By Cristina Nardi Spiller
By exploring the associated fee dynamics and company cycle of the Italian economic climate as regards to an important foreign occasions, this article sheds new gentle at the country's present state of affairs. utilizing a long term analytical framework underpinned by means of crucial theoretical techniques, the research areas specific emphasis on rate dynamics. The textual content starts off with the country's post-war problems after which covers the boom-and-bust interval of the "Italian miracle", sooner than relocating onto the lasting inflationary means of the 70s and 80s, and at last the monetary main issue of the 90s and the start of the recent century. The ebook additionally investigates the confident and dangers of coverage measures. an enormous implication of this technique is that it assesses the several evolutionary features of the Italian financial constitution, which in flip supplies option to an research of the dynamic behaviour of coverage makers and social partners.
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By means of exploring the associated fee dynamics and enterprise cycle of the Italian economic climate as regards to crucial overseas occasions, this article sheds new gentle at the country's present state of affairs. utilizing a long term analytical framework underpinned through critical theoretical methods, the research locations specific emphasis on fee dynamics.
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Extra info for The Dynamics of the Price Structure and the Business Cycle: The Italian Evidence from 1945 to 2000
At the start of the year wholesale prices rocketed, fuelled by increases in raw material prices, marking the start of imported inflation. 1969 was a negative year for the Italian economy: the trade unions secured themselves a particularly privileged position in negotiations with the GovernmentY Without the "autun no caldo" (hot autumn), it has been widely estimated that in 1969 national income would have grown by around 7%: remarkably high and astonishing rate (Mengarelli, 1979, p. 81) On the contrary, owing to the numerous strikes, national income grew by a mere 5%, the result of irregular bursts of output during the year.
317), rather than allocating them to improving efficiency. With all probability both versions contain elements of truth: «in medio stat virtus», as the medieval scholastic adage recites. Indeed throughout the economic boom, the Italian economy was heavily reliant upon the trend of overseas demand for consumer goods, and consequently also on Wage drift occurs in situations of demand inflation. In fact in the well-known equation DL= nDg, where DL is labour demand, n is the number of hours necessary to produce a unit of output, Dg represents aggregate demand for goods and services.
The remaining portion of the wage packet (excluding production bonuses and seniority increases) was increased by 25% of the index. 3 Inflation in the 1960s 31 the oil shocks. In fact in the event of a negative supply shock real wages should fall, but this could not happen in the presence of complete wage indexation. 30 In these new circumstances, Italy's political forces were confronted with a united working class and with trade unions poised for battle and ready to take whatever action was necessary.