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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
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 interaction between fiscal policy and macroeconomic imbalances. The …
Persistent link: https://www.econbiz.de/10011277938
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Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment
Locarno, Alberto; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2013
This paper briefly reviews the literature on fiscal multipliers and then presents results for the Italian economy obtained by simulating a dynamic general equilibrium model that allows for the possibility (a) that the zero lower bound may be binding and (b) that the initial public debt-to-GDP...
Persistent link: https://www.econbiz.de/10011099679
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The sovereign debt crisis and the euro area
Grande, Giuseppe; Neri, Stefano; Siviero, Stefan - Banca d'Italia - 2013
", held at the Bank of Italy in Rome on 15 February 2013. In recent years the Economic Research and International Relations … Area of the Bank of Italy has conducted several analyses on the impact of the sovereign debt crisis on the financial system … and the economy in Italy and other euro-area countries. The workshop provided a first opportunity to discuss the results …
Persistent link: https://www.econbiz.de/10011277929
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How Do Banks Set Interest Rates?
Gambacorta, Leonardo - Banca d'Italia - 2005
The aim of this paper is to study cross-sectional differences in banks interest rates. It adds to the existing literature in two ways. First, it analyzes systematically the micro and macroeconomic factors that influence the price-setting behaviour of banks. Second, by using banks� prices...
Persistent link: https://www.econbiz.de/10005111546
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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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Bank risk and monetary policy
Altunbas, Yener; Gambacorta, Leonardo; David … - Banca d'Italia - 2009
We find evidence of a bank lending channel for the euro area operating via bank risk. Financial innovation and the new ways to transfer credit risk have tended to diminish the informational content of standard bank balance-sheet indicators. We show that bank risk conditions, as perceived by...
Persistent link: https://www.econbiz.de/10004962187
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Short-term interest rate futures as monetary policy forecasts
Ferrero, Giuseppe; Nobili, Andrea - Banca d'Italia - 2008
The prices of futures contracts on short-term interest rates are commonly used by central banks to gauge market expectations concerning monetary policy decisions. Excess returns - the difference between futures rates and the realized rates - are positive, on average, and statistically...
Persistent link: https://www.econbiz.de/10005609342
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Financial structure and the transmission of monetary shocks: preliminary evidence for the Czech Republic, Hungary and Poland
Anzuini, Alessio; Levy, Aviram - Banca d'Italia - 2004
The paper analyses the financial structure of the private sector in the Czech Republic, Hungary and Poland and assesses its implications for the monetary transmission mechanism. The financial accounts of these countries provide a picture of a private sector which is predictably financially less...
Persistent link: https://www.econbiz.de/10005609404
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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
This paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the U.S. and the euro area. First, it establishes some stylised facts concerning key variables in the housing market on the two sides of the Atlantic, such as real house prices,...
Persistent link: https://www.econbiz.de/10009021399
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The impact of unconventional monetary policy on the Italian economy during the sovereign debt crisis
Casiraghi, Marco; Gaiotti, Eugenio; Rodano, Lisa; … - Banca d'Italia - 2013
, government bond yields and credit availability and then map them onto macroeconomic implications using the Bank of Italy …
Persistent link: https://www.econbiz.de/10011099600