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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
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Maturity shortening and market failure
Thierfelder, Felix - Deutsche Bundesbank - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …
Persistent link: https://www.econbiz.de/10010957159
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Maturity shortening and market failure
Thierfelder, Felix - Deutsche Bundesbank - 2012
Motivated by the financial crisis of 2007-2009 several papers have provided explanations for why liquidity may dry up … during market stress. This paper also looks at this issue but focuses on the question as to why the liquidity crunch was not … need to provide longer-term liquidity. The paper asks what market failure central banks were addressing by intervening and …
Persistent link: https://www.econbiz.de/10010535438
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Rollover risk in commercial paper markets and firms' debt maturity choice
Thierfelder, Felix - Deutsche Bundesbank - 2008
should market liquidity dry up. In a first step, this paper explains why high quality firms introduce a maturity mismatch …
Persistent link: https://www.econbiz.de/10005058998
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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
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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
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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