The impact of fiscal policy and inflation on national saving: the Italian case

Authors

  • F. MODIGLIANI
  • T. JAPPELLI
  • M. PAGANO

DOI:

https://doi.org/10.13133/2037-3643/11077

Keywords:

National savings, fiscal policy, inflation, Italian economy

Abstract

Apart from income there are two other main influences on national savings: fiscal policy and inflation. The authors construct a model of the Italian economy to analyse the impact of these two related variables. It is concluded that past government deficits have produced a proportional reduction in national saving. Since the early 1960s national savings have declined by nearly 9 percentage points, of which 3.6 percentage points can be accounted for by a 4 per cent increase in the government's deficit. The results regarding the impact of inflation are not definite, and no conclusion is drawn.


JEL: E21, E31, E62

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Published

2013-11-21

How to Cite

MODIGLIANI, F., JAPPELLI, T., & PAGANO, M. (2013). The impact of fiscal policy and inflation on national saving: the Italian case. PSL Quarterly Review, 38(153). https://doi.org/10.13133/2037-3643/11077

Issue

Vol. 38 No. 153 (1985)

Section

Editorial

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