The purpose of this paper is to estimate elasticities of scale in the demand for money by firms using firm level panel …

We examine the role of money in three environments: the New Keynesian model with separable utility and static money …. The last two variants imply forward-looking behavior of real money balances, with forecasts of future interest rates … estimates confirm the forward-looking character of money demand. A consequence is that real money balances are valuable in …

provide a cash-and-credit model in which the use of money exhibits some persistence because individuals can establish long …

This paper analyses euro area non-financial corporations (NFCs) money demand, both from a macro and a microeconomic … point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the … stock of NFCs. The results indicate that NFCs money holdings adjust quickly when deviations from their long-run level are …

This paper investigates the empirical determinants of corporate cash holdings in the euro area as a function of firm …. More specifically, liquid assets for smaller firms in the euro area are more strongly linked to firm cash flow and its … variability than cash holdings for larger firms, possibly as a result of their more restricted access to external funds and the …