In Search of Monetary Policy Measures: the Case of Italy in the 90s

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.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.Non-Refereed Working Papers / of national relevance onl