The Main Recessions in Italy: A Retrospective Comparison

38 Pages Posted: 28 Sep 2009

Date Written: July 27, 2009

Abstract

This paper proposes a comparative analysis of the main macroeconomic aggregates (both real and credit aggregates), and the monetary policy response during the most severe recessions experienced by the Italian economy. This descriptive study focuses mainly on the last forty years, a period for which there is ample and detailed information available. In particular, the paper contrasts the data on the current deep recession with those in 1974-75 and 1992-93, at the times of the oil crisis and the currency crisis respectively. For a selected list of variables, a comparison is made with the dynamics of the recession of the 1930s.

Keywords: cyclical fluctuations, recession, credit supply, monetary policy

JEL Classification: E20, E32, E50, N14

Suggested Citation

Bassanetti, Antonio and Cecioni, Martina and Zevi, Giordano, The Main Recessions in Italy: A Retrospective Comparison (July 27, 2009). Bank of Italy Occasional Paper No. 46. Available at SSRN: https://ssrn.com/abstract=1479648 or http://dx.doi.org/10.2139/ssrn.1479648

Antonio Bassanetti (Contact Author)

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Martina Cecioni

Bank of Italy ( email )

Via Nazionale 91
Rome, 00184
Italy

Giordano Zevi

Bank of Italy ( email )

Via Nazionale 91
00184 Roma
Italy

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