Bouabdallah, Othman; Jacquinot, Pascal; Patella, Valeria - 2023
/early 90s; an Active Monetary-Passive Fiscal regime (AM/PF) with central bank independence and EMU convergence; a third regime …In most euro area countries, the monetary/fiscal policy mix is responsible for the changing history of debt and … in disinflation and rising debt trajectory. Meanwhile, Italy's procyclical fiscal policy in downturns contributed to …