Dynamic Models and Structural Shift: Monetary Transmission Mechanisms in Italy before and after EMS
The focus is on nominal transmission mechanisms in Italy with special reference to monetary effects and how they have changed with the increased economic integration in Europe and the increased independence of Italian Central Bank. The empirical model investigates the dynamic determination of money, income, prices, and interest rates based on the cointegrated VAR model. The choice of price measurements and its consequences for the empirical results are given special attention. The empirical results provide empirical results on the macroeconomic effects of joining the ERM and of capital deregulation.
|Date of creation:||Apr 1999|
|Date of revision:|
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