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  1. Government spending under non-separability
    a theoretical analysis
    Author: Marattin, Luigi; Palestini, Arsen
    Published: 22nd April 2012
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    In this paper we derive analytic implicit form conditions for the qualitative analysis of government spending multipliers and the optimal level of government spending in presence of non-separability between private and public components of aggregate... more

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    In this paper we derive analytic implicit form conditions for the qualitative analysis of government spending multipliers and the optimal level of government spending in presence of non-separability between private and public components of aggregate demand. Using the simplest neo-classical flexible price model with no capital accumulation, we show that Edgeworth dependence is not a suitable condition to utomatically assess the signs of the consumption and income multipliers, for which a more complex analysis must be carried out. We propose a detailed investigation of the form and the characteristics of the involved utility functions, which are crucial to such evaluation. We also show that if Edgeworth complementarity is strong enough, a public spending stimulus can raise at the same time private consumption and real activity. In order to reconcile our general framework with existing literature, we discuss recent examples of non-separable functional forms from the standpoint of our results, and argue that their consistency relies on specific assumptions about steady- state points.

     
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    46
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159563
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 722
    Scope: 1 Online-Ressource (circa 30 Seiten)
  2. A welfare perspective on the fiscal-monetary policy mix
    the role of alternative fiscal instruments
    Author: Marattin, Luigi; Marzo, Massimiliano; Zagaglia, Paolo
    Published: [2010]
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    The need of fiscal consolidation is likely to dominate the policy agenda in the next decade; starting from statistical evidence on the conduct of fiscal policy in the EMU area over the last decade, this paper addresses the optimality of alternative... more

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    The need of fiscal consolidation is likely to dominate the policy agenda in the next decade; starting from statistical evidence on the conduct of fiscal policy in the EMU area over the last decade, this paper addresses the optimality of alternative fiscal consolidation strategies. We explore the welfare properties. In this paper we explore the welfare properties of debt-targeting fiscal policy implemented through, alternatively, distortionary taxation on consumption, labour and capital income or productive and wasteful government expenditure. We build a general equilibrium model with various distortions in order to evaluate the welfare ranking of alternative fiscal policy configurations under different monetary policy regimes. Our results show the welfare superiority of fiscal adjustments based on productive government expenditure, whereas the use of a capital income tax rate as fiscal instruments yields the highest welfare loss.

     
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    46
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159561
    Edition: This version: November 16, 2010
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 720
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  3. The multiplier-effects of non-wasteful government expenditure
    Author: Marattin, Luigi; Marzo, Massimiliano
    Published: June 2010
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    Macroeconomic literature has traditionally regarded public expenditure as yielding no utility per se to any agent in the economy. In line with a few previous contributions (Linneman and Schabert 2004, Bouakez and Rebei 2007) we build a New Keynesian... more

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    Macroeconomic literature has traditionally regarded public expenditure as yielding no utility per se to any agent in the economy. In line with a few previous contributions (Linneman and Schabert 2004, Bouakez and Rebei 2007) we build a New Keynesian DSGE model with real and nominal rigidities and distortionary fiscal policy rules, calibrated on the Euro-area (1990:Q1-2008:Q4), where part of public spending is allowed to either Edgeworth complement or substitute private consumption by affecting its marginal utility. We show that the the interaction between the share of usefulness of public spending and the specification of fiscal and monetary policy rules is able to deliver private consumption multipliers which are in line with the empirical findings for the Euro-Area.

     
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    46
    Source: Union catalogues
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    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159545
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 704
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  4. Revenue vs expenditure based fiscal consolidation
    the pass-through from federal cuts to local taxes
    Author: Marattin, Luigi; Nannicini, Tommaso; Porcelli, Francesco
    Published: [2019]
    Publisher:  IGIER, Università Bocconi, Milano, Italy

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Edition: This version: May, 2019
    Series: Working paper series / IGIER ; n. 644
    Subjects: Haushaltskonsolidierung; Kommunaler Finanzausgleich; Kommunale Finanzpolitik; Italien
    Scope: 1 Online-Ressource (circa 35 Seiten), Illustrationen
  5. Fiscal rules in a highly distorted economy
    Author: Marattin, Luigi; Marzo, Massimiliano
    Published: 2008
    Publisher:  Univ. degli Studi, Dipartimento di Scienze Economiche, Bologna

