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Do We Treat Future Generations Fairly? Italian Fiscal Policy Through the Prism of Generational Accounting


  • Pietro Rizza
  • Pietro Tommasino

    () (Banca d'Italia
    Banca d'Italia)


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 currently-living cohorts. We discuss some policy options which could potentially restore sustainability while at the same time improving intergenerational justice. Our analysis is also meant to contribute to an assessment of Italian fiscal policy in the last decade. In particular, confronting our findings with those of previous studies, we argue that in the last ten years neither sustainability nor fairness have improved

Suggested Citation

  • Pietro Rizza & Pietro Tommasino, 2010. "Do We Treat Future Generations Fairly? Italian Fiscal Policy Through the Prism of Generational Accounting," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 69(2), pages 115-153, July.
  • Handle: RePEc:gde:journl:gde_v69_n2_p115-153

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    References listed on IDEAS

    1. Matteo Bugamelli & Fabiano Schivardi & Roberta Zizza, 2010. "The Euro and Firm Restructuring," NBER Chapters,in: Europe and the Euro, pages 99-138 National Bureau of Economic Research, Inc.
    2. Vincenzo Cestari & Paolo Del Giovane & Clelia Rossi-Arnaud, 2007. "Memory for prices and the euro cash changeover: An analysis for cinema prices in Italy," Temi di discussione (Economic working papers) 619, Bank of Italy, Economic Research and International Relations Area.
    3. Ascari, Guido & Ropele, Tiziano, 2007. "Optimal monetary policy under low trend inflation," Journal of Monetary Economics, Elsevier, vol. 54(8), pages 2568-2583, November.
    4. Patrizio Pagano & Massimo Sbracia & Andrea Finicelli, 2008. "Trade-revealed TFP," 2008 Meeting Papers 717, Society for Economic Dynamics.
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    Cited by:

    1. Paolo Pertile & Veronica Polin & Pietro Rizza & Marzia Romanelli, 2015. "The fiscal disadvantage of young Italians: a new view on consolidation and fairness," The Journal of Economic Inequality, Springer;Society for the Study of Economic Inequality, vol. 13(1), pages 27-51, March.
    2. Bendetta Frassi & Christian Hagist & Fabio Pammolli, 2017. "Who is this, who enters there? - Migration in Italy and its effect on fiscal sustainability and pensions," WHU Working Paper Series - Economics Group 17-01, WHU - Otto Beisheim School of Management.

    More about this item


    Fiscal Policy; Intergenerational Fairness; Sustainability;

    JEL classification:

    • H22 - Public Economics - - Taxation, Subsidies, and Revenue - - - Incidence
    • H55 - Public Economics - - National Government Expenditures and Related Policies - - - Social Security and Public Pensions
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • H68 - Public Economics - - National Budget, Deficit, and Debt - - - Forecasts of Budgets, Deficits, and Debt


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