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Beyond the austerity dispute: new priorities for fiscal policy

Luca Agnello (), Nikola Altiparmakov (), Michal Andrle, Maria Grazia Attinasi (), Jan Babecký, Salvador Barrios (), John Bluedorn, Vladimir Borgy (), Othman Bouabdallah (), Andries Brandsma (), Adi Brender (), Vítor Castro (), Cristina Checherita-Westphal (), Jerome Creel (), Jasper De Jong, Luiz de Mello (), Francesco Di Comite, Olga Diukanova (), Luc Eyraud (), Serena Fatica (), Marien Ferdinandusse (), Davide Fiaschi (), Maura Francese (), Maximilian Freier, Josip Funda (), Davide Furceri (), Paul Hubert (), Anna Iara (), Joao Jalles (), Tidiane Kinda (), Gabor P.Kiss (), Ya Koeva-Brooks (), Martin Larch (), Jesús López Rodríguez (), Prakash Loungani (), d'Artis Kancs, Sandro Momigliano, Carlos Mulas-Granados (), Ludovit Odor (), George Palaiodimos (), Lucio Pench (), Damiaan Persyn, Álvaro Pina, Lesley Potters, Doris Prammer (), Jonathan Pycroft, Ernesto Rezk (), Marzia Romanelli, Fabrizio Saccomanni (), Francesco Saraceno (), Gerd Schwartz (), Ricardo Sousa (), Martino Tasso, Teresa Ter-Minassian (), Pietro Tommasino (), Anke Weber () and Jochen Zimmer ()
Additional contact information
Nikola Altiparmakov: Fiscal council republic of Serbia
Maria Grazia Attinasi: ECB
Vladimir Borgy: Banque de France
Othman Bouabdallah: ECB
Andries Brandsma: European Commission
Adi Brender: Bank of Ireland
Vítor Castro: Universidade de Coimbra
Cristina Checherita-Westphal: ECB
Luiz de Mello: OECD
Olga Diukanova: European Commission
Luc Eyraud: IMF
Davide Fiaschi: Universita' di Pisa
Maura Francese: IMF
Josip Funda: Hrvatska Narodna Banka
Anna Iara: European Commission
Ya Koeva-Brooks: IMF
Jesús López Rodríguez: European Commission
George Palaiodimos: Bank of Greece
Ernesto Rezk: Universidad Nacional de Córdoba
Gerd Schwartz: IMF
Teresa Ter-Minassian: IMF
Pietro Tommasino: Bank of Italy
Jochen Zimmer: Bundesbank

No 20, Workshop and Conferences from Bank of Italy, Economic Research and International Relations Area

Abstract: The workshop aimed at moving forward the fiscal policy debate, which in the crisis years was unavoidably focused on how to regain fiscal credibility and to implement sizable and fast consolidation plans. Four main themes have been proposed for the debate during the workshop. First, the two-way link between fiscal consolidation and inequality, with the idea that consolidation efforts cannot be successful in the long run if they entail a socially unsustainable increase in inequality. Second, the importance of preserving, even in contexts in which the fiscal policy stance is necessarily restrictive, growth-enhancing public investments. Third, the challenges posed to fiscal management by a low inflation context, taking into account that a subdued price dynamics not only makes the real burden of debt heavier, but it also has subtle effects, at least in the short term, on several budgetary items. Finally, the need for a simpler and more appropriate set of rules for the governance of the EMU. The latter topic was also the object of the high-level panel at the end of the workshop. While differences in emphasis emerged among the panellists, they agreed that the current framework could be streamlined, and – more importantly – that no set of rules can work if trust and a sense of sharing a common objective is not rebuilt among the Member States.

Keywords: Gini index; fiscal consolidation; fiscal expansion; narrative approach; cyclically-adjusted primary balance; expenditure-based; tax-based; recession; inequality; distribution; factor income distribution; wage share; measure of individual welfare; non-parametric methods; polarization; distribution dynamics; inequality; income inequality; fiscal stimuli; political (in)stability; wealth distribution; wealth taxation; capital income taxation; household data; public investment; private investment; elasticity; production function; RHOMOLO; multiregional spatial CGE; cohesion policy; fiscal policy; inflation shock; spending indexation; fiscal drag; debt sustainability; mandatory pensions; pension contribution; tax incidence; rational behavior; smoothing lifetime income; fiscal framework; fiscal indicators; cyclical adjustment; fiscal council; fiscal governance; fiscal policy; fiscal rules; european economic and monetary union (search for similar items in EconPapers)
JEL-codes: D9 D63 D31 D33 C14 D30 D31 D63 E6 E31 E32 E62 E64 H2 H5 H23 H24 H54 H55 H60 H62 H63 H68 H77 G01 G15 J3 J32 J58 K31 O5 O32 R13 R58 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-mac and nep-pbe
Date: 2016-03
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (5) Track citations by RSS feed

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