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    Other identifier:
    hdl: 10419/159488
    Series: [Working papers / Università di Bologna, Dipartimento Scienze Economiche ; 647]
    Scope: Online-Ressource (29 S.), graph. Darst.
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    Erscheint auch als Druck-Ausgabe
  6. A (un)pleasant arithmetic of fiscal policy
    the case of Italian public debt
    Author: Marattin, Luigi; Marzo, Massimiliano
    Published: 2008
    Publisher:  Univ. degli Studi, Dipartimento di Scienze Economiche, Bologna

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    Media type: Book
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    Other identifier:
    hdl: 10419/159466
    Series: [Working papers / Università di Bologna, Dipartimento Scienze Economiche ; 625]
    Scope: Online-Ressource (33 S.), graph. Darst.
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    Erscheint auch als Druck-Ausgabe
  7. Distortionary tax instruments and implementable monetary policy
    Author: Marattin, Luigi; Marzo, Massimiliano; Zagaglia, Paolo
    Published: 2009
    Publisher:  Univ. degli Studi, Dipartimento di Scienze Economiche, Bologna

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    hdl: 10419/159525
    Series: [Working papers / Università di Bologna, Dipartimento Scienze Economiche ; 684]
    Scope: Online-Ressource (39 S.), graph. Darst.
  8. Taxation, infrastructure, and endogenous trade costs in new economic geography
    Author: Gruber, Stefan; Marattin, Luigi
    Published: 2009
    Publisher:  Univ. degli Studi, Dipartimento di Scienze Economiche, Bologna

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    hdl: 10419/159509
    Series: [Working papers / Università di Bologna, Dipartimento Scienze Economiche ; 668]
    Subjects: Neue ökonomische Geographie; Transportkosten; Steuer; Infrastrukturinvestition; Regionalpolitik
    Scope: Online-Ressource (34 S.), graph. Darst.
  9. Strategic delegation under cost asymmetry
    Author: Delbono, Flavio; Lambertini, Luca; Marattin, Luigi
    Published: July 15, 2015
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    We revisit the two-stage duopoly game with strategic delegation and asymmetric technologies of Sen and Stamatopoulos (2015). We show that their conclusions are misled by the restrictive assumption that the extent of delegation to managers is... more

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    We revisit the two-stage duopoly game with strategic delegation and asymmetric technologies of Sen and Stamatopoulos (2015). We show that their conclusions are misled by the restrictive assumption that the extent of delegation to managers is restricted to a binary set. Allowing for a continuous set of delegation incentives, we prove that the delegation stage is a prisoners dilemma, the unique subgame perfect equilibrium entailing both firms hiring managers. At equilibrium, the more efficient firm makes higher profits.

     
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    46
    Source: Union catalogues
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    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159854
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 1016
    Scope: 1 Online-Ressource (circa 12 Seiten)
  10. On prices' cyclical behaviour in oligopolistic markets
    Author: Lambertini, Luca; Marattin, Luigi
    Published: April 22, 2016
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    We revisit the discussion about the relationship between price's cyclical features, implicit collusion and the demand level in an oligopoly supergame where a positive shock may hit demand and disrupt collusion. The novel feature of our model consists... more

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    We revisit the discussion about the relationship between price's cyclical features, implicit collusion and the demand level in an oligopoly supergame where a positive shock may hit demand and disrupt collusion. The novel feature of our model consists in characterising the post-shock noncooperative price and comparing it against the cartel price played in the last period of the collusive path, to single out the conditions for procyclicality to arise both in the short and in the long-run.

