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Pressure on Bank of Italy: Evidence Using a Taylor Rule

In: Italian Institutional Reforms: A Public Choice Perspective

Author

Listed:
  • Chiara Dalle Nogare

    (Università degli Studi di Brescia)

  • Matilde Vassalli

    (Università degli Studi di Brescia)

Abstract

Following Havrilesky’s seminal work (1995) and its extension by Maier et al. (2002) we construct a monthly index of external influences on Bank of Italy’s conduct for the period 1984-1998. This paper describes the index of overall pressure on Italian monetary policy and the five sub-indexes of which it is composed. We evaluate whether Bank of Italy responded to pressure by estimating Taylor rules augmented with the pressure indexes. We conclude that in some cases external pressures did affect Bank of Italy’s action. Key words: Policy; Taylor Rule; Pressures on Monetary Policy; Bank of Italy.

Suggested Citation

  • Chiara Dalle Nogare & Matilde Vassalli, 2008. "Pressure on Bank of Italy: Evidence Using a Taylor Rule," Springer Books, in: Fabio Padovano & Roberto Ricciuti (ed.), Italian Institutional Reforms: A Public Choice Perspective, chapter 0, pages 1-20, Springer.
    • Handle: RePEc:spr:sprchp:978-0-387-72141-5_1
    DOI: 10.1007/978-0-387-72141-5
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    Cited by:

    1. Méon, Pierre-Guillaume & Minne, Geoffrey, 2014. "Mark my words: Information and the fear of declaring an exchange rate regime," Journal of Development Economics, Elsevier, vol. 107(C), pages 244-261.

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