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Dynamic Models and Structural Shift: Monetary Transmission Mechanisms in Italy before and after EMS


Author Info

  • Katarina Juselius

    (Institute of Economics, University of Copenhagen)

  • Elena Gennari

    (European University Institute)


The focus is on nominal transmission mechanisms in Italy with special reference to monetary effects and how they have changed with the increased economic integration in Europe and the increased independence of Italian Central Bank. The empirical model investigates the dynamic determination of money, income, prices, and interest rates based on the cointegrated VAR model. The choice of price measurements and its consequences for the empirical results are given special attention. The empirical results provide empirical results on the macroeconomic effects of joining the ERM and of capital deregulation.

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Bibliographic Info

Paper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 99-12.

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Length: 37 pages
Date of creation: Apr 1999
Date of revision:
Handle: RePEc:kud:kuiedp:9912

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Related research

Keywords: I(2) analysis; regime shift; price homogeneity; money demand; IS-LM; monetary policy;

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