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Heterogeneity in money holdings across euro area countries: The role of housing
Setzer, Ralph; van den Noord, Paul; Wolff, Guntram B. - Deutsche Bundesbank - 2010
inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution … effects on real money holdings. Empirically, we show that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …
Persistent link: https://www.econbiz.de/10008509091
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Money in monetary policy design under uncertainty: the Two-Pillar Phillips Curve versus ECB-style cross-checking
Beck, Günter W.; Wieland, Volker - Deutsche Bundesbank - 2007
The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. In this paper, we explore possible justifications. The case against including money in the central … contributions to research on monetary policy in the last two decades. Of course, if one allows for a direct effect of money on …
Persistent link: https://www.econbiz.de/10005083254
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Regionalwährungen in Deutschland: Lokale Konkurrenz für den Euro?
Rösl, Gerhard - Deutsche Bundesbank - 2006
), which loses value on a predetermined timescale. This loss of value is intended to encourage the money owners to spend their … money quickly in order to boost local demand. The paper shows that the issuance of unofficial parallel currencies is not a …
Persistent link: https://www.econbiz.de/10005059038
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Cash management and payment choices: A simulation model with international comparisons
Arango, Carlos; Bouhdaoui, Yassine; Bounie, David; … - Deutsche Bundesbank - 2014
Despite various payment innovations, today, cash is still heavily used to pay for low-value purchases. This paper develops a simulation model to test whether standard implications of the theory on cash management and payment choices can explain the use of payment instruments by transaction size....
Persistent link: https://www.econbiz.de/10010984729
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Do monetary indicators (still) predict euro area inflation?
Hofmann, Boris - Deutsche Bundesbank - 2006
This paper assesses the performance of monetary indicators in predicting euro area HICP inflation out-of-sample over the period since the start of EMU considering a wide range of forecasting models, including standard bivariate forecasting models, factor models, simple combination forecasts as...
Persistent link: https://www.econbiz.de/10005083148
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Precautionary motives in short-term cash management: Evidence from German POS transactions
Eschelbach, Martina; Schmidt, Tobias - Deutsche Bundesbank - 2013
This paper empirically investigates whether individuals withhold a certain amount of cash for precautionary reasons at the point-of-sale (POS) in order to be able to cover future transactions that might have to be paid for in cash. Such behaviour is costly for consumers because it imposes...
Persistent link: https://www.econbiz.de/10010957118
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Consumer cash usage: A cross-country comparison with payment diary survey data
Bagnall, John; Bounie, David; Huynh, Kim P.; Kosse, Anneke - Deutsche Bundesbank - 2014
We measure consumers' use of cash by harmonizing payment diary surveys from seven countries: Australia, Austria, Canada, France, Germany, the Netherlands, and the United States (conducted 2009 through 2012). Our paper finds important cross-country differences, for example, the level of cash...
Persistent link: https://www.econbiz.de/10010957141
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Der Auslandsumlauf deutscher Euro-Banknoten: Schätzung mit direkten Ansätzen
Bartzsch, Nikolaus; Rösl, Gerhard; Seitz, Franz - Deutsche Bundesbank - 2011
In dem vorliegenden Papier versuchen wir, den Bestand der Euro-Banknoten zu ermitteln, der sich von der deutschen Banknotenemission im Ausland befindet. Dabei unterscheiden wir nach Beständen, die außerhalb des Euro-Währungsraums umlaufen, und solchen, die in anderen Ländern der EWU...
Persistent link: https://www.econbiz.de/10009323140
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Foreign demand for euro banknotes issued in Germany: Estimation using indirect approaches
Bartzsch, Nikolaus; Rösl, Gerhard; Seitz, Franz - Deutsche Bundesbank - 2011
In this paper, we endeavour to determine the volume of euro banknotes issued by Germany that is in circulation outside Germany. In so doing, we draw a distinction between banknotes outstanding in non-euro-area countries and those that are in circulation in other euro-area countries. The analysis...
Persistent link: https://www.econbiz.de/10009323141
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Der Auslandsumlauf deutscher Euro-Banknoten: Schätzung mