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Regional Convergence in Italy: 1951-2000
Morana, Claudio - In: Giornale degli Economisti 63 (2004) 2, pp. 139-160
In the paper we assess the convergence hypothesis for the Italian economy over the period 1951-2000, using a new … progress of the convergence process over time and to distinguish between steady-state and transitional dynamics. The overall … conclusions of our work are in favour of a two-speed unconditional convergence process in per capita GDP across Italian regions …
Persistent link: https://www.econbiz.de/10005772675
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Modelling short-term interest rate spreads in the euro money market
Cassola, Nuno; Morana, Claudio - 2008
In the framework of a new money market econometric model, we assess the degree of precision achieved by the European Central Bank ECB) in meeting its operational target for the short-term interest rate and the impact of the U.S. sub-prime credit crisis on the euro money market during the second...
Persistent link: https://www.econbiz.de/10003826033
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Macroeconomic and financial effects of oil price shocks : evidence for the Euro area
Morana, Claudio - 2016
The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that "not...
Persistent link: https://www.econbiz.de/10011451685
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Euro Money Market Spreads During the 2007-? Financial Crisis
Cassola, Nuno - 2012
In the paper we investigate the empirical features of euro area money market turbulence during the recent financial crisis. By means of a novel Fractionally Integrated Heteroskedastic Factor Vector Autoregressive model, we find evidence of a deterministic level factor in the EURIBOR-OIS (OIS)...
Persistent link: https://www.econbiz.de/10013106591
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Comovements in Volatility in the Euro Money Market
Cassola, Nuno; Morana, Claudio - 2021
This paper assesses the sources of volatility persistence in Euro Area money market interest rates and the existence of linkages relating volatility dynamics. The main findings of the study are as follows. Firstly, there is evidence of stationary long memory, of similar degree, in all series....
Persistent link: https://www.econbiz.de/10013317311
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Monetary Policy and the Stock Market in the Euro Area
Cassola, Nuno; Morana, Claudio - 2021
In this paper we study the role of the stock market in the transmission mechanism in the euro area and evaluate whether price stability and financial stability are mutually consistent and complementary objectives. Four major conclusions can be drawn from our work. First, stock prices and, more...
Persistent link: https://www.econbiz.de/10013320254
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Macroeconomic and Financial Effects of Oil Price Shocks : Evidence for the Euro Area
Morana, Claudio - 2016
The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that "not...
Persistent link: https://www.econbiz.de/10012996601
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Macroeconomic and Financial Effects of Oil Price Shocks : Evidence for the Euro Area
Morana, Claudio - 2016
The paper investigates the macroeconomic and financial effects of oil prices shocks in the euro area since its creation in 1999, with a special focus on the recent slump. The analysis is carried out episode by episode, within a time-varying parameter framework, consistent with the view that "not...
Persistent link: https://www.econbiz.de/10012998055
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Core Inflation in the Euro Area
Bagliano, Fabio C.; Golinelli, Roberto; Morana, Claudio - 2013
Using a common trends model, we estimate a forward-looking core inflation measure for the Euro area based on long-run relations among major macroeconomic variables, bearing the interpretation of long-run inflation forecast. The proposed measure may be particularly suitable for the two-pillar...
Persistent link: https://www.econbiz.de/10014122210
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The Price Stability Oriented Monetary Policy of the ECB : An Assessment
Morana, Claudio - 2013
The definition of price stability adopted by the ECB has recently been criticised in the literature, particularly for being unable to fully anchor inflation expectations and creating a deflation risk. In the paper we provide empirical evidence against these claims. Despite the unfavourable...
Persistent link: https://www.econbiz.de/10014054926