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1999GIOVANNI BELLONE
Un profilo dell'inflazione italiana, 52p.
ABSTRACT
The present paper try to present few critical turning points which have characterized the route of the Italian inflation from the beginning of the seventies up to January 1 st 1999. It matches this historical schetch whith the hint to the main interrelationships among the aggregates in the game,first through a simple model and afterwards through the variables listed in the model by Leeper and Sims (1994). Finally there is a circumscribed discussion of the present state of the rules versus discretion debate in the conduct of monetary policy . To day is exctly the Taylor rule which tends to suggest a priority of the policies intended to remedy the gap between full employment income, rather than pure anti inflationary policies . An inflation target is valued more as a binding tie than as a primary policy
