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Stock Prices and Money Velocity: A Multi-Country Analysis.

Caruso, M. - Banca d'Italia - 1996

What kind of information do stock prices offer for predicting velocity? This paper develops previous work by Milton …

Persistent link: https://www.econbiz.de/10005780692

Forecasting Industrial Production in the Euro Area.

Bodo, G.; Golinelli, R.; Parigi, G. - Banca d'Italia - 2000

The creation of the Euro area has increased the importance of obtaining timely information about short-term changes in the area's real activity. In this paper we propose a number of alternative short-term forecasting models, ranging from simple ARIMA models to more complex cointegrated VAR and...

Persistent link: https://www.econbiz.de/10005640910

Memory for prices and the euro cash changeover: An analysis for cinema prices in Italy

Cestari, Vincenzo; Giovane, Paolo Del; Rossi-Arnaud, Clelia - Banca d'Italia - 2007

The question addressed by this study is whether consumers remember past prices correctly. We test Italian citizensï …¿½ memory for cinema prices with questionnaires distributed to moviegoers. The analysis concentrates on the memory of pre …-euro prices, but the recall for a more recent period is also investigated. The results show that only a small percentage of …

Persistent link: https://www.econbiz.de/10005770754

The short-term impact of government budgets on prices; evidence from macroeconometric models

Henry, Jerome; Cos, Pablo Hernandez de; Momigliano, Sandro - Banca d'Italia - 2004

This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses … Commission and the OECD models. Overall, a broad consensus appears on the impact on prices of changes in individual government … limited impact on prices in the first year while, in contrast, changes in indirect taxes and employersï¿½ social security …

Persistent link: https://www.econbiz.de/10005113650

The Seasonal Adjustment of the Harmonised Index of Consumer Prices for the Euro Area: a Comparaison of Derect and Indirect Methods.

Cristadoro, R.; Sabbatini, R. - Banca d'Italia - 2000

In this paper we analyse the Harmonised Index of Consumer Prices, which plays a key role in conduct of monetary policy … in the euro area. Knowledge of the characteristics of the short-term evolution of consumer prices for each country and …

Persistent link: https://www.econbiz.de/10005671378

Stock Values and Fundamentals: Link or Irrationality?.

Fornari, F.; Pericoli, M. - Banca d'Italia - 2000

In this paper, econometric techniques are employed to analyze the continuous and remarkable growth which has characterized international stock markets since 1995. The Campbell and Shiller dividend discount model, a dynamic version of Gordon's formula commonly employed by financial analysts to...

Persistent link: https://www.econbiz.de/10005671380

The Seasonality of the Italian Cost-of-Living Index

Cubadda, G.; Sabbatini, R. - Banca d'Italia - 1997

In the case of the consumer price index the importance of a seasonally adjusted measure lies in the possibility of promptly identifying turning points in inflation. The focus of this paper is the so-called "cost-of-living" index, the most used measure of Italian inflation. Our aim is to identify...

Persistent link: https://www.econbiz.de/10005486712

How Deep Are the Deep Parameters?

Altissimo, F.; Siviero, S.; Terlizzese, D. - Banca d'Italia - 1999

Policy evaluation based on the estimation of dynamic stochastic general equilibrium models with aggregate macroeconomic time series rests on the assumption that a representative agent can be identified, whose behavioural parameters are independent of the policy rules. Building on earlier work by...

Persistent link: https://www.econbiz.de/10005640912

The Probability Density Function of Interest Rates Implied in the Price of Options

Fornari, Fabio; Violi, Roberto - Banca d'Italia - 1998

concepts; it illustrates the potential value of the information contained in the prices of options on long and short term lira …

Persistent link: https://www.econbiz.de/10005111555

"Enemy of None but a Common Friend of All"? An International Perspective on the Lender-of-Last-Resort Function

Giannini, Curzio - Banca d'Italia - 1998

The paper explores whether and how current lending-of-last-resort practices can be extended beyond national borders. It argues that what makes lending of last resort effective at the national level is a blend of resource availability, technical discretion, ex-ante supervision, and powers of...

Persistent link: https://www.econbiz.de/10005113621