In recent years increasing use has been made in monetary policy analysis of the so-called Monetary Conditions Index (MCI). The index is defined as a linear combination of changes in a short-term real interest rate and in the real effective exchange rate, whose coefficients are equal to the...

We estimate forward-looking interest-rate rules for five large OECD economies, allowing for time variation in the responses to macroeconomic conditions and in the variance of the policy rate. Conventional constant-parameter reaction functions likely blur the impact of i) model uncertainty, ii)...

In this paper we present supporting evidence of the existence of heterogeneity in inflation dynamics across euro area countries. Based on the estimation of New Phillips Curves for five major countries of the euro area, we find that there is significant inertial (backward looking) behavior in...

Gianni Toniolo was one of Italy's, and Europe's, foremost economic historians. Unfortunately, he suddenly passed away in November 2022, a few weeks after he had presented in Rome his newest book, the first volume of his history of the Bank of Italy, Storia della Banca d'Italia. Tomo I....

This paper analyzes daily patterns in the settlement of payments in the European TARGET2 settlement system using a unique transaction-level data set. For the first time, we provide insights into the intraday patterns of bank-to-bank payments (a subset of all TARGET2 transactions) and identify...

In the first phase of the Monetary Union the discussion focused on advantages and disadvantages related to the Eurozone. The Euro was founded with only three objectives, but absolutely relevant for the member countries: a uniform growth among States, a strong defense by international economic...

Obiettivo del lavoro è un primo esame di ipotesi ed evidenze per una interpretazione maggiormente articolata della crisi del 1893; appunti frammentari, che tendono ad individuare i fenomeni maggiormente significativi su cui concentrare l'attenzione. Uno shock di competitività, conseguente ad una...

This paper studies the effects of ECB communications about unconventional monetary policy operations on the perceived sovereign risk of Italy over the last five years. More than fifty events concerning non-standard operations are identified and classified with respect to the specific ECB...

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...

We study empirically the distributional implications of a non-standard monetary policy expansion, considering the measures implemented by the Eurosystem in 2011-2012 and exploiting a rich micro dataset on Italian households' income and wealth, in order to take contemporaneously into account a...