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Gradualism, transparency and the improved operational framework: a look at the overnight volatility transmission

Colarossi, Silvio; Zaghini, Andrea - Banca d'Italia - 2009

This paper proposes a possible way of assessing the effect on interest rate dynamics of changes in the decision-making approach, in the communication strategy and in the operational framework of a central bank. Through a GARCH specification we show that the US and the euro area displayed a...

Persistent link: https://www.econbiz.de/10004980173

Revisiting the Case for a Populist Central Banker.

Lippi, F. - Banca d'Italia - 2000

banker who does not care at all about inflation. …

Persistent link: https://www.econbiz.de/10005780698

Information variables for monetary policy in a small structural model of the euro area

Lippi, Francesco; Neri, Stefano - Banca d'Italia - 2004

This paper estimates a small New-Keynesian model with imperfect information and optimal discretionary policy using data for the euro area. The model is used to assess the usefulness of monetary aggregates and unit labour costs as information variables for monetary policy. The estimates reveal...

Persistent link: https://www.econbiz.de/10005113646

Endogenous monetary policy with unobserved potential output

Cukierman, Alex; Lippi, Francesco - Banca d'Italia - 2004

in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … ndings provide a partial explanation for the inflation of the seventies and the price stability of the nineties. 3. A … during and following periods of large changes in potential output the IP significantly affects the dynamics of inflation and …

Persistent link: https://www.econbiz.de/10005113648

Regulation and efficiency in Italian local public transport: the regional differences

Bentivogli, Chiara; Cullino, Roberto; Colle, Diana … - Banca d'Italia - 2008

This paper studies the effects on local public transport of the reform begun in the late nineties, using data from a recent Bank of Italy survey. There are still substantial differences across Italy’s regions, and the level of efficiency is far from the original aims of the reform. Although...

Persistent link: https://www.econbiz.de/10005467326

Bond risk premia, macroeconomic fundamentals and the exchange rate

Pericoli, Marcello; Taboga, Marco - Banca d'Italia - 2009

We introduce a two-country no-arbitrage term-structure model to analyse the joint dynamics of bond yields, macroeconomic variables, and the exchange rate. The model allows to understand how exogenous shocks to the exchange rate affect the yield curves, how bond yields co-move in different...

Persistent link: https://www.econbiz.de/10005113551

The Italian Business Cycle: Coincident and Leading Indicators and Some Stylized Facts.

Altissimo, F.; Marchetti, D.J.; Oneto, G.P. - Banca d'Italia - 2000

This paper analyses the business cycle properties of 183 time series relevant to the Italian economy, including real, monetary and international variables. We propose new monthly coincident and leading composite indicators for the Italian business cycle; the leading indicator anticipates the...

Persistent link: https://www.econbiz.de/10005486716

Simple banking: profitability and the yield curve

Alessandri, Piergiorgio; Nelson, Benjamin - Banca d'Italia - 2014

How does bank profitability vary with interest rates? We present a model of a monopolistically competitive bank subject to repricing frictions, and test the modelï¿½s predictions using a unique panel data set on UK banks. We find evidence that large banks retain a residual exposure to...

Persistent link: https://www.econbiz.de/10011099664

Monetary policy and the flow of funds in the euro area

Bonci, Riccardo - Banca d'Italia - 2012

This paper provides new evidence on the transmission of monetary policy in the euro area, assessing the impact of an unexpected increase of the short-term interest rates on the lending and borrowing activity in different economic sectors. We exploit the information content of the flow-of-funds...

Persistent link: https://www.econbiz.de/10011099702

The Italian Business Cycle; Coincident and Leading Indicators and Some Stylized Facts

Altissimo, Filippo; Marchetti, Domenico J.; Oneto, Gian … - Banca d'Italia - 2000

Persistent link: https://www.econbiz.de/10005113618