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The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
the variables examined. Numerical simulations show that cyclical asymmetry inflated average deficit levels, contributing …
Persistent link: https://www.econbiz.de/10005113580
The Stability and Growth Pact sets a medium-term target for fiscal policy of a budgetary position "close to balance of in surplus". This addition to the deficit rule defined by the Maastricht Treaty has been interpreted as an attempt to reconcile the objective of sound public finances with the...
Persistent link: https://www.econbiz.de/10005640903
In this paper we present a stylised framework of fiscal policy determination that considers both structural targets and cyclical factors. Applying this framework to a sample of 16 OECD countries, we find evidence of significant asymmetry in the reaction of fiscal policy to positive and negative...
Persistent link: https://www.econbiz.de/10005113611
The Stability and Growth Pact sets a medium-term target for fiscal policy of a budgetary position 'close to balance or in surplus'. This addition to the deficit rule defined by the Maastricht Treaty has been interpreted as an attempt to reconciliate the objective of sound public finances with...
Persistent link: https://www.econbiz.de/10005113671
model is augmented to embed real world features such as no price-taking and transaction costs, the scope for tactical … position shrinks further. We discuss the model results and its implications in terms of the principal-agent dilemma (government …
Persistent link: https://www.econbiz.de/10011207927
Survey data attract considerable interest as timely and reliable series for assessing the state of the economy. We investigate the relationship between the manufacturing PMI and the Index of Industrial Production (IPI) for Italy, with a special focus on the effects of the latest crisis. The...
Persistent link: https://www.econbiz.de/10009350679
We introduce a two-country no-arbitrage term-structure model to analyse the joint dynamics of bond yields …, macroeconomic variables, and the exchange rate. The model allows to understand how exogenous shocks to the exchange rate affect the … between macroeconomic variables and time-varying bond risk premia. Estimating the model with US and German data, we obtain an …
Persistent link: https://www.econbiz.de/10005113551
based on a broad information set, whose dimension is reduced by the Generalized Dynamic Factor Model (GDFM) approach …
Persistent link: https://www.econbiz.de/10011099638
We study the dynamics of risk premiums on the German bond market, employing no-arbitrage term-structure models with both observable and unobservable state variables, recently popularized by Ang and Piazzesi (2003). We conduct a specification analisys based on a new canonical representation for...
Persistent link: https://www.econbiz.de/10005113607