We study monetary policy in a New Keynesian (NK) model with endogenous growth and knowledge spillovers external to each firm. We find the following results: (i) technology and government spending shocks have different effects on growth; (ii) disinflationary monetary policies entail positive...

This paper proposes a comparative analysis of the main macroeconomic aggregates (both real and credit aggregates), and the monetary policy response during the most severe recessions experienced by the Italian economy. This descriptive study focuses mainly on the last forty years, a period for...

This paper examines regional inflation divergence within the European EMU aiming at characterizing the properties of inflation differentials. The empirical evidence suggests that a process of price level convergence in the EMU is well on its way.

This paper combines the literature on financial crises with that on international immigrations by investigating whether the increasingly large flows of workers� remittances can help reduce the probability of current account reversals. The rationale for this stands in the great stability and...

A high share of foreign currency denomination of domestic public debt in rules out any recourse to inflation tax as an effective adjustment device. Anti- inflation policies based upon hard peg regimes may remove the exchange rate risk in the short run but - as pointed out by Argentina’s...

Causes and consequences of the current "subprime" financial crisis are analysed. The large number of fraudulent and criminal mortgages obtained by means of false statements unverified by the mortgagees, explains why this crisis was not predicted. The crisis was enhanced by unwise regulations...

This paper aims to construct a high-frequency coincident indicator of economic activity for Lombardy and for the provinces of Milan and Pavia, by using the dynamic factor model approach introduced by Stock e Watson (1998a e 1998b). The principal component technique is first used to summarize the...

This paper aims to construct a high-frequency coincident indicator of economic activity for Lombardy and for the provinces of Milan and Pavia, by using the dynamic factor model approach introduced by Stock e Watson (1998a e 1998b). The principal component analysis is first used to summarize the...