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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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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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Inflation, growth and monetary control : non-linear lessons from crisis and recovery
Bruno, Michael - 1995
Persistent link: https://www.econbiz.de/10000922411
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Modelling loans to non-financial corporations in the euro area
Christoffer Kok S�rensen; David Marqu�s … - Banca d'Italia - 2012
We model the determinants of loans to non-financial corporations in the euro area. Using the Johansen (1992) methodology, we identify three cointegrating relationships. These relationships are interpreted as the long-run loan demand, investment and loan supply equations. The short-run dynamics...
Persistent link: https://www.econbiz.de/10009654298
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What is this thing called confidence? A comparative analysis of consumer confidence indices in eight major countries
Golinelli, Roberto; Parigi, Giuseppe - Banca d'Italia - 2003
The paper examines the evolution of consumer confidence indices in Australia, Canada, France, Germany, Italy, Japan, the United Kingdom and the United States of America since the 1970s, by modelling them in a multivariate framework of common macroeconomic variables for each country. Results...
Persistent link: https://www.econbiz.de/10005113579
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Macroeconomic effects of greater competition in the service sector: the case of Italy
Forni, Lorenzo; Gerali, Andrea; Pisani, Massimiliano - Banca d'Italia - 2009
The paper assesses the effects of increasing competition in the service sector in Italy which, based on cross-country comparisons, is the OECD country with the highest markups in non-manufacturing industries. We propose a two-region (Italy and the rest of the euro area) dynamic general...
Persistent link: https://www.econbiz.de/10005642129
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Structural reforms and zero lower bound in a monetary union
Gerali, Andrea; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2015
We assess the short- and medium-term macroeconomic effects of competition-friendly reforms in the service sector when the monetary policy rate is stuck at the zero lower bound (ZLB) in a monetary union. We calibrate a large-scale multi-country multi-sector dynamic general equilibrium model to...
Persistent link: https://www.econbiz.de/10011184261
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Foreign exchange reserve diversification and the "exorbitant privilege"
Cova, Pietro; Pagano, Patrizio; Pisani, Massimiliano - Banca d'Italia - 2014
We assess the global macroeconomic implications of different strategies of official reserve management by developing a large scale new-Keynesian dynamic general equilibrium model of the world economy, calibrated on the euro area, the United States, China, Japan and the rest of the world. An...
Persistent link: https://www.econbiz.de/10011098938
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Deflationary shocks and de-anchoring of inflation expectations
Busetti, Fabio; Ferrero, Giuseppe; Gerali, Andrea; … - Banca d'Italia - 2014
A prolonged period of low inflation, particularly in a situation of monetary policy rates near the zero lower bound …, can heighten the risk of inflation expectations de-anchoring from the central bank objective. The purpose of this paper is …/realized inflation and output. To do so we consider a simple New Keynesian model where agents, rather than being endowed with rational …
Persistent link: https://www.econbiz.de/10011103306