Busetti Fabio, Giuseppe Ferrero, Andrea Gerali, and Alberto Locarno, 2014, “Deflationary shocks and de-anchoring of inflation expectations”, Bank of Italy Occasional Paper, No. 252. Casiraghi Marco, Eugenio Gaiotti, Lisa Rodano, and Alessandro Secchi, 2016a, “The impact of unconventional monetary policy on the Italian economy during the sovereign debt crisis”, International Journal of Central Banking, forthcoming.
Then the bubble burst. One prince, early in 1720, offended by his inability to buy stock at what he considered a fair price sent a pile of notes to the Banque Royale to be redeemed in hard currency. It was quite a pile, needing three donkey-carts for the journey.