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....

type="main" xml:lang="en" <title type="main">Abstract</title> <p>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...</p>

This paper aims at assessing whether, and how, communication of central bank’s forecast might affect economic dynamics. In a simple new Keynesian environment it is assumed that private sector conditions its own expectations to central bank’s forecasts. Private sector’s prior expectations...