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Unconventional Monetary Policy in Theory and in Practice

Cecioni, Martina; Ferrero, Giuseppe; Secchi, Alessandro - Banca d'Italia - 2011

In this paper, after discussing the theoretical underpinnings of unconventional monetary policy measures, we review the existing empirical evidence on their effectiveness, focusing on those adopted by the European Central Bank and by the Federal Reserve. These measures operate in two ways:...

Persistent link: https://www.econbiz.de/10009320180

The innovation gap of Italyï¿½s production system: roots and possible solutions

Bugamelli, Matteo; Cannari, Luigi; Lotti, Francesca; … - Banca d'Italia - 2012

The lag in innovation in Italy vis-ï¿½-vis the other main industrial countries is one of the effects of the …

Persistent link: https://www.econbiz.de/10011099601

Is deflation good or bad? Just mind the inflation gap

Casiraghi, Marco; Ferrero, Giuseppe - Banca d'Italia - 2015

We explain why the macroeconomic effects of shocks to inflation of the same size, but opposite sign, are not necessarily symmetric. All in all, the costs of deflation and disinflation tend to exceed those of inflation due to the presence of constraints in the economy, namely the zero lower bound...

Persistent link: https://www.econbiz.de/10011265438

The main recessions in Italy: a retrospective comparison

Bassanetti, Antonio; Cecioni, Martina; Nobili, Andrea; … - Banca d'Italia - 2009

This paper proposes a comparative analysis of the main macroeconomic aggregates (both real and credit aggregates), and the monetary policy response during the most severe recessions experienced by the Italian economy. This descriptive study focuses mainly on the last forty years, a period for...

Persistent link: https://www.econbiz.de/10004987433

The role of macroeconomic policies in the global crisis

Catte, Pietro; Cova, Pietro; Pagano, Patrizio; Visco, … - Banca d'Italia - 2010

This paper argues that the lack of timely and decisive policy action to correct domestic and external imbalances contributed crucially to the build-up of financial excesses that led to the financial crisis and the Great Recession. We focus on 2002-07 and perform a number of counterfactual...

Persistent link: https://www.econbiz.de/10008605947

The impact of unconventional monetary policy on the Italian economy during the sovereign debt crisis

Casiraghi, Marco; Gaiotti, Eugenio; Rodano, Lisa; … - Banca d'Italia - 2013

, government bond yields and credit availability and then map them onto macroeconomic implications using the Bank of Italy …

Persistent link: https://www.econbiz.de/10011099600

Determinants of TARGET2 imbalances

Cecioni, Martina; Ferrero, Giuseppe - Banca d'Italia - 2012

then study BoP developments in Greece, Portugal, Italy and Spain, investigating which of the following explanations …2 liabilities is related to the current account deficit in Greece, there is no evidence of this in Italy, Spain and …; deposit runs are apparent only in Greece. In Italy, the reduction of capital inflows consisted entirely in a decrease in the …

Persistent link: https://www.econbiz.de/10011100341

Monetary policy and fiscal dominance in Italy from the early 1970s to the adoption of the euro: a review

Gaiotti, Eugenio; Secchi, Alessandro - Banca d'Italia - 2012

This paper reviews the main literature and evidence on the relevance of fiscal dominance in Italy in the last part of …

Persistent link: https://www.econbiz.de/10011100342

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

Inflation, debt and the zero lower bound

Neri, Stefano; Notarpietro, Alessandro - Banca d'Italia - 2014

This paper analyses the macroeconomic effects of a protracted period of low and falling inflation rates when monetary policy is constrained by the zero lower bound (ZLB) on nominal interest rates and the private sector is indebted in nominal terms (debt-deflation channel). In this scenario, even...

Persistent link: https://www.econbiz.de/10011100378