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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

Assessing the effects of monetary and fiscal policy

Neri, Stefano - Banca d'Italia - 2001

This paper has two objectives: the first is to jointly analyse monetary and fiscal policy with a structural VAR model, evaluate the dynamic impact of policy shocks on U.S. output and prices and the contributions of these two sources to fluctuations in these variables. The second objective is to...

Persistent link: https://www.econbiz.de/10005113519

The policy response to macroeconomic and fiscal imbalances in Italy in the last fifteen years

Bassanetti, Antonio; Bugamelli, Matteo; Momigliano, Sandro - Banca d'Italia - 2013

This paper reviews the main macroeconomic trends and the debate on policy priorities in Italy since the end of the … Nineties. In the decade up to the outbreak of the global crisis (1998-2007), in Italy the reform process came to a virtual … factors masked the difficulties of the productive system. Had Italy been better positioned in terms of public finances and …

Persistent link: https://www.econbiz.de/10011100354

How sticky are local expenditures in Italy? Assessing the relevance of the ï¿½flypaper effectï¿½ through municipal data

Gennari, Elena; Messina, Giovanna - Banca d'Italia - 2012

An extensive literature analyses the impact of upper-tier transfers on the spending behaviour of lower level governments. According to the median voter framework, a transfer from the centre should act as a lump sum grant to residents and thus be spent by jurisdictions in the same proportion as...

Persistent link: https://www.econbiz.de/10009645791

Public sector efficiency and political culture

Giordano, Raffaela; Tommasino, Pietro - Banca d'Italia - 2011

The capability of a country's public sector to provide high-quality goods and services in a cost-effective way is crucial to fostering long-term growth. In this paper we study the determinants of public service efficiency (PSE) and in particular the role of citizens' political values. Indeed, we...

Persistent link: https://www.econbiz.de/10008835080

Just round the corner? Pros, cons, and implementation issues of a fiscal union for the euro area

Balassone, Fabrizio; Momigliano, Sandro; Romanelli, Marzia - Banca d'Italia - 2014

The experience of other successful monetary unions and economic theory suggest that the euro area would benefit from the establishment of a supranational fiscal capacity. Institutional reforms prompted by the crisis (e.g., the European Stability Mechanism and the banking union) are introducing...

Persistent link: https://www.econbiz.de/10011105103

The decline in municipal investments between Domestic Stability Pact and lack of financial resources

Chiades, Paolo; Mengotto, Vanni - Banca d'Italia - 2013

This paper analyzes the decline in Italian municipal investments that began in the middle of the last decade. The analysis shows that, organizational methods for service provision budgetary financial conditions being equal, investments declined more sharply in the municipalities subject to the...

Persistent link: https://www.econbiz.de/10011105126

Organised VAT fraud: features, magnitude, policy perspectives

Borselli, Fabrizio - Banca d'Italia - 2011

The European Unionï¿½s VAT system has become vulnerable to organised fraud schemes. In recent years, these schemes, undergoing a change in structure, have affected services and imports of goods from third countries and may also have shifted trade in goods among EU countries. Within the EU-27,...

Persistent link: https://www.econbiz.de/10009364557

Optimal Debt Maturity under EMU

Giordano, Raffaela - Banca d'Italia - 2001

European Union, Italy is the one that most needs to lengthen the maturity of its public debt. By looking at the evidence in …

Persistent link: https://www.econbiz.de/10005770777

The Economic Policy of Fiscal Consolidations: The European Experience.

Zaghini, A. - Banca d'Italia - 1999

This paper investigates the relationship between fiscal contractions, permanent improvements in public finances and short-run economic performance.

Persistent link: https://www.econbiz.de/10005640934

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