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Optimal fiscal action in an economy with sovereign Premia and without monetary independence : an application to Italy
Philippopulos, Apostolēs; Varthalitis, Petros; … - 2013
We welfare rank various tax-spending policies. The setup is a New Keynesian model of a semi-small open economy featuring sovereign risk premia and loss of monetary policy independence. The model is calibrated to match data from the Italian economy 2001-2011. We compute various optimized...
Persistent link: https://www.econbiz.de/10009731213
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How to escape from the debt trap : lessons from the past
Mayer, Thomas; Schnabl, Gunther - 2021
case studies of prominent approaches to debt reduction. We analyze debt reduction through economic austerity in Italy …
Persistent link: https://www.econbiz.de/10012514525
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Monetary policy surprise shocks under different fiscal regimes : a panel analysis of the Euro Area
Afonso, António; Alves, José; Ionta, Serena - 2023
We study the effect of monetary policy surprise shocks on real output and the price level, conditioned on different fiscal stances in the period 2001Q4-2021Q4 for a panel of the 19 countries of the Euro Area. Applying local projection methodology, we find that the effect of monetary shocks...
Persistent link: https://www.econbiz.de/10014336399
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Spend-and-tax adjustments and the sustainability of the government's intertemporal budget constraint
Legrenzi, Gabriella Deborah; Milas, Costas - 2010
's intertemporal budget constraint. Our empirical analysis, based on Italy, shows that the Italian government is meeting its …
Persistent link: https://www.econbiz.de/10003936661
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The sustainability of fiscal policy in Italy : a long-term perspective
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - 2012
the time series approach (Trehan and Walsh, 1988). In this paper we analyze the sustainability of public debt in Italy … public debt in Italy following the approach proposed both by Trehan and Walsh (1988, 1991) and Bohn (1991). -- intertemporal …
Persistent link: https://www.econbiz.de/10009535101
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Debt sustainability and financial crises : evidence from the GIIPS
Legrenzi, Gabriella Deborah; Milas, Costas - 2011
We assess the sustainability of the public finances of Greece, Ireland, Italy, Portugal and Spain (GIIPS), allowing for …
Persistent link: https://www.econbiz.de/10009307965
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Is the Italian public debt really unsustainable? : an historical comparison (1861-2010)
Bartoletto, Silvana; Chiarini, Bruno; Marzano, Elisabetta - 2013
The aim of this paper is to analyze the sustainability of public debt in Italy during the last 150 years (1861-2010) by … Bank of Italy and Baffigi, 2011) and an original reconstruction of the revenues of the State. The key economic indicators …. (2011), we test for the sustainability of public debt in Italy, comparing four different historical periods. -- public debt …
Persistent link: https://www.econbiz.de/10009727085
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Debt sustainability in the case of external debt : an analysis based on Italy's treasury auctions
Cafiso, Gianluca - 2014
empirical and considers the case of Italy, one of the world's largest debt issuer. We study the potential effects on the …
Persistent link: https://www.econbiz.de/10010418130
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Fiscal policy sustainability, economic cycle and financial crises : the case of the GIPS
Legrenzi, Gabriella Deborah; Milas, Costas - 2012
We extend previous work on the sustainability of the government's intertemporal budget constraint by allowing for non-linear adjustment of the fiscal variables, conditional on (i) the sign of budgetary disequilibria and (ii) the phase of the economic cycle. Further, our endogenously estimated...
Persistent link: https://www.econbiz.de/10009683459
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Italy in the Eurozone
Keuschnigg, Christian; Kirschner, Linda; Kogler, Michael; … - 2020
Using a DSGE model with nominal wage rigidity, we investigate two scenarios for the Italian economy. The first considers sustained policy commitment to reform. The results indicate the possibility of 'growing out of bad initial conditions', if fiscal consolidation is combined with a program for...
Persistent link: https://www.econbiz.de/10012244451