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Economic (in)stability under monetary targeting

Sessa, Luca - Banca d'Italia - 2012

Monetary growth targeting is often seen as an effective way of supporting macroeconomic stability. We scrutinize this property by checking whether multiplicity of equilibria, in the form of local indeterminacy (LI), can be both a possible and a plausible outcome of a basic model with an...

Persistent link: https://www.econbiz.de/10011099687

Welfare costs of inflation and the circulation of US currency abroad

Calza, Alessandro; Zaghini, Andrea - Banca d'Italia - 2011

Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using adjusted monetary data, we show that the failure to control for...

Persistent link: https://www.econbiz.de/10009144907

Why are payment habits so heterogeneous across and within countries? Evidence from European countries and Italian regions

Ardizzi, Guerino; Iachini, Eleonora - Banca d'Italia - 2013

electronic payment instruments in Italy. Our findings indicate that a pivotal role in explaining Italy’s lag in abandoning cash …

Persistent link: https://www.econbiz.de/10010692349

Measuring the underground economy with the currency demand approach: a reinterpretation of the methodology, with an application to Italy

Ardizzi, Guerino; Petraglia, Carmelo; Piacenza, Massimiliano - Banca d'Italia - 2012

dependent variable in the money demand equation a direct measure of the value of cash transactions: the flow of cash withdrawn … from current accounts relative to total non-cash payments. This avoids use of the Fisher equation and so overcomes two … the larger aggregate of the unobserved economy and represents a significant component of total cash payments. We then …

Persistent link: https://www.econbiz.de/10011099617

Why are payment habits so heterogeneous across and within countries? Evidence from European countries and Italian regions

Ardizzi, Guerino; Iachini, Eleonora - Banca d'Italia - 2013

electronic payment instruments in Italy. Our findings indicate that a pivotal role in explaining Italyï¿½s lag in abandoning cash …

Persistent link: https://www.econbiz.de/10011100370

Sectoral money demand and the great disinflation in the US

Calza, Alessandro; Zaghini, Andrea - Banca d'Italia - 2011

Estimates of the welfare costs of inflation based on Bailey's (1956) methodology are typically computed on the basis of aggregate money demand models. Yet, the behavior of money demand is likely to vary across sectors. As a result, the impact on welfare of changes in the inflation regime may...

Persistent link: https://www.econbiz.de/10008835084

Bootstrap bias-correction procedure in estimating long-run relationships from dynamic panels, with an application to money demand in the euro area

Focarelli, Dario - Banca d'Italia - 2002

In dynamic panel data models, which are particularly well-suited to cross-country analysis, the Mean Group estimator (Pesaran and Smith, 1995) is under certain quite strong conditions consistent, but theoretical and empirical evidence indicates that it can be biased when the number of time...

Persistent link: https://www.econbiz.de/10005770753

Money Demand in Italy: A System Approach.

Rinaldi, R.; Tedeschi, R. - Banca d'Italia - 1996

Adopting a system approach, the paper evaluates results of empirical research on money demand recently obtained at the Bank of Italy in a single equation context.

Persistent link: https://www.econbiz.de/10005780696

Money demand in the euro area: do national differences matter?

Dedola, Luca; Gaiotti, Eugenio; Silipo, Luca - Banca d'Italia - 2001

This paper assesses the relevance of national information in estimating the demand for euro-area M3 from three perspectives. First, we check whether aggregating national money demands is appropriate. Second, we compare time-series and panel methods to estimate aggregate long-run coefficients....

Persistent link: https://www.econbiz.de/10005609347

Stock market fluctuations and money demand in Italy, 1913-2003

Caruso, Massimo - Banca d'Italia - 2006

This paper examines the impact of stock market fluctuations on money demand in Italy taking a long-run perspective. The empirical findings suggest that stock market fluctuations contribute to explain temporary movements in the liquidity preference, rather than its secular patterns. Overall, a...

Persistent link: https://www.econbiz.de/10005609359