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Large banks, loan rate markup and monetary policy
Cuciniello, Vincenzo; Signoretti, Federico M. - Banca d'Italia - 2014
This paper studies the implications of introducing large monopolistic banks, which can affect macroeconomic outcomes and thus the response of monetary policy to inflation, in a model with a collateral constraint linking the borrowers� credit capacity to the value of their durable assets....
Persistent link: https://www.econbiz.de/10011099726
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Estimating the effects of a credit supply restriction: is there a bias in the Bank Lending Survey?
Nobili, Andrea; Orame, Andrea - Banca d'Italia - 2015
enterprises, as captured by the assessment of credit standards provided by the banks participating in the Eurosystem Bank Lending … the Regional Bank Lending Survey (non-BLS banks) carried out by the Bank of Italy. We find evidence of a limited upward … restriction for the non-BLS banks. The Eurosystem Bank Lending Survey, therefore, continues to be a timely and important source of …
Persistent link: https://www.econbiz.de/10011265439
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The negative feedback loop between banks and sovereigns
Angelini, Paolo; Grande, Giuseppe; Panetta, Fabio - Banca d'Italia - 2014
sovereign risk affects banking risk (and vice versa), presents some new evidence on bank-sovereign links, and discusses policy …
Persistent link: https://www.econbiz.de/10011100401
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The sectoral distribution of money supply in the Euro area
Ferrero, Giuseppe; Nobili, Andrea; Passiglia, Patrizia - Banca d'Italia - 2007
liquidity conditions are in some measure related to the acceleration of non-bank financial intermediaries� money demand, as …
Persistent link: https://www.econbiz.de/10005609365
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Did inflation really soar after the euro cash changeover? Indirect evidence from ATM withdrawals
Angelini, Paolo; Lippi, Francesco - Banca d'Italia - 2006
The introduction of the euro notes and coins in the first two months of 2002 was followed by a lively debate on the alleged inflationary effects of the new currency. In Italy, as in the rest of the euro area, survey-based measures signaled a much sharper rise in inflation than measured by the...
Persistent link: https://www.econbiz.de/10005609383
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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
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The Eurosystem�s asset purchase programmes for monetary policy purposes
Cova, Pietro; Ferrero, Giuseppe - Banca d'Italia - 2015
the Bank of Italy�s quarterly model. For 2015-16 the purchase programme can be expected to make a significant … government securities and bank loans. These effects are comparable in magnitude to those found by studies on the securities …
Persistent link: https://www.econbiz.de/10011277927
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Credit demand and supply in Italy during the financial crisis
Panetta, Fabio; Signoretti, Federico M. - Banca d'Italia - 2010
The paper analyzes developments in bank lending in Italy during the financial crisis, assessing the relative …
Persistent link: https://www.econbiz.de/10008503169
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Bank balance sheets and the transmission of financial shocks to borrowers: evidence from the 2007-2008 crisis
Patti, Emilia Bonaccorsi di; Sette, Enrico - Banca d'Italia - 2012
We use Italian data on bank lending to firms to study the transmission of shocks affecting bank balance sheets to the …-in-difference approach because: a large number of firms in Italy borrow from more than one bank; the shocks to the wholesale funding market … significantly affect their lending, the deterioration of bank capitalization as proxied by charge-offs and profitability had a …
Persistent link: https://www.econbiz.de/10009645790