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Fiscal Policy and Macroeconomic Imbalances

Author

Listed:
  • Emanuele Baldacci

    (Istat)

  • Sanjeev Gupta

    (IMF)

  • Carlos Mulas-Granados

    (IMF)

  • Fabio Balboni

    (HM Treasury)

  • Mirko Licchetta

    (HM Treasury)

  • Alexander Klemm

    (IMF)

  • Luca Agnello

    (University of Palermo)

  • Gilles Dufr�not

    (Banque de France)

  • Ricardo M. Sousa

    (University of Minho)

  • Raffaela Giordano

    (Bank of Italy)

  • Marcello Pericoli

    (Bank of Italy)

  • Pietro Tommasino

    (Bank of Italy)

  • Panagiotis Chronis

    (Bank of Greece)

  • George Palaiodimos

    (Bank of Greece)

  • Christophe Kamps

    (European Central Bank)

  • Roberta De Stefani

    (European Central Bank)

  • Nadine Leiner-Killinger

    (European Central Bank)

  • Rasmus R�ffer

    (European Central Bank)

  • David Sondermann

    (European Central Bank)

  • Niels Gilbert

    (De Nederlandsche Bank)

  • Jeroen Hessel

    (De Nederlandsche Bank)

  • Jorge Cunha

    (Banco de Portugal)

  • Cl�udia Braz

    (Banco de Portugal)

  • Antonio Bassanetti

    (Bank of Italy)

  • Matteo Bugamelli

    (Bank of Italy)

  • Sandro Momigliano

    (Bank of Italy)

  • Roberto Sabbatini

    (Bank of Italy)

  • Francesco Zollino

    (Banca d'Italia)

  • Karsten Staehr

    (Eesti Pank)

  • Atri Mukherjee

    (Reserve Bank of India)

  • Marialuz Moreno Badia

    (IMF)

  • Alex Segura Ubiergo

    (IMF)

  • Carlos Herrero

    (Ministry of Economy and Competitiveness of Spain)

  • Pedro Hinojo

    (Ministry of Economy and Competitiveness of Spain)

  • Anne-Marie Brook

    (New Zealand Treasury)

  • Ana Mar�a Aguilar

    (Banco de Mexico)

  • Claudia Ram�rez

    (Banco de Mexico)

  • Geert Langenus

    (National Bank of Belgium)

  • Adi Brender

    (Bank of Israel)

  • Carlos Cuerpo

    (European Commission - DG ECFIN)

  • Elena Deryugina

    (Bank of Russia)

  • Francesco Di Comite

    (European Commission)

  • Kazuhiko Ejima

    (Ministry of Finance - Japan)

  • Jonas Fisher

    (European Commission - DG ECFIN)

  • Daniele Franco

    (Bank of Italy)

  • Fuad Hasanov

    (IMF)

  • Sebastian Hauptmeier

    (Ministry of Finance - Germany)

  • David Heald

    (University of Aberdeen)

  • Ida Hjortsoe

    (Bank of England)

  • Alexandr Hobza

    (European Commission - DG ECFIN)

  • Ana Teresa Holanda De Albuquerque

    (Banco Central do Brazil)

  • Juan Jimeno

    (Banco de Espana)

  • Christian Kastrop

    (Ministry of Finance - Germany)

  • Walpurga Koehler-Toeglhofer

    (�sterreichische Nationalbank)

  • Jean Le Pavec

    (Treasury - France)

  • Ignazio Lozano

    (Central Bank of Colombia)

  • Ranjana Madhusudan

    (National Tax Association - USA)

  • Lucio Pench

    (European Commission)

  • Peter Pontuch

    (European Commission - DG ECFIN)

  • Ernesto Rezk

    (University of Cordoba - Argentina)

  • Livio Stracca

    (ECB)

  • Teresa Ter-Minassian

    (IDB)

  • Alessandro Turrini

    (European Commission)

  • Sergey Vlasov

    (Bank of Russia)

Abstract

The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the interaction between fiscal policy and macroeconomic imbalances. The second session dealt with the specific problems of the euro area, where insufficient attention to macroeconomic developments contributed to increase fiscal and financial tensions. The third session scrutinized fiscal policy with an eye to the inequalities of emerging economies and resource-rich countries. The last session analysed the experiences so far and the potential prescriptions about the use of fiscal tools in addressing macroeconomic problems.

Suggested Citation

  • Emanuele Baldacci & Sanjeev Gupta & Carlos Mulas-Granados & Fabio Balboni & Mirko Licchetta & Alexander Klemm & Luca Agnello & Gilles Dufr�not & Ricardo M. Sousa & Raffaela Giordano & Marcello Peric, 2014. "Fiscal Policy and Macroeconomic Imbalances," Workshop and Conferences 16, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:workpa:sec_16
    as

    Download full text from publisher

    File URL: https://www.bancaditalia.it/pubblicazioni/collana-seminari-convegni/2014-0016/n-16-Fiscal-Policy-Macroeconomic-Imbalances.pdf
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    Citations

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    Cited by:

    1. Ferdinandusse, Marien & Checherita-Westphal, Cristina & Attinasi, Maria Grazia & Lalouette, Laure & Bańkowski, Krzysztof & Palaiodimos, Georgios & Trindade Campos, Maria Manuel, 2017. "Euro area fiscal stance," Occasional Paper Series 182, European Central Bank.
    2. Pierluigi, Beatrice & Sondermann, David, 2018. "Macroeconomic imbalances in the euro area: where do we stand?," Occasional Paper Series 211, European Central Bank.
    3. Jin, Xiaolong & Wu, Qiuwei & Jia, Hongjie, 2020. "Local flexibility markets: Literature review on concepts, models and clearing methods," Applied Energy, Elsevier, vol. 261(C).

    More about this item

    Keywords

    debt consolidation; fiscal adjustments; output growth; sovereign debt crises; macro-prudential; asset prices; time-varying probability Markov process; current account; competitiveness; saving; monetary policy; fiscal policy; financial market policy; debt; deficit; state-owned banks; state-owned enterprises; fiscal risks; contingent liabilities; business cycle; government expenditure; public consumption; public investment; optimal monetary policy; fiscal rules; structural balance; commodities; DSGE; monetary and fiscal policy; macroeconomic stabilization;
    All these keywords.

    JEL classification:

    • C54 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Quantitative Policy Modeling
    • E2 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment
    • E3 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles
    • E6 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook
    • E21 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Consumption; Saving; Wealth
    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • E37 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Forecasting and Simulation: Models and Applications
    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • E62 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Fiscal Policy; Modern Monetary Theory
    • E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
    • F30 - International Economics - - International Finance - - - General
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements
    • F37 - International Economics - - International Finance - - - International Finance Forecasting and Simulation: Models and Applications
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • G18 - Financial Economics - - General Financial Markets - - - Government Policy and Regulation
    • H3 - Public Economics - - Fiscal Policies and Behavior of Economic Agents
    • H30 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - General
    • H31 - Public Economics - - Fiscal Policies and Behavior of Economic Agents - - - Household
    • H50 - Public Economics - - National Government Expenditures and Related Policies - - - General
    • H62 - Public Economics - - National Budget, Deficit, and Debt - - - Deficit; Surplus
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt
    • K0 - Law and Economics - - General
    • N1 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations
    • O11 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development - - - Macroeconomic Analyses of Economic Development
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • O54 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Latin America; Caribbean

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