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Central banks' macroeconomic projections and learning
Ferrero, Giuseppe; Secchi, Alessandro - Banca d'Italia - 2010
We study the impact of the publication of central banks� macroeconomic projections on the dynamic properties of an economy where (i) private agents have incomplete information and form their expectations using recursive learning algorithms; (ii) the short-term nominal interest rate is set...
Persistent link: https://www.econbiz.de/10008764925
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Informational Effects of Monetary Policy
Ferrero, Giuseppe; Miccoli, Marcello; Santoro, Sergio - Banca d'Italia - 2014
We analyse a simplified New-Keynesian model with an unobserved aggregate cost-push shock in which firms and the central … bank have different information about the shock. We consider a linear policy rule where a pure inflation targeting central … bank decides how much to react to the shock given its information. In this framework we show that monetary policy performs …
Persistent link: https://www.econbiz.de/10011099675
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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
Bayesian VAR over the periods before and after 1999 suggests that the effects of a monetary policy shock on output and prices …
Persistent link: https://www.econbiz.de/10009020152
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Is deflation good or bad? Just mind the inflation gap
Casiraghi, Marco; Ferrero, Giuseppe - Banca d'Italia - 2015
market from clearing and agents from deleveraging. The impact of a disinflationary shock on the tightness of these …
Persistent link: https://www.econbiz.de/10011265438
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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
The flattening of the Phillips curve observed in the industrial countries has been attributed to globalisation, while the traditional explanation centres on monetary policy credibility. The empirical literature is not conclusive, since macroeconomic data are affected by substantial...
Persistent link: https://www.econbiz.de/10005770766
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Imperfect information, real-time data and monetary policy in the euro area
Neri, Stefano; Ropele, Tiziano - Banca d'Italia - 2011
An important concern for the European Central Bank (ECB), and all central banks alike, is the necessity of making decisions in real time under conditions of great uncertainty about the underlying state of the economy. We address this concern by estimating on real-time data a New Keynesian model...
Persistent link: https://www.econbiz.de/10008917790
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The impact of unconventional monetary policy on the Italian economy during the sovereign debt crisis
Casiraghi, Marco; Gaiotti, Eugenio; Rodano, Lisa; … - Banca d'Italia - 2013
We assess the impact on the Italian economy of the main unconventional monetary policies adopted by the ECB in 2011-2012 (SMP, 3-year LTROs and OMTs) by following a two-step approach. We evaluate their effects on money market interest rates, government bond yields and credit availability and...
Persistent link: https://www.econbiz.de/10011099600
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Monetary policy and fiscal dominance in Italy from the early 1970s to the adoption of the euro: a review
Gaiotti, Eugenio; Secchi, Alessandro - Banca d'Italia - 2012
This paper reviews the main literature and evidence on the relevance of fiscal dominance in Italy in the last part of the 20th century and examines the evolution of the techniques of Treasury financing and of monetary targets. In the early 1970s budget deficits and monetary base creation were...
Persistent link: https://www.econbiz.de/10011100342
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The Announcement of Monetary Policy Intentions
Ferrero, Giuseppe; Secchi, Alessandro - Banca d'Italia - 2009
Whether a central bank should share with the public its views about the future evolution of short term interest rates is an unresolved issue. Disclosing this information might allow a more precise control of market expectations and a more effective achievement of the ultimate goals of the...
Persistent link: https://www.econbiz.de/10008459742