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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

Signaling Fiscal Regime Sustainability

Drudi, Francesco; Prati, Alessandro - Banca d'Italia - 1998

This paper proposes a signaling model of fiscal stabilizations that offers a new perspective on why governments deviate from optimal tax smoothing. In our model, dependable - but not fully credible - governments have an incentive to tighten the fiscal regime when the signaling effect on credit...

Persistent link: https://www.econbiz.de/10005113576

Change of Ownership: Incentives and Rules.

Zingales, L. - Banca d'Italia - 1994

Persistent link: https://www.econbiz.de/10005780672

Industrial Districts and Local Banks: Do the Twins Ever Meet?.

Baffigi, A.; Pagnini, M.; Quintiliani, F. - Banca d'Italia - 1999

The paper offers theoretical and empirical insights into the links between banks and firms in industrial districts ans to the way way investment is financed. The conclusion is that the rise of district banking localism cannot be taken for granted and that industrial districts do not seem...

Persistent link: https://www.econbiz.de/10005780683

Industrial District and Local Banks: Do the Twins Ever Meet?

Baffigi, Alberto; Pagnini, Marcello; Quintiliani, Fabio - Banca d'Italia - 1999

The paper offers theoretical and empirical insights into the links between banks and firms in industrial districts and to the way investment is financed. Theoretically, it is assumed that district-banking localism is embedded in the industrial districtsï¿½ social context. District banks...

Persistent link: https://www.econbiz.de/10005467295

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

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

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 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