Optimal fiscal action in an economy with sovereign Premia and without monetary independence : an application to Italy

Apostolis Philippopoulos; Petros Varthalitis; Vanghelis Vassilatos

We welfare rank various tax-spending policies. The setup is a New Keynesian model of a semi-small open economy featuring sovereign risk premia and loss of monetary policy independence. The model is calibrated to match data from the Italian economy 2001-2011. We compute various optimized state-contingent tax-spending policy rules when the policy aim is shock stabilization and/or debt consolidation. -- feedback policy rules ; New Keynesian ; sovereign premia

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Year of publication:	2013
Authors:	Philippopulos, Apostolēs ; Varthalitis, Petros ; Vassilatos, Vanghelis
Publisher:	München : CESifo
Subject:	Italien \| Italy \| Theorie \| Theory \| Finanzpolitik \| Fiscal policy \| Geldpolitik \| Monetary policy \| Öffentliche Schulden \| Public debt \| Länderrisiko \| Country risk

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Extent:	Online-Ressource (48 S.) graph. Darst.
Series:	CESifo working papers. - München : [Verlag nicht ermittelbar], ISSN 2364-1428, ZDB-ID 2065232-X. - Vol. 4199
Type of publication:	Book / Working Paper
Type of publication (narrower categories):	Arbeitspapier ; Working Paper ; Graue Literatur ; Non-commercial literature
Language:	English
Notes:	Systemvoraussetzungen: Acrobat Reader
Other identifiers:	hdl:10419/72558 [Handle]
Classification:	E60 - Macroeconomic Policy Formation, Macroeconomic Aspects of Public Finance, Macroeconomic Policy, and General Outlook. General ; F30 - International Finance. General ; H60 - National Budget, Deficit, and Debt. General
Source:	ECONIS - Online Catalogue of the ZBW

Persistent link: https://www.econbiz.de/10009731213