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Fiscal Policy and Macroeconomic Imbalances

Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014

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

Cyclical asymmetry in fiscal variables

Balassone, Fabrizio; Francese, Maura; Zotteri, Stefania - Banca d'Italia - 2008

the variables examined. Numerical simulations show that cyclical asymmetry inflated average deficit levels, contributing …

Persistent link: https://www.econbiz.de/10005113580

Emu Fiscal Rules: is There a Gap?.

Balassone, F.; Manacelli, D. - Banca d'Italia - 2000

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

Cyclical asymmetry in fiscal policy, debt accumulation and the Treaty of Maastricht

Balassone, Fabrizio; Francese, Maura - Banca d'Italia - 2004

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

EMU fiscal rules: Is there a gap?

Balassone, Fabrizio; Monacelli, Daniela - Banca d'Italia - 2000

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

Strategy and tactics in public debt management

Dottori, Davide; Manna, Michele - Banca d'Italia - 2015

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

The relationship between the PMI and the Italian index of industrial production and the impact of the latest economic crisis

Aprigliano, Valentina - Banca d'Italia - 2011

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

Bond risk premia, macroeconomic fundamentals and the exchange rate

Pericoli, Marcello; Taboga, Marco - Banca d'Italia - 2009

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

Ita-coin: a new coincident indicator for the Italian economy

Aprigliano, Valentina; Bencivelli, Lorenzo - Banca d'Italia - 2013

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

Canonical term-structure models with observable factors and the dynamics of bond risk premiums

Pericoli, Marcello; Taboga, Marco - Banca d'Italia - 2006

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