     
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    46
    Source: Union catalogues
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    Format: Online
    Other identifier:
    hdl: 10419/159902
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 1064
    Scope: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  11. To adjust or not to adjust after a cost-push shock?
    a simple duopoly model with (and without) resilience
    Author: Lambertini, Luca; Marattin, Luigi
    Published: October 20, 2014
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    We characterize the equilibrium in a homogeneous good Cournot duopoly in which firms have the choice to react to a cost-push shock by paying a lump-sum adjustment cost in order to offset the initial rise in marginal cost. Our results show that the... more

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    We characterize the equilibrium in a homogeneous good Cournot duopoly in which firms have the choice to react to a cost-push shock by paying a lump-sum adjustment cost in order to offset the initial rise in marginal cost. Our results show that the size of the shock and the size of the adjustment cost jointly determine the nature and the number of the equilibria generated in the game. In particular, if the adjustment cost is high enough, at least one firm decides not to adjust at the pure strategy equilibrium, and such a partial adjustment by the industry can be socially efficient as well. Some implications of this partial equilibrium analysis about an industry' resilience are outlined.

     
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    46
    Source: Union catalogues
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    Other identifier:
    hdl: 10419/159808
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 970
    Scope: 1 Online-Ressource (circa 16 Seiten), Illustrationen
  12. Cartel stability, mark-up cyclicality and government spending multipliers
    Author: Lambertini, Luca; Marattin, Luigi
    Published: March 23, 2012
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    Mark-up cyclical behaviour is relevant in determining the size of government spending multiplier on output. While theoretical literature priviliged the counteryclical hypothesis, empirical evidence is far from being conclusive. Based on seminal... more

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    Mark-up cyclical behaviour is relevant in determining the size of government spending multiplier on output. While theoretical literature priviliged the counteryclical hypothesis, empirical evidence is far from being conclusive. Based on seminal Rotemberg and Saloner (1986) contribution, we build a theoretical framework based on Bertrand duopoly, stochastic demand and product differentiation, where the analysis of cartel stability under partial collusion points towards procyclical pricing. According to the intensity of marginal cost cyclicality, this can produce a procyclical mark up or - at least- render it less countercyclical than expected, with relevant effects on the transmission mechanism of government spending stimuli.

     
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    46
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    Other identifier:
    hdl: 10419/159659
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 820
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  13. The Euro-dividend
    public debt and interest rates in the Monetary Union
    Author: Marattin, Luigi; Salotti, Simone
    Published: [2011]
    Publisher:  Dipartimento di Scienze economiche DSE, Bologna

    The ongoing massive fiscal policy stimulus triggered increasing concerns on the potential impact on interest rate levels, as economic theory predicts. Particularly, the deterioration of some EMU countries' fiscal positions has been putting at risk... more

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    The ongoing massive fiscal policy stimulus triggered increasing concerns on the potential impact on interest rate levels, as economic theory predicts. Particularly, the deterioration of some EMU countries' fiscal positions has been putting at risk Eurozone' financial stability. In this paper, we estimate a Panel VAR (PVAR) model on the EMU area employing annual data from 1970 to 2008 in order to assess the qualitative and quantitative impact of public debt on interest rates Our results show that prior to the introduction of the Euro an increase in public debt led to positive and significant effect on long-term nominal interest rates, with a stronger effect for high-debt countries. After the introduction of the single currency, the effect vanishes (in line with Bernoth 2004). We interpret this result as a confirmation of the crucial role of the monetary union in weakening the automatic risk-premium-based channel between debt shocks and returns on government bond.

     
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    46
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    hdl: 10419/159536
    Series: Working papers DSE / Dipartimento di Scienze Economiche, Università degli Studi di Bologna ; no 695
    Scope: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  14. Consumption multipliers of different types of public spending
    a structural vector error correction analysis for the UK
    Author: Marattin, Luigi; Salotti, Simone
    Published: [2010]
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    The aim of this paper is to investigate the relationship between government spending and private consumption in the UK, for which there is scarce previous empirical evidence. We disaggregate public expenditure into three categories and search for the... more

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    The aim of this paper is to investigate the relationship between government spending and private consumption in the UK, for which there is scarce previous empirical evidence. We disaggregate public expenditure into three categories and search for the corresponding private consumption multipliers. Our analysis includes the estimation of a structural vector error correction (SVEC) model, using quarterly non-interpolated data for the period 1981:1 - 2007:4. Initially, we estimate negative effects on consumption of shocks to total public spending. Then, using the spending decomposition, we find that while shocks to public wages crowd-out private consumption as predicted by neoclassical models, shocks to the non-systematic component of social spending and government purchases of goods and services generate a positive reaction, so to crowd-in private consumption. Thus, the qualitative and quantitative dimensions of fiscal multipliers on private consumption change across different public spending categories. Our findings suggest that any empirical support of competing theoretical models on the issue would benefit from a disaggregation of government expenditure, rather than focusing on the aggregate measure.

