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Pressure on Monetary Policy: the Italian Evidence

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Author Info
Chiara Dalle Nogare
Matilde Vassalli

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Abstract

Following Havrilesky’s seminal work (1995) and its extension by Maier, Sturm and de Haan (2002) we construct a monthly index of external influences on Bank of Italy’s conduct for the period 1984-1998. This paper aims at describing the index of overall pressure on Italian monetary policy and the five sub-indexes of which it is composed, namely the index of political pressure, the index of pressure coming from the economic sectors, the index of pressure coming from trade unions, the index of pressure coming from the financial sector and the index of pressure coming from other sources.

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Paper provided by University of Brescia, Department of Economics in its series Working Papers with number ubs0407.

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