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A “reverse Robin Hood”? The distributional implications of non-standard monetary policy for Italian households
We study empirically the distributional implications of a non-standard monetary policy expansion, considering the measures implemented by the Eurosystem in 2011-2012 and exploiting a rich microExpand
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Technological change and the households' demand for currency
It is shown that accounting for technology variations, across households and periods, is important to obtain theoretically consistent estimates of the demand for currency. An inventory model isExpand
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Unconventional Monetary Policy in Theory and in Practice
In this paper, after discussing the theoretical underpinnings of unconventional monetary policy measures, we review the existing empirical evidence on their effectiveness, focusing on those adoptedExpand
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The Impact of Unconventional Monetary Policy on the Italian Economy During the Sovereign Debt Crisis
We assess the impact on the Italian economy of the main unconventional monetary policies adopted by the ECB in 2011-2012 (SMP, 3-year LTROs and OMTs) by following a two-step approach. We evaluateExpand
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The Announcement of Monetary Policy Intentions
Whether a central bank should share with the public its views about the future evolution of short term interest rates is an unresolved issue. Disclosing this information might allow a more preciseExpand
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Central Banks' Macroeconomic Projections and Learning
We study the impact of the publication of central banks’ macroeconomic projections on the dynamic properties of an economy where (i) private agents have incomplete information and form theirExpand
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Publishing the central bank's interest rate projections and learning ∗
We study the effects of publishing the central bank’s interest rate projection when private agents form forecasts by using recursive learning algorithms based on past data. We investigateExpand
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A 'Reverse Robin Hood'? The Distributional Implications of Non-Standard Monetary Policy for Italian Households
We study empirically the distributional implications of a non-standard monetary policy expansion, considering the measures implemented by the Eurosystem in 2011-2012 and exploiting a rich microExpand
  • 4
  • 1
Monetary Policy and Fiscal Dominance in Italy from the Early 1970s to the Adoption of the Euro: A Review
This paper reviews the main literature and evidence on the relevance of fiscal dominance in Italy in the last part of the 20th century and examines the evolution of the techniques of TreasuryExpand
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The Demand for Currency at Low Interest Rates
Money holding behavior at low interest rates is central for evaluating the welfare costs of low inflation. We study this issue by focusing on Italian households’ demand for currency using a uniqueExpand
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