Davide Debortoli
Biographic Data
| ID | 5735356 |
|---|---|
| NAME | Davide Debortoli |
| GIVEN NAMES | Davide |
| FAMILY NAME | Debortoli |
| SIGNATURE | DEBORTOLI D |
| AFFILIATIONS | UPF, CREI and Barcelona GSE |
| ORCID | 0000-0001-8012-1790 |
| VERIFIED | Yes |
| TOTAL WORKS | 2 |
| TOTAL CITATIONS | 3 |
| WORKS AS AUTHOR | 2 |
| WORKS AS EDITOR | 0 |
| FIRST PUBLICATION YEAR | 2019 |
| LATEST PUBLICATION YEAR | 2021 |
| H-INDEX | 1 |
Optimal Fiscal Policy without Commitment
According to the Lucas-Stokey result, a government can structure its debt maturity to guarantee commitment to optimal fiscal policy by future governments. In this paper, we overturn this conclusion, showing that it does not generally hold in the same model and under the same definition of time consistency as in Lucas-Stokey. Our argument rests on the existence of an overlooked commitment problem that cannot be remedied with debt maturity: a gover…
Designing a Simple Loss Function for Central Banks
Yes, a dual mandate makes a lot of sense. This article studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilising economic activity also stabilises other…
Designing a Simple Loss Function for Central Banks
Yes, a dual mandate makes a lot of sense. This article studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilising economic activity also stabilises other…
Optimal Fiscal Policy without Commitment
According to the Lucas-Stokey result, a government can structure its debt maturity to guarantee commitment to optimal fiscal policy by future governments. In this paper, we overturn this conclusion, showing that it does not generally hold in the same model and under the same definition of time consistency as in Lucas-Stokey. Our argument rests on the existence of an overlooked commitment problem that cannot be remedied with debt maturity: a gover…
Designing a Simple Loss Function for Central Banks
Yes, a dual mandate makes a lot of sense. This article studies how to design simple loss functions for central banks, as parsimonious approximations to social welfare. We show, both analytically and quantitatively, that simple loss functions should feature a high weight on measures of economic activity, sometimes even larger than the weight on inflation. Two main factors drive our result. First, stabilising economic activity also stabilises other…
Optimal Fiscal Policy without Commitment
According to the Lucas-Stokey result, a government can structure its debt maturity to guarantee commitment to optimal fiscal policy by future governments. In this paper, we overturn this conclusion, showing that it does not generally hold in the same model and under the same definition of time consistency as in Lucas-Stokey. Our argument rests on the existence of an overlooked commitment problem that cannot be remedied with debt maturity: a gover…
Economics (2 works) · Monetary economics (2 works) · Monetary Policy and Economic Impact (2 works) · Argument (complex analysis (1 work) · Banking stability, regulation, efficiency (1 work) · Consistency (knowledge bases (1 work) · Deadweight loss (1 work) · Debt (1 work) · Econometrics (1 work) · Economic Theory and Policy (1 work)