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Monetary aggregates in Italy since 1861: evidence from a new dataset

Author

Listed:
  • Federico Barbiellini Amidei

    (Bank of Italy)

  • Riccardo De Bonis

    (Bank of Italy)

  • Miria Rocchelli

    (Bank of Italy)

  • Alessandra Salvio

    (Bank of Italy)

  • Massimiliano Stacchini

    (Bank of Italy)

Abstract

The paper builds annual time series of Italian monetary aggregates. While previous contributions focused on certain periods in Italy�s economic history, our work covers the years 1861-2014 uninterruptedly; we improve the quality of the existing time series and provide further details on the components of aggregates. The paper also documents the sources and methods used for the estimates. Finally, we discuss the key trends of the aggregates since 1861 and present an econometric analysis of money demand.

Suggested Citation

  • Federico Barbiellini Amidei & Riccardo De Bonis & Miria Rocchelli & Alessandra Salvio & Massimiliano Stacchini, 2016. "Monetary aggregates in Italy since 1861: evidence from a new dataset," Questioni di Economia e Finanza (Occasional Papers) 328, Bank of Italy, Economic Research and International Relations Area.
    • Handle: RePEc:bdi:opques:qef_328_16
    as

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    File URL: https://www.bancaditalia.it/pubblicazioni/qef/2016-0328/QEF_328_16.pdf
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    References listed on IDEAS

    as
    1. repec:fip:fedgsq:y:2006:i:nov10 is not listed on IDEAS
    2. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money creation in the modern economy," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 14-27.
    3. Rinaldi, R. & Tedeschi, R., 1996. "Money Demand in Italy: A System Approach," Papers 267, Banca Italia - Servizio di Studi.
    4. Vito Antonio Muscatelli & Franco Spinelli, 1997. "An Econometric and Historical Perspective on the Long-Run Stability of the Demand for Money: The Case of Italy," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 56(1-2), pages 41-65, June.
    5. Alberto Baffigi, 2011. "Italian National Accounts, 1861-2011," Quaderni di storia economica (Economic History Working Papers) 18, Bank of Italy, Economic Research and International Relations Area.
    6. Ben S. Bernanke, 2006. "Monetary aggregates and monetary policy at the Federal Reserve: a historical perspective," Speech 243, Board of Governors of the Federal Reserve System (U.S.).
    7. McLeay, Michael & Radia, Amar & Thomas, Ryland, 2014. "Money in the modern economy: an introduction," Bank of England Quarterly Bulletin, Bank of England, vol. 54(1), pages 4-13.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    moneta; circolante; M1; M2; M3; domanda di moneta;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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