Are real exchange rates nonlinear with a unit root? Evidence on PPP for Italy : a note

In this article, we apply the recently developed threshold autoregression model to examine both linearity and stationarity of Italy's real exchange rate vis--vis her six trading partner (G6) countries. Our main finding is that Italy's real exchange rate is a nonlinear process that is not characterized by a unit root process for five of six trading partner countries. This provides strong support for purchasing power parity.

Testing for a random walk in Italy's inflation in the post-war period, 1947-1996

This paper investigates the unit root properties of Italy’s inflation rate in the post-war period (1947-1996). To achieve the aim of this study, the Zivot and Andrews (1992) one break test and the Lumsdaine and Papell (1997) two breaks test for unit roots are applied. It is found that inflation for Italy was a non-stationary breakpoint for the period 1947-1996. This result has important implications for econometric modeling and in understanding the behavior of shocks to Italy’s inflation.

Giuseppe Pagano: a rationalist caught between theories & practices of fascist Italy

The architecture of a modern building is viewed and defined as a whole: the so-called decorative detail does not exist, only the intelligent and strictly controlled technical detail. The aesthetic basis—both social and technical at the same time—of modern architecture is reproduced in the three-dimensional composition.

Overwintering behaviour in sea turtles : dormancy is optional

Thirteen loggerhead turtles Caretta caretta were released (10 from Naples, Italy, 2 from Monastir, Tunisia, 1 from Gallipoli, South Italy) with satellite relay data loggers (SRDL) to elucidate their overwintering behaviour. Nine turtles were successfully tracked throughout the winter, while 4 SRDLs failed to transmit after short deployment periods. Of these 9, 4 remained within 80 km of the release site, 3 travelled to a distant overwintering site, and 2 continued to move and did not remain within 80 km of a specific site. Apart from these differences, all turtles stayed near the coast and dedicated most of their time to dives lasting 3 h and longer. Maximum dive durations ranged from 270 to 480 min and were highly correlated with water temperatures, which fell below the supposed 15°C threshold for sea turtle hibernation in all overwintering sites. Median dive depths were between 4 and 24 m and were, thus, well within the mixed layer, as revealed by temperature profiles, which also were relayed by the SRDLs. No evidence was found that the turtles preferred warmer temperatures to overwinter in, because the range of temperature was very narrow on both the horizontal and the vertical scale of their movements. Despite the long resting phases and the low temperatures (minimum = 11.8°C) all turtles retained activity to some degree, at least to commute between the depth of resting and the surface to breathe. While the degree of winter dormancy is certainly affected by temperature, turtles were by no means obligatory hibernators, and their ability to move and even forage during the winter may be important for their growth and maturation rates, as well as their reproductive output.