The low growth rate of Italy, also in international and European context, has led to compare the 50s with the last ten or fifteen. The analysis shows that, apart from the initial liberalization of international trade, the period that saw the most vigorous growth in Italy was characterized from a...

Questo lavoro intende mettere in luce sia l’evoluzione subita dal pensiero economico negli ultimi decenni sia gli orientamenti concreti dell’azione pubblica, con il proposito di coglierne i nessi reciproci. L’indagine si sofferma in particolare sulle ragioni che portarono ad una pronta...

This contribution is an analysis and a comment of the Final Remarks of the Governor of the Bank of Italy and his directions of economic policy for the Italian economy. An economy that has a high unemployment and also supports a public debt that, despite the recent efforts of fiscal...

Da strategie unilaterali di politica monetaria non potrà derivare nulla di positivo per nessuno dei game player. Anche considerando progressi dell'Europa nelle politiche per la crescita, se la forza dell'Euro non si collocherà presto in un progetto di nuovo ordine monetario globale, è...

This paper presents a survey of the literature on the determinants of inter-firm credit and on its implications for the transmission mechanism of monetary policy. Theoretical explanations for trade credit can be divided in two categories: a) theories based on real functions performed by trade...

Mucho se ha hablado sobre la relación que guarda el manejo de la tasa de interés líder de la Política Monetaria (1) con la tasa de los fondos de la Reserva Federal de los Estados Unidos (2). Un análisis simple puede demostrar que ambas tasas están altamente relacionadas.

In this article will discuss several topics of macroeconomics and monetary policy and relate them with the contributions and ideas of Franco Modigliani. I will focus in particular on the structure and main features of theoretical systems able to adequately describe the role of money in the...

Este trabajo desarrolla una funcion de demanda de saldos monetarios reales, para el caso de Puerto Rico, con el objetivo de probar la estabilidad de la demanda real de dinero. De acuerdo al modelo teorico desarrollado, los saldos monetarios reales en Puerto Rico son sensibles a la actividad...

The presence of possible distortions caused by a prolonged period of low interest rates indicates that policymakers should raise interest rates as soon as macroeconomic conditions allow. Low interest rates are good for macroeconomic stability in the short run, but could harm long-run financial...