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Monetary Policy Effects: New Evidence from the Italian Flow of Funds

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Author Info
Riccardo Bonci () (Bank of Italy, Economic and Financial Statistics Department)
Francesco Columba () (Bank of Italy, Economic Outlook and Monetary Policy Department)

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Abstract

We obtain new evidence on the transmission of monetary policy to the economy by analyzing the effects of restrictive monetary policy shocks on Italian flows of funds over the period 1980-2002. Firms reduce their issuance of debt and their acquisitions of financial assets, so there is no evidence of strong financial frictions. Households increase short-term liabilities and diminish purchases of liquid assets and shares in the first quarter following a shock. The public sector increases net borrowing during the first two years. Financial corporations decrease their borrowing for three quarters, while the foreign sector increases borrowed funds. The results shed new light on the role played by the financial decisions of the various economic sectors in the transmission of monetary policy.

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File URL: http://www.bancaditalia.it/pubblicazioni/econo/temidi/td08/td678_08/en_td678/en_tema_658.pdf
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Paper provided by Bank of Italy, Economic Research Department in its series Temi di discussione (Economic working papers) with number 678.

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Date of creation: Jun 2008
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Handle: RePEc:bdi:wptemi:td_678_08

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Web page: http://www.bancaditalia.it
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Related research
Keywords: flow of funds; monetary policy; VAR;

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Find related papers by JEL classification:
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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  1. Alessio Ciarlone & Paolo Piselli & Giorgio Trebeschi, 2007. "Emerging Markets Spreads and Global Financial Conditions," Temi di discussione (Economic working papers) 637, Bank of Italy, Economic Research Department. [Downloadable!]
  2. Bernardo Bortolotti & Paolo Pinotti, 2008. "Delayed privatization," Temi di discussione (Economic working papers) 663, Bank of Italy, Economic Research Department. [Downloadable!]
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  3. Leonardo Gambacorta & Carlotta Rossi, 2007. "Modelling bank lending in the euro area: A non-linear approach," Temi di discussione (Economic working papers) 650, Bank of Italy, Economic Research Department. [Downloadable!]
  4. Silvia Magri, 2009. "The financing of small innovative firms: the italian case," Economics of Innovation and New Technology, Taylor and Francis Journals, vol. 18(2), pages 181-204. [Downloadable!] (restricted)
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  5. Claudia Biancotti & Giovanni D'Alessio, 2007. "Inequality and Happiness," Working Papers 75, ECINEQ, Society for the Study of Economic Inequality. [Downloadable!]
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  6. Andrea Brandolini, 2008. "On applying synthetic indices of multidimensional well-being: health and income inequalities in selected EU countries," Temi di discussione (Economic working papers) 668, Bank of Italy, Economic Research Department. [Downloadable!]
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