Ardizzi, Guerino; Petraglia, Carmelo; Piacenza, Massimiliano - Banca d'Italia - 2012
We contribute to the debate on how to assess the size of the underground or shadow economy with a reinterpretation of the traditional Currency Demand Approach (CDA) � la Tanzi. We introduce three main innovations. First, we take as dependent variable in the money demand equation a direct...