A money demand function for M2 is estimated for Italy for the period 1972-1998 within an error correction framework. This period has been characterized by major structural changes in the Italian financial system and by major changes in monetary policy. This study takes these changes into...

One of the most critical and debated issues about the functioning of the classical gold standard is the issue of asymmetries in balance of payments adjustment. London is believed to be by several authors the "conductor of the international orchestra" (Keynes, 1913). This view implies a highly...

This paper analyzes the interrelationships of official and private discount rates between seven European financial centers and, in particular, between London, Berlin, and Paris. Looking at the days and directions of all official discount rate changes in the seven centers, pairwise leads and lags...