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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...
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The reliability of EMU�s fiscal indicators has been questioned by recent episodes of large upward deficit revisions. This paper discusses the causes of such revisions in order to identify ways to improve monitoring. The computation of EMU�s deficit indicator involves the assessment of...
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Rainy Day Funds (RDFs) have an important role in the USA. They allow States � which usually have rules requiring a balanced budget for current revenue and spending � to limit procyclical fiscal policies. This paper examines the possible role of RDFs in the European fiscal framework....
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