De Arcangelis, GiuseppeDi Giorgio, GiorgioUniversitat Pompeu Fabra. Departament d'Economia i Empresa2017-07-262017-07-261999-12-01Economic Notes, Review of Banking, Finance and Monetary Economics, Blackwell, Vol 30, 2001http://hdl.handle.net/10230/736This paper provides updated empirical evidence about the real and nominal effects of monetary policy in Italy, by using structural VAR analysis. We discuss different empirical approaches that have been used in order to identify monetary policy exogenous shocks. We argue that the data support the view that the Bank of Italy, at least in the recent past, has been targeting the rate on overnight interbank loans. Therefore, we interpret shocks to the overnight rate as purely exogenous monetary policy shocks and study how different macroeconomic variables react to such shocks.application/pdfengL'accés als continguts d'aquest document queda condicionat a l'acceptació de les condicions d'ús establertes per la següent llicència Creative Commonsinfo:eu-repo/semantics/workingPapermonetary policy shocks and indicatorsstructural varMacroeconomics and International Economicsinfo:eu-repo/semantics/openAccess