Rösl, Gerhard; Seitz, Franz; Tödter, Karl-Heinz - 2017
argue that the welfare costs of bypassing the zero lower bound can be dealt with analytically and empirically by assuming … negative interest rates on cash holdings. Adopting a money-in-the-utility-function (MIU) model, we measure the welfare loss in … on the economy. Firstly, we gauge the welfare effects of abolishing cash, both, for the Euro area and for Germany, and we …