Governor Baffi’s View on the Italian Great Inflation

Elena Seghezza ()

Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, 2020, vol. 6, issue 3, No 7, 563-584

Abstract: 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.

Keywords: Governor baffi; Italian great inflation; Inflation and wealth distribution (search for similar items in EconPapers)
JEL-codes: B31 (search for similar items in EconPapers)
Date: 2020
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Citations: View citations in EconPapers (1)

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DOI: 10.1007/s40797-019-00107-x

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