     
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    46
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    hdl: 10419/159560
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 719
    Scope: 1 Online-Ressource (circa 31 Seiten), Illustrationen
  15. Fiscal shocks, public debt, and long-term interest rate dynamics
    Author: Marattin, Luigi; Paesani, Paolo; Salotti, Simone
    Published: November 17, 2011
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    Public finances worldwide have been severely hit by the 2008-2009 Great Recession, stimulating the debate on the consequences of growing fiscal imbalances. Building on Paesani et al. (2006), this paper focuses on the USA, Germany and Italy over the... more

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    Public finances worldwide have been severely hit by the 2008-2009 Great Recession, stimulating the debate on the consequences of growing fiscal imbalances. Building on Paesani et al. (2006), this paper focuses on the USA, Germany and Italy over the 1983-2009 period and studies the effects of fiscal shocks and government debt accumulation on long-term interest rates, both nationally and across borders. Based on a theoretical framework, the empirical analysis disentangles permanent and transitory components of interest rates dynamics finding that sustained debt accumulation leads, at least temporarily, to higher long-term interest rates. This is particularly true for the Italian case. There is also evidence of significant cross-country linkages, mainly between Italy and the USA.

     
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    46
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    hdl: 10419/159581
    Series: Working paper DSE / Alma Mater Studiorum - Università di Bologna, Department of Economics ; no 740
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  16. On the usefulness of government spending in the EU area
    Author: Marattin, Luigi; Salotti, Simone
    Published: 2009
    Publisher:  Univ. degli Studi, Dipartimento di Scienze Economiche, Bologna

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    hdl: 10419/159527
    Series: [Working papers / Università di Bologna, Dipartimento Scienze Economiche ; 686]
    Scope: Online-Ressource (25 S.), graph. Darst.
  17. The response of private consumption to different public spending categories
    VAR evidence from UK
    Author: Marattin, Luigi; Salotti, Simone
    Published: 2009
    Publisher:  Univ. degli Studi, Dipartimento di Scienze Economiche, Bologna

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    hdl: 10419/159511
    Series: [Working papers / Università di Bologna, Dipartimento Scienze Economiche ; 670]
    Scope: Online-Ressource (37 S.), graph. Darst.
  18. A note on productivity and per capita GDP growth
    the role of the forgotten factors
    Author: Marattin, Luigi; Salotti, Simone
    Published: 2009
    Publisher:  Univ. degli Studi, Dipartimento di Scienze Economiche, Bologna

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    hdl: 10419/159508
    Series: [Working papers / Università di Bologna, Dipartimento Scienze Economiche ; 667]
    Scope: Online-Ressource (18 S.), graph. Darst.
  19. Potential output and fiscal rules in a monetary union under asymmetric information
    Author: Marattin, Luigi; Meraglia, Simone
    Published: July 9, 2015
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for... more

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    We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information about member states' potential output and, therefore, output gap and (ii) bail-out among member states. In our framework, bail-out lowers the scope for signalling (discrimination) by member states (lenders). In the presence of asymmetric information, bail-out and national governments' shortsightedness make the first-best fiscal rule non-implementable as member states are tempted to run excessively high deficits. The Monetary Union designs a mechanism such that member states with high output gap (i.e., in a recession) run higher budget deficits by making an ex-post transfer to the Union. We find that the first-best deficit is contingent on the cycle - i.e., on the member state's output gap - and, all else equal, can be implemented provided the member states' ability to repay its own debt upon the realization of a bad shock is sufficiently high. A downward distortion in the deficit run by a member state during an expansion is otherwise introduced. Finally, the Monetary Union cannot discriminate among types of borrowers when national governments are excessively shortsighted.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159856
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 1018
    Scope: 1 Online-Ressource (circa 24 Seiten)
  20. Potential output and fiscal rules in a monetary union under asymmetric information - 2nd ed
    Author: Marattin, Luigi; Meraglia, Simone
    Published: April 19, 2016
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states'... more

