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Gradualism, transparency and the improved operational framework: a look at the overnight volatility transmission
Colarossi, Silvio; Zaghini, Andrea - Banca d'Italia - 2009
This paper proposes a possible way of assessing the effect on interest rate dynamics of changes in the decision-making approach, in the communication strategy and in the operational framework of a central bank. Through a GARCH specification we show that the US and the euro area displayed a...
Persistent link: https://www.econbiz.de/10004980173
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Monetary policy and the flow of funds in the euro area
Bonci, Riccardo - Banca d'Italia - 2012
This paper provides new evidence on the transmission of monetary policy in the euro area, assessing the impact of an unexpected increase of the short-term interest rates on the lending and borrowing activity in different economic sectors. We exploit the information content of the flow-of-funds...
Persistent link: https://www.econbiz.de/10011099702
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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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Revisiting the Case for a Populist Central Banker.
Lippi, F. - Banca d'Italia - 2000
banker who does not care at all about inflation. …
Persistent link: https://www.econbiz.de/10005780698
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Information variables for monetary policy in a small structural model of the euro area
Lippi, Francesco; Neri, Stefano - Banca d'Italia - 2004
This paper estimates a small New-Keynesian model with imperfect information and optimal discretionary policy using data for the euro area. The model is used to assess the usefulness of monetary aggregates and unit labour costs as information variables for monetary policy. The estimates reveal...
Persistent link: https://www.econbiz.de/10005113646
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Endogenous monetary policy with unobserved potential output
Cukierman, Alex; Lippi, Francesco - Banca d'Italia - 2004
in output and inflation are due to changes in potential output or to cyclical demand and cost shocks. We refer to this … ndings provide a partial explanation for the inflation of the seventies and the price stability of the nineties. 3. A … during and following periods of large changes in potential output the IP significantly affects the dynamics of inflation and …
Persistent link: https://www.econbiz.de/10005113648
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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
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Simple banking: profitability and the yield curve
Alessandri, Piergiorgio; Nelson, Benjamin - Banca d'Italia - 2014
How does bank profitability vary with interest rates? We present a model of a monopolistically competitive bank subject to repricing frictions, and test the model�s predictions using a unique panel data set on UK banks. We find evidence that large banks retain a residual exposure to...
Persistent link: https://www.econbiz.de/10011099664
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The Italian Business Cycle: Coincident and Leading Indicators and Some Stylized Facts.
Altissimo, F.; Marchetti, D.J.; Oneto, G.P. - Banca d'Italia - 2000
This paper analyses the business cycle properties of 183 time series relevant to the Italian economy, including real, monetary and international variables. We propose new monthly coincident and leading composite indicators for the Italian business cycle; the leading indicator anticipates the...
Persistent link: https://www.econbiz.de/10005486716
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Bond risk premia, macroeconomic fundamentals and the exchange rate
Pericoli, Marcello; Taboga, Marco - Banca d'Italia - 2009
We introduce a two-country no-arbitrage term-structure model to analyse the joint dynamics of bond yields, macroeconomic variables, and the exchange rate. The model allows to understand how exogenous shocks to the exchange rate affect the yield curves, how bond yields co-move in different...
Persistent link: https://www.econbiz.de/10005113551