@article{piergallini_non-linear_????,
	title = {Non-linear budgetary policies: {Evidence} from 150 years of {Italian} public finance},
	issn = {0165-1765},
	shorttitle = {Non-linear budgetary policies},
	url = {http://www.sciencedirect.com/science/article/pii/S0165176513004370},
	doi = {10.1016/j.econlet.2013.09.030},
	abstract = {Abstract
We investigate the sustainability of Italy’s public finances from 1862 to 2012 adopting a non-linear perspective. Specifically, we employ the smooth transition regression approach to explore the scope for non-linear fiscal adjustments of primary surpluses in response to the accumulation of debt. The empirical results show the occurrence of a significantly positive reaction of primary surpluses to debt when the debt-GDP ratio exceeded the trigger value of 110 percent. The after-threshold positive response implies that the path of Italy’s fiscal policy is sufficiently consistent with the intertemporal budget constraint.},
	urldate = {2013-10-11},
	journal = {Economics Letters},
	author = {Piergallini, Alessandro and Postigliola, Michele},
	keywords = {fiscal policy, Fiscal sustainability, Non-linearity},
	file = {ScienceDirect Full Text PDF:files/47572/Piergallini and Postigliola - Non-linear budgetary policies Evidence from 150 y.pdf:application/pdf;ScienceDirect Snapshot:files/47568/S0165176513004370.html:text/html}
}

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