Baffi’s interpretation of Italy’s Great Inflation in the 1970s departs from the interpretations it traditionally receives. Traditional interpretations bring back inflation to the need to cover public deficits or to the prevailing type of industrial relations and to high wage dynamics. Baffi departs from these explanations and sees inflation as the outcome of a social conflict. This conflict, however, is not limited to income distribution but also relates to wealth distribution. According to Baffi inflation, reducing saving, had a penalizing effect on economic growth.
Governor Baffi's view on the Italian great inflation
Elena Seghezza
2020-01-01
Abstract
Baffi’s interpretation of Italy’s Great Inflation in the 1970s departs from the interpretations it traditionally receives. Traditional interpretations bring back inflation to the need to cover public deficits or to the prevailing type of industrial relations and to high wage dynamics. Baffi departs from these explanations and sees inflation as the outcome of a social conflict. This conflict, however, is not limited to income distribution but also relates to wealth distribution. According to Baffi inflation, reducing saving, had a penalizing effect on economic growth.File in questo prodotto:
File | Dimensione | Formato | |
---|---|---|---|
Baffi IEJ.pdf
accesso chiuso
Tipologia:
Documento in versione editoriale
Dimensione
426.12 kB
Formato
Adobe PDF
|
426.12 kB | Adobe PDF | Visualizza/Apri Richiedi una copia |
I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.