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Laeven, Luc; Draghi, Mario; Dombret, Andreas R.; … - SUERF - The European Money and Finance Forum; Deutsche …; … - 2016

On 3 December EY hosted a SUERF conference on banking reform with Sir Howard Davies, the Chairman of RBS, and Dame Colette Bowe, the Chairman of the Banking Standards Board, as the two keynote speakers. Professor David Miles (Imperial College) gave the SUERF 2015 Annual Lecture on Capital and...

Persistent link: https://www.econbiz.de/10011557140

Macroeconomic effects of simultaneous implementation of reforms after the crisis

Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2014

This paper evaluates the macroeconomic effects of simultaneously implementing fiscal consolidation and competition-friendly reforms in a country of the euro area by simulating a large-scale dynamic general equilibrium model. We find, first, that the joint implementation of reforms has additional...

Persistent link: https://www.econbiz.de/10011103310

Contingent liquidity

Nicoletti-Altimari, Sergio; Salleo, Carmelo - Banca d'Italia - 2010

After the crisis, bank regulators are considering mitigating liquidity risk by introducing quantity limits on liquidity … and maturity mismatch. We argue that aggregate liquidity risk can be reduced with little deadweight loss by encouraging … readily observable variable correlated with systemic liquidity risk (e.g. the LIBOR-OIS spread) is above a trigger threshold …

Persistent link: https://www.econbiz.de/10008677914

Macroeconomic effects of greater competition in the service sector: the case of Italy

Forni, Lorenzo; Gerali, Andrea; Pisani, Massimiliano - Banca d'Italia - 2009

The paper assesses the effects of increasing competition in the service sector in Italy which, based on cross-country comparisons, is the OECD country with the highest markups in non-manufacturing industries. We propose a two-region (Italy and the rest of the euro area) dynamic general...

Persistent link: https://www.econbiz.de/10005642129

Structural reforms and zero lower bound in a monetary union

Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2015

We assess the short- and medium-term macroeconomic effects of competition-friendly reforms in the service sector when the monetary policy rate is stuck at the zero lower bound (ZLB) in a monetary union. We calibrate a large-scale multi-country multi-sector dynamic general equilibrium model to...

Persistent link: https://www.econbiz.de/10011184261

Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment

Locarno, Alberto; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2013

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...

Persistent link: https://www.econbiz.de/10011099679

Macroprudential, microprudential and monetary policies: conflicts, complementarities and trade-offs

Angelini, Paolo; Nicoletti-Altimari, Sergio; Visco, Ignazio - Banca d'Italia - 2012

We review the recent literature on macroprudential policy and its interaction with other policies, extracting several points. First, there are externalities in the financial sector, often in the form of excessive credit growth. Second, monetary policy needs to take financial stability into...

Persistent link: https://www.econbiz.de/10011100375