We study empirically the distributional implications of a non-standard monetary policy expansion, considering the measures implemented by the Eurosystem in 2011-2012 and exploiting a rich micro dataset on Italian households' income and wealth, in order to take contemporaneously into account a...

Monetary policy transmission may be impaired if banks rebalance their portfolios towards securities. We identify the bank lending and risk-taking channels of monetary policy by exploiting – Italian's unique – credit and security registers. In crisis times, with higher ECB liquidity, less...

This paper briefly reviews the literature on fiscal multipliers and then presents results for the Italian economy obtained by simulating a dynamic general equilibrium model that allows for the possibility (a) that the zero lower bound may be binding and (b) that the initial public debt-to-GDP...

The aim of the present article is twofold. Firstly, to put the German Federal Constitutional Court (i.e., the BverfG) judgment into the context of a drawn-out conflict between the German Republic and the European Union regarding the setting up of a crisis management tool in the area of monetary...