Pressure on Bank of Italy: Evidence Using a Taylor Rule

Chiara Dalle Nogare () and Matilde Vassalli
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Matilde Vassalli: Università degli Studi di Brescia

Chapter Chapter 1 in Italian Institutional Reforms: A Public Choice Perspective, 2008, pp 1-20 from Springer

Abstract: Following Havrilesky’s seminal work (1995) and its extension by Maier et al. (2002) we construct a monthly index of external influences on Bank of Italy’s conduct for the period 1984-1998. This paper describes the index of overall pressure on Italian monetary policy and the five sub-indexes of which it is composed. We evaluate whether Bank of Italy responded to pressure by estimating Taylor rules augmented with the pressure indexes. We conclude that in some cases external pressures did affect Bank of Italy’s action. Key words: Policy; Taylor Rule; Pressures on Monetary Policy; Bank of Italy.

Keywords: Exchange Rate; Interest Rate; Monetary Policy; Nominal Interest Rate; Monetary Authority (search for similar items in EconPapers)
Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-0-387-72141-5_1

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DOI: 10.1007/978-0-387-72141-5

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