The Narrow Path for Brazil

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• Policy Notes May 20, 2025

  What Do We Save When We DOGE the Government?

  Mark Silverman, and Yeva Nersisyan
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  The second Trump administration has seemingly added a new term to the English vocabulary – getting DOGE-ed. Almost every week we hear about another government agency getting the DOGE treatment, i.e., firing personnel, closing down offices, etc. The Department of Government Efficiency is supposedly making our government more efficient and hence saving the taxpayers some […]

• Working Paper No. 1082 May 12, 2025

  Growth vs. Discipline: Italy’s Fiscal Dilemmas in a Stock-Flow Consistent Model

  Francesco Zezza, and Gennaro Zezza
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  This paper investigates the implications of the European Union’s revised fiscal governance framework for Italy, a country facing the dual challenge of high public debt and persistent economic stagnation. Using a Stock-Flow Consistent (SFC) macroeconometric model of the Italian economy (MITA), we assess the medium-term macroeconomic implications of the government Medium-term Fiscal-Structural Plan, and whether […]

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• One-Pager No. 73 May 05, 2025

  The Incoming Recession: Are Imports the Real Culprit?

  Dimitri B. Papadimitriou, Giuliano Toshiro Yajima, and Gennaro Zezza
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  The preliminary estimates for real GDP growth in the first quarter of 2025 show an annualized contraction rate of 0.28 percent, along with an extraordinary increase in imports of 41.3 percent. Most commentators rushed to indicate that the contraction was due to the rise in imports, as, for instance, with the recent Reuters headline stating […]

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