Working Papers

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324: Properties of the Monetary Conditions Index

Giuseppe Grande

323: Education, Infrastructure, Geography and Growth: An Empirical Analysis of the Development of Italian Provinces

Silvia Fabiani and Guido Pellegrini

322: Long-Term Interest Rate Convergence in Europe and the Probability of EMU

Ignazio Angeloni and Roberto Violi

321: Finance, Human Capital and Infrastructure: An Empirical Investigation of Post-War Italian Growth

Giovanni Ferri and Fabrizio Mattesini

320: Wherein Do the European and American Models Differ?

Paul Samuelson

317: Sensitivity of VAR Measures to Different Risk Models

F. Drudi, A. Generale and G. Majnoni

313: The Seasonality of the Italian Cost-of-Living Index

Gianluca Cubadda and Roberto Sabbatini

312: Credibility without Rules? Monetary Frameworks in the Post-Bretton Woods Era

C. Cottarelli and C. Giannini

310: Inflation and Monetary Policy in Italy: Some Recent Evidence

Eugenio Gaiotti, A. Gavosto and Giuseppe Grande

309: The Effects of Technology Shocks on Output Fluctuations: An Impulse Response Analysis for the G7 Countries

Silvia Fabiani

292: Where Do Migrants Go? Risk-Aversion, Mobility Costs and the Locational Choice of Migrants. Wage Indexation Bargaining and Inflation

F Drudi and Raffaela Giordano

290: Where Do Migrants Go? Risk-Aversion, Mobility Costs and the Locational Choice of Migrants

Francesco Daveri and Riccardo Faini

289: Investment and Demand Uncertainty

Luigi Guiso and Giuseppe Parigi

285: Micro Enterprise and Macro Policy

Robert Townsend

284: Background UNcertainty and the Demand for Insurance Against Insurable Risks

Luigi Guiso and Tullio Jappelli

282: The Equity Premium Is No Puzzle

Mordecai Kurz and Andrea Beltratti

281: Coordination and Correlation in Markov Rational Belief Equilibria

M. Kutz and Martin Schneider

280: Why Banks Have a Future: An Economic Rationale

Raghuram Rajan

278: Real Interest Rates, Sovereign Risk and Optimal Debt Management

F. Drudi and Raffaela Giordano

276: Monetary Policy Transmission, the Exchange Rate and Long-Term Yields under Different Hypothesis on Expectations

Eugenio Gaiotti and S. Nicoletti-Altimari

275: Intergenerational Transfers, Borrowing Constraints and the Timing of Home Ownership

Luigi Guiso and Tullio Jappelli

273: Monitoring, Liquidation, and Security Design

Rafael Repullo and Javier Suarez

272: Institutions and Labor Reallocation

Giuseppe Bertola and Richard Rogerson

270: Maximisation and the Act of Choice

Amartya Sen

269: Do Measures of Monetary Policy in a VAR Make Sense?

Glenn Rudebusch

268: Asset Pricing Lessons for Modeling Business Cycles

Michele Boldrin, Lawrence Christiano and J.D.M. Fischer

267: Money Demand in Italy: A System Approach

R. Rinaldi and R. Tedeschi

266: Are Banks Risk-Averse? A Note on the Timing of Operations in the Interbank Market

Paolo Angelini

264: Stock Prices and Money Velocity: A Multi-Country Analysis

M. Caruso

263: Share Prices and Trading Volume: Indications of Stock Exchange Efficiency

M. Massa and G. Majnoni

262: National Saving and Social Security in Italy (1954-1993)

N. Rossi and I. Visco

261: Debt Restructuring with Multiple Creditors and the Role of Exchange Offers

Enrica Detragiache and Paolo Garella

257: Which Target for Monetary Policy in Stage Three? Issues in the Shaping of the European Payment System

C. Giannini and C. Monticelli

256: The Credit Channel of Policy Across Heterogeneous Banks:the Case of Italy

Ignazio Angeloni, L. Buttiglione, Giovanni Ferri and Eugenio Gaiotti

252: The Effect of Liquidity Constraints on Consumptionand Labour Supply: Evidence from Italian Households

S. Nicoletti-Altimari and M.D. Thompson

251: Sign- and Volatility -Switching ARCH Models: Theory and Applications to International Stock Markets

