This 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...

This paper proposes an empirical framework to analyze monetary policies in a small open economy under fixed exchange rates. First, the analysis proposes a semi-restricted VAR model with the lowest number of restrictions to focus on the effects of the center-country and the Rest-of-the-World...