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Italian monetary policy in the '80s and '90s: the revision of the modus operandi

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  • M. SARCINELLI

    (Banca Nazionale del Lavoro, Rome (Italy))

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    Abstract

    The 'Modus Operandi' of Italian monetary policy which relies on market-based control was radically changed in the '80s and '90s. However, changes still have to be initiated with relation to the banks' compulsory reserve deposits. The Bank of Italy must also be in step with European standards if it is to be an active participant of the future European System of Central Banks. On the third anniversary of Italy's withdrawal from the EMS Exchange Rate Mechanism (16 September 1992) this work reviews the structural changes that have taken place. This review is restricted to the field of monetary policy. Monetary objectives and instruments are analysed separately.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10498/10385
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    Bibliographic Info

    Article provided by Banca Nazionale del Lavoro in its journal BNL Quarterly Review.

    Volume (Year): 48 (1995)
    Issue (Month): 195 ()
    Pages: 397-422

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    Handle: RePEc:psl:bnlaqr:1995:42

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    Related research

    Keywords: Banking industry; Monetary policy; Banca d'Italia; Italy;

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    References

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    1. Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January.
    2. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
    3. Fischer, Stanley, 1995. "Central-Bank Independence Revisited," American Economic Review, American Economic Association, vol. 85(2), pages 201-06, May.
    4. T.F. Cargill, 1995. "The statistical association between central bank independence and inflation," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(193), pages 159-172.
    5. Carlo Cottarelli & Giovanni Ferri & Andrea Generale, 1995. "Bank Lending Rates and Financial Structure in Italy: A Case Study," IMF Staff Papers, Palgrave Macmillan, vol. 42(3), pages 670-700, September.
    6. William Poole, 1969. "Optimal choice of monetary policy instruments in a simple stochastic macro model," Special Studies Papers 2, Board of Governors of the Federal Reserve System (U.S.).
    7. Giovanni Ferri & Carlo Cottarelli & Andrea Generale, 1995. "Bank Lending Rates and Financial Structure in Italy," IMF Working Papers 95/38, International Monetary Fund.
    8. T.F. Cargill, 1995. "The statistical association between central bank independence and inflation," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(193), pages 159-172.
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    Cited by:
    1. Bertocco Giancarlo, 2002. "The role of credit in a Keynesian monetary economy," Economics and Quantitative Methods qf0222, Department of Economics, University of Insubria.
    2. Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.
    3. Ivo Maes & Lucia Quaglia, 2003. "The process of european monetary integration: a comparison of the belgian and italian approaches," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 56(227), pages 299-335.
    4. Lucia Quaglia, 2003. "European Monetary Integration and the ‘Constitutionalization’ of Macroeconomic Policy Making," Constitutional Political Economy, Springer, vol. 14(3), pages 235-251, September.
    5. Katarina Juselius, 2001. "European integration and monetary transmission mechanisms: the case of Italy," Journal of Applied Econometrics, John Wiley & Sons, Ltd., vol. 16(3), pages 341-358.
    6. Ivo Maes & Lucia Quaglia, 2006. "Germany and Italy: conflicting policy paradigms towards European monetary integration?," Constitutional Political Economy, Springer, vol. 17(3), pages 189-205, September.

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