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Italian monetary policy in the '80s and '90s: the revision of the modus operandi

  • M. SARCINELLI

    (Banca Nazionale del Lavoro, Rome (Italy))

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    The 'Modus Operandi' of Italian monetary policy which relies on market-based control was radically changed in the '80s and '90s. However, changes still have to be initiated with relation to the banks' compulsory reserve deposits. The Bank of Italy must also be in step with European standards if it is to be an active participant of the future European System of Central Banks. On the third anniversary of Italy's withdrawal from the EMS Exchange Rate Mechanism (16 September 1992) this work reviews the structural changes that have taken place. This review is restricted to the field of monetary policy. Monetary objectives and instruments are analysed separately.

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    File URL: http://ojs.uniroma1.it/index.php/PSLQuarterlyReview/article/view/10498/10385
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    Article provided by Banca Nazionale del Lavoro in its journal Banca Nazionale del Lavoro Quarterly Review.

    Volume (Year): 48 (1995)
    Issue (Month): 195 ()
    Pages: 397-422

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    Handle: RePEc:psl:bnlqrr:1995:42
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    1. T.F. Cargill, 1995. "The statistical association between central bank independence and inflation," Banca Nazionale del Lavoro Quarterly Review, Banca Nazionale del Lavoro, vol. 48(193), pages 159-172.
    2. 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.
    3. Poole, William, 1970. "Optimal Choice of Monetary Policy Instruments in a Simple Stochastic Macro Model," The Quarterly Journal of Economics, MIT Press, vol. 84(2), pages 197-216, May.
    4. Fratianni, Michele & von Hagen, Juergen, 1990. "The European Monetary System ten years after," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 32(1), pages 173-241, January.
    5. T.F. Cargill, 1995. "The statistical association between central bank independence and inflation," BNL Quarterly Review, Banca Nazionale del Lavoro, vol. 48(193), pages 159-172.
    6. Walsh, Carl E, 1995. "Optimal Contracts for Central Bankers," American Economic Review, American Economic Association, vol. 85(1), pages 150-67, March.
    7. Fischer, Stanley, 1995. "Central-Bank Independence Revisited," American Economic Review, American Economic Association, vol. 85(2), pages 201-06, May.
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