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Do wealth fluctuations generate time-varying risk aversion? Italian micro-evidence on household asset allocation
Cappelletti, Giuseppe - Banca d'Italia - 2012
Data from the Italian Survey of Households Income and Wealth (SHIW) are used to study portfolio allocations change in response to fluctuations in wealth. In particular I test for the prediction of models with habit formation that changes in liquid wealth will affect households' risk aversion and...
Persistent link: https://www.econbiz.de/10009645787
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Measurement of income distribution in supranational entities: the case of the European Union
Brandolini, Andrea - Banca d'Italia - 2007
Greater social cohesion is an explicit goal of the European Union. Progress is monitored considering the performance in each member country on the basis of national indicators; EU-wide estimates of inequality and poverty play no role. Yet this is a basic information to evaluate the progress of...
Persistent link: https://www.econbiz.de/10005770782
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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 it against new results from harmonised simulations, conducted with six well-established econometric models used by the ECB and five national central banks (NCBs) of the...
Persistent link: https://www.econbiz.de/10005113650
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Down the non-linear road from oil to consumer energy prices: no much asymmetry along the way
Venditti, Fabrizio - Banca d'Italia - 2010
In the past decade changes in oil prices have played a significant role in shaping inflation dynamics in the US and in …
Persistent link: https://www.econbiz.de/10008626023
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Where Do Migrants Go? Risk-Aversion, Mobility Costs and the Locational Choice of Migrants. Wage Indexation Bargaining and Inflation.
Drudi, F; Giordano, R - Banca d'Italia - 1996
Price versus productivity indexing is considered in a model of monetary policy with wage bargaining. The wage-indexing rule is negotiated in a first stage of the game between government, union and firm.
Persistent link: https://www.econbiz.de/10005671385
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Strategic Monetary Policy with Non-Atomistic Wage-Setters.
Lippi, F. - Banca d'Italia - 2000
This paper proposes a monetary policy game based on a microfounded general equilibrium model. The approach allows some key features of the policy game to be related to basic technological and preference parameters. Moreover, it shows how results are affected by the presence of non-atomistic...
Persistent link: https://www.econbiz.de/10005780671
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Inflation and Monetary Policy in Italy: Some Recent Evidence
Gaiotti, E.; Gavosto, A.; Grande, G. - Banca d'Italia - 1997
The empirical literature on the transmission of monetary policy to inflation in Italy has stressed the importance of … the exchange rate and, to some extent, of the demand channel; recently, the roles of inflation expectations and the fiscal … situation have been emphasized. This paper uses vector auto-regression to address this issue. The results suggest that inflation …
Persistent link: https://www.econbiz.de/10005780682
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Excess money growth and inflation dynamics
Roffia, Barbara; Zaghini, Andrea - Banca d'Italia - 2008
The paper analyzes the short-run impact of periods of strong monetary growth on inflation dynamics for 15 …
Persistent link: https://www.econbiz.de/10005770764
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Has globalisation changed the Phillips curve? Firm-level evidence on the effect of activity on prices
Gaiotti, Eugenio - Banca d'Italia - 2008
level, after controlling for inflation expectations, and whether it is concentrated among those firms that are more exposed …
Persistent link: https://www.econbiz.de/10005770766
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The Seasonality of the Italian Cost-of-Living Index
Cubadda, G.; Sabbatini, R. - Banca d'Italia - 1997
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 and test a model of its seasonal component, which is important in …
Persistent link: https://www.econbiz.de/10005486712