Bank of Italy

Displaying 1-10 of 10 results

  • White Papers // Feb 2011

    Credit Availability And Investment In Italy: Lessons From The "Great Recession"

    The paper argues that the traditional difficulty encountered in finding evidence on the effects of credit availability on economic activity depends on the fact that these effects are powerful but rare and vary with the cycle. The global financial crisis offers an opportunity to test this assumption. The paper exploits...

    Provided By Bank of Italy

  • White Papers // Sep 2010

    Firm Entry, Competitive Pressures And The US Inflation Dynamics

    This paper studies the effect of competitive pressures on inflation dynamics. To this end it derives and estimates a New Keynesian Phillips curve in a model with endogenous firm entry. The number of active firms is inversely related to their market power. By taking into account the number of competitors,...

    Provided By Bank of Italy

  • White Papers // Jul 2010

    The Role Of Macroeconomic Policies In The Global Crisis

    This paper argues that the lack of timely and decisive policy action to correct domestic and external imbalances contributed crucially to the build-up of financial excesses that led to the financial crisis and the Great Recession. The authors focus on 2002-07 and perform a number of counterfactual simulations to investigate...

    Provided By Bank of Italy

  • White Papers // Mar 2010

    Pension Reform, Fiscal Policy And Economic Performance

    Over the last decades, pension systems have been reformed in most developed countries. Further reforms are under way or are being discussed. Changes are prompted by the need to adjust pension arrangements to the new demographic, economic and social conditions, while trying to safeguard the essential achievements of social protection...

    Provided By Bank of Italy

  • White Papers // Mar 2010

    Fiscal Policy: Lessons From The Crisis

    The economic downturn and its severe impact on public finances and long-term growth prospects have rekindled the debate on the role, design and priorities of fiscal policy. The limited effectiveness of monetary policy when interest rates are very low, together with the added challenge of dysfunctional credit markets, gave rise...

    Provided By Bank of Italy

  • White Papers // Jan 2010

    External Trade And Monetary Policy In A Currency Area

    For historical and geographical reasons, the member countries of the European Monetary Union (EMU) display different degrees of external trade openness. The paper lays out a model for a currency area composed of two regions. One region is more open to trade with a third country outside the area than...

    Provided By Bank of Italy

  • White Papers // Jul 2009

    An Assessment Of Financial Sector Rescue Programmes

    The authors analyze the wide array of rescue programmes adopted in several countries, following Lehman Brothers' default in September 2008, in order to support banks and other financial institutions. They first provide an overview of the programmes, comparing their characteristics, magnitudes and participation rates across countries. They then consider the...

    Provided By Bank of Italy

  • White Papers // May 2009

    Trend Inflation, Taylor principle And Indeterminacy

    Even low levels of trend inflation substantially affect the dynamics of a basic new Keynesian DSGE model when monetary policy is conducted by a contemporaneous Taylor rule. Positive trend inflation shrinks the determinacy region. Neither the Taylor principle, which requires the inflation coefficient to be greater than one, nor the...

    Provided By Bank of Italy

  • White Papers // Mar 2009

    The Age Effect In Entrepreneurship: Founder's Tenure, Firm Performance, And The Economic Environment

    This paper tests the effect of founder's tenure on firm performance by taking into account the impact of the changes occurring in the economic environment. The authors use a large dataset of founder-run firms that includes, in addition to financial data, company data directly collected through a survey of about...

    Provided By Bank of Italy

  • White Papers // Mar 2009

    Saving For Retirement And Retirement Investment Choices

    In this paper the authors focus on the recent restructuring of the Italian pension system and in particular on the reforms concerning the tax-favored retirement saving accounts. These reforms issued in the early and mid- 1990s reduced the riskiness of private retirement saving plans and their overall cost. They find...

    Provided By Bank of Italy

  • White Papers // Jan 2010

    External Trade And Monetary Policy In A Currency Area

    For historical and geographical reasons, the member countries of the European Monetary Union (EMU) display different degrees of external trade openness. The paper lays out a model for a currency area composed of two regions. One region is more open to trade with a third country outside the area than...

    Provided By Bank of Italy

  • White Papers // Mar 2010

    Fiscal Policy: Lessons From The Crisis

    The economic downturn and its severe impact on public finances and long-term growth prospects have rekindled the debate on the role, design and priorities of fiscal policy. The limited effectiveness of monetary policy when interest rates are very low, together with the added challenge of dysfunctional credit markets, gave rise...

    Provided By Bank of Italy

  • White Papers // Mar 2010

    Pension Reform, Fiscal Policy And Economic Performance

    Over the last decades, pension systems have been reformed in most developed countries. Further reforms are under way or are being discussed. Changes are prompted by the need to adjust pension arrangements to the new demographic, economic and social conditions, while trying to safeguard the essential achievements of social protection...

    Provided By Bank of Italy

  • White Papers // Mar 2009

    Saving For Retirement And Retirement Investment Choices

    In this paper the authors focus on the recent restructuring of the Italian pension system and in particular on the reforms concerning the tax-favored retirement saving accounts. These reforms issued in the early and mid- 1990s reduced the riskiness of private retirement saving plans and their overall cost. They find...

    Provided By Bank of Italy

  • White Papers // Mar 2009

    The Age Effect In Entrepreneurship: Founder's Tenure, Firm Performance, And The Economic Environment

    This paper tests the effect of founder's tenure on firm performance by taking into account the impact of the changes occurring in the economic environment. The authors use a large dataset of founder-run firms that includes, in addition to financial data, company data directly collected through a survey of about...

    Provided By Bank of Italy

  • White Papers // Jul 2010

    The Role Of Macroeconomic Policies In The Global Crisis

    This paper argues that the lack of timely and decisive policy action to correct domestic and external imbalances contributed crucially to the build-up of financial excesses that led to the financial crisis and the Great Recession. The authors focus on 2002-07 and perform a number of counterfactual simulations to investigate...

    Provided By Bank of Italy

  • White Papers // May 2009

    Trend Inflation, Taylor principle And Indeterminacy

    Even low levels of trend inflation substantially affect the dynamics of a basic new Keynesian DSGE model when monetary policy is conducted by a contemporaneous Taylor rule. Positive trend inflation shrinks the determinacy region. Neither the Taylor principle, which requires the inflation coefficient to be greater than one, nor the...

    Provided By Bank of Italy

  • White Papers // Sep 2010

    Firm Entry, Competitive Pressures And The US Inflation Dynamics

    This paper studies the effect of competitive pressures on inflation dynamics. To this end it derives and estimates a New Keynesian Phillips curve in a model with endogenous firm entry. The number of active firms is inversely related to their market power. By taking into account the number of competitors,...

    Provided By Bank of Italy

  • White Papers // Jul 2009

    An Assessment Of Financial Sector Rescue Programmes

    The authors analyze the wide array of rescue programmes adopted in several countries, following Lehman Brothers' default in September 2008, in order to support banks and other financial institutions. They first provide an overview of the programmes, comparing their characteristics, magnitudes and participation rates across countries. They then consider the...

    Provided By Bank of Italy

  • White Papers // Feb 2011

    Credit Availability And Investment In Italy: Lessons From The "Great Recession"

    The paper argues that the traditional difficulty encountered in finding evidence on the effects of credit availability on economic activity depends on the fact that these effects are powerful but rare and vary with the cycle. The global financial crisis offers an opportunity to test this assumption. The paper exploits...

    Provided By Bank of Italy