There is enough inconsistency that it might have been done by hand; the letters in the larger "viene" are different from the same letters below and that works against the idea of a computer job. But why a calligrapher would have made such ugly transitions ... they would have to be so deliberate.

Letraset wasn't used until about the '60s, but they did have indexing lines printed below the letters for help in alignment, and if followed slavishly could produce this effect. If there were a precursor to that system.....  The drop shadow is certainly consistent with computer graphics but could easily be hand-done, too. Is there any chance this could be a modern (re)construction, fan art? With fold lines to age it, like "antique" Queen Anne furniture made in SE Asia in 1993. ... Sorry, for a moment there it just seemed like there weren't enough conspiracy theories in the world. Anyway, that's all the forensics I have patience for today.

Hard to tell with the small size of the first names, but the "r" is definitely different and the "a" looks fatter, too.

Just as a follow up to the Olivetti film poster, I asked fellow TT member Valiant to weigh in with his thoughts. He's a graphics professional and extremely knowledgeable on the subject of art:
 

Valiant wrote:

My initial thought was that the poster would have been hand lettered. That’s the beauty of all those old movie posters — and I have several books FULL of vintage movie poster reproductions, because I love the art form.

I had second thoughts, though, on account of the transitions between letters, which M. Höhne drew attention to. So I went on line and found a high res version of the poster and took a close look at it.
 
I’d say it is definitely hand lettered, throughout (ie. the italic type and the roman type, caps and lower case). I’ve compared several of the repeated letters to each other, and though they look similar — or identical — when I copy and paste them on top of each other the differences become apparent.
 
The hand lettering is excellent (as is the whole poster), of course it would be; the Italians know what they are doing! So I doubt that the lettering artist was junior or didn’t understand how letters should be joined to each other.
 
I’d say those transitions — which appear awkward — are a deliberate artistic contrivance.
 
I see the description says "Italian poster sports the distinctive artwork of master Ercole Brini.”  It doesn’t specify if he is also the typographic artist.