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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

What is the Optimal Institutional Arrangement for a Monetary Union?

Gambacorta, Leonardo - Banca d'Italia - 1999

The aim of this paper is to design the optimal institutional arrangement for a monetary union. Using a two-country rational expectations model, the study analyses how the conservatism of the area-wide central bank and the penalty system for fiscal deviation (Stability and Growth Pact) should be...

Persistent link: https://www.econbiz.de/10005609368

Heterogeneous "Credit Channels" and Optimal Monetary Policy in a Monetary Union

Gambacorta, Leonardo - Banca d'Italia - 1998

The process of European monetary integration has prompted interest in the study of differences in financial systems and their consequences for monetary transmission mechanisms. This paper analyses the case of a monetary union composed of countries with heterogeneous "credit channels". In order...

Persistent link: https://www.econbiz.de/10005467303

Assessing the effects of monetary and fiscal policy

Neri, Stefano - Banca d'Italia - 2001

This paper has two objectives: the first is to jointly analyse monetary and fiscal policy with a structural VAR model, evaluate the dynamic impact of policy shocks on U.S. output and prices and the contributions of these two sources to fluctuations in these variables. The second objective is to...

Persistent link: https://www.econbiz.de/10005113519

The Italian public finances in the period 1998-2007: temporary factors, medium-term trends and discretionary measures

Marino, Maria Rosaria; Momigliano, Sandro; Rizza, Pietro - Banca d'Italia - 2008

The paper examines the development of Italyï¿½s public finances after the consolidation period 1992-97, which secured participation in the European Monetary Union from the outset. The ï¿½structuralï¿½ developments in the main budgetary components are assessed, excluding the effects of...

Persistent link: https://www.econbiz.de/10005113682

How are firms' wages and prices linked: survey evidence in Europe

Druant, Martine; Fabiani, Silvia; Kezdig, Gabor; Lamo, Ana - Banca d'Italia - 2009

This paper presents new evidence on the patterns of price and wage adjustment in European firms and on the extent of nominal rigidities. It uses a unique dataset collected through a firm-level survey conducted in a broad range of countries and covering various sectors. Several conclusions are...

Persistent link: https://www.econbiz.de/10008527061

Money and uncertainty : inflation, interest, indexation ; Banca d'Italia, Roma, 6 novembre 1992

Drèze, Jacques H. - 1993

Persistent link: https://www.econbiz.de/10000877254

Down the non-linear road from oil to consumer energy prices: no much asymmetry along the way

Venditti, Fabrizio - Banca d'Italia - 2010

In the past decade changes in oil prices have played a significant role in shaping inflation dynamics in the US and in …

Persistent link: https://www.econbiz.de/10008626023

Do food commodity prices have asymmetric effects on Euro-Area inflation?

Porqueddu, Mario; Venditti, Fabrizio - Banca d'Italia - 2012

issue is of particular interest for those monetary authorities that target headline consumer price inflation, which has been …

Persistent link: https://www.econbiz.de/10011099718

Surprise! Euro area inflation has fallen

Riggi, Marianna; Venditti, Fabrizio - Banca d'Italia - 2014

Between 2013 and 2014, following the recession triggered by the sovereign debt crisis, euro-area inflation decreased … sharply. Although a fall in the inflation rate was to be expected, given the severity of the recession, professional … inflation, which was unaccounted for in forecasting models. We probe this explanation in the context of a simple backward …

Persistent link: https://www.econbiz.de/10011100362