Source Themes

Employment Fluctuations, Real Estate Prices and Property Taxes

This paper studies the role of real estate prices on employment fluctuations. We focus on the relative role of collateral channels on both household and firm sides. To quantify the importance of each channel, we use empirical evidence from Italian …

Investment, Capital Structure and Default Risk

This paper studies how a firm's capital structure shapes the investment response during a sovereign debt crisis. To estimate the heterogeneous effect of capital structure on investment response to default risk, we use balance-sheet data for Italian …