Alcune considerazioni su debito e disuguaglianza (Some notes on debt and inequality)

Alessia Amighini () and Francesco Giavazzi ()
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Francesco Giavazzi: Università Bocconi

Moneta e Credito, 2019, vol. 72, issue 287, 219-228

Abstract: Il rapporto fra tasso di interesse reale e tasso di crescita dell'economia è diventato centrale nel dibattito su due temi macroeconomici di grande attualità : diseguaglianza e politica fiscale. Confrontiamo le posizioni dei due economisti francesi protagonisti del dibattito, Thomas Piketty e Olivier Blanchard, che partono entrambi dal confronto fra tasso di interesse reale e tasso di crescita dell'economia, per analizzare, rispettivamente, l'andamento della disuguaglianza e la sostenibilità del rapporto debito/PIL nel tempo. Mostriamo che i due punti di vista, apparentemente inconciliabili, in realtà sono complementari. The relationship between the real interest rate and the growth rate of the economy has become central to the debate on two topical macroeconomic issues: inequality and fiscal policy. We compare the positions of the two French economists protagonists of the debate, Thomas Piketty and Olivier Blanchard, who both start from the comparison between real interest rate and economic growth rate, to respectively analyze the trend of inequality and the sustainability of the debt/GDP ratio over time. We show that the two apparently irreconcilable points of view are actually complementary.

Keywords: public debt; inequality; cost of debt (search for similar items in EconPapers)
JEL-codes: B10 B20 E66 (search for similar items in EconPapers)
Date: 2019
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