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...

The literature has underlined the existence of widespread economic regularities in the stabilization processes of the 1920s. This paper shows that political regularities also existed. The main reasons for these regularities are explained in terms of a political exchange hypothesis according to...

The prevalent reinterpretations of the Great Inflation formulated in recent periods attribute the inflationist acceleration of the 1970s mainly to the fact that policymakers at the time based themselves on ‘mistaken’ economic ideas, above all the traditional Phillips curve. However, the...

<i> Origine ed evoluzione delle banche centrali: il ruolo delle lobby sociali </i> (di Giampiero Cama e Giovanni B. Pittaluga) - ABSTRACT: In order to understand public economy and the institutions which are principally responsible for it, one must refer, inevitably, to any general model of the...

This paper presents five theoretical openness and growth links that can account for trade-induced investment-led growth. The links are all demonstrated with a neoclassical growth model developed in the context of trade models that allow for imperfect competition and scale economies. This sort of...

This paper contributes to the literature on the effects of changes in bank capital requirements in three ways: first, introducing the notion of (capital ratio) stabilizing Return on Assets; second, by estimating an econometric model for a sample of Italian banks over the period 2007-2012, it...

The main purpose of this paper is to show that Smith’s monetary theory is still topical. In contrast with Hume, Smith denied that hanks, issuing money, could devalue the currency. Within a framework of competitive money production, the banking system supplies whatever quantity of money the...

A Short Note on Public Deficit and Real Interest Rates This note considers the effects of wide PSBRs on real interest rates in Italy. In the first part of the paper, following a traditional IS-LM model, we prove econometrically that in the Eighties the largo volume of PSBRS contributed to raise...

The paper attempts to explain the reasons why in recent years, in many industrialized countries, national central banks have lost their supervisory and regulatory powers. This process can be attributed to three factors in particular. The first of these is connected to the reduced importance for...

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