Claudia Biancotti

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Empirical researchers usually prefer statistical models that can be easily estimated using standard software packages. One such model is the sequential binary model with or without normal random effects; such models can be adopted to estimate discrete duration models with unobserved heterogeneity. But ease of estimation may come at a cost. In this paper we(More)
This paper presents an exploratory agent-based model of a real time gross settlement (RTGS) payment system. Banks are represented as agents who exchange payment requests, which are then settled according to a set of simple rules. The model features the main elements of a real-life system, including a central bank acting as liquidity provider, and a(More)
The paper finds evidence of nonlinearities in the dynamics of the euro-area demand for the narrow aggregate M1. A long-run money demand relationship is first estimated over a sample period covering the last three decades. While the parameters of the relationship are jointly stable, there are indications of non-linearity in the residuals of the(More)
Estimation of aggregates in the financial accounts can benefit from closer integration with results coming from sample surveys. Data quality control assumes a critical role in this context, if survey information is to be used in order to remedy shortcomings in data sources for the financial accounts. This paper discusses the use of artificial neural(More)
This paper is aimed at evaluating the incidence of measurement error on the main variables collected in the Bank of Italy’s Survey of Household Income and Wealth (SHIW). The results are especially relevant to researchers using the data for economic analysis, since they need to take data quality into account. Moreover, a thorough knowledge of the problems(More)
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