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Do Measures of Monetary Policy in a VAR Make Sense?
Rudebusch, G.D. - Banca d'Italia - 1996
In many VARs, monetary policy shocks are identified with the least squares residuals from a regression of the federal … correlation with funds rate shocks that are derived from forward-looking financial markets. …
Persistent link: https://www.econbiz.de/10005780700
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The transmission of monetary policy shocks from the US to the euro area
Nobili, Andrea; Neri, Stefano - Banca d'Italia - 2006
This paper studies the transmission of monetary policy shocks from the US to the euro-area using a two …-country structural VAR with no exogeneity assumption. The analysis reveals the following results. First, in response to an unexpected … trade balance channel to the transmission of monetary shocks is negligible. Finally, the degree of pass-through of the …
Persistent link: https://www.econbiz.de/10005770775
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Monetary Policy Effects: New Evidence from the Italian Flow of Funds
Bonci, Riccardo; Columba, Francesco - Banca d'Italia - 2008
monetary policy shocks on Italian flows of funds over the period 1980-2002. Firms reduce their issuance of debt and their …
Persistent link: https://www.econbiz.de/10005467312
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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
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The Credit Channel of Policy Across Heterogeneous Banks:the Case of Italy.
Angeloni, I.; Buttiglione, L.; Ferri, G.; Gaiotti, E. - Banca d'Italia - 1995
Persistent link: https://www.econbiz.de/10005486713
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Should monetary policy lean against the wind? An analysis based on a DSGE model with banking
Gambacorta, Leonardo; Signoretti, Federico M. - Banca d'Italia - 2013
, leaning-against-the-wind policies are desirable in the case of supply-side shocks whenever the central bank is concerned with …
Persistent link: https://www.econbiz.de/10011099720
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Monetary Policy Transmission, the Exchange Rate and Long-Term Yields under Different Hypothesis on Expectations.
Gaiotti, E.; Nicoletti-Altimari, S. - Banca d'Italia - 1996
The paper studies the transmission of monetary policy through its effects on the exchange rate and on long-term interest rates under different schemes of expectations formation, within the framework of the quaterly model of the Banca d'Italia (BIQM).
Persistent link: https://www.econbiz.de/10005671390
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Which Target for Monetary Policy in Stage Three? Issues in the Shaping of the European Payment System.
Giannini, C.; Monticelli, C. - Banca d'Italia - 1995
Persistent link: https://www.econbiz.de/10005780689
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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
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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 …
Persistent link: https://www.econbiz.de/10011265438