This volume presents state-of-the-art contributions to the theory and practice of economic policy. In light of the 2007/2008 financial crisis and the COVID-19 pandemic, it discusses the relevance and effectiveness of various traditional economic policy tools and instruments. Written by experts in economics and public finance, the contributions highlight the virtues and institutional advantage of political authorities who can rely on a broader set of tools than those available to the private sector and are able to engage over a longer time horizon. The economic policy tools and prescriptions in this volume are founded on a rigorous reinterpretation of theoretical models of macroeconomics.
The book is divided into two parts: The first part addresses issues in the theory of monetary and fiscal policy in intertemporal settings with forward-looking agents, in the context of both developed and developing countries. The second part presents applications to current economic policy issues, including a resilient bio-economy, public debt management, human capital and growth, migrants and labor supply, and start-up financing.
Discusses recent issues in monetary and fiscal policy
Argues for a reformulation of traditional economic policy tools and instruments
Presents a series of applications on current macroeconomic policy issues
Cesare Imbriani is Professor of Financial Policy at the Department of Legal and Economic Sciences, UnitelmaSapienza University of Rome, Italy. He studied at the University of Napoli and at the LSE and taught in Salerno, Bari, Napoli, Rome, and at LUISS. He coordinated the Council of Experts, Italian Ministry of the Treasury, and was President of Sanpaolo Invest.
Pasquale Scaramozzino is Professor of Economics at the School of Finance and Management, SOAS University of London, UK, and at the University of Rome Tor Vergata, Italy. He studied in Rome and at the LSE and taught in Bristol and at UCL.
Contenu Introduction: Time and Economic Policy.- Intertemporal Choices, Information, and Opportunity Sets: The Effectiveness of Monetary Policy.- Thinking Outside the Box: Giancarlo Marini, A Rigorous Eclectic Economist.- Fiscal Policy and Sovereign Debt Dynamics: (Re-)Assessing the Intertemporal Viability of the Government Budget Using a Model-Based and Consistently Measured Sustainability Indicator.- Public Debt, Taylor Rules and Inflation Dynamics in an Overlapping Generations Model.- Macroeconomic Policy and Development in India: Some Analytical Issues.- Covid-19 threats and opportunities: towards a circular and resilient bioeconomy.- A (Perfect) Case of Unnecessary, and Harmful Fiscal Consolidation: Italy's Growth and Debt since the 90s.- Parameter Heterogeneity and Convergence Clubs: Shedding Light on the Human Capital Puzzle.- Time Use in Macroeconomics: European Integration and Marketization of Domestic Work.- Bank financing and start-up survival in the Italian economy<p