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Expenditure reform in industrialised countries: a case study approach

Hauptmeier, Sebastian; Heipertz, Martin; Schuknecht, Ludger - European Central Bank - 2006

This study examines reforms of public expenditure in industrialised countries over the past two decades. We distinguish ambitious and timid reformers and analyse in detail reform experiences in eight case studies of ambitious reform episodes. We find that ambitious reform countries reduce...

Persistent link: https://www.econbiz.de/10005816203

Reforming public expenditure in industrialised countries: are there trade-offs?

Schuknecht, Ludger; Tanzi, Vito - European Central Bank - 2005

In this paper, we show that, contrary to common beliefs, over the past two decades several countries were able to reduce public spending by remarkable amounts. These countries did not seem to have suffered from these large reductions either in a macroeconomic sense, or in terms of lower values...

Persistent link: https://www.econbiz.de/10005530747

EMU and the adjustment to asymmetric shocks: the case of Italy

Amisano, Gianni; Giammarioli, Nicola; Stracca, Livio - European Central Bank - 2009

at a time-varying VAR model of Italy’s relative performance compared with the rest of the euro area, spanning from 1976 …

Persistent link: https://www.econbiz.de/10008502692

Does it pay to have the euro? Italy’s politics and financial markets under the lira and the euro

Fratzscher, Marcel; Stracca, Livio - European Central Bank - 2009

’s prosperity. The paper focuses on olitical events in Italy over the past 35 years and asks whether the adoption of the euro in … 1999 has helped insulate Italy’s financial markets from the adverse consequences of its traditionally unstable political … system. We find that important political events have exerted a statistically and economically significant effect on Italy …

Persistent link: https://www.econbiz.de/10005002792

The Italian block of the ESCB multi-country model

Angelini, Elena; D’Agostino, Antonello; McAdam, Peter - European Central Bank - 2006

This paper documents the structure, estimation and simulation properties of the Italian block of the ESCB-multi-country model (MCM). The model is used regularly as an input into Eurosystem projection exercises and, to a lesser extent, in simulation analysis. The specification of the Italian...

Persistent link: https://www.econbiz.de/10005530934

Price effects of sovereign debt auctions in the Euro-zone: the role of the crisis

Beetsma, Roel; Giuliodori, Massimo; de Jong, Frank; … - European Central Bank - 2013

Exploring the period since the inception of the euro, we show that secondary-market yields on Italian public debt increase in anticipation of auctions of new issues and decrease after the auction, while no or a smaller such effect is present for German public debt. However, these yield movements...

Persistent link: https://www.econbiz.de/10010709527

The reform and implementation of the Stability and Growth Pact

Morris, Richard; Ongena, Hedwig; Schuknecht, Ludger - European Central Bank - 2006

Fiscal rules are instrumental for restraining deficit and spending biases in euro area Member States that could threaten the smooth functioning of Economic and Monetary Union (EMU). Ideally, fiscal rules should combine characteristics such as sufficient flexibility to allow for appropriate...

Persistent link: https://www.econbiz.de/10005344800

What are the effects of fiscal policy shocks? A VAR-based comparative analysis

Caldara, Dario; Kamps, Christophe - European Central Bank - 2008

The empirical literature using vector autoregressive models to assess the effects of fiscal policy shocks strongly disagrees on even the qualitative response of key macroeconomic variables to government spending and tax shocks. We provide new evidence for the U.S. over the period 1955-2006. We...

Persistent link: https://www.econbiz.de/10005344811

Fiscal policy in real time

Cimadomo, Jacopo - European Central Bank - 2008

This paper argues that any assessment on the intentional stance of fiscal policy should be based upon all the information available to policymakers at the time of fiscal planning. In particular, real-time data on the discretionary fiscal policy "instrument", the structural primary balance,...

Persistent link: https://www.econbiz.de/10005344836

Tax reform and labour-market performance in the euro area: a simulation-based analysis using the New Area-Wide Model

Coenen, Günter; McAdam, Peter; Straub, Roland - European Central Bank - 2007

In this paper, we employ a calibrated two-country version of the New Area-Wide Model (NAWM) currently under development at the European Central Bank to examine the potential benefits and spillovers of reducing labour-market distortions caused by euro area tax structures. Our analysis shows that...

Persistent link: https://www.econbiz.de/10005344892