Monetary policy transmission in a high inflation environment: a view from the past

Forte, Antonio (2024): Monetary policy transmission in a high inflation environment: a view from the past.

Abstract

This paper describes the transmission of the monetary policy impulses to banking interest rates in Italy from the late 1960s to the mid-1980s. The study introduces three main novelties: firstly, the use of a completely new database sourced from original papers of that period; secondly, an analysis of the monetary policy transmission for interest rates on eight different types of loans and on loans to sixteen productive sectors; thirdly, the study of monetary policy transmission to regional and provincial interest rates on loans. This comprehensive study provides further awareness into the monetary policy transmission during a period of high inflation and offers valuable insights for the present.

• Item Type: MPRA Paper
• Language: English
• Keywords: monetary policy, inflation, banks, interest rates
• Subjects: E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E43 - Interest Rates: Determination, Term Structure, and Effects; E - Macroeconomics and Monetary Economics > E5 - Monetary Policy, Central Banking, and the Supply of Money and Credit > E58 - Central Banks and Their Policies; N - Economic History > N1 - Macroeconomics and Monetary Economics ; Industrial Structure ; Growth ; Fluctuations > N14 - Europe: 1913-

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