Angeloni, Ignazio; Prati, Alessandro - In: Open Economies Review 7 (1996) 3, pp. 275-293
We study the impact of liquidity shocks in Italy in the 1991–1992 period, when the lira belonged to the narrow ERM band with no exchange controls. We conduct our analysis by constructing (not simply assuming) predetermined measures of liquidity supply shocks, taking into account the...