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Index number theory informs us that if data on matched prices and quantities are available, a superlative index number formula is best to aggregate heterogeneous items, and a unit value index to aggregate homogeneous ones. The formulas can give very different results. Neglected is the practical case of broadly comparable items. This paper provides a formal analysis as to why such formulas differ and proposes a solution to this index number problem.

Business & Economics --- Economic Theory --- Index numbers (Economics) --- Economic indicators. --- Business indicators --- Economic indicators --- Indicators, Business --- Indicators, Economic --- Leading indicators --- Numbers, Index --- Economic history --- Quality of life --- Economic forecasting --- Social indicators --- Economics --- Prices --- Indexation (Economics) --- Macroeconomics --- Index Numbers and Aggregation --- leading indicators --- Methodology for Collecting, Estimating, and Organizing Microeconomic Data --- Price Level --- Inflation --- Deflation --- Production, Pricing, and Market Structure --- Size Distribution of Firms --- Information and Product Quality --- Standardization and Compatibility --- Price indexes --- Export price indexes

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This paper assesses the main issues faced by the energy sector in a transition economy such as Romania and their macroeconomic dimension. It examines how the size of quasi-fiscal subsidies, owing mainly to inappropriate prices and the lack of financial discipline, has led to an increased focus on the energy sector under the IMF-supported programs. The paper analyzes the macroeconomic impact of recent reform measures and discusses the next steps to improve price policy and collection in energy utilities. Shifting to targeted budgetary subsidies appears also to be a crucial reform step.

Investments: Energy --- Public Finance --- Taxation --- Industries: Energy --- Taxation, Subsidies, and Revenue: General --- Production, Pricing, and Market Structure --- Size Distribution of Firms --- Electric Utilities --- Gas Utilities --- Pipelines --- Water Utilities --- Energy and the Macroeconomy --- Hydrocarbon Resources --- Trade Policy --- International Trade Organizations --- National Government Expenditures and Related Policies: General --- Petroleum, oil & gas industries --- Public finance & taxation --- Investment & securities --- Energy sector --- Natural gas sector --- Tariffs --- Electricity --- Government subsidies --- Economic sectors --- Taxes --- Commodities --- Expenditure --- Energy industries --- Gas industry --- Tariff --- Electric utilities --- Subsidies --- Romania

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Italy’s labor productivity in market services has declined since 2000, underperforming manufacturing and peer European countries, especially in strongly regulated sectors. A model of monopolistic competition is used to identify which service sectors would benefit more from removing entry and/or exit barriers. Using Italian firm-level data, the paper finds that sectors with high markups, such as professional services, would primarily benefit from removing entry barriers. Sectors with a large mass of unproductive firms, such as retail, would instead benefit from removing exit barriers. Policy recommendations to improve efficiency are outlined in relation to the sectoral priorities identified in the data.

Finance: General --- Labor --- Industries: Service --- Production and Operations Management --- Production, Pricing, and Market Structure --- Size Distribution of Firms --- Industry Studies: Services: General --- Macroeconomics: Production --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- General Financial Markets: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: General --- Macroeconomics --- Finance --- Labour --- income economics --- Productivity --- Labor productivity --- Services sector --- Competition --- Wages --- Production --- Economic sectors --- Financial markets --- Industrial productivity --- Service industries --- Italy

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Italy’s labor productivity in market services has declined since 2000, underperforming manufacturing and peer European countries, especially in strongly regulated sectors. A model of monopolistic competition is used to identify which service sectors would benefit more from removing entry and/or exit barriers. Using Italian firm-level data, the paper finds that sectors with high markups, such as professional services, would primarily benefit from removing entry barriers. Sectors with a large mass of unproductive firms, such as retail, would instead benefit from removing exit barriers. Policy recommendations to improve efficiency are outlined in relation to the sectoral priorities identified in the data.

Italy --- Finance: General --- Labor --- Industries: Service --- Production and Operations Management --- Production, Pricing, and Market Structure --- Size Distribution of Firms --- Industry Studies: Services: General --- Macroeconomics: Production --- Human Capital --- Skills --- Occupational Choice --- Labor Productivity --- General Financial Markets: General (includes Measurement and Data) --- Wages, Compensation, and Labor Costs: General --- Macroeconomics --- Finance --- Labour --- income economics --- Productivity --- Labor productivity --- Services sector --- Competition --- Wages --- Production --- Economic sectors --- Financial markets --- Industrial productivity --- Service industries --- Income economics

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Product scope adjustment is a key mechanism through which multi-product firms achieve efficient resource allocations. In this paper, we take a novel perspective to study firms’ product scope adjustment behavior through the lens of asset pricing. Using a unique panel scanner data set containing detailed information on products, matched with the financial information of their manufacturers, we find that multi-product firms with higher product turnover have lower financial risks and lower risk premia. To understand this channel, we propose a stylized model with a time-dependent (Calvo-type) product turnover rate to highlight the ’risk absorption channel’ of product scope adjustment. In response to an economy-wide shock, a firm that can adjust its product scope more flexibly shows lower excess equity returns and lower asset volatility.

Prices --- Capital assets pricing model --- Risk management --- Insurance --- Management --- Capital asset pricing model --- CAPM (Capital assets pricing model) --- Pricing model, Capital assets --- Capital --- Finance --- Investments --- Econometric models --- Mathematical models --- E-books --- Investments: Stocks --- Macroeconomics --- Production, Pricing, and Market Structure --- Size Distribution of Firms --- Business Objectives of the Firm --- Firm Performance: Size, Diversification, and Scope --- Industry Studies: Manufacturing: General --- Macroeconomics: Consumption --- Saving --- Wealth --- Labor Economics: General --- Price Level --- Inflation --- Deflation --- Pension Funds --- Non-bank Financial Institutions --- Financial Instruments --- Institutional Investors --- Aggregate Factor Income Distribution --- Labour --- income economics --- Investment & securities --- Consumption --- Labor --- Asset prices --- Stocks --- Income --- National accounts --- Financial institutions --- Economics --- Labor economics --- United States --- Income economics