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Governor Baffi’s View on the Italian Great Inflation

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  • Elena Seghezza

    (Università di Genova)

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.

Suggested Citation

  • Elena Seghezza, 2020. "Governor Baffi’s View on the Italian Great Inflation," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 6(3), pages 563-584, November.
    • Handle: RePEc:spr:italej:v:6:y:2020:i:3:d:10.1007_s40797-019-00107-x
    DOI: 10.1007/s40797-019-00107-x
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    Cited by:

    1. Alberto Baffigi, 2022. "Paolo Baffi: la moneta europea e "il crepuscolo degli esperti" (Paolo Baffi: The European currency and the "twilight of the experts")," Moneta e Credito, Economia civile, vol. 76(301), pages 57-75.

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    More about this item

    Keywords

    Governor baffi; Italian great inflation; Inflation and wealth distribution;
    All these keywords.

    JEL classification:

    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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