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Che cosa sappiamo sulla moneta in Italia dal 1861 a oggi? Risultati da nuove serie (What do we know about money in Italy, since 1861? Results from new time series)

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  • Federico Barbiellini Amidei, Riccardo De Bonis, Miria Rocchelli, Alessandra Salvio, Massimiliano Stacchini

    (Banca d’Italia)

Abstract

The article reconstructs yearly time series of the main monetary aggregates for Italy. It extends extant literature by considering a longer time span (covering from national unity to 2014) and more detailed disaggregation, as well as improve the quality of the series for the older period. Finally, the new series are used to estimate the long-run determinants of money demand.

Suggested Citation

  • Federico Barbiellini Amidei, Riccardo De Bonis, Miria Rocchelli, Alessandra Salvio, Massimiliano Stacchini, 2016. "Che cosa sappiamo sulla moneta in Italia dal 1861 a oggi? Risultati da nuove serie (What do we know about money in Italy, since 1861? Results from new time series)," Moneta e Credito, Economia civile, vol. 69(275), pages 269-315.
    • Handle: RePEc:psl:moneta:2016:32
    DOI: http://dx.doi.org/10.13133/2037-3651_69.275_2
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    References listed on IDEAS

    as
    1. Muscatelli, V. Anton & Spinelli, Franco, 2000. "The long-run stability of the demand for money: Italy 1861-1996," Journal of Monetary Economics, Elsevier, vol. 45(3), pages 717-739, June.
    2. Giuseppe Della Torre & Mimì Coccìa & Valentina De Leonardis & M. Carmela Schisani, 2008. "Growth of the Italian Financial System after Political Unification, 1861-1914: Financial Deepening and/or Statistical and Methodological Biases?," Rivista di storia economica, Società editrice il Mulino, issue 2, pages 135-174.
    3. Johansen, Soren, 1988. "Statistical analysis of cointegration vectors," Journal of Economic Dynamics and Control, Elsevier, vol. 12(2-3), pages 231-254.
    4. Antonio Fazio, 1979. "La politica monetaria in Italia dal 1947 al 1978," Moneta e Credito, Economia civile, vol. 32(127), pages 269-320.
    5. Sarno, Lucio, 1999. "Adjustment Costs and Nonlinear Dynamics in the Demand for Money: Italy, 1861-1991," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 4(2), pages 155-177, April.
    6. Vito Antonio Muscatelli & Franco Spinelli, 1997. "An Econometric and Historical Perspective on the Long-Run Stability of the Demand for Money: The Case of Italy," Giornale degli Economisti, GDE (Giornale degli Economisti e Annali di Economia), Bocconi University, vol. 56(1-2), pages 41-65, June.
    7. Alessandro Roselli, 2012. "Financial Structures and Regulation: A Comparison of Crises in the UK, USA and Italy," Palgrave Macmillan Studies in Banking and Financial Institutions, Palgrave Macmillan, number 978-0-230-34666-6, September.
    8. Johansen, Soren, 1995. "Likelihood-Based Inference in Cointegrated Vector Autoregressive Models," OUP Catalogue, Oxford University Press, number 9780198774501, Decembrie.
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    More about this item

    Keywords

    M1; M2; M3;
    All these keywords.

    JEL classification:

    • E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative

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