Since 1995, fiscal law requires that un-married couples declare each of their children on only one of their two separate fiscal declarations. Thereby, their choice can be the result of an optimization, since the reduction each child implies depends on the family income. Fiscal simulation models...

We compute average mark-ups as a measure of market power throughout time and study their interaction with fiscal policy and macroeconomic variables in a VAR framework. From impulse-response functions the results, with annual data for a set of 14 OECD countries covering the period 1970-2007, show...

Using a small country model with habit-forming consumers and costly investment, we analyze equilibrium dynamics of the economy and derive empirical and welfare implications. The model can mimic some stylized facts: (i) a temporary increase in fiscal spending always deteriorates the current...

Arachi G., Ferrario C. and Zanardi A. Regional redistribution and risk sharing in Italy: the role of different tiers of government, Regional Studies. This paper provides estimates of the redistribution and risk sharing across regional jurisdictions accomplished by the public sector in Italy. In...

This paper reexamines the implications of the zero lower bound on interest rates for monetary policy and the optimal choice of steady-state inflation in light of the experience of the recent global recession. There are two main findings. First, the zero lower bound did not materially contribute...

Abstract: This paper develops a conceptual framework for the analysis of hard and soft law that is drawn in part from recent work in the field of international relations. We examine the literature on the role of soft law, noting that scholars have approached this phenomenon in very different...

Remarks before the Equipment Leasing and Finance Association Financial Institutions Conference, Irving, Texas, April 16, 2007 ; "Yes, we remain the biggest player on the global stage, but if we fail to get our fiscal house in order, we could bequeath our descendants unconscionable debt and slow...

Remarks to the 2007 Annual Conference of the Investment Adviser Association, Austin, Texas, April 26, 2007 ; "Many options would improve the fiscal fitness of our entitlement system and reduce the need for drastic action elsewhere in the federal budget. But let's be honest. These remedies work...