In Search of Monetary Policy Measures: the Case of Italy in the 90s
Giuseppe De Arcangelis
Sapienza Università di Roma
Giorgio Di Giorgio
LUISS Guido Carli University - Facoltà di Economia
In this paper we present a structural VAR analysis of monetary policy in Italy. A monetary policy operating regime based on the control of the overnight rate seems to fit the data better than alternative quantitative monetary regimes. The model allows us to derive an overall indicator of the monetary policy stance that is able to highlight the major episodes of monetary contraction in the sample.
Number of Pages in PDF File: 40
JEL Classification: E52
Date posted: April 16, 1998
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