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Teles, Pedro; Uhlig, Harald - C.E.P.R. Discussion Papers - 2010

countries with low inflation, the raw relationship between average inflation and the growth rate of money is tenuous at best … elasticities implied by theories of Baumol-Tobin and Miller-Orr. Finally, the sample after 1990 shows considerably less inflation … variability, worsening the fit of a one-for-one relationship between money growth and inflation, and generates a fairly low …

Persistent link: https://www.econbiz.de/10008682890

A Simple Model of Money and Taxes and an Illustration with Brazilian Data

Giovannini, Alberto; Turtelboom, Bart - C.E.P.R. Discussion Papers - 1992

consumption velocity very closely during the high-inflation years. …

Persistent link: https://www.econbiz.de/10005661982

Currency Substitution and the Fluctuations of Foreign-Exchange Reserves with Credibly Fixed Exchange Rates

Giovannini, Alberto - C.E.P.R. Discussion Papers - 1991

A fixed-exchange-rate system is characterized by two pillars: monetary policy coordination and foreign exchange reserves. This paper concentrates on the fluctuation of foreign exchange reserves by taking monetary policy coordination as given: the sustainability of the fixed exchange rate regime...

Persistent link: https://www.econbiz.de/10005281365

Immigration and large banknotes

Fischer, Andreas M - C.E.P.R. Discussion Papers - 2010

Do immigrants have a higher demand for large denominated banknotes than natives? This micro study examines whether banknote orders for CHF 1,000 notes, a banknote used for storage purposes, is concentrated in Swiss municipalities with a high foreign-to-native ratio. The evidence for 251 Swiss...

Persistent link: https://www.econbiz.de/10008682884

The Hyperinflation Model of Money Demand Revisited

Taylor, Mark P - C.E.P.R. Discussion Papers - 1990

In this paper we propose a test of the hyperinflation model of money demand, which is valid under any assumption concerning agents' expectations, subject only to the restriction that forecasting errors are stationary. It is also demonstrated that highly efficient estimates of the model can be...

Persistent link: https://www.econbiz.de/10005067417

Financial Innovation and the Transactions Demand for Cash

Alvarez, Fernando; Lippi, Francesco - C.E.P.R. Discussion Papers - 2007

interest rate elasticity of money demand, the impact of financial innovation on money demand, the welfare cost of inflation …

Persistent link: https://www.econbiz.de/10005067453

Monetary Policy in Stage Two of EMU: What Can We Learn From the 1980s?

Artis, Michael J - C.E.P.R. Discussion Papers - 1992

the G7 countries (France, Germany, Italy, the United Kingdom and the United States). Greater stability is found in …

Persistent link: https://www.econbiz.de/10005666415

Instability of the Velocity of Money: A New Approach Based on the Evolutionary Spectrum

Artis, Michael J; Bladen-Hovell, Robin; Nachane, Dilip M - C.E.P.R. Discussion Papers - 1992

the stability of velocity series for the United States and for five European countries (France, Germany, Italy, the …

Persistent link: https://www.econbiz.de/10005666582

Adoption of Financial Technologies: Implications for Money Demand and Monetary Policy

Mulligan, Casey B; Sala-i-Martin, Xavier - C.E.P.R. Discussion Papers - 1996

: (a) the elasticity of money demand is very small when the interest rate is small; (b) the probability that a household … the elasticity is very small for interest rates below 5% suggests that the welfare costs of inflation are small. We also …

Persistent link: https://www.econbiz.de/10005666631

Monetary Union, Money Demand and Money Supply: A Review of the German Monetary Union

von Hagen, Jürgen - C.E.P.R. Discussion Papers - 1992

We present an empirical analysis of German money demand, money supply and monetary policy after German monetary union in 1990. Empirical models for velocity and forecast models for the money multiplier are estimated. Stability analysis reveals that structural stability of the demand for broad...

Persistent link: https://www.econbiz.de/10005661809