In this paper the benchmark real business cycle model (Prescott, 1986) is solved using the fully recursive method by Binder and Pesaran (1997). The model economy is then calibrated on the US data (1954-1982), defined consistently with the variables of the standard model. To evaluate the model's...

We study in a VAR model the effects of monetary policy shocks with new Italian flow of funds data for 1980-2002. First, our results are consistent with the literature, without being affected by commonly found puzzles. Second, new features of the transmission of monetary policy shocks to the...

We estimate the consumption response of Italian households to the "Euro80 tax bonus" intro-duced in 2014, using the panel component on the Survey of Household Income and Wealth. We find that households that received the tax rebate increased their monthly consumption of food and means of...