<i> Collateral Affects of Disinflation in Italy </i> (di Emiliano Brancaccio, Daniela Marconi) - ABSTRACT:The prolonged Italian disinflation ended in 1997 has often been considered as a sort of prize for collective sacrifices. We provide a different view on disinflation, based on the analysis of the...

The export-led growth hypothesis for the Italian economy (1960-98) is tested through a VAR model with four macroeconomic variables: an index of the GDP of the rest of the world; the Italian real exchange rate; Italian real exports; and the Italian real GDP. Our results provide clear empirical...

The domestic saving rate in China is the highest in the world and it surpasses the investment share in GDP, which is also very high by international standards. This excessive saving results in a large current account surplus. Understanding why the Chinese save so much is a central issue in the...

This book collects selected articles addressing several currently debated issues in the field of international macroeconomics. They focus on the role of the central banks in the debate on how to come to terms with the long-term decline in productivity growth, insufficient aggregate demand, high...