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    Staats- und Universitätsbibliothek Bremen
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    We analyze fiscal rules within a Monetary Union in the presence of (i) asymmetric information on member states' potential output and (ii) bail-out among member states. The first-best deficit is contingent on the cycle, that is, on member states' output gap. In the presence of asymmetric information and bailout, the first-best deficit is not implementable. Bail-out lowers the scope for signalling (discrimination) by member states (lenders) and induces overborrowing by member states characterized by a low output gap. The Monetary Union can design a mechanism such that a member state with a smaller negative output gap runs an optimal budget deficit upon receiving a transfer form the Union. We show that, this 'cyclically-contingent' fiscal framework Pareto dominates the 'cyclically-adjusted' fiscal rule currently enforced by the European Monetary Union. Our model can then account for a situation where both asymmetric information over cyclical positions and the presence of bail-out among member states does not induce borrowing distortions.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159901
    Edition: 2nd edition
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 1063
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  21. Determinants of fiscal distress in Italian municipalities
    Author: Gregori, Wildmer Daniel; Marattin, Luigi
    Published: September 2015
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    Fiscal distress of local governments and municipalities is a non-negligible component of the public finance turmoil after the Great Recession. In this paper we consider a dataset of Italian municipalities over the period 2000-2012 and look for the... more

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    Fiscal distress of local governments and municipalities is a non-negligible component of the public finance turmoil after the Great Recession. In this paper we consider a dataset of Italian municipalities over the period 2000-2012 and look for the main budget determinants of local default. According to our results the default probability is positively affected by the share of loan repayment over total spending. This result is robust to alternative model specifications as well as inclusion of fixed effects, time dummies and macroeconomic control variables.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159862
    Series: Working paper DSE / Department of Economics, Università di Bologna ; no 1024
    Scope: 1 Online-Ressource (circa 17 Seiten)
  22. Adjustment to equilibrium after a demand shock
    a strategic interaction view
    Author: Lambertini, Luca; Marattin, Luigi
    Published: June 27, 2014
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    In this paper we verify the functioning of the standard neoclassical adjustment to equilibrium after a demand shock in a non-cooperative simultaneous Cournot duopoly with complete, symmetric and imperfect information. Our results show that in such a... more

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    In this paper we verify the functioning of the standard neoclassical adjustment to equilibrium after a demand shock in a non-cooperative simultaneous Cournot duopoly with complete, symmetric and imperfect information. Our results show that in such a framework the adjustment to the long-run level of output by the entire industry or part of it is no longer guaranteed. We show that the size of the demand shock determines the nature and number of equilibria generated by strategic interaction, whereas the post-adjustment real wage level determines which equilibrium is actually obtained.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159791
    Series: Working paper DSE / Alma Mater Studiorum - Università di Bologna, Department of Economics ; no 952
    Scope: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  23. When is austerity ineffective?
    Author: Marattin, Luigi
    Published: May 14, 2013
    Publisher:  Alma Mater Studiorum - Università di Bologna, Department of Economics, Bologna, Italy

    This paper offers a formal analysis of the relationship between changes in government primary balance and debt-to-GDP ratio. it establishes the conditions under which a fiscal consolidation increases - instead of decreasing - the stock of government... more

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    This paper offers a formal analysis of the relationship between changes in government primary balance and debt-to-GDP ratio. it establishes the conditions under which a fiscal consolidation increases - instead of decreasing - the stock of government liabilities relative to aggregate output. A crucial role is played by the relationship between the elasticities of average cost of debt and nominal output to primary balance: while the former depends on debt maturity and risk premia dynamics, the latter relates to the well-known controversy on the size of government spending multipliers. The paper shows an application to the ongoing fiscal consolidation process in the Eurozone.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/159719
    Series: Working paper DSE / Alma Mater Studiorum - Università di Bologna, Department of Economics ; no 880
    Scope: 1 Online-Ressource (circa 12 Seiten), Illustrationen