Teoria macroeconomica e politica monetaria:i contributi di Franco Modigliani e il dibattito in corso (Macroeconomic theory and monetary policy: contributions by Franco Modigliani and the ongoing debate)

Lucas Papademos

Abstract


Nel presente articolo tratterò diversi temi di teoria macroeconomica e politica monetaria, ponendoli in relazione con i contributi e le idee di Franco Modigliani.
Mi soffermerò, in particolare, sulla struttura e sulle caratteristiche principali di impianti teorici capaci di descrivere in modo adeguato il ruolo della moneta nel contesto macroeconomico e gli effetti della politica monetaria sulla produzione aggregata e sul livello dei prezzi.
Uno di tali impianti, che riassumerà in sé i progressi teorici esaminati in precedenza, può essere ritenuto in linea con il punto di vista comune riguardo alle componenti fondamentali e al funzionamento del meccanismo di trasmissione della politica monetaria. Evidenzierò, inoltre, gli elementi di incertezza e le questioni irrisolte che sussistono riguardo ad alcune caratteristiche dinamiche e strutturali del modello.
Come secondo argomento, intendo trattare brevemente la natura e la solidità delle relazioni empiriche che legano importanti variabili economiche – quali il livello dei prezzi e la produzione aggregata – agli strumenti di politica monetaria.
Infine, mi soffermerò sulle conseguenze sia dell’impianto teorico macroeconomico come lo conosciamo attualmente, sia dei risultati empirici riguardo ai legami fra gli obiettivi e gli strumenti di politica monetaria per la scelta di un’adeguata strategia in questo ambito e per la sua efficace attuazione. 

 

 

In this article will discuss several topics of macroeconomics and monetary policy and relate them with the contributions and ideas of Franco Modigliani. I will focus in particular on the structure and main features of theoretical systems able to adequately describe the role of money in the macroeconomic environment and the effects of monetary policy on aggregate output and the price level. One of these facilities, which will sum itself theoretical advances discussed above, can be considered in line with the common point of view about the basic components and operation of the transmission mechanism of monetary policy. Will highlight also the elements of uncertainty and unresolved issues that exist with respect to some structural and dynamic characteristics of the model. As the second argument, I want to briefly discuss the nature and strength of the empirical relationships linking important economic variables - such as the price level and aggregate output – to the tools of monetary policy. Finally, I will focus on the consequences of the theoretical macroeconomic and as we know now, empirical results regarding the links between the objectives and instruments of monetary policy for the selection of an appropriate strategy in this area and for its effective implementation .

 

 

JEL Codes: G24, E31, E42

Keywords: teoria macroeconomica, politica monetaria, livello dei prezzi, produzione aggregata


Keyword


teoria macroeconomica, politica monetaria, livello dei prezzi, produzione aggregata

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