Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023
distinct monetary/fiscal regimes in France and Italy: a Passive Monetary-Active Fiscal regime (PM/AF) before the late 80s …/early 90s; an Active Monetary-Passive Fiscal regime (AM/PF) with central bank independence and EMU convergence; a third regime … in disinflation and rising debt trajectory. Meanwhile, Italy's procyclical fiscal policy in downturns contributed to …