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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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Central Bank Independence, Centralization of Wage Bargaining, Inflation and Unemployment: Theory and Evidence
Cukierman, A.; Lippi, F. - Banca d'Italia - 1998
wage, unemployment and inflation. This is done by considering a two-stage strategic interaction between a central bank (CB …
Persistent link: https://www.econbiz.de/10005640916
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Just round the corner? Pros, cons, and implementation issues of a fiscal union for the euro area
Balassone, Fabrizio; Momigliano, Sandro; Romanelli, Marzia - Banca d'Italia - 2014
The experience of other successful monetary unions and economic theory suggest that the euro area would benefit from …
Persistent link: https://www.econbiz.de/10011105103
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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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The short-term impact of government budgets on prices; evidence from macroeconometric models
Henry, Jerome; Cos, Pablo Hernandez de; Momigliano, Sandro - Banca d'Italia - 2004
This paper reviews the existing empirical evidence on the short-term impact on prices of fiscal variables and assesses it against new results from harmonised simulations, conducted with six well-established econometric models used by the ECB and five national central banks (NCBs) of the...
Persistent link: https://www.econbiz.de/10005113650
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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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What Is the Optimal Institutional Arrangement for a Monetary Union?
Gambacorta, L. - Banca d'Italia - 1999
The aim of this paper is to design the optimal institutional arrangement for a monetary union. Using a two-country rational expectations model, the study analyses how the conservatism of the area-wide central bank and the penalty system for fiscal deviation (Stability and Growth Pact) should be...
Persistent link: https://www.econbiz.de/10005671374
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The effects of fiscal shocks with debt-stabilizing budgetary policies in Italy
Caprioli, Francesco; Momigliano, Sandro - Banca d'Italia - 2011
We study the effects of fiscal policy on macroeconomic developments in Italy over the period 1982-2010 with a Structural Vector Autoregression (SVAR) model. We include public debt and impose the government budget constraint in the estimation. In contrast with previous research we also include...
Persistent link: https://www.econbiz.de/10009386396
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Consumption and fiscal policies: medium-run non-Keynesian effects
Rodano, Giorgio; Saltari, Enrico - Banca d'Italia - 2001
In this paper we study the effects of fiscal policies on current consumption, distinguishing between Keynesian effects (KE), due to changes in current disposable income, and non-Keynesian effects (NE), due to expected changes in future disposable income. The literature has argued that permanent...
Persistent link: https://www.econbiz.de/10005113559