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The economic effects of big events: Evidence from the great jubilee 2000 in Rome

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  • Raffaello Bronzini
  • Sauro Mocetti
  • Matteo Mongardini
Abstract
This paper assesses the short‐ and long‐term economic impact of the 2000 Great Jubilee, the foremost Catholic event occurring every 25 years, on the city of Rome's economy. By applying the synthetic control approach, we find that the value added per capita increases slightly in the short term, whereas 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. Consistent with these findings, we document a shift of the local economy toward less productive sectors, such as construction and services requiring lower skills, and an overall productivity loss with respect to the counterfactual scenario. The investment in infrastructure, facilities, and urban refurbishment did not significantly increase housing prices in the long term, with the exception of peripheral residential areas, which experienced an appreciation.

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  • Raffaello Bronzini & Sauro Mocetti & Matteo Mongardini, 2020. "The economic effects of big events: Evidence from the great jubilee 2000 in Rome," Journal of Regional Science, Wiley Blackwell, vol. 60(4), pages 801-822, September.
    • Handle: RePEc:bla:jregsc:v:60:y:2020:i:4:p:801-822
    DOI: 10.1111/jors.12485
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    Cited by:

    1. Albanese, Giuseppe & Ciani, Emanuele & de Blasio, Guido, 2021. "Anything new in town? The local effects of urban regeneration policies in Italy," Regional Science and Urban Economics, Elsevier, vol. 86(C).
    2. Raffaello Bronzini & Emanuele Ciani & Francesco Montaruli, 2022. "Tourism and local growth in Italy," Regional Studies, Taylor & Francis Journals, vol. 56(1), pages 140-154, January.
    3. Robbiano, Simone, 2022. "The innovative impact of public research institutes: Evidence from Italy," Research Policy, Elsevier, vol. 51(10).
    4. Anna Laura Mancini & Giulio Papini, 2021. "All that glitters is not gold. An economic evaluation of the Turin Winter Olympics," Temi di discussione (Economic working papers) 1355, Bank of Italy, Economic Research and International Relations Area.
    5. Robbiano, Simone, 2021. "The innovative impact of public research institutes: evidence from Italy," MPRA Paper 106386, University Library of Munich, Germany.
    6. Marly Valenti Patandianan & Hiroyuki Shibusawa, 2020. "Impacts of disaster on the inbound tourism economy in Kyushu, Japan: a demand side analysis," Asia-Pacific Journal of Regional Science, Springer, vol. 4(3), pages 759-793, October.

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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R12 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Size and Spatial Distributions of Regional Economic Activity; Interregional Trade (economic geography)
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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