In Search of Monetary Policy Measures: The Case of Italy in the 1990s
AbstractIn this paper we present a structural VAR analysis of monetary policy in Italy. A monetary policy operating regime based on the control of the overnight rate seems to fit the data better than alternative quantitative monetary regimes. In the analysis we include the real exchange rate as a possible transmission channel of monetary policy shocks. The model allows us to derive an overall indicator of the monetary policy stance that is able to highlight the major episodes of monetary contraction in the sample.
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Bibliographic InfoArticle provided by GDE (Giornale degli Economisti e Annali di Economia), Bocconi University in its journal Giornale degli Economisti e Annali di Economia.
Volume (Year): 57 (1998)
Issue (Month): 2 (September)
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Web page: http://www.gde.unibocconi.it/
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- E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
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- Roberto Tamborini & Riccardo Fiorentini, 2001.
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Department of Economics Working Papers
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- Riccardo Bonci & Francesco Columba, 2007. "The Effects Of Monetary Policy Shocks On Flow Of Funds:The Italian Case," Money Macro and Finance (MMF) Research Group Conference 2006 75, Money Macro and Finance Research Group.
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- Nicola Acocella & Giovanni Di Bartolomeo, 2003. "Wage and Public Expenditure Setting in a Monetary Union," Zagreb International Review of Economics and Business, Faculty of Economics and Business, University of Zagreb, vol. 6(1-2), pages 1-16, May - Nov.
- Nicola Acocella & Giovanni Di Bartolomeo, 2001. "Wage and public expenditure setting in a monetary union," Working Papers 42, University of Rome La Sapienza, Department of Public Economics.
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