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Papers by Franco Spinelli
RePEc: Research Papers in Economics, 2010
Social Science Research Network, 2005
Did the city-states of Genoa and Venice kick a financial revolution all the way back in the Quatt... more Did the city-states of Genoa and Venice kick a financial revolution all the way back in the Quattrocento, much sooner than the financial revolutions of the Netherlands, England and America? To answer this question we analyze the classic revolutions in terms of three key ...
Cambridge University Press eBooks, 2005
... Andreatta, Michael Bordo, Karl Brunner, Filippo Cesarano, Paul de Grauwe, Renato de Mattia, E... more ... Andreatta, Michael Bordo, Karl Brunner, Filippo Cesarano, Paul de Grauwe, Renato de Mattia, Enzo Grilli, Gualberto Gualerni, David Laidler, Thomas Mayer, Allan Meltzer, Stefano Micossi, Manfred JM Neumann, Fabrizio Onida, Luigi Pasinetti, Mario Sarcinelli, Paolo Savona ...
PSL Quarterly Review, 1981
The authors select four issues to emphasise how they differ from Paolo Sylos Labini in theoretica... more The authors select four issues to emphasise how they differ from Paolo Sylos Labini in theoretical constructs, method and empiricism: (i) wage equations and history; (ii) sociology and inflation; (iii) the general price level; (iv) aggregate demand and output.
Social Science Research Network, 1999
Fiscal dominance, that is the extent to which government deficits condition the growth of the mon... more Fiscal dominance, that is the extent to which government deficits condition the growth of the money supply, has been the prevailing regime in Italian monetary history from the creation of the state in 1861 to the 1980s. The nature of the institutional structure linking budget deficits to monetary base creation has changed over time. In the early days, the profit-seeking banks of issued exceeded intermittently the legal ceiling on their outstanding currency to lend to government. The influence of public finance on monetary policy became even stronger, first, in the 1930s and, later, in the 1970s. The joint event of an independent central bank and lower budget deficits are responsible for a reversal of fiscal dominance ion the 1980s and the 1990s.
Social Science Research Network, 2009
We examine Italian inflation rates and the Phillips curve with a very long-run perspective, one t... more We examine Italian inflation rates and the Phillips curve with a very long-run perspective, one that covers the entire existence of the Italian lira from political unification (1861) to the entry of Italy in the European Monetary Union (end of 1998). We first study the volatility, persistence and stationarity of the Italian inflation rate over the long run and across various exchange-rate regimes that have shaped Italian monetary history. Next, we estimate alternative Phillips equations and investigate the extent to which nonlinearities, asymmetries and structural changes characterize the inflation-output trade-off in the long run. We capture the effects of structural changes and asymmetries on the estimated parameters of the inflation-output trade-off relying partly on sub-sample estimates and partly on time-varying parameters estimated with the Kalman filter. Finally, we investigate causal relationships between inflation rates and output and extend the analysis to include the US and the UK for comparison purposes. The inference is that Italy has experienced a conventional inflation-output trade-off only during times of low inflation and stable aggregate supply.
Over the past few years it has been suggested repeatedly that, because of asymmetric nonsterilize... more Over the past few years it has been suggested repeatedly that, because of asymmetric nonsterilized intervention, currency substitution translates into swings in the world money stock. A number of proposals have been made to reduce such destabilizing effects. One of these would amount to the establishment of a target for world money growth to assure that currency substitution affects only
A Monetary History of Italy, 1997
A Monetary History of Italy, 1997
The Manchester School, 1984
I In the empirical literature on the demand for money in Italy several important issues remain to... more I In the empirical literature on the demand for money in Italy several important issues remain to be settled; they concern stability, simultaneity, the nature of the adjustment process, the role of the domestic rate of inflation and that of foreign interest rates (Calliari, Spinelli and ...
