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Real exchange rate volatility and disconnect: an empirical investigation
Cristadoro, Riccardo; Gerali, Andrea; Neri, Stefano; … - Banca d'Italia - 2008
A two-country model that incorporates many features proposed in the New Open Economy Macroeconomics literature is developed in order to replicate the volatility of the real exchange rate and its disconnect with macroeconomic variables. The model is estimated using data for the euro area and the...
Persistent link: https://www.econbiz.de/10005113550
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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
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Why is the Business-Cycle Behavior of Fundamentals Alike Across Exchange-Rate Regimes?
Dedola, Luca; Leduc, Sylvain - Banca d'Italia - 2001
Since the adoption of flexible exchange rates, real exchange rates have been much more volatile than they were under Bretton Woods. However, the volatilities of most other macroeconomic variables have remained approximately unchanged. This poses a puzzle for standard international business cycle...
Persistent link: https://www.econbiz.de/10005609375
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The macroeconomic effects of the sovereign debt crisis in the euro area
Neri, Stefano; Ropele, Tiziano - Banca d'Italia - 2015
This paper uses a Factor Augmented Vector Autoregressive model to assess the macroeconomic impact of the euro-area sovereign debt crisis and the effectiveness of the European Central Bank's conventional monetary policy. First, our results show that in the countries most affected by the crisis,...
Persistent link: https://www.econbiz.de/10011207928
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Measuring the price elasticity of import demand in the destination markets of Italian export
Felettigh, Alberto; Federico, Stefano - Banca d'Italia - 2010
The aim of this paper is to compare the price elasticity of import demand in the destination markets of Italian exports … to the price elasticity in the destination markets of the other main euro-area countries� exports. To this end, we use …-product combination) by Broda, Greenfield and Weinstein (2006). We find that Italy exports to markets which have, on average, a lower …
Persistent link: https://www.econbiz.de/10008692067
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Assessing the vulnerability of emerging Asia to external demand shocks: the role of China
Marconi, Daniela; Painelli, Laura - Banca d'Italia - 2009
exports on domestic demand for investment. In the last decade China has increased its dependence on external demand … be highly related to exports. Overcoming serious shortcomings in available data, we estimate an investment equation for … the period 1993-2006 and find an elasticity of investment to exports in the manufacturing sector in the range between 0 …
Persistent link: https://www.econbiz.de/10005770792
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The internationalization of the Italian productive system
Cristadoro, Riccardo; Federico, Stefano - Banca d'Italia - 2015
This work presents, in a single framework, the results of several recent studies, carried out by Bank of Italy researchers, on the internationalization of the Italian productive system. The notion of internationalization is considered not only from the perspective of direct investments abroad...
Persistent link: https://www.econbiz.de/10011171337
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Entry dynamics as a solution to the puzzling behaviour of real marginal costs in the Ghironi-Melitz model
Felettigh, Alberto - Banca d'Italia - 2012
The work of Ghironi and Melitz (2005) is at the frontier of international real business cycle (IRBC) models with heterogeneous firms. In their model, the dynamic behaviour of real marginal costs is puzzling: a positive technology shock hitting the home country makes it permanently less...
Persistent link: https://www.econbiz.de/10009654299
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External trade and monetary policy in a currency area
Cecioni, Martina - Banca d'Italia - 2010
For historical and geographical reasons, the member countries of the European Monetary Union (EMU) display different degrees of external trade openness. The paper lays out a model for a currency area composed of two regions. One region is more open to trade with a third country outside the area...
Persistent link: https://www.econbiz.de/10008599459
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Financial structure and the transmission of monetary shocks: preliminary evidence for the Czech Republic, Hungary and Poland
Anzuini, Alessio; Levy, Aviram - Banca d'Italia - 2004
The paper analyses the financial structure of the private sector in the Czech Republic, Hungary and Poland and assesses its implications for the monetary transmission mechanism. The financial accounts of these countries provide a picture of a private sector which is predictably financially less...
Persistent link: https://www.econbiz.de/10005609404