This paper examines the interactions between monetary policy and stability of interbank money markets. After showing some empirical evidence of a central bank's concern for money market stability I derive a forward smoothing interest rate rule moving from an explicit target in terms of a...

This paper focuses on how structural funds from the EU might alleviate the credit crunch on Italian SMEs. We found that resources directly available to SMEs represent only 0.19% of 2013 loan facilities: moreover, the allotted resources for SMEs in 2014-2020 programs is expected to be even less....

This paper aims at assessing the relevance of communicating central bank's forecasts to the private sector under discretionary monetary policy. In a New Keynesian environment, the central bank and the private sector have different information sets. The private sector uses the central bank's...