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Does monetary policy have asymmetric effects? A look at the investment decisions of Italian firms
Gaiotti, Eugenio; Generale, Andrea - Banca d'Italia - 2001
This paper studies the effects of monetary policy on the investment behaviour of various categories of Italian firms … collateral are more affected by monetary policy. In quantitative terms, the difference in the response of investment by different …
Persistent link: https://www.econbiz.de/10005113623
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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
The global financial crisis has reaffirmed the importance of financial factors for macroeconomic fluctuations. Recent work has shown how the conventional pre-crisis prescription that monetary policy should pay no attention to financial variables over and above their effects on inflation may no...
Persistent link: https://www.econbiz.de/10011099720
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Firm investment and monetary transmission in the euro area
Chatelain, J. B.; Generale, Andrea; Hernando, I.; … - Banca d'Italia - 2001
We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … channel. For each of those countries we estimate neo-classical investment relationships, explaining investment by its user … cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This …
Persistent link: https://www.econbiz.de/10005113530
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Revisiting the empirical evidence on firms� money demand
Lotti, Francesca; Marcucci, Juri - Banca d'Italia - 2006
In this paper we estimate the demand for liquidity by US non financial firms using data from COMPUSTAT database. In contrast to the previous literature, we consider firm-specific effects, such as cost-of-capital and wages. From the balanced and unbalanced panel estimations we infer that there...
Persistent link: https://www.econbiz.de/10005113526
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Italian open-end funds: performance of asset management companies
Bianchi, Michele Leonardo; Miele, Maria Grazia - Banca d'Italia - 2011
We empirically analyse the returns of both Italian and round-trip open-end funds managed by Italian asset management companies (SGRs) in the period 2003-2008. Taking into account a modified version of the capital asset pricing model (CAPM), we estimated a performance measure for each asset...
Persistent link: https://www.econbiz.de/10008865938
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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