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The sectoral distribution of money supply in the Euro area

Ferrero, Giuseppe; Nobili, Andrea; Passiglia, Patrizia - Banca d'Italia - 2007

imply that recent dynamics reflect, to a large extent, a permanent change in the financial structure of the economy. Finally …

Persistent link: https://www.econbiz.de/10005609365

Did inflation really soar after the euro cash changeover? Indirect evidence from ATM withdrawals

Angelini, Paolo; Lippi, Francesco - Banca d'Italia - 2006

The introduction of the euro notes and coins in the first two months of 2002 was followed by a lively debate on the alleged inflationary effects of the new currency. In Italy, as in the rest of the euro area, survey-based measures signaled a much sharper rise in inflation than measured by the...

Persistent link: https://www.econbiz.de/10005609383

Don't stand so close to me: the urban impact of immigration

Accetturo, Antonio; Manaresi, Francesco; Mocetti, Sauro; … - Banca d'Italia - 2012

model that shows how the effect of an immigrant inflow in a district affects local housing prices through changes in how … tested using a novel dataset on housing prices and population variables at the district level for a sample of 20 large … immigrants across districts to predict current settlements. We find that immigration raises average housing prices at the city …

Persistent link: https://www.econbiz.de/10011099635

Welfare costs of inflation and the circulation of US currency abroad

Calza, Alessandro; Zaghini, Andrea - Banca d'Italia - 2011

Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using adjusted monetary data, we show that the failure to control for...

Persistent link: https://www.econbiz.de/10009144907

Measuring the underground economy with the currency demand approach: a reinterpretation of the methodology, with an application to Italy

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) ï¿½ la Tanzi. We introduce three main innovations. First, we take as dependent variable in the money demand equation a direct...

Persistent link: https://www.econbiz.de/10011099617

Economic (in)stability under monetary targeting

Sessa, Luca - Banca d'Italia - 2012

Monetary growth targeting is often seen as an effective way of supporting macroeconomic stability. We scrutinize this property by checking whether multiplicity of equilibria, in the form of local indeterminacy (LI), can be both a possible and a plausible outcome of a basic model with an...

Persistent link: https://www.econbiz.de/10011099687

Sectoral money demand and the great disinflation in the US

Calza, Alessandro; Zaghini, Andrea - Banca d'Italia - 2011

Estimates of the welfare costs of inflation based on Bailey's (1956) methodology are typically computed on the basis of aggregate money demand models. Yet, the behavior of money demand is likely to vary across sectors. As a result, the impact on welfare of changes in the inflation regime may...

Persistent link: https://www.econbiz.de/10008835084

Bootstrap bias-correction procedure in estimating long-run relationships from dynamic panels, with an application to money demand in the euro area

Focarelli, Dario - Banca d'Italia - 2002

In dynamic panel data models, which are particularly well-suited to cross-country analysis, the Mean Group estimator (Pesaran and Smith, 1995) is under certain quite strong conditions consistent, but theoretical and empirical evidence indicates that it can be biased when the number of time...

Persistent link: https://www.econbiz.de/10005770753

Money demand in the euro area: do national differences matter?

Dedola, Luca; Gaiotti, Eugenio; Silipo, Luca - Banca d'Italia - 2001

This paper assesses the relevance of national information in estimating the demand for euro-area M3 from three perspectives. First, we check whether aggregating national money demands is appropriate. Second, we compare time-series and panel methods to estimate aggregate long-run coefficients....

Persistent link: https://www.econbiz.de/10005609347

Stock market fluctuations and money demand in Italy, 1913-2003

Caruso, Massimo - Banca d'Italia - 2006

This paper examines the impact of stock market fluctuations on money demand in Italy taking a long-run perspective. The empirical findings suggest that stock market fluctuations contribute to explain temporary movements in the liquidity preference, rather than its secular patterns. Overall, a...

Persistent link: https://www.econbiz.de/10005609359