In this paper we examine the effects of temporary measures on the Italian budget in the period 1997-2006 and assess their appropriateness. We also analyse the role of extraordinary operations which reduced the level of public debt in the same time frame while leaving the net worth of the public...

We provide an estimate of the burden that current policies impose to present and future generations of Italians. Based on our computations, we argue that current fiscal policies are neither financially sustainable nor fair to future generations, due to the generous treatment awarded to past and...

We derive the optimal fiscal policy for a government which is committed to honour its debts but faces investors which fear that a sovereign default might instead happen. We assume that investors are able to learn from new evidence, as in Marcet and Sargent (1989), so that they can correct over...

Il presente lavoro confronta gli incentivi al prolungamento dell'attività lavorativa impliciti nei tre regimi pensionistici attualmente esistenti in Italia: il retributivo (così come modificato dalla riforma "Amato" del 1992), il contributivo a capitalizzazione nozionale (introdotto nel 1995...

According to a recent, highly detailed, and conservative estimate by Gokhale and Smetters (2005), the present value difference between the U.S. government's projected future expenditures and its projected future tax receipts exceeds $60 trillion. Closing this enormous fiscal gap requires a...

To contrast the severe global recession of 2009, governments in most advanced countries implemented expansionary fiscal policies leading to a steep increase in public debt. As economies recover, a critical choice is whether to stabilize debt at post-crisis levels, or to bring it down to...

Italian Abstract In questo lavoro si discutono le caratteristiche strutturali dell’Irpef al fine di studiarne gli effetti sulla redistribuzione del reddito e sugli incentivi all’offerta di lavoro. L’analisi è condotta mediante il modello statico di microsimulazione BIMic. Rileviamo che...

Il presente lavoro confronta gli incentivi al prolungamento dell'attività lavorativa impliciti nei tre regimi pensionistici attualmente esistenti in Italia: il retributivo (così come modificato dalla riforma "Amato" del 1992), il contributivo a capitalizzazione nozionale (introdotto nel 1995...