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Negative Monetary Policy Rates and Portfolio Rebalancing: Evidence from Credit Register Data
We study negative interest rate policy (NIRP) exploiting ECB's NIRP introduction and administrative data from Italy, severely hit by the Eurozone crisis. NIRP has expansionary effects on credit supply-- -and hence the real economy---through a portfolio rebalancing channel. NIRP affects banks with higher ex-ante net short-term interbank positions or, more broadly, more liquid balance-sheets, not with higher retail deposits. NIRP-affected banks rebalance their portfolios from liquid assets to credit—especially to riskier and smaller firms—and cut loan rates, inducing sizable real effects. By shifting the entire yield curve downwards, NIRP differs from rate cuts just above the ZLB.
The Economics of Freedom
This book develops a measure of Autonomy Freedom and sheds light on its consequences for policy and political design.
Global Financial Stability Report, April 2020
The April 2020 Global Financial Stability Report (GFSR) assesses the financial stability challenges posed by the coronavirus (COVID-19) pandemic. Chapter 1 describes how financial conditions tightened abrubtly with the onset of the pandemic, with risk asset prices dropping sharply as investors rushed to safety and liquidity. It finds that a further tightening of financial conditions may expose vulnerabilities, including among nonbank financial institutions, and that bank resilience may be tested if economic and financial market stresses rise. Vulnerabilities in global risky corporate credit markets, including weakened credit quality of borrowers, looser underwriting standards, liquidity risk...
I soldati del Dipartimento di Montenotte (1805-1814)
Con la "riunione" della Liguria all'Impero Francese, votata dal Senato Ligure il 25 maggio 1805, vennero creati tre nuovi dipartimenti: Genova, Montenotte ed Appennini. Al Dipartimento di Montenotte vennero aggregati i circondari di Ceva, del Dipartimento della Stura, e di Acqui, del soppresso Dipartimento del Tanaro, e nel contempo il circondario di San Remo venne accorpato al Dipartimento delle Alpi Marittime. Divenuti cittadini francesi e sudditi dell'Imperatore, i liguri e i piemontesi dei nuovi dipartimenti si trovarono soggetti alla leva militare, il sistema di reclutamento che era stato introdotto in Francia nel 1798 con la legge Jourdan del 19 fruttidoro VI ed applicato ai maschi celibi che avevano raggiunto l'et� di 20 anni. Negli anni compresi tra il 1805 e il 1814 gli uomini del Dipartimento di Montenotte coinvolti furono oltre 12.000. Questo studio raccoglie 4724 schede biografiche di coscritti, tra i quali sono presenti sostituti provenienti dai comuni dei dipartimenti confinanti.
