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Inflation and Monetary Policy in Italy: Some Recent Evidence

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Author Info

  • Gaiotti, E.
  • Gavosto, A.
  • Grande, G.

Abstract

The empirical literature on the transmission of monetary policy to inflation in Italy has stressed the importance of the exchange rate and, to some extent, of the demand channel; recently, the roles of inflation expectations and the fiscal situation have been emphasized. This paper uses vector auto-regression to address this issue. The results suggest that inflation expectations do matter as determinants of inflation, along with the exchange rate and demand.

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Bibliographic Info

Paper provided by Banca Italia - Servizio di Studi in its series Papers with number 310.

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Length: 46 pages
Date of creation: 1997
Date of revision:
Handle: RePEc:fth:banita:310

Contact details of provider:
Postal: Banca d'Italia-Servizio Studi-Divisione Biblioteca e Pubblicazioni - Via N azionale, 91 -00184 Rome, Italy.
Web page: http://www.bancaditalia.it/
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Related research

Keywords: INFLATION ; MONETARY POLICY;

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Cited by:
  1. Giuseppe De Arcangelis & Giorgio Di Giorgio, 1999. "Monetary policy shocks and transmission in Italy: A VAR analysis," Economics Working Papers 446, Department of Economics and Business, Universitat Pompeu Fabra.
  2. Stefano Siviero & Daniele Terlizzese & Ignazio Visco, 1999. "Are model-based inflation forecasts used in monetary policymaking? A case study," Temi di discussione (Economic working papers) 357, Bank of Italy, Economic Research and International Relations Area.

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