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This study is an extension of two previous studies in which the authors build upon their model of trade union action on contract renewals. To this end, a distinction is made between the percentage of workers at any given moment of time whose new contracts take effect on or before the expiration date of their previous contract. The model is subjected to economic tests with data referring to the Italian industrial sector. The central conclusion is that, since with the wave of strikes initiated by the contract renewals of Fall 1969, the Phillips curve has shifted to the right and upwards and its slope for any given level of unemployment is nearly doubled with respect to the slope prevailing in the previous twenty years. Some implications concerning the present conditions of dynamic instability of the inflationary process are then highlighted. JEL: E24, E31, J51

Il lavoro si occupa del livello e tasso di crescita attuale del debito pubblico in Italia . In primo luogo , cercando le prove disponibili , l'autore stabilisce le cause della rapida crescita del debito pubblico , e la misura in cui l'esperienza italiana è stata condivisa da altri paesi europei. Il problema di instabilità dinamica viene quindi affrontato. Infine , l'autore tenta di rispondere alla domanda se una contrazione fiscale ora è davvero una scelta politica ragionevole . The work deals with the current level and growth rate of Italy’s public debt. First, by looking at the evidence available, the author establishes the causes of the rapid growth in public debt, and the extent to which the Italian experience has been shared by other European countries. The issue of dynamic instability is then addressed. Finally, the author attempts to answer the question whether a fiscal contraction now is indeed a reasonable policy option. JEL: H63