C'è ancora spazio per la politica economica nell'Italia degli anni novanta?

What Is the Role of Policy-Making in the 90s? An Application to the Italian Economy

Abstract disponibile solo in lingua inglese

The paper tries to model and explore how a small economy reacts vis-à-vis shocks in the nominal exchange rate and/or in the terms of trade. Two different frameworks have been assumed: non-integration, i.e. the absence of capital movements with flexible exchange rates; and total integration, i.e. free capital mobility with fixed exchange rates. It is shown that the assumptions about integration are crucial as regards the quality of the reactions. Consequences are thus derived with respect to policy making in Italy, as well as to the future role of policy-making in the EEC.