The economic effects of big events: evidence from the Great Jubilee 2000 in Rome

Raffaello Bronzini (), Sauro Mocetti and Matteo Mongardini ()
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Matteo Mongardini: Banca d'Italia

No 1208, Temi di discussione (Economic working papers) from Bank of Italy, Economic Research and International Relations Area

Abstract: This paper assesses the short- and long-term economic impact of the Great Jubilee 2000 on the city of Rome’s economy; this is an important Catholic event that occurs every 25 years. By applying the synthetic control approach, we find that the value added per capita increases slightly in the short term while in the long term it is not significantly different from what it would have been if Rome had not hosted the Jubilee. However, we do find a significant effect on the employment rate. Consistently with these findings, we document a shift of the local economy towards less productive sectors, such as construction and services requiring a lower skill content, and an overall productivity loss for/in Rome with respect to the counterfactual scenario. The investment in infrastructure, facilities and urban requalification did not significantly affect tourism or house prices in the long run, with exception of peripheral residential areas which experienced an appreciation.

Keywords: mega events; synthetic control method; urban economic growth; house prices (search for similar items in EconPapers)
JEL-codes: R00 R11 R12 R58 (search for similar items in EconPapers)
Date: 2019-02
New Economics Papers: this item is included in nep-eec, nep-geo, nep-gro and nep-ure
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (3)

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Related works:
Journal Article: The economic effects of big events: Evidence from the great jubilee 2000 in Rome (2020)
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Persistent link: https://EconPapers.repec.org/RePEc:bdi:wptemi:td_1208_19

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