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Inflation and Monetary Policy in Italy: Some Recent Evidence

Author

Listed:
  • Gaiotti, E.
  • Gavosto, A.
  • Grande, G.

Abstract

The empirical literature on the transmission of monetary policy to inflation in Italy has stressed the importance of the exchange rate and, to some extent, of the demand channel; recently, the roles of inflation expectations and the fiscal situation have been emphasized. This paper uses vector auto-regression to address this issue. The results suggest that inflation expectations do matter as determinants of inflation, along with the exchange rate and demand.

Suggested Citation

  • Gaiotti, E. & Gavosto, A. & Grande, G., 1997. "Inflation and Monetary Policy in Italy: Some Recent Evidence," Papers 310, Banca Italia - Servizio di Studi.
    • Handle: RePEc:fth:banita:310
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    Citations

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    Cited by:

    1. Siviero, S. & Terlizzese, D. & Visco, I., 1999. "Are Model-Based Inflation Forecasts Used in Monetary Policymaking? A Case Study," Papers 357, Banca Italia - Servizio di Studi.
    2. A. M. Gazely & J. M. Binner, 2000. "The application of neural networks to the Divisia index debate: evidence from three countries," Applied Economics, Taylor & Francis Journals, vol. 32(12), pages 1607-1615.
    3. Giuseppe De Arcangelis & Giorgio Di Giorgio, 1999. "Monetary policy shocks and transmission in Italy: A VAR analysis," Economics Working Papers 446, Department of Economics and Business, Universitat Pompeu Fabra.

    More about this item

    Keywords

    INFLATION ; MONETARY POLICY;

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy

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