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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 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 monetary transmission mechanism in the euro area: has it changed and why?

Cecioni, Martina; Neri, Stefano - Banca d'Italia - 2011

Based on a structural VAR and a dynamic general equilibrium model, we provide evidence of the changes in the monetary transmission mechanism (MTM) in the European Monetary Union after the adoption of the common currency in 1999. The estimation of a Bayesian VAR over the periods before and after...

Persistent link: https://www.econbiz.de/10009020152

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