Research

Antitrust Policies and Profitability in Non-Tradable Sectors (with Tim Besley and Nicola Limodio) - American Economic Review: Insights, Volume 3, Number 2, June 2021, Pages 251-65

Abstract: Firms in tradable sectors are more likely to be subject to external competition to limit market power while non-tradable firms are more dependent on domestic policies and institutions. This paper combines an antitrust index available for multiple countries with firm-level data from Orbis covering more than 10 million firms from 90 countries, covering 20 sectors over 10 years and finds that profit margins of firms operating in non-tradable sectors are significantly lower in countries with stronger antitrust policies compared to firms operating in tradable sectors. The results are robust to a wide variety of empirical specifications.

Historical Roots of Political Extremism: The Effects of Nazi Occupation of Italy (with Tommaso Nannicini and Guido Tabellini) - Journal of Comparative Economics, Volume 51, Issue 3, September 2023, Pages 723-743

Abstract: We study the impact of the Italian Civil War and Nazi occupation of Italy in 1943--45 on postwar political outcomes. The Communist Party, which was more active in the resistance movement, gained votes in areas where the Nazi occupation was both longer and harsher, mainly at the expense of centrist parties. This effect persists until the late 1980s. These results suggest that civil war and widespread political violence reshape political identities in favor of the political groups that emerge as winners. This benefits extremist groups and hurts moderates since the former have a comparative advantage in organizing violent conflict.

Who is my neighbour? Short-term renting and civic engagement in London

Urbanization has transformed cities into the economic and social hubs of high-income countries, yet concerns about declining social capital persist. This paper investigates the impact of changes in neighbourhood composition on social capital within London. Leveraging a unique dataset, I show how neighbourhoods with higher short-term renting (Airbnb) penetration experience a reduction in charitable organizations and increased feelings of loneliness. Additionally, this study highlights a rise in anti-social behaviour and complaints against tourists. I explore the roots -- pecuniary and non-pecuniary -- of these reactions. I find that higher Airbnb penetration is associated with a decrease in neighbourhood quality. These negative externalities can be explained by a lack of monitoring by hosts, which is a key difference between short-term renting and traditional hotel accommodations.

Backlash against Airbnb: Evidence from London

Emigration and Long-Run Economic Development: the Effects of the Italian Mass Migration (with Marco Manacorda, Gianluca Russo and Marco Tabellini)

Entrepreneurial skills: Learning by Renting 

Mussolini on Tour: Fascist Propaganda and Repression (with Francesco Barilari and Nicola Mastrorocco)

Tu Vuo' Fa' l'Americano:  Causes and Consequences of US Aid in Italy after WWII (with Michela Giorcelli and Marco Tabellini)

Who is my neighbor? Short-term renting and civic engagement in London