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Credit availability and investment in Italy: lessons from the "Great Recession"
Gaiotti, Eugenio - Banca d'Italia - 2011
¿½s investment to the availability of bank credit has been significant in periods of economic contraction, but not in other periods … of credit constraints on Italian investment in manufacturing was significant. …
Persistent link: https://www.econbiz.de/10008865935
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Housing, consumption and monetary policy: how different are the U.S. and the euro area?
Musso, Alberto; Neri, Stefano; Stracca, Livio - Banca d'Italia - 2011
sides of the Atlantic, such as real house prices, residential investment and mortgage debt. It then presents evidence from …
Persistent link: https://www.econbiz.de/10009021399
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Uncertainty and heterogeneity in factor models forecasting
Luciani, Matteo; Monteforte, Libero - Banca d'Italia - 2013
In this paper, we exploit the heterogeneity in the forecasts obtained by estimating different factor models to measure forecast uncertainty. Our approach is simple and intuitive. It consists first in selecting all the models that outperform some benchmark model, and then in constructing an...
Persistent link: https://www.econbiz.de/10011099661
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On the interaction between market and credit risk: a factor-augmented vector autoregressive (FAVAR) approach
Fiori, Roberta; Iannotti, Simonetta - Banca d'Italia - 2010
The aim of the paper is to understand the interaction between market and credit risk. Using a comprehensive set of Italian data, we apply a factor model to identify the common sources of risk driving fluctuations in the real and financial sectors. The common latent factors are then inserted in a...
Persistent link: https://www.econbiz.de/10008692068
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Modelling bank lending in the euro area: A non-linear approach
Gambacorta, Leonardo; Rossi, Carlotta - Banca d'Italia - 2007
This paper investigates possible non-linearities in the response of bank lending to monetary policy shocks in the euro area. The credit market is modelled over the period 1985-2005 by means of an Asymmetric Vector Error Correction Model (AVECM) involving four endogenous variables (loans to the...
Persistent link: https://www.econbiz.de/10005111568
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Financial shocks and the real economy in a nonlinear world: a survey of the theoretical and empirical literature
Silvestrini, Andrea; Zaghini, Andrea - Banca d'Italia - 2015
In this paper we present an overview of theoretical and empirical contributions exploring the inter-linkages between financial factors and real economic activity. We first revisit the main theoretical approaches that allow financial frictions to be embedded into general equilibrium models, and...
Persistent link: https://www.econbiz.de/10011171338
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The macroeconomic effects of the sovereign debt crisis in the euro area
Neri, Stefano; Ropele, Tiziano - Banca d'Italia - 2015
This paper uses a Factor Augmented Vector Autoregressive model to assess the macroeconomic impact of the euro-area sovereign debt crisis and the effectiveness of the European Central Bank's conventional monetary policy. First, our results show that in the countries most affected by the crisis,...
Persistent link: https://www.econbiz.de/10011207928
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Il sistema finanziario nel Mezzogiorno : numero speciale dei Contributi all'analisi economica 1990
Galli, Giampaolo (contributor) - 1990
Persistent link: https://www.econbiz.de/10000802085
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(1992 - 1994)
Dini, Lamberto - 1994
Persistent link: https://www.econbiz.de/10000921554
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Firm investment and monetary transmission in the euro area
Chatelain, J. B.; Generale, Andrea; Hernando, I.; … - Banca d'Italia - 2001
We present a comparable set of results on the monetary transmission channels on firm investment for the four largest … channel. For each of those countries we estimate neo-classical investment relationships, explaining investment by its user … cost, sales and cash flow. We find investment to be sensitive to user cost changes in all those four countries. This …
Persistent link: https://www.econbiz.de/10005113530