Research analyzes AI shocks, tokenized deposits and tail risk
Banca d'Italia published seven new Occasional Papers on October 8, 2026, covering topics from artificial intelligence to tokenized deposits. The research series examines monetary policy, currency tail risks, public procurement, private equity and climate shocks on institutional portfolios.
Frontier technology meets monetary design
The release comprises papers numbered 1060 to 1066. Paper No. 1066 simulates how artificial intelligence acts as a technology shock on the euro area natural rate of interest using a New Keynesian model.
Market dynamics surrounding Chinese open-weight artificial intelligence models DeepSeek R1 and Kimi K3 are analyzed in Paper No. 1063 through event studies.
In Paper No. 1062, economists compare electronic money tokens with tokenized deposits under MiCAR, examining implications for the singleness of money, financial stability and monetary policy transmission.
Additionally, Paper No. 1064 models tail-risk repricing in the USD/EUR exchange rate using currency options and oil-price volatility.
Litigation, growth equity and climate shocks
Beyond technology, the publications investigate institutional capital and domestic frictions.
Paper No. 1065 provides empirical evidence on how administrative litigation shapes Italian public procurement outcomes and public works.
Paper No. 1061 examines the evolution and structure of private equity and venture capital in financing firm growth across Italy.
Finally, Paper No. 1060 applies event-study techniques to measure how US hurricanes affect investment allocations by Italian and Dutch institutional investors.
Wide scope, blunted impact
The collection covers pressing issues ranging from frontier artificial intelligence to tokenized deposits.
Yet bundling seven unrelated studies into a single batch blunts their individual analytical punch.
Without an overarching policy synthesis, the release acts as an academic catalogue rather than a coherent strategic signal.