Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/213394
Authors: 
Cesaratto, Sergio
Zezza, Gennaro
Year of Publication: 
2018
Series/Report no.: 
FMM Working Paper No. 37
Abstract: 
In this paper we briefly review the evolution of the Italian economy in the post-war period, discussing the shift from a first period when fiscal policy was targeted - among other things - at full employment, to a later period when controlling inflation through a "foreign discipline" became the main policy target. We review critically the literature on the Italian productivity slowdown, suggesting that it neglects the role of aggregate demand, and of labor market reforms, on productivity. Finally, we discuss Eurozone imbalances, suggesting that Eurozone institutions adopt new rules to keep the interest rate low enough to make public debt sustainable, while using fiscal policy to stimulate growth.
Subjects: 
Italy
stagnation
Eurozone
imbalances
JEL: 
E44
E52
E62
F45
Document Type: 
Working Paper

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