Dynamic Models and Structural Shift: Monetary Transmission Mechanisms in Italy before and after EMS
AbstractThe 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 InfoPaper provided by University of Copenhagen. Department of Economics in its series Discussion Papers with number 99-12.
Length: 37 pages
Date of creation: Apr 1999
Date of revision:
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I(2) analysis; regime shift; price homogeneity; money demand; IS-LM; monetary policy;
Find related papers by JEL classification:
- C3 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables
- C5 - Mathematical and Quantitative Methods - - Econometric Modeling
- E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit
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