The Bank of Italy published four new Working Papers and four new Occasional Papers, adding research on monetary policy uncertainty and spillovers, state-dependent fiscal effects, bank–firm innovation linkages, and the firm-level impact of trade shocks and place-based policies. The Working Papers examine uncertainty, data dependence and interest rate volatility; new evidence on state-dependent fiscal multipliers for government spending; the coupling of innovative banks and innovative firms including fintech investments; and the international transmission of Chinese monetary policy through the commodity-price channel. The Occasional Papers cover integrating survey and administrative data to estimate firms’ turnover in unplanned domains using the Invind survey, two studies on US tariffs and Italian firms including network exposure and early survey-based impacts, and an assessment of whether Italy’s Inner Areas Strategy has delivered results after ten years.
Bank of Italy 2025-12-22
Bank of Italy releases eight new research papers spanning monetary policy uncertainty, fiscal multipliers, innovation and US tariff exposure
The Bank of Italy released four Working Papers and four Occasional Papers on topics like monetary policy uncertainty, state-dependent fiscal effects, and bank–firm innovation linkages. The research analyzes interest rate volatility, fiscal multipliers, fintech investments, and the international impact of Chinese monetary policy. Additionally, the papers assess US tariffs' effects on Italian firms and the outcomes of Italy’s Inner Areas Strategy.