Monetary policy through the ‘credit-cost channel’: Italy and Germany pre- and post-EMU

References

• Allen , F and Gale , D . 2001 . Comparing Financial Systems , Cambridge , MA : MIT Press .
   Google Scholar
• Altunbas, Y., Gambacorta, L. and Marques-Ibanez, D. (2009) Bank risk and monetary policy, Working Paper Series No. 1075, European Central Bank
   Google Scholar
• Angeloni , I . 1994 . Strumenti e obiettivi operativi della Banca d'Italia: verso un modello europeo . Note Economiche , 14 : 128 – 61 .
   Google Scholar
• Angeloni, I. and Ehrmann, M. (2003) Monetary policy transmission in the Euro Area: any changes after EMU?, Working Paper Series No. 240, European Central Bank
   Google Scholar
• Angeloni , I , Kashyap , A and Mojon , B . 2003 . Monetary Policy Transmission in the Euro Area , Cambridge : Cambridge University Press .
   Google Scholar
• Banca d’Italia (1997) I canali di trasmissione della politica monetaria nel modello econometrico trimestrale della Banca d'Italia, Temi di Discussione No. 316, Banca d’Italia
   Google Scholar
• Barth , MJ and Ramey , V . 2001 . “ The cost channel of monetary transmission ” . In NBER Macroeconomics Annual 2001 , Edited by: Bernanke , B. and Rogoff , K. 199 – 239 . Cambridge , MA : MIT Press .
   Google Scholar
• Bernanke, B. (2010) On the Implications of the Financial Crisis for Economic Policy, Bendheim Center for Finance and Center for Economic Policy Studies, Princeton University, Princeton
   Google Scholar
• Bernanke , B and Gertler , M . 1995 . Inside the black box: the credit channel of monetary policy transmission . Journal of Economic Perspectives , 9 : 27 – 48 .
   Web of Science ®Google Scholar
• Cecchetti, S. G., Disyatat, P. and Kohler, M. (2009) Integrating financial stability: new models for a new challenge, in BIS-ECB Workshop on Monetary Policy and Financial Stability, September, Basel
   Google Scholar
• Chiades , P and Gambacorta , L . 2004 . The Bernanke and Blinder model in an open economy: the case of Italy . The German Economic Review , 5 : 1 – 34 .
   Google Scholar
• Chowdhury , I , Hoffmann. , M and Schabert , A . 2006 . Inflation dynamics and the cost channel of monetary transmission . European Economic Review , 50 : 995 – 1016 .
   Web of Science ®Google Scholar
• Christiano , LJ and Eichenbaum , M . 1992 . Liquidity effects and the monetary transmission mechanism . American Economic Review , 80 : 703 – 25 .
   Google Scholar
• Christiano , LJ , Eichenbaum , M and Evans , CL . 1997 . Sticky price and limited participation models of money: a comparison . European Economic Review , 41 : 1201 – 49 .
   Web of Science ®Google Scholar
• Christiano, L. J., Motto, R. and Rostagno, M. (2007) Two reasons why money and credit may be useful in monetary policy, in paper presented at The 4th ECB Central Banking Conference, 9–10 November 2006, Frankfurt
   Google Scholar
• Christiano, L. J., Motto, R. and Rostagno, M. (2010) Financial factors in business cycles, ECB Woking Paper Series, No. 1192
   Google Scholar
• De Fiore, F. and Tristani, O. (2009) Optimal monetary policy in a model of the credit channel, Working Paper Series, No. 1043, European Central Bank
   Google Scholar
• De Grauwe , P . 1992 . The Economics of Monetary Integration , Oxford : Oxford University Press .
   Google Scholar
• Dornbush , R , Favero , CA and Giavazzi , F . 1998 . Immediate challenges for the European Central Bank . Economic Policy , 26 : 15 – 64 .
   Google Scholar
• ECB (2008) 10th Anniversary of the ECB, 1998–2008, European Central Bank, Frankfurt
   Google Scholar
• Ericsson , NR , Hendry , DF and Mizon , GE . 1998 . Exogeneity, cointegration, and economic policy analysis . Journal of Business and Economic Statistics , 16 : 370 – 87 .
   Web of Science ®Google Scholar
• Fiorentini , R and Tamborini , R . 2002 . Monetary policy, credit and aggregate supply . Economic Notes , 31 : 1 – 48 .
