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Money Demand in Italy: A System Approach.
Rinaldi, R.; Tedeschi, R. - Banca d'Italia - 1996
Adopting a system approach, the paper evaluates results of empirical research on money demand recently obtained at the …
Persistent link: https://www.econbiz.de/10005780696
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The monetary transmission mechanism in the euro area: has it changed and why?
Cecioni, Martina; Neri, Stefano - Banca d'Italia - 2011
Based on a structural VAR and a dynamic general equilibrium model, we provide evidence of the changes in the monetary transmission mechanism (MTM) in the European Monetary Union after the adoption of the common currency in 1999. The estimation of a Bayesian VAR over the periods before and after...
Persistent link: https://www.econbiz.de/10009020152
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Economic (in)stability under monetary targeting
Sessa, Luca - Banca d'Italia - 2012
plausible outcome of a basic model with an exogenous money growth policy rule. We address the question in different versions of …. In line with previous literature, real effects of money are found to be a necessary condition for LI: we identify a … transmission of monetary expansions onto the real economy: in particular, we show that models in which holding money is valuable to …
Persistent link: https://www.econbiz.de/10011099687
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The Eurosystem�s asset purchase programmes for monetary policy purposes
Cova, Pietro; Ferrero, Giuseppe - Banca d'Italia - 2015
This paper analyzes the operation of the Eurosystem�s public and private assets purchases programmes for monetary policy purposes, quantifying the potential effect on the Italian economy. First we give an exhaustive account of the main transmission channels by which the purchases can be...
Persistent link: https://www.econbiz.de/10011277927
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The sectoral distribution of money supply in the Euro area
Ferrero, Giuseppe; Nobili, Andrea; Passiglia, Patrizia - Banca d'Italia - 2007
The strong and prolonged deviation of money growth from its reference value since 2001 has caused concern among policy … might be smaller than previously assumed. We provide a sectoral breakdown of money holdings and show that current excess … liquidity conditions are in some measure related to the acceleration of non-bank financial intermediaries� money demand, as …
Persistent link: https://www.econbiz.de/10005609365
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Did inflation really soar after the euro cash changeover? Indirect evidence from ATM withdrawals
Angelini, Paolo; Lippi, Francesco - Banca d'Italia - 2006
The introduction of the euro notes and coins in the first two months of 2002 was followed by a lively debate on the alleged inflationary effects of the new currency. In Italy, as in the rest of the euro area, survey-based measures signaled a much sharper rise in inflation than measured by the...
Persistent link: https://www.econbiz.de/10005609383
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Stock Prices and Money Velocity: A Multi-Country Analysis.
Caruso, M. - Banca d'Italia - 1996
nominal income to a broad definition of money in a panel of 25 countries. …
Persistent link: https://www.econbiz.de/10005780692
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Welfare costs of inflation and the circulation of US currency abroad
Calza, Alessandro; Zaghini, Andrea - Banca d'Italia - 2011
Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet …
Persistent link: https://www.econbiz.de/10009144907
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Estimating the effects of a credit supply restriction: is there a bias in the Bank Lending Survey?
Nobili, Andrea; Orame, Andrea - Banca d'Italia - 2015
In this paper we test for the potential bias in the estimated contribution of a supply restriction on lending to enterprises, as captured by the assessment of credit standards provided by the banks participating in the Eurosystem Bank Lending Survey (BLS banks). For Italy, we combine the...
Persistent link: https://www.econbiz.de/10011265439
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Credit demand and supply in Italy during the financial crisis
Panetta, Fabio; Signoretti, Federico M. - Banca d'Italia - 2010
The paper analyzes developments in bank lending in Italy during the financial crisis, assessing the relative contribution of demand and supply factors to lending deceleration. We find that the slowdown in lending was mainly due to a reduction in demand. For households, this can be attributed to...
Persistent link: https://www.econbiz.de/10008503169