Econometric modelling in Italy: From economic planning to academic research
Journal title HISTORY OF ECONOMIC THOUGHT AND POLICY
Author/s Antonella Rancan
Publishing Year 2021 Issue 2021/1
Language English Pages 20 P. 63-82 File size 271 KB
DOI 10.3280/SPE2021-001003
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The paper deals with the introduction and acceptance of econometric model-ling as a tool to conduct economic policy analysis in Italy in the Post War. A re-search practice first applied in public and private institutions other than universi-ties. It is argued that economic planning and policymakers’ needs of empirical es-timations, simulations and forecasts played an important role in supporting quan-titative research, at the time when economics was still conceived as a theoretical discipline. Sylos Labini’s (1967) econometric model, the Modellaccio (1970-75), the University of Bologna model (1976) were the first examples of econometric modelling activities within academia. Only since the late 1980s, also due to a gen-erational change, econometrics is fully accepted and introduced in economics cur-ricula with the discipline that aligned to international standards.
Keywords: economic planning, postwar macroeconometric modelling, Modellac-cio, University of Bologna model, Bank of Italy macroeconometric model
Jel codes: B22, B23, N14
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Antonella Rancan, Econometric modelling in Italy: From economic planning to academic research in "HISTORY OF ECONOMIC THOUGHT AND POLICY" 1/2021, pp 63-82, DOI: 10.3280/SPE2021-001003