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

Author

Listed:
  • Alessia Amighini

    (Università del Piemonte Orientale)

  • Francesco Giavazzi

    (Università Bocconi)

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.

Suggested Citation

  • Alessia Amighini & Francesco Giavazzi, 2019. "Alcune considerazioni su debito e disuguaglianza (Some notes on debt and inequality)," Moneta e Credito, Economia civile, vol. 72(287), pages 219-228.
    • Handle: RePEc:psl:moneta:2019:35
    as

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    References listed on IDEAS

    as
    1. Olivier Blanchard, 2019. "Public Debt and Low Interest Rates," American Economic Review, American Economic Association, vol. 109(4), pages 1197-1229, April.
    2. Luca Agnello & Ricardo M. Sousa, 2014. "How Does Fiscal Consolidation Impact on Income Inequality?," Review of Income and Wealth, International Association for Research in Income and Wealth, vol. 60(4), pages 702-726, December.
    3. Olivier J Blanchard, 2019. "Public Debt: Fiscal and Welfare Costs in a Time of Low Interest Rates," Policy Briefs PB19-2, Peterson Institute for International Economics.
    4. Olivier Blanchard & Emiliano Brancaccio, 2019. "Crisis and Revolution in Economic Theory and Policy: A Debate," Review of Political Economy, Taylor & Francis Journals, vol. 31(2), pages 271-287, April.
    5. Jaejoon Woo & Ms. Elva Bova & Mr. Tidiane Kinda & Ms. Yuanyan S Zhang, 2013. "Distributional Consequences of Fiscal Consolidation and the Role of Fiscal Policy: What Do the Data Say?," IMF Working Papers 2013/195, International Monetary Fund.
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    More about this item

    Keywords

    public debt; inequality; cost of debt;
    All these keywords.

    JEL classification:

    • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
    • B20 - Schools of Economic Thought and Methodology - - History of Economic Thought since 1925 - - - General
    • E66 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General Outlook and Conditions

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