In 1963 a small group of young economists from the Bank of Italy’s Research Department began to work on a macroeoconometric model for the Italian economy (1964-1970). In this article I discuss the origin of this model and its meaning, particularly with reference to the contemporary debate on economic planning. I argue that the model was conceived as a tool to demonstrate the scientific foundations and, thus, objectiveness of monetary policy, and to distance the central bank form policy pressures.
ON THE RATIONALIZATION OF ITALIAN DECISION-MAKING PROCESS: BEHIND THE CONSTRUCTION OF THE BANK OF ITALY’S FIRST MACROECONOMETRIC MODEL (1964-1970)
Rancan, AntonellaPrimo
Writing – Review & Editing
2020-01-01
Abstract
In 1963 a small group of young economists from the Bank of Italy’s Research Department began to work on a macroeoconometric model for the Italian economy (1964-1970). In this article I discuss the origin of this model and its meaning, particularly with reference to the contemporary debate on economic planning. I argue that the model was conceived as a tool to demonstrate the scientific foundations and, thus, objectiveness of monetary policy, and to distance the central bank form policy pressures.File in questo prodotto:
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