Fabio Fornari and Antonio Mele

250-2: Western Europe in Transition: The Impact of the Opening Up of Eastern Europe and the Former Soviet Union

P. De Fontenay, G. Gomel and Eduard Hochreiter

250-1: Western Europe in Transition. The Impact of the Opening Up of eastern Europe and the Former Soviet Union

P. De Fontenay, G. Gomel and Eduard Hochreiter

250: The 1992-93 EMS Crisis: Assessing the Macroeconomic Costs

L.B. Smaghi and Oreste Tristani

246: Change of Ownership: Incentives and Rules

Luigi Zingales

236: Alternative Estimators of the Cox, ingersoll and Ross Model of the Term Structure of Interest Rates: A Monte Carlo Comparison

Carlo Bianchi, Riccardo Cesari and L. Panattoni

219: An Econometric Analysis of Money Demand in Italy

Paolo Angelini, David Hendry and R. Rinaldi

218: Actual and "Normal" Inventories of Finished Goods: Qualitative and Quantitative Evidence from the Italian Manufacturing Sector

Paolo Sestito and I. Visco

215: Testing Stationarity of Economic Time Series: Further Monte Carlo Evidence

G. Schlitzer

214: Monetary Coordination under an Exchange Rate Adjustment Agreement and the Optimal Monetary Instrument

C. Monticelli

211: Business Cycles in Italy: A Retrospective Investigation

G. Schlitzer

209: Debt Stabilization Under Fiscal Regime Uncertainty

Alessandro Prati and F. Drudi

207: A Assessment of Systemic Risk in Italian Clearing System

Paolo Angelini and D. Russo

199: Liquidity Effects and the Determinants of Short-Term Interest Rates in Italy

I. Angelini and Alessandro Prati

193: On the Economics of Interbank Payment Systems

Paolo Angelini and C. Giannini

188: Industrial Countries'Protectionism with Respect to Eastern Europe: The Impact of the Association Agreement Concluded with the Ec on the Exports of Poland, Czechoslovakia and Hungary

C. Mastropasqua and V. Rolli

187: Rating the EC as an Optimal Currency Area

L.B. Smaghi and C. Area

186: Convergence of Inflation, Prerequisite for EMU

L.B. Smaghi and P. Del Giovane

185: Risk Sharing and Precautionary Saving

Luigi Guiso and Tullio Jappelli

184: Durables and Nondurables Consumption: Edidence from Italian Household Data

Agar Brugiavini and Guglielmo Weber

181: Mean Reversion Tests with Reflecting Barriers: An Application to European Monetary System Exchange Rates

C.A. Ball and A. Roma

179: Implementing Stochastic optimal Control of Nonlinear Models: A Comparison with Alternative Solution Methods

A. Cividini and Stefano Siviero

178: Private Savings and Government Deficit in Italy (1951-1990)

N. Rossi and I. Visco

171: Generational Accounting: The Case of Italy

Daniele Franco, J. Gokhale, Luigi Guiso, Laurence Kotlikoff and Nicola Sartor

170: Finance and Development: the Case of Southern Italy

Riccardo Faini, G. Galli and C. Giannini

169: Income and Saving in Italy: A reconstruction: 1. Income Accounts by Institutional Sector, 2. The Italian Saving Rate: 1951 to 1990 Estimates

P. Pagliono and N. Rossi

168: Waiting for EMU: Living with Monetary Policy Asymmetries in the EMS

B.L. Smaghi

167: Why is Italy Saving Rate so High?

Luigi Guiso, Tullio Jappelli and Daniele Terlizzese

166: The Macroeconomics amd Macroeconomics of the Permanent Income Hypothesis

Angus Deaton

165: Bequests and Saving for Retirement. What Impels the Accumulation of Wealth

F. Barca, Luigi Cannari and Luigi Guiso

164: Young Household's Saving and the Life Cycle of Opportunities. Evidence from Japan and Italy

Albert Ando, Luigi Guiso and Daniele Terlizzese

163: Cross-Border Deposits and Monetary Aggregates in the Transition to EMU

Ignazio Angeloni, C. Cottarelli and A. Levy

162: Monetary Aggregates and Monetary Policy Coordination on the Way to Economi c and Monetary Union: The Role of Cross-Border Deposits

P. Giucca and A. Levy

161: Earning Uncertainty and Precautionary Saving

P. Giucca, Tullio Jappelli and Daniele Terlizzese