Abstract
We use a unique design feature of a survey of Italian firms to study the causal effect of inflation expectations on firms’ economic decisions. In the survey, a randomly chosen subset of ...firms is repeatedly treated with information about recent inflation whereas other firms are not. This information treatment generates exogenous variation in inflation expectations. We find that higher inflation expectations on the part of firms leads them to raise their prices, increase demand for credit, and reduce their employment and capital. However, when policy rates are constrained by the effective lower bound, demand effects are stronger, leading firms to raise their prices more and no longer reduce their employment.
Examining the breadth and scope of censorship in Fascist Italy, from Mussolini's role as 'prime censor' to the specific experiences of female writers, this is a fascinating look at the vulnerability ...of culture under a dictatorship.
How did Italian cinema of the 1970s re-envision masculinity in response to sexual liberation? What role did broader socio-political concerns of the time play in this re-definition? To what extent did ...this re-envisioning of masculinity intersect with concurrent debates about the function of cinema as a political medium and a mass cultural phenomenon? Masculinity and Italian Cinema takes the 1970s as an especially instructive period for rethinking the traditional trope of an inadequate male in crisis within Italian cinema. It explores how masculinity functioned in several films of the 1970s as a charged allegory for the many socio-political lacerations of the Italian nation and as a site of conflict and radical interrogation of ideas about gender and sexuality.
Sergio Rigoletto re-examines a number of key films, including Bernardo Bertolucci's The Conformist, Federico Fellini's City of Women, Ettore Scola's A Special Day, Pier Paolo Pasolini's Teorema and Lina Wertmüller's The Seduction of Mimi, in the light of gender and queer theory and considers the challenges that these films pose to received ideas about gender and sexuality of the time, and to some of the aesthetic and narrative conventions which have traditionally regulated the representation of men in film.
With this heady exploration of time and space, rumors and silence, colors, tastes, and ideas, Robert Bonfil recreates the richness of Jewish life in Renaissance Italy. He also forces us to rethink ...conventional interpretations of the period, which feature terms like "assimilation" and "acculturation." Questioning the Italians' presumed capacity for tolerance and civility, he points out that Jews were frequently uprooted and persecuted, and where stable communities did grow up, it was because the hostility of the Christian population had somehow been overcome. After the ghetto was imposed in Venice, Rome, and other Italian cities, Jewish settlement became more concentrated. Bonfil claims that the ghetto experience did more to intensify Jewish self-perception in early modern Europe than the supposed acculturation of the Renaissance. He shows how, paradoxically, ghetto living opened and transformed Jewish culture, hastening secularization and modernization. Bonfil's detailed picture reveals in the Italian Jews a sensitivity and self-awareness that took into account every aspect of the larger society. His inside view of a culture flourishing under stress enables us to understand how identity is perceived through constant interplay—on whatever terms—with the Other.
In steering toward the future, innovation managers are commonly advised to dismiss the old and make way for the new. However, such "recency bias" may significantly limit a firm's innovation potential ...and prevent it from realizing the benefits of past knowledge. We argue that the temporal dimension of innovation deserves more research attention. Combining prior research on innovation, dynamic capabilities, and family business, we conceptualize a new product innovation strategy called innovation through tradition (ITT) and identify its underlying capabilities of interiorizing and reinterpreting past knowledge. We analyze and discuss the illustrative cases of six long-lasting family businesses (Aboca, Apreamare, Beretta, Lavazza, Sangalli, and Vibram), exemplifying how firms that build long-lasting and intimate links with their traditions can be extremely innovative while remaining firmly anchored to the past. These examples help readers visualize theoretical concepts and recognize the potential advantages of past knowledge in terms of value creation and capture. We develop an agenda for future research aimed at improving our understanding of the temporal search processes involved in the ITT strategy, within and outside the family business field, and thus contribute to innovation and organizational learning studies. Managers of nonfamily firms can learn from the family businesses that successfully use ITT to create and nurture a competitive advantage and emulate them by leveraging rather than discarding tradition.
For most of their existence, stars are fuelled by the fusion of hydrogen into helium. Fusion proceeds via two processes that are well understood theoretically: the proton-proton (pp) chain and the ...carbon-nitrogen-oxygen (CNO) cycle
. Neutrinos that are emitted along such fusion processes in the solar core are the only direct probe of the deep interior of the Sun. A complete spectroscopic study of neutrinos from the pp chain, which produces about 99 per cent of the solar energy, has been performed previously
; however, there has been no reported experimental evidence of the CNO cycle. Here we report the direct observation, with a high statistical significance, of neutrinos produced in the CNO cycle in the Sun. This experimental evidence was obtained using the highly radiopure, large-volume, liquid-scintillator detector of Borexino, an experiment located at the underground Laboratori Nazionali del Gran Sasso in Italy. The main experimental challenge was to identify the excess signal-only a few counts per day above the background per 100 tonnes of target-that is attributed to interactions of the CNO neutrinos. Advances in the thermal stabilization of the detector over the last five years enabled us to develop a method to constrain the rate of bismuth-210 contaminating the scintillator. In the CNO cycle, the fusion of hydrogen is catalysed by carbon, nitrogen and oxygen, and so its rate-as well as the flux of emitted CNO neutrinos-depends directly on the abundance of these elements in the solar core. This result therefore paves the way towards a direct measurement of the solar metallicity using CNO neutrinos. Our findings quantify the relative contribution of CNO fusion in the Sun to be of the order of 1 per cent; however, in massive stars, this is the dominant process of energy production. This work provides experimental evidence of the primary mechanism for the stellar conversion of hydrogen into helium in the Universe.
