The Bank of Italy published six new Working Papers (Nos. 1520–1525), adding research on inflation behaviour, price setting and monetary policy transmission in the euro area, alongside studies focused on US macro-financial dynamics and innovation. The releases cover the return of the Phillips curve in the euro area (No. 1525), consumer price stickiness during an inflation surge using micro price data (No. 1524), heterogeneous housing-market effects of monetary policy across the euro area (No. 1523), and the role of labour productivity and effort in the euro-area business cycle (No. 1522). The remaining papers examine the public origins of American innovation and its links to productivity and growth (No. 1521) and the relationship between macroeconomic shocks and the US term premium using a BVAR framework with sign and narrative restrictions (No. 1520).
Bank of Italy 2026-03-17
Bank of Italy releases six new working papers on inflation dynamics and monetary policy transmission
The Bank of Italy released six new Working Papers (Nos. 1520–1525) on inflation behaviour, price setting, and monetary policy transmission in the euro area, as well as US macro-financial dynamics and innovation. Key topics include the Phillips curve's return, consumer price stickiness, and housing-market effects of monetary policy in the euro area, alongside studies on American innovation and macroeconomic shocks' impact on the US term premium.