 | One Shock, Many Policy Responses Author/Editor: Rui Mano, Silvia Sgherri. Release Date:January, 2020 Policymakers have relied on a wide range of policy tools to cope with capital flow shocks. And yet, the effects and interaction of these policies remain under debate, as does the motivation for using more...
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| After the Crisis: Assessing the Damage in Italy Author/Editor: Silvia Sgherri, Hanan Morsy. Release Date:November, 2010 Italy’s deep-rooted structural problems resulted in an unsatisfactory productivity performance and a dismal growth over the last 15 years. The global financial crisis has exacerbated these more...
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| Euro Area Sovereign Risk During the Crisis Author/Editor: Edda Zoli, Silvia Sgherri. Release Date:October, 2009 While the use of public resources is critical to cushion the impact of the financial crisis on the euro-area economy, it is key that the entailed fiscal costs not be seen by markets as undermining more...
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| The Volatility Costs of Procyclical Lending Standards : An Assessment Using a Dsge Model Author/Editor: Silvia Sgherri, Bertrand Gruss. Release Date:March, 2009 The ongoing financial turmoil has triggered a lively debate on ways of containing systemic risk and lessening the likelihood of boom-and-bust episodes in credit markets. Particularly, it has been more...
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| Regional Financial Spillovers Across Europe : A Global VAR Analysis Author/Editor: Silvia Sgherri, Alessandro Galesi. Release Date:February, 2009 The recent financial crisis raises important issues about the transmission of financial shocks across borders. In this paper, a global vector autoregressive (GVAR) model is constructed to assess the more...
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| On Impatience and Policy Effectiveness Author/Editor: Silvia Sgherri, Tamim Bayoumi. Release Date:January, 2009 An increasing body of evidence suggests that the behavior of the economy has changed in many fundamental ways over the last decades. In particular, greater financial deregulation, larger wealth more...
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| Mr. Ricardo's Great Adventure : Estimating Fiscal Multipliers in a Truly Intertemporal Model Author/Editor: Silvia Sgherri, Tamim Bayoumi. Release Date:July, 2006 We estimate tax multipliers in a Blanchard-Yaari consumption model where Ricardian equivalence is broken because the private sector discounts the future at a faster rate than the real rate of more...
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| Long-Run Productivity Shifts and Cyclical Fluctuations : Evidence for Italy Author/Editor: Silvia Sgherri. Release Date:December, 2005 Using unobserved stochastic components and Kalman filter techniques, the paper assesses the relative importance of transitory and permanent shifts in Italian real GDP within a production function more...
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| Explicit and Implicit Targets in Open Economies Author/Editor: Silvia Sgherri. Release Date:September, 2005 Under a flexible inflation targeting regime, should policymakers avoid any reaction to movements in the foreign exchange market? Using data for six advanced open economies explicitly targeting more...
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| Deconstructing the Art of Central Banking Author/Editor: Tamim Bayoumi, Silvia Sgherri. Release Date:October, 2004 This paper proposes a markedly different transmission mechanism from monetary policy to the macroeconomy, focusing on how policy changes nominal inertia in the Phillips curve. Using recent more...
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