   Google Scholar
• Gaiotti, E. and Secchi, A. (2004) Are monetary policy actions a supply shock? An exploration using Italian firm-level data, mimeo, Banca d’Italia
   Google Scholar
• Gertler , M and Gilchrist , S . 1993 . The role of credit market imperfections in the monetary transmission mechanism: arguments and evidence . Scandinavian Journal of Economics , 93 : 43 – 64 .
   Google Scholar
• Greenwald , BC and Stiglitz , JE . 1988 . “ Imperfect information, finance constraints and business fluctuations ” . In Finance Constraints, Expectations, and Macroeconomics , Edited by: Kohn , M. and Tsiang , S. C. 103 – 40 . Oxford : Clarendon Press .
   Google Scholar
• Greenwald , BC and Stiglitz , JE . 1993 . Financial market imperfections and business cycles . Quarterly Journal of Economics , 108 : 77 – 113 .
   Web of Science ®Google Scholar
• Greenwald , BC and Stiglitz , JE . 2003 . Towards a New Paradigm in Monetary Economics , Cambridge : Cambridge University Press .
   Google Scholar
• Hendry , DF and Mizon , GE . 2000 . Reformulating empirical macro-econometric modelling . Oxford Review of Economic Policy , 16 : 138 – 59 .
   Web of Science ®Google Scholar
• Hoover , KD , Johansen , S and Juselius , K . 2008 . Allowing the data to speak freely: the macroeconometrics of the cointegrated vector autoregression (Papers and Proceedings of the American Economic Association) . American Economic Review , 98 : 251 – 5 .
   Web of Science ®Google Scholar
• Johansen , S . 1996 . Likelihood Based Inference in Cointegrated Vector Auto-Regressive Models , Oxford : Oxford University Press .
   Google Scholar
• Johansen, S. and Juselius, K. (2003) Controlling Inflation in a Cointegrated Vector Autoregressive Model with an Application to US Data, Department of Applied Mathematics and Statistics and Economics Department, University of Copenhagen
   Google Scholar
• Juselius , K . 2006 . The Cointegrated VAR Model: Methodology and Applications , Oxford : Oxford University Press .
   Google Scholar
• Leijonhufvud, A. (2007) Monetary and financial stability, CEPR Policy Insight No. 14
   Google Scholar
• Pfajfar, D. and Santoro, E. (2007) Credit market distortions, asset prices and monetary policy, mimeo, University of Cambridge (UK)
   Google Scholar
• Ravenna , F and Walsh , CE . 2006 . Optimal monetary policy with the cost channel . Journal of Monetary Economics , 53 : 199 – 216 .
   Web of Science ®Google Scholar
• Sims , C . 1992 . Interpreting the macroeconomic time series facts: the effects of monetary policy . European Economic Review , 36 : 975 – 1000 .
   Web of Science ®Google Scholar
• Spanos, A. (2009), The pre-eminence of theory versus the European CVAR perspective in macroeconomic modeling, Economics E-Journal, 3. Available at http://www.economics-ejournal.org/economics/journalarticles/2009-10 (accessed 15 November 2012)
   Google Scholar
• Tamborini, R. (2009) The credit–cost channel of monetary policy: a theoretical assessment, Economics E-Journal, 3. Available at http://www.economics-ejournal.org/economics/journalarticles/2009-13 (accessed 15 November 2012)
   Google Scholar
• Taylor , JB . 1998 . Inflation, Unemployment and Monetary Policy , Cambridge , MA : MIT Press .
   Google Scholar
• Trautwein , HM . 2000 . The credit view, old and new . Journal of Economic Surveys , 14 : 155 – 89 .
   Web of Science ®Google Scholar
• Visco , I . 1995 . “ Inflation, inflation targeting and monetary policy: notes for discussion on the Italian experience ” . In Inflation Targets , Edited by: Leiderman , L. and Svensson , L. E. O. 142 – 68 . London : CEPR .
   Google Scholar
• Woodford , M . 2003 . Interest and Prices , Princeton : Princeton University Press .
   Google Scholar
• Woodford , M . 2010 . Financial intermediation and macroeconomic analysis . Journal of Economic Perspectives , 24 : 21 – 44 .
   Web of Science ®Google Scholar