In Search of Monetary Policy Measures: The Case of Italy in the 1990s
In this paper we present a structural VAR analysis of monetary policy in Italy. A monetary policy operating regime based on the control of the overnight rate seems to fit the data better than alternative quantitative monetary regimes. In the analysis we include the real exchange rate as a possible transmission channel of monetary policy shocks. The model allows us to derive an overall indicator of the monetary policy stance that is able to highlight the major episodes of monetary contraction in the sample.
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Volume (Year): 57 (1998)
Issue (Month): 2 (September)
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