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Cyclically adjusted local government balances

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Author Info

  • Eugenia Panicara

    ()
    (Banca d'Italia)

  • Massimiliano Rigon

    ()
    (Banca d'Italia)

  • Gian Maria Tomat

    ()
    (Banca d'Italia)

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    Abstract

    The paper provides an analysis of cyclically-adjusted budget balances of local governments in Italy for the period 2002-07. We find that local government balances appear to be relatively sensitive to the business cycle. In particular, a shock of 1 per cent in GDP changes their resources by approximately 0.6 billion. Within the sample period, both central and local policies concerning local government budgets had a sizeable impact on local government balances in cyclically-adjusted terms.

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    Bibliographic Info

    Paper provided by Bank of Italy, Economic Research and International Relations Area in its series Questioni di Economia e Finanza (Occasional Papers) with number 142.

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    Date of creation: Dec 2012
    Date of revision:
    Handle: RePEc:bdi:opques:qef_142_12

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    Web page: http://www.bancaditalia.it
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    Related research

    Keywords: local public finance; budget sensitivity; business cycle; tax elasticity;

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    1. Pete Richardson & Laurence Boone & Claude Giorno & Mara Meacci & David Rae & David Turner, 2000. "The Concept, Policy Use and Measurement of Structural Unemployment: Estimating a Time Varying NAIRU Across 21 OECD Countries," OECD Economics Department Working Papers 250, OECD Publishing.
    2. Alberto Alesina & Ignazio Angeloni & Ludger Schuknecht, 2001. "What Does the European Union Do?," Harvard Institute of Economic Research Working Papers, Harvard - Institute of Economic Research 1935, Harvard - Institute of Economic Research.
    3. Marianne Baxter & Robert G. King, 1995. "Measuring Business Cycles Approximate Band-Pass Filters for Economic Time Series," NBER Working Papers 5022, National Bureau of Economic Research, Inc.
    4. King, R.G. & Rebelo, S.T., 1989. "Low Frequency Filtering And Real Business Cycles," RCER Working Papers 205, University of Rochester - Center for Economic Research (RCER).
    5. Bouthevillain, C. & Van Den Dool, G. & Langenus, G. & Mohr, M. & Momigliano, S. & Tujula, M. & De Cos, P.H. & Cour-Thimann, Philippine, 2001. "Cyclically Adjusted Budget Balances: an Alternative Approach," Papers 77, Quebec a Montreal - Recherche en gestion.
    6. Sandro Momigliano & Maria Rosaria Marino & Pietro Rizza, 2008. "I conti pubblici nel decennio 1998-2007: fattori temporanei, tendenze di medio periodo, misure discrezionali," ECONOMIA PUBBLICA, FrancoAngeli Editore, FrancoAngeli Editore, vol. 2008(1-2), pages 139-175.
    7. Canova, Fabio, 1998. "Detrending and business cycle facts," Journal of Monetary Economics, Elsevier, Elsevier, vol. 41(3), pages 475-512, May.
    8. Francesca D'Auria & Cécile Denis & Karel Havik & Kieran Mc Morrow & Christophe Planas & Rafal Raciborski & Werner Roger & Alessandro Rossi, 2010. "The production function methodology for calculating potential growth rates and output gaps," European Economy - Economic Papers, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission 420, Directorate General Economic and Monetary Affairs (DG ECFIN), European Commission.
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