Paolo Baffi had an impressive career as Director of Research in the Bank of Italy, especially in promoting research on monetary isuues.
Subsequently, as Governo of the Bank after the first oil crisis, he was deeply involved as policy-maker during a crucial and stormy period of high inflation and low growth (which indeed he termed 'il mio quinquennio di fuoco' - my five years of fire) and also set the stage for the Bank's subsequent enhanced independence.
In 1958 Baffi wrote a major study, published in Banca Nazionale del Lavoro, on the monetary developments of Italy in the preceding 25 years, including the postwar period of very high inflation.
His choice of topic was quite uncommon at the time, for many economist then did not consider money an important subject [...]
