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Fiscal Policy and Macroeconomic Imbalances
Baldacci, Emanuele; Gupta, Sanjeev; Mulas-Granados, Carlos - Banca d'Italia - 2014
The volume collects the essays presented at the 15th Workshop on Public Finance organised by Banca d'Italia in Perugia from 4 to 6 April 2013. The workshop focused on the link between fiscal policy and macroeconomic imbalances and comprised four sessions. The first session concentrated on the...
Persistent link: https://www.econbiz.de/10011277938
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The Transmission of Monetary Policy Shocks in Italy, 1967-1997.
Gaiotti, E. - Banca d'Italia - 1999
The paper studies the transmission of monetary policy shocks in Italy, by means of a structural VAR, using a long data sample; focusing on a long sample period permits a comparison between the Italian evidence and the international literature and makes it possible to test the robustness of the...
Persistent link: https://www.econbiz.de/10005640897
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Will a Common European Monetary Policy Have Asymmetric Effects?.
Guiso, L.; Kashyap, A.K.; Panetta, F.; Terlizzese, D. - Banca d'Italia - 2000
We survey the existing work on the cross-country differences in the transmission of European monetary policy. We find that prior work, focusing on macroeconomic data, does not clearly answer the question posed in the title and offer some explanations for the ambiguity.
Persistent link: https://www.econbiz.de/10005640915
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The Monetary Transmission Mechanism: Evidence from the Industries of Five OECD Countries.
Dedola, L.; Lippi, F. - Banca d'Italia - 2000
This paper presents new evidence on the monetary transmission mechanism based on the effects of unexpected monetary policy shocks on 21 manufacturing industries in 5 OECD countries (France, Germany, Italy, the UK and the US). The goal is twofold. First, to document the cross-industry...
Persistent link: https://www.econbiz.de/10005640917
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The monetary transmission mechanism in the euro area: has it changed and why?
Cecioni, Martina; Neri, Stefano - Banca d'Italia - 2011
responses of output and inflation to monetary policy shocks between the two periods. The estimation of a DSGE model with several … economy as the result of a decrease in the degree of nominal rigidities and a shift in monetary policy towards inflation …
Persistent link: https://www.econbiz.de/10009020152
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Sovereign risk, monetary policy and fiscal multipliers: a structural model-based assessment
Locarno, Alberto; Notarpietro, Alessandro; Pisani, … - Banca d'Italia - 2013
This paper briefly reviews the literature on fiscal multipliers and then presents results for the Italian economy obtained by simulating a dynamic general equilibrium model that allows for the possibility (a) that the zero lower bound may be binding and (b) that the initial public debt-to-GDP...
Persistent link: https://www.econbiz.de/10011099679
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Monetary policy and the flow of funds in the euro area
Bonci, Riccardo - Banca d'Italia - 2012
This paper provides new evidence on the transmission of monetary policy in the euro area, assessing the impact of an unexpected increase of the short-term interest rates on the lending and borrowing activity in different economic sectors. We exploit the information content of the flow-of-funds...
Persistent link: https://www.econbiz.de/10011099702
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Monetary Policy Effects: New Evidence from the Italian Flow of Funds
Bonci, Riccardo; Columba, Francesco - Banca d'Italia - 2008
We obtain new evidence on the transmission of monetary policy to the economy by analyzing the effects of restrictive monetary policy shocks on Italian flows of funds over the period 1980-2002. Firms reduce their issuance of debt and their acquisitions of financial assets, so there is no evidence...
Persistent link: https://www.econbiz.de/10005467312
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Why are the 2000s so different from the 1970s? A structural interpretation of changes in the macroeconomic effects of oil prices in the US
Blanchard, Olivier; Riggi, Marianna - Banca d'Italia - 2011
inflation. In the 2000s, even larger increases in the price of oil were associated with much milder movements in output and … inflation. Using a structural VAR approach, Blanchard and Gali (2009) argued that this reflected a change in the causal relation … from the price of oil to output and inflation. They then argued that this change could be due to a combination of three …
Persistent link: https://www.econbiz.de/10009386390
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Will a Common European Monetary Policy Have Asymmetric Effects?
Guiso, Luigi; Kashyap, Anil K.; Panetta, Fabio; … - Banca d'Italia - 2000
We survey the existing work on the cross-country differences in the transmission of European monetary policy. We find that prior work, focusing on macroeconomic data, does not clearly answer the question posed in the title and offer some explanations for the ambiguity. Aside from the...
Persistent link: https://www.econbiz.de/10005111576