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Real-time determinants of fiscal policies in the euro area: Fiscal rules, cyclical conditions and elections
Golinelli, Roberto; Momigliano, Sandro - Banca d'Italia - 2006
We examine the impact of four factors on the fiscal policies of the euro-area countries over the last two decades: the state of public finances, the European fiscal rules, cyclical conditions and general elections. We rely on information actually available to policy-makers at the time of...
Persistent link: https://www.econbiz.de/10005113602
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The cyclical response of fiscal policies in the euro area. Why do results of empirical research differ so strongly?
Golinelli, Roberto; Momigliano, Sandro - Banca d'Italia - 2008
Whether discretionary fiscal policies in industrialized countries act counter- or pro-cyclically and whether their reaction is symmetric or asymmetric over the cycle are still largely unsettled questions. This uncertainty remains even when attention is restricted to euro-area countries, where...
Persistent link: https://www.econbiz.de/10005113617
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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
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The Italian public finances in the period 1998-2007: temporary factors, medium-term trends and discretionary measures
Marino, Maria Rosaria; Momigliano, Sandro; Rizza, Pietro - Banca d'Italia - 2008
The paper examines the development of Italy�s public finances after the consolidation period 1992-97, which secured participation in the European Monetary Union from the outset. The �structural� developments in the main budgetary components are assessed, excluding the effects of...
Persistent link: https://www.econbiz.de/10005113682
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Centralization of wage bargaining and the unemployment rate: revisiting the hump-shape hypothesis
Forni, Lorenzo - Banca d'Italia - 2004
Is there a relation between wage bargaining institutions and unemployment? The humpshape hypothesis�, first introduced by Calmfors and Driffill (1988), states that countries with highly centralized and highly decentralized wage bargaining processes have a superior performance in terms of...
Persistent link: https://www.econbiz.de/10005113615
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Fiscal policy and growth
Franco, Daniele; Marino, Maria Rosaria; Tommasino, Pietro - Banca d'Italia - 2012
The volume collects the essays presented at the 14th Workshop on Public Finance organised by Banca d'Italia in Perugia from 29 to 31 March 2012. The workshop focused on the interaction between fiscal policy and growth and was organised in four sessions. The first session dealt with the...
Persistent link: https://www.econbiz.de/10011277928
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Rules and institutions for sound fiscal policy after the crisis
Franco, Daniele - Banca d'Italia - 2012
The volume collects the essays presented at the 13th Workshop on Public Finance organised by Banca d'Italia in Perugia on 31 March-2 April 2011. The workshop concentrated on the measures aimed at guaranteeing sustainable budget policies in the aftermath of the global crisis started in 2008,...
Persistent link: https://www.econbiz.de/10011277930
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The effects of fiscal shocks with debt-stabilizing budgetary policies in Italy
Caprioli, Francesco; Momigliano, Sandro - Banca d'Italia - 2011
estimation. In contrast with previous research we also include foreign demand, significantly improving estimation accuracy. We …
Persistent link: https://www.econbiz.de/10009386396
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The effetcs of fiscal policy in Italy: Evidence from a VAR model
Giordano, Raffaela; Momigliano, Sandro; Neri, Stefano; … - Banca d'Italia - 2008
Quarterly Reports. The main results of the study can be summarized as follows. A shock to government purchases of goods and … services has a sizeable and robust effect on economic activity: an exogenous one per cent (in terms of private GDP) shock … the low persistence of the shock. The effects on employment, private consumption and investment are also positive. The …
Persistent link: https://www.econbiz.de/10005111574
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Consumption and fiscal policies: medium-run non-Keynesian effects
Rodano, Giorgio; Saltari, Enrico - Banca d'Italia - 2001
In this paper we study the effects of fiscal policies on current consumption, distinguishing between Keynesian effects (KE), due to changes in current disposable income, and non-Keynesian effects (NE), due to expected changes in future disposable income. The literature has argued that permanent...
Persistent link: https://www.econbiz.de/10005113559