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Beyond Supply-Side Explanations: Italy’s Growth Trajectory in Post-Keynesian and CPE Frameworks

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  • Federica Arena

Abstract

Since the seminal work ofBaccaro and Pontusson(2016), the Comparative Political Econ- omy (CPE) literature has increasingly reintegrated aggregate demand as a central determinant of growth trajectories in advanced economies. This paper contributes to this burgeoning Growth Model (GM) research agenda by applying the Supermultiplier decomposition to analyze Italy’s economic growth from 1960 to 2022. Our approach provides a granular examination of the demand components driving growth, distinguishing between autonomous and induced expenditures, a critical separation often overlooked in traditional decompositions. By situating our empirical findings within the institutional and political context of each identified sub-period, we offer a comprehensive analysis that bridges post-Keynesian economic theory with the CPE focus on the "politics of growth".

Suggested Citation

  • Federica Arena, 2025. "Beyond Supply-Side Explanations: Italy’s Growth Trajectory in Post-Keynesian and CPE Frameworks," Department of Economics University of Siena 930, Department of Economics, University of Siena.
    • Handle: RePEc:usi:wpaper:930
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    JEL classification:

    • E12 - Macroeconomics and Monetary Economics - - General Aggregative Models - - - Keynes; Keynesian; Post-Keynesian; Modern Monetary Theory
    • O52 - Economic Development, Innovation, Technological Change, and Growth - - Economywide Country Studies - - - Europe
    • B50 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - General
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State

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