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What is the Optimal Institutional Arrangement for a Monetary Union?

Gambacorta, Leonardo - Banca d'Italia - 1999

The aim of this paper is to design the optimal institutional arrangement for a monetary union. Using a two-country rational expectations model, the study analyses how the conservatism of the area-wide central bank and the penalty system for fiscal deviation (Stability and Growth Pact) should be...

Persistent link: https://www.econbiz.de/10005609368

Heterogeneous "Credit Channels" and Optimal Monetary Policy in a Monetary Union

Gambacorta, Leonardo - Banca d'Italia - 1998

The process of European monetary integration has prompted interest in the study of differences in financial systems and their consequences for monetary transmission mechanisms. This paper analyses the case of a monetary union composed of countries with heterogeneous "credit channels". In order...

Persistent link: https://www.econbiz.de/10005467303

Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Evidence

Cukierman, Alex; Lippi, Francesco - Banca d'Italia - 1998

This paper proposes a conceptual framework that makes it possible to investigate the effects of central bank independence, the degree of centralization of wage bargaining and the interaction between those institutional variables on the real wage, unemployment and inflation. This is done by...

Persistent link: https://www.econbiz.de/10005111579

The Credit Channel of Policy Across Heterogeneous Banks:the Case of Italy.

Angeloni, I.; Buttiglione, L.; Ferri, G.; Gaiotti, E. - Banca d'Italia - 1995

Persistent link: https://www.econbiz.de/10005486713

Micro Enterprise and Macro Policy.

Townsend, R. - Banca d'Italia - 1996

This paper is about how to evaluate credit and insurance programs like the Gramee Bank in Bangladesh; Accio, Prodem/Banco Sol in Bolivia, and the Badan Kredit Kacamatan (BKK), Indonesia, and how to formulate policy regarding financial sector reform.

Persistent link: https://www.econbiz.de/10005640922

Monetary Policy Transmission, the Exchange Rate and Long-Term Yields under Different Hypothesis on Expectations.

Gaiotti, E.; Nicoletti-Altimari, S. - Banca d'Italia - 1996

The paper studies the transmission of monetary policy through its effects on the exchange rate and on long-term interest rates under different schemes of expectations formation, within the framework of the quaterly model of the Banca d'Italia (BIQM).

Persistent link: https://www.econbiz.de/10005671390

Which Target for Monetary Policy in Stage Three? Issues in the Shaping of the European Payment System.

Giannini, C.; Monticelli, C. - Banca d'Italia - 1995

Persistent link: https://www.econbiz.de/10005780689

Do Measures of Monetary Policy in a VAR Make Sense?

Rudebusch, G.D. - Banca d'Italia - 1996

In many VARs, monetary policy shocks are identified with the least squares residuals from a regression of the federal funds rate on an assortment of variables. Such regressions appear to be structurally fragile and are at odds with other evidence on the nature of the Fed's reaction function;...

Persistent link: https://www.econbiz.de/10005780700

An assessment of financial sector rescue programmes

Panetta, Fabio; Faeh, Thomas; Grande, Giuseppe; Ho, Corrinne - Banca d'Italia - 2009

We analyse the wide array of rescue programmes adopted in several countries, following Lehman Brothersï¿½ default in September 2008, in order to support banks and other financial institutions. We first provide an overview of the programmes, comparing their characteristics, magnitudes and...

Persistent link: https://www.econbiz.de/10004964392

Contingent liquidity

Nicoletti-Altimari, Sergio; Salleo, Carmelo - Banca d'Italia - 2010

After the crisis, bank regulators are considering mitigating liquidity risk by introducing quantity limits on liquidity … and maturity mismatch. We argue that aggregate liquidity risk can be reduced with little deadweight loss by encouraging … readily observable variable correlated with systemic liquidity risk (e.g. the LIBOR-OIS spread) is above a trigger threshold …

Persistent link: https://www.econbiz.de/10008677914

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