Funding liquidity, i.e., the ease with which firms, investors and consumers can obtain funding, is a key property of today's monetary transmission mechanism. We investigate empirically the role played by various measures of credit availability in shaping the dynamics of asset prices and the...

Funding liquidity, i.e., the ease with which firms, investors and consumers can obtain funding, is a key property of today's monetary transmission mechanism. We investigate empirically the role played by various measures of credit availability in shaping the dynamics of asset prices and the...

Funding liquidity, i.e., the ease with which firms, investors and consumers can obtain funding, is a key property of the monetary transmission mechanism. This paper is an empirical assessment of the role played by various measures of credit availability in shaping the dynamics of asset prices...

We estimate forward-looking interest-rate rules for five large OECD economies, allowing for time variation in the responses to macroeconomic conditions and in the variance of the policy rate. Conventional constant-parameter reaction functions likely blur the impact of i) model uncertainty, ii)...

Following Havrilesky seminal work (1995) and its extension by Maier, Sturm and de Haan (2002) we construct a monthly index of external influences on Bank of Italy’s conduct for the period 1984-1998. This paper describes the index of overall pressure on Italian monetary policy and the five...

We estimate forward-looking interest-rate rules, for major advanced countries, allowing for time variation in their parameters. Traditional constant-parameter reaction functions likely blur the impact of i) model uncertainty, ii) conflicting objectives, iii) shifting preferences and iv)...