The research presented here is part of a wider project of revision of historical national accounts in Italy between 1891 and 1970. The reconstruction for 1951-1970 relies on a previous estimate of inter-sectoral (input-output) matrix for 1951 and on a new estimate of inter-sectoral matrix for...

In this paper we investigate the main features of the Italian financial cycle, extracted by means of a structural trend-cycle decomposition of the credit-to-GDP ratio, using annual observations from 1861 to 2011. In order to draw conclusions based on solid historical data, we provide a thorough...

Building on a new dataset on Italian banks and other financial institutions from 1861 to 2011, the novelty of this paper is to examine the patterns of the main items of bank's balance sheets, such as deposits, capital and reserves, bonds issued, bonds held in portfolio, and loans for a period of...

This paper presents the new yearly series of the value-added of services for Italy, from 1861 to 1951, at current prices. For each sector, after discussing sources and methodology, the results are compared with the early Istat (1957) series. By looking at the production value of specific...

A great deal of new quantitative research has been produced over the last three decades which has radically changed the received interpretation of Italian economic development. Against this backdrop, the Bank of Italy, Istat and the University of Rome "Tor Vergata", together with academics from...

We assess the global macroeconomic implications of different strategies of official reserve management by developing a large scale new-Keynesian dynamic general equilibrium model of the world economy, calibrated on the euro area, the United States, China, Japan and the rest of the world. An...

We consider a difference-in-differences setting with a continuous outcome, such as wages or expenditure. The standard practice is to take the logarithm of the outcome and then interpret the results as an approximation of the multiplicative treatment effect on the original outcome. We argue that...

We assess the impact of oil shocks on euro-area macroeconomic variables by estimating a new-Keynesian small open economy model with Bayesian methods. Oil price is determined according to supply and demand conditions in the world oil market. We find that the impact of an increase in the price of...

A prolonged period of low inflation, particularly in a situation of monetary policy rates near the zero lower bound, can heighten the risk of inflation expectations de-anchoring from the central bank objective. The purpose of this paper is to assess the effects of a sequence of deflationary...

This paper evaluates the macroeconomic effects of simultaneously implementing fiscal consolidation and competition-friendly reforms in a country of the euro area by simulating a large-scale dynamic general equilibrium model. We find, first, that the joint implementation of reforms has additional...