Article originally published in Banca Nazionale del Lavoro Quarterly Review, vol. 19 n. 77, June 1966, pp. 99-120.

Originally published in "European Monetary Union: The Problems a Transition to a Single Currency", supplement to Banca Nazionale del Lavoro Quarterly Review, n. 196 of March 1996, pp. 137-159.

Article originally published in Banca Nazionale del Lavoro Quarterly Review, vol. 42 n. 172, March 1990, pp. 3-20. Text of the speech of the 1989 Einaudi lecture.

The paper first addresses the question of the sustainability of debt growth by examining the behavior of taxation implied by fiscal rules that respect a government's intertemporal budget constraint. Sustainable debt growth may require the tax burden to rise above some socially acceptable level....

Article originally published in Moneta e Credito, vol. 26 n. 104, December 1973, pp. 308-335.

This paper is a first attempt at evaluating the determinants of the interest rate differentials on government bonds between high yielders, namely Italy, Spain and Sweden, and Germany. In particular the authors concentrate on daily frequencies, where the relevance of economic fundamentals is...

This paper is a first attempt at evaluating the determinants of the total interest rate differentials on government bonds between high yielders, namely Italy, Spain, Sweden and Germany. In particular we address the question of the relative importance of local and global factors in the...

The paper examines the possible motivations behind the plea for fiscal rules in the Delors Report. We argue that coordination problems arising from aggregate demand spillovers cannot be solved by means of budget rules and that in any case they are not important in Europe. We then discuss the...

The current account has always been a neglected variable in the management of the Euro area and in the assessment of its members' performance; so has, as a consequence, the savings-investment balance. This paper first reviews the arguments that explain this attitude and justify, under some...