The dynamics of Italian public debt: alternative paths for fiscal consolidation
This article analyses possible targets for the Italian debt-to-GDP ratio with a small macroeconomic model. The role of international macroeconomic variables such as the US GDP growth, prices of raw materials, EUR/USD exchange rate and European Central Bank (ECB) monetary policy stance and domestic policy instruments is analysed in the debt dynamics. We find that external conditions play a fundamental role for the Italian fiscal consolidation. To reach a target of 100% of debt-to-GDP ratio by 2020, a further growth-sustaining policy has to be implemented.
Volume (Year): 19 (2012)
Issue (Month): 7 (May)
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- Favero, Carlo A. & Marcellino, Massimiliano, 2005.
"Modelling and Forecasting Fiscal Variables for the euro Area,"
CEPR Discussion Papers
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- Carlo Favero & Massimiliano Marcellino, 2005. "Modelling and Forecasting Fiscal Variables for the Euro Area," Working Papers 298, IGIER (Innocenzo Gasparini Institute for Economic Research), Bocconi University.
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CEPR Discussion Papers
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