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Unconventional Monetary Policy in Theory and in Practice
Cecioni, Martina; Ferrero, Giuseppe; Secchi, Alessandro - Banca d'Italia - 2011
In this paper, after discussing the theoretical underpinnings of unconventional monetary policy measures, we review the existing empirical evidence on their effectiveness, focusing on those adopted by the European Central Bank and by the Federal Reserve. These measures operate in two ways:...
Persistent link: https://www.econbiz.de/10009320180
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The Eurosystem�s asset purchase programmes for monetary policy purposes
Cova, Pietro; Ferrero, Giuseppe - Banca d'Italia - 2015
transmission channels by which the purchases can be expected to affect economic activity and inflation. Then we assess the effects …
Persistent link: https://www.econbiz.de/10011277927
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Has globalisation changed the Phillips curve? Firm-level evidence on the effect of activity on prices
Gaiotti, Eugenio - Banca d'Italia - 2008
level, after controlling for inflation expectations, and whether it is concentrated among those firms that are more exposed …
Persistent link: https://www.econbiz.de/10005770766
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How to measure the unsecured money market? The Eurosystem�s implementation and validation using TARGET2 data
Arciero, Luca; Heijmans, Ronald; Heuver, Richard; … - Banca d'Italia - 2014
This paper develops a methodology, based on Furfine (1999), for identifying unsecured interbank money market loans from the transaction data of the most important euro payment processing system TARGET2, for maturities ranging from one day (overnight) up to three months. The implementation has...
Persistent link: https://www.econbiz.de/10011100380
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Determinants of TARGET2 imbalances
Cecioni, Martina; Ferrero, Giuseppe - Banca d'Italia - 2012
The paper analyzes developments in TARGET2 imbalances within the euro area since 2007, from two perspectives: national central banks� balance sheets and countries� balance of payments (BoP). We examine the relationship between TARGET2 balances and the Eurosystem liquidity provision,...
Persistent link: https://www.econbiz.de/10011100341
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The sovereign debt crisis and the euro area
Grande, Giuseppe; Neri, Stefano; Siviero, Stefan - Banca d'Italia - 2013
This publication collects the papers presented at the workshop entitled "The sovereign debt crisis and the euro area", 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...
Persistent link: https://www.econbiz.de/10011277929
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Is deflation good or bad? Just mind the inflation gap
Casiraghi, Marco; Ferrero, Giuseppe - Banca d'Italia - 2015
We explain why the macroeconomic effects of shocks to inflation of the same size, but opposite sign, are not … necessarily symmetric. All in all, the costs of deflation and disinflation tend to exceed those of inflation due to the presence … borrowing limits. When these constraints are binding, they can prevent monetary policy from closing the inflation gap, labor …
Persistent link: https://www.econbiz.de/10011265438
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Is money informative? Evidence form a large model used for policy analysis
Altissimo, Filippo; Gaiotti, Eugenio; Locarno, Alberto - Banca d'Italia - 2002
In this paper we assess whether monetary variables, which are observed with little delay, conveyed marginal information on the state of the Italian economy in the 1990s, taking as a benchmark the forecasting errors generated by the quarterly model used by the Bank of Italy. We follow two...
Persistent link: https://www.econbiz.de/10005113577
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Monetary Policy Impulses, Local Output and the Transmission Mechanism
Caruso, Massimo - Banca d'Italia - 2004
This paper evaluates the effects of unanticipated monetary policy shocks on Italian output on the basis of highly disaggregated data and a VAR methodology. The impact of unexpected changes in the money market interest rate on the pattern of industrial production - based on qualitative business...
Persistent link: https://www.econbiz.de/10005770787
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Imperfect information, real-time data and monetary policy in the euro area
Neri, Stefano; Ropele, Tiziano - Banca d'Italia - 2011
) the estimated policy rule becomes more inertial and less aggressive towards inflation; (ii) the ECB is confronted with a … more severe trade-off in the stabilization of inflation and the output gap. …
Persistent link: https://www.econbiz.de/10008917790