Scottish Journal of Political Economy, 1994
A Monetary History of Italy, 1997
Journal of European Economic History, 1985
RePEc: Research Papers in Economics, 2010
Social Science Research Network, 2005
Did the city-states of Genoa and Venice kick a financial revolution all the way back in the Quatt... more Did the city-states of Genoa and Venice kick a financial revolution all the way back in the Quattrocento, much sooner than the financial revolutions of the Netherlands, England and America? To answer this question we analyze the classic revolutions in terms of three key ...
Cambridge University Press eBooks, 2005
... Andreatta, Michael Bordo, Karl Brunner, Filippo Cesarano, Paul de Grauwe, Renato de Mattia, E... more ... Andreatta, Michael Bordo, Karl Brunner, Filippo Cesarano, Paul de Grauwe, Renato de Mattia, Enzo Grilli, Gualberto Gualerni, David Laidler, Thomas Mayer, Allan Meltzer, Stefano Micossi, Manfred JM Neumann, Fabrizio Onida, Luigi Pasinetti, Mario Sarcinelli, Paolo Savona ...
PSL Quarterly Review, 1981
The authors select four issues to emphasise how they differ from Paolo Sylos Labini in theoretica... more The authors select four issues to emphasise how they differ from Paolo Sylos Labini in theoretical constructs, method and empiricism: (i) wage equations and history; (ii) sociology and inflation; (iii) the general price level; (iv) aggregate demand and output.
Social Science Research Network, 1999
Fiscal dominance, that is the extent to which government deficits condition the growth of the mon... more Fiscal dominance, that is the extent to which government deficits condition the growth of the money supply, has been the prevailing regime in Italian monetary history from the creation of the state in 1861 to the 1980s. The nature of the institutional structure linking budget deficits to monetary base creation has changed over time. In the early days, the profit-seeking banks of issued exceeded intermittently the legal ceiling on their outstanding currency to lend to government. The influence of public finance on monetary policy became even stronger, first, in the 1930s and, later, in the 1970s. The joint event of an independent central bank and lower budget deficits are responsible for a reversal of fiscal dominance ion the 1980s and the 1990s.
Social Science Research Network, 2009
We examine Italian inflation rates and the Phillips curve with a very long-run perspective, one t... more We examine Italian inflation rates and the Phillips curve with a very long-run perspective, one that covers the entire existence of the Italian lira from political unification (1861) to the entry of Italy in the European Monetary Union (end of 1998). We first study the volatility, persistence and stationarity of the Italian inflation rate over the long run and across various exchange-rate regimes that have shaped Italian monetary history. Next, we estimate alternative Phillips equations and investigate the extent to which nonlinearities, asymmetries and structural changes characterize the inflation-output trade-off in the long run. We capture the effects of structural changes and asymmetries on the estimated parameters of the inflation-output trade-off relying partly on sub-sample estimates and partly on time-varying parameters estimated with the Kalman filter. Finally, we investigate causal relationships between inflation rates and output and extend the analysis to include the US and the UK for comparison purposes. The inference is that Italy has experienced a conventional inflation-output trade-off only during times of low inflation and stable aggregate supply.
Over the past few years it has been suggested repeatedly that, because of asymmetric nonsterilize... more Over the past few years it has been suggested repeatedly that, because of asymmetric nonsterilized intervention, currency substitution translates into swings in the world money stock. A number of proposals have been made to reduce such destabilizing effects. One of these would amount to the establishment of a target for world money growth to assure that currency substitution affects only
A Monetary History of Italy, 1997
A Monetary History of Italy, 1997
The Manchester School, 1984
I In the empirical literature on the demand for money in Italy several important issues remain to... more I In the empirical literature on the demand for money in Italy several important issues remain to be settled; they concern stability, simultaneity, the nature of the adjustment process, the role of the domestic rate of inflation and that of foreign interest rates (Calliari, Spinelli and ...
Scottish Journal of Political Economy, 1994
A Monetary History of Italy, 1997
Journal of European Economic History, 1985