Abstract
The sharp gap in development between the North and the South of Italy represents a paradigmatic case of persistent within-country disparities. The evidence suggests that this gap could ...depend on a difference in the ability to cooperate. We investigate experimentally three possible sources of this difference, and find that Northerners and Southerners share the same pro-social preferences, but differ both in their belief about cooperativeness and in the aversion to social risk, respectively, more pessimistic and stronger among Southerners; intervention or events that reduced pessimistic beliefs should directly boost cooperation.
Richard A. Goldthwaite, a leading economic historian of the Italian Renaissance, has spent his career studying the Florentine economy. In this magisterial work, Goldthwaite brings together a lifetime ...of research and insight on the subject, clarifying and explaining the complex workings of Florence’s commercial, banking, and artisan sectors.
Florence was one of the most industrialized cities in medieval Europe, thanks to its thriving textile industries. The importation of raw materials and the exportation of finished cloth necessitated the creation of commercial and banking practices that extended far beyond Florence’s boundaries. Part I situates Florence within this wider international context and describes the commercial and banking networks through which the city's merchant-bankers operated. Part II focuses on the urban economy of Florence itself, including various industries, merchants, artisans, and investors. It also evaluates the role of government in the economy, the relationship of the urban economy to the region, and the distribution of wealth throughout the society.
While political, social, and cultural histories of Florence abound, none focuses solely on the economic history of the city. The Economy of Renaissance Florence offers both a systematic description of the city's major economic activities and a comprehensive overview of its economic development from the late Middle Ages through the Renaissance to 1600.
•A novel method for solar power probabilistic forecasting is proposed.•The forecast accuracy does not depend on the nominal power.•The impact of climatology on forecast accuracy is evaluated.
The ...energy produced by photovoltaic farms has a variable nature depending on astronomical and meteorological factors. The former are the solar elevation and the solar azimuth, which are easily predictable without any uncertainty. The amount of liquid water met by the solar radiation within the troposphere is the main meteorological factor influencing the solar power production, as a fraction of short wave solar radiation is reflected by the water particles and cannot reach the earth surface. The total cloud cover is a meteorological variable often used to indicate the presence of liquid water in the troposphere and has a limited predictability, which is also reflected on the global horizontal irradiance and, as a consequence, on solar photovoltaic power prediction. This lack of predictability makes the solar energy integration into the grid challenging. A cost-effective utilization of solar energy over a grid strongly depends on the accuracy and reliability of the power forecasts available to the Transmission System Operators (TSOs). Furthermore, several countries have in place legislation requiring solar power producers to pay penalties proportional to the errors of day-ahead energy forecasts, which makes the accuracy of such predictions a determining factor for producers to reduce their economic losses. Probabilistic predictions can provide accurate deterministic forecasts along with a quantification of their uncertainty, as well as a reliable estimate of the probability to overcome a certain production threshold. In this paper we propose the application of an analog ensemble (AnEn) method to generate probabilistic solar power forecasts (SPF). The AnEn is based on an historical set of deterministic numerical weather prediction (NWP) model forecasts and observations of the solar power. For each forecast lead time and location, the ensemble prediction of solar power is constituted by a set of past production data. These measurements are those concurrent to past deterministic NWP forecasts for the same lead time and location, chosen based on their similarity to the current forecast and, in the current application, are represented by the one-hour average produced solar power.
The AnEn performance for SPF is compared to a quantile regression (QR) technique and a persistence ensemble (PeEn) over three solar farms in Italy spanning different climatic conditions. The QR is a state-of-the-science method for probabilistic predictions that, similarly to AnEn, is based on a historical data set. The PeEn is a persistence model for probabilistic predictions, where the most recent 20 power measurements available at the same lead-time are used to form an ensemble. The performance assessment has been carried out evaluating important attributes of a probabilistic system such as statistical consistency, reliability, resolution and skill. The AnEn performs as well as QR for common events, by providing predictions with similar reliability, resolution and sharpness, while it exhibits more skill for rare events and during hours with a low solar elevation.
Governments around the world are responding to the coronavirus disease 2019 (COVID-19) pandemic
, caused by severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), with unprecedented policies ...designed to slow the growth rate of infections. Many policies, such as closing schools and restricting populations to their homes, impose large and visible costs on society; however, their benefits cannot be directly observed and are currently understood only through process-based simulations
. Here we compile data on 1,700 local, regional and national non-pharmaceutical interventions that were deployed in the ongoing pandemic across localities in China, South Korea, Italy, Iran, France and the United States. We then apply reduced-form econometric methods, commonly used to measure the effect of policies on economic growth
, to empirically evaluate the effect that these anti-contagion policies have had on the growth rate of infections. In the absence of policy actions, we estimate that early infections of COVID-19 exhibit exponential growth rates of approximately 38% per day. We find that anti-contagion policies have significantly and substantially slowed this growth. Some policies have different effects on different populations, but we obtain consistent evidence that the policy packages that were deployed to reduce the rate of transmission achieved large, beneficial and measurable health outcomes. We estimate that across these 6 countries, interventions prevented or delayed on the order of 61 million confirmed cases, corresponding to averting approximately 495 million total infections. These findings may help to inform decisions regarding whether or when these policies should be deployed, intensified or lifted, and they can support policy-making in the more than 180 other countries in which COVID-19 has been reported
.
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