Building an institutional framework for monetary stability: the case of Italy (1979-1994)
Italy's monetary regime has experienced significant developments from 1979 to 1994. The independence of the central bank from the government was strengthened by several reforms. The period under review is characterised by monetary policy consistent with the Italian government's inflation targets following the abandonment of the European Exchange Rate Mechanism in Sep. 1992. Factors leading to the replacement of one type of institutional arrangement by another and the effects on monetary policy performance are examined. The steps followed and the problems encountered in implementing a system which would ensure monetary stability are also presented.
References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Lohmann, Susanne, 1992. "Optimal Commitment in Monetary Policy: Credibility versus Flexibility," American Economic Review, American Economic Association, vol. 82(1), pages 273-86, March.
- Eijffinger, S.C.W., 1993. "Central bank independence in twelve industrial countries," Other publications TiSEM 0401b17a-e2c7-4179-ace9-a, Tilburg University, School of Economics and Management.
- L. Bini Smaghi, 1994. "EMS discipline: did it contribute to inflation convergence?," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 47(189), pages 187-223.
- Giovanni Ferri & Carlo Cottarelli & Andrea Generale, 1995.
"Bank Lending Rates and Financial Structure in Italy; A Case Study,"
IMF Working Papers
95/38, International Monetary Fund.
- Carlo Cottarelli & Giovanni Ferri & Andrea Generale, 1995. "Bank Lending Rates and Financial Structure in Italy: A Case Study," IMF Staff Papers, Palgrave Macmillan, vol. 42(3), pages 670-700, September.
- Bohn, Henning & Gorton, Gary, 1993. "Coordination Failure, Multiple Equilibria and Economic Institutions," Economica, London School of Economics and Political Science, vol. 60(239), pages 257-80, August.
- Svensson, L.E.O., 1993.
"Fixed Exchange Rates As a Means to Price Stability: What Have we Learned?,"
553, Stockholm - International Economic Studies.
- Svensson, Lars E. O., 1994. "Fixed exchange rates as a means to price stability: What have we learned?," European Economic Review, Elsevier, vol. 38(3-4), pages 447-468, April.
- Svensson, Lars E O, 1994. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned?," CEPR Discussion Papers 872, C.E.P.R. Discussion Papers.
- Lars E.O. Svensson, 1993. "Fixed Exchange Rates as a Means to Price Stability: What Have We Learned," NBER Working Papers 4504, National Bureau of Economic Research, Inc.
- Giavazzi, Francesco & Pagano, Marco, 1986.
"The Advantages of Tying One's Hands: EMS Discipline and Central Bank Credibility,"
CEPR Discussion Papers
135, C.E.P.R. Discussion Papers.
- Francesco Giavazzi & Marco Pagano, 1991. "The Advantage of Tying One's Hands: EMS Discipline and Central Bank Credibility," NBER Chapters, in: International Volatility and Economic Growth: The First Ten Years of The International Seminar on Macroeconomics, pages 303-330 National Bureau of Economic Research, Inc.
- Giavazzi, Francesco & Pagano, Marco, 1988. "The advantage of tying one's hands : EMS discipline and Central Bank credibility," European Economic Review, Elsevier, vol. 32(5), pages 1055-1075, June.
- F. Giavazzi & L. Spaventa, 1990.
"The "New" EMS,"
86, Dipartimento Scienze Economiche, Universita' di Bologna.
- Jakob De Haan & Jan Egbert Sturm, 1992.
"The Case for Central Bank Independence,"
BNL Quarterly Review,
Banca Nazionale del Lavoro, vol. 45(182), pages 305-327.
- Russell Cooper & Andrew John, 1988. "Coordinating Coordination Failures in Keynesian Models," The Quarterly Journal of Economics, Oxford University Press, vol. 103(3), pages 441-463.
- Gressani, Daniela & Guiso, Luigi & Visco, Ignazio, 1988. "Disinflation in Italy: An analysis with the econometric model of the bank of Italy," Journal of Policy Modeling, Elsevier, vol. 10(2), pages 163-203.
- Giovannini, Alberto & Spaventa, Luigi, 1991.
"Fiscal Rules in the European Monetary Union: A No-Entry Clause,"
CEPR Discussion Papers
516, C.E.P.R. Discussion Papers.
- Giovannini, A. & Spaventa, L., 1990. "Fiscal Rules in the Europen Monetary Union: A No-Entry Clause," Papers 8, Roma "la Sapienza" - Scienze Economiche.
- Angeloni, Ignazio, 1994. "The Bank of Italy monthly money market model : Structure and applications," Economic Modelling, Elsevier, vol. 11(4), pages 387-412, October.
- Allan H. Meltzer, 1983. "Monetary Reform in an Uncertain Environment," Cato Journal, Cato Journal, Cato Institute, vol. 3(1), pages 93-120, Spring.
- L. Bini Smaghi, 1994. "EMS discipline: did it contribute to inflation convergence?," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 47(189), pages 187-223.
- M.A. Akhtar & Howard Howe, 1991. "The political and institutional independence of U.S. monetary policy," Research Paper 9110, Federal Reserve Bank of New York.
When requesting a correction, please mention this item's handle: RePEc:psl:bnlaqr:1996:14. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Carlo D'Ippoliti)
If references are entirely missing, you can add them using this form.