of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … the market for banks reserves (i.e., the market in which monetary policy is actually conducted) works in Italy. In our … estimated models, indeed, identification hinges on a detailed description of the operating procedures used by the Bank of Italy …

of imposing a minimal set of theoretical restrictions on the model to be tested. A monetary policy shock is identified … the market for banks reserves (i.e., the market in which monetary policy is actually conducted) works in Italy. In our … estimated models, indeed, identification hinges on a detailed description of the operating procedures used by the Bank of Italy …

contemporaneously to output and inflationary pressures. Inflation is mostly driven by interest rate shock over the medium to long term …, pointing to an impact of monetary policy. In the short term, however, exchange rate shock has relatively larger influence on …

shocks and study their effects on financial variables and macro variables. The first shock resembles a conventional monetary … policy shock, and the second resembles an unconventional monetary shock. The third shock leads to an increase in interest … and uncertainty decrease, and the U.S. dollar depreciates. Therefore, this third shock combines all the characteristics of …

Epstein-Zin preferences to study the volatility implications of a monetary policy shock. An unexpected increases in the policy … volatility effects of the shock are driven by agents' concern about the (in)ability of the monetary authority to reverse …