Similar Search Results

Overoptimism and Lender Liability in the Consumer Credit Market

Iossa, Elisabetta; Palumbo, Giuliana - Banca d'Italia - 2006

Credit purchases of consumer goods are commonly made upon terms governed by an agreement between the lender and the seller. This type of purchase is generally subject to a legal principle of joint responsibility under which the lender and the seller are jointly liable to the consumer for breach...

Persistent link: https://www.econbiz.de/10005609390

The role of financial investments in agricultural commodity derivatives markets

Borin, Alessandro; Nino, Virginia Di - Banca d'Italia - 2012

This paper investigates the relationship between futures prices and financial investments in derivatives of the main agricultural commodities. We first provide a broad picture of how these markets function and how they have evolved, showing that traders who deal mostly in commodity index...

Persistent link: https://www.econbiz.de/10009645788

Currency crises and uncertainty about fundamentals

Prati, Alessandro; Sbracia, Massimo - Banca d'Italia - 2002

This paper extends some theoretical results of Morris and Shin (1998) concerning the role of uncertainty about fundamentals in currency crises and tests their empirical relevance using a novel approach based on the distribution of survey expectations. Econometric evidence from the Asian crisis...

Persistent link: https://www.econbiz.de/10005770779

Imperfect knowledge, adaptive learning and the bias against activist monetary policies

Locarno, Alberto - Banca d'Italia - 2006

When the economy is subject to recurrent structural shifts, the monetary authority cannot credibly commit to a systematic approach to policy, since consistency between promises and actions is not easily verifiable; moreover, since agents have incomplete knowledge of the surrounding environment,...

Persistent link: https://www.econbiz.de/10005609381

Heterogeneity and learning with complete markets

Santoro, Sergio - Banca d'Italia - 2011

debt of one of the agents would grow without bounds, and binding borrowing limits are necessary to prevent Ponzi schemes …

Persistent link: https://www.econbiz.de/10009020149

Monetary policy in a model with misspecified, heterogeneous and ever-changing expectations

Locarno, Alberto - Banca d'Italia - 2012

The applied literature on adaptive learning has mostly focused on small, linear models, with homogenous expectations. In non-linear models heterogeneous expectations prevail and the process through which agents select (and change) a forecasting model becomes a necessary ingredient of the...

Persistent link: https://www.econbiz.de/10011099614

Natural Expectations and Home Equity Extraction

Pancrazi, Roberto; Pietrunti, Mario - Banca d'Italia - 2014

extracted during the boom; and (2) that the equilibrium level of debt and the interest rate are particularly sensitive to …

Persistent link: https://www.econbiz.de/10011099700

Endogenous Growth with Intertemporally Dependent Preferences.

Ferraguto, G.; Pagano, P. - Banca d'Italia - 2000

This paper presents an endogenous growth models with intertemporally dependent preferences and "Ak" technology. We derive sufficient conditions for a balanced growth path to be an equilibrium, provide a full characterization of the equilibrium dynamics of the economy, and explore the...

Persistent link: https://www.econbiz.de/10005780679

A micro simulation model of demographic development and households' economic behavior in Italy

Ando, Albert; Nicoletti-Altimari, Sergio - Banca d'Italia - 2004

The relationship between the demographic structure and the saving rate of a society is the reflection of the aggregation of the behaviour of heterogeneous households, differing from one another in the type of living arrangements and in the characteristics of their members. In order to contribute...

Persistent link: https://www.econbiz.de/10005113518

Italian households' debt: determinants of demand and supply

Magri, Silvia - Banca d'Italia - 2002

This paper analyzes the determinants of Italian householdsï¿½ participation in the debt market, considering both demand … and supply effects and using the Bank of Italyï¿½s Survey of Household Income and Wealth. The probability of debt is … of income is important: it shows a positive correlation with the probability of debt, determined by forces acting in the …

Persistent link: https://www.econbiz.de/10005113535