines liquidity in a way that is clearly connected to investment and output. Second, it models economies where privately informed...

The existence of collateral requirements to guarantee repayment on issued securities reduces in general the efficiency of competitive equilibria. The general equilibrium analysis is presented in a world where reputation plays no role, and the lender always expects a future payment equal to the...

A small number of countries have issued real indexed sovereign debt in recent year. This type of contracts could improve risk sharing between debtor countries and international creditors and diminish the probability of occurrence of debt crises. However, it is not clear the magnitude of these...