 Beyond the austerity dispute: new priorities for fiscal policyLuca Agnello (),
Nikola Altiparmakov (),
Michal Andrle,
Maria Grazia Attinasi (),
Jan Babeck�,
Salvador Barrios (),
John Bluedorn,
Vladimir Borgy (),
Othman Bouabdallah (),
Andries Brandsma (),
Adi Brender (),
V�tor 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 Kiss,
Ya Koeva-Brooks (),
Martin Larch (),
Jes�s L�pez Rodr�guez (),
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 ()
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) Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bdi:workpa:sec_20 Access Statistics for this paper More papers in Workshop and Conferences from Bank of Italy, Economic Research and International Relations Area Contact information at EDIRC. |
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