Is inflation a monetary phenomenon only? A non monetarist episode of inflation: the Italian case
AbstractThe publication of the second edition of Fratianni and Spinelli's monetary History of Italy offers the opportunity to analyze the causes behind the inflation pattern in Italy in the three decades preceding the entry of the country in the European Monetary Union. The two authors reconstruct the monetary history of Italy using the monetarist theory as an interpretation scheme, and assert that the Italian experience represents a significant confirmation of the validity of that theoretical model. This paper has two objectives. The first consists in showing the limits of the explanation of Italian inflation based on the monetarist theory; the second consists in providing an alternative explanation whereby the pattern of Italian inflation basically depends on the trend of production costs and on the behavior of companies in connection with mark-up definition. This paper is subdivided into two parts. In part I, the summary of the most significant aspects of the monetarist interpretation is followed by a review of its weak points. In part II, an alternative interpretation of the evolution of inflation in Italy is presented.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Department of Economics, University of Insubria in its series Economics and Quantitative Methods with number qf0209.
Length: 25 pages
Date of creation: May 2002
Date of revision:
Contact details of provider:
Postal: Via Ravasi 2-21100 Varese
Web page: http://www.uninsubria.it/uninsubria/facolta/econo.html
More information through EDIRC
Other versions of this item:
- Giancarlo Bertocco, 2002. "Is inflation a monetary phenomenon only? A non monetarist episode of inflation: the italian case," STUDI ECONOMICI, FrancoAngeli Editore, vol. 2002(78).
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- George T. McCandless, Jr. & Warren E. Weber, 1995. "Some monetary facts," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Sum, pages 2-11.
- Bennett T. McCallum, 1997.
"Issues in the Design of Monetary Policy Rules,"
NBER Working Papers
6016, National Bureau of Economic Research, Inc.
- David Romer, 2000.
"Keynesian Macroeconomics without the LM Curve,"
NBER Working Papers
7461, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 2000.
"International Experiences with Different Monetary Policy Regimes,"
NBER Working Papers
7044, National Bureau of Economic Research, Inc.
- Frederic S. Mishkin, 1999. "International Experiences with Different Monetary Policy Regimes," NBER Working Papers 6965, National Bureau of Economic Research, Inc.
- Mishkin, F.S., 1998. "International Experiences with Different Monetary Policy Regimes," Papers 648, Stockholm - International Economic Studies.
- Mishkin, Frederic S., 1998. "International Experiences With Different Monetary Policy Regimes," Seminar Papers 648, Stockholm University, Institute for International Economic Studies.
- Gerald P. Dwyer & R.W. Hafer, 1988. "Is money irrelevant?," Review, Federal Reserve Bank of St. Louis, issue May, pages 3-17.
- Sun Bae Kim, 1991. "The independence of central banks," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, issue Dec 13.
- Allan H. Meltzer, 2001. "Money and monetary policy: an essay in honor of Darryl Francis," Review, Federal Reserve Bank of St. Louis, issue Jul, pages 23-32.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Segreteria Dipartimento).
If references are entirely missing, you can add them using this form.