We examine the influence of the 1992 and 1993 wage agreements on the disinflation experienced in Italy through the 1990s, providing econometric estimates both for the reaction function of the Bank of Italy and for 2-digit industry wage equations. We rely on industry-level measures for the degree...

In a mode1 à la Rogoff, with independent fiscal (AF) and monetary (AM) authority, the Nash equilibrium is characterized by an infiation rate and by a fiscal surplus lower than the ones desired by the two authorities. In the contract of performance approach, the coordination problem between...

Recent economic literature indicates that imperfections in the credit market can amplify business fluctuations causing financial fragility. Starting from the framework of Greenwald and Stiglitz (1993) and Delli Gatti et al. (2005), we make a more careful model of the banking sector in Italy and...

This paper ivestigates the past behaviour of the dollar/euro exchange rate.

This paper explores the meaning of the idea of common good as used in the classical political tradition in order to study its role in the present political economy. It first analyses the received meaning of the term ‘‘common good’’ in economics with the help of a brief sketch of its...