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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

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This paper seeks to quantify the net benefits of a comprehensive reform package aimed at addressing Italy’s inter-related challenges. Specifically, it simulates the growth and competitiveness effects of a package of fiscal, financial, wage bargaining, and other structural reforms. Credible implementation of such a package yields substantial mediumterm dividends at negligible near-term growth costs. Real GDP growth is estimated to be substantially higher over the medium term, while the real effective exchange rate depreciates notably.

Labor --- Macroeconomics --- Industries: Financial Services --- Production and Operations Management --- Forecasting and Other Model Applications --- Quantitative Policy Modeling --- Forecasting and Simulation: Models and Applications --- Policy Objectives --- Policy Designs and Consistency --- Policy Coordination --- Fiscal Policy --- Wages, Compensation, and Labor Costs: General --- Dispute Resolution: Strikes, Arbitration, and Mediation --- Collective Bargaining --- Production, Pricing, and Market Structure --- Size Distribution of Firms --- Institutions and Growth --- Institutions and the Macroeconomy --- Banks --- Depository Institutions --- Micro Finance Institutions --- Mortgages --- Wages, Compensation, and Labor Costs: Public Policy --- Labor Economics: General --- Production --- Cost --- Capital and Total Factor Productivity --- Capacity --- Labour --- income economics --- Finance --- Structural reforms --- Nonperforming loans --- Wage bargaining --- Total factor productivity --- Macrostructural analysis --- Financial institutions --- Loans --- Wages --- Labor economics --- Industrial productivity --- Italy