The purpose of the Working Papers series (Temi di discussione) is to promote the circulation of research results produced within the Bank of Italy or presented in Bank seminars by outside economists, with the aim of stimulating comments and suggestions.
The works, selected on the basis of an assessment of the techniques employed and scientific value, cover many different fields of interest.
The subjects and methods of investigation chosen reflect the views of the authors, who are entirely responsible for the opinions expressed and the conclusions drawn, without committing the Bank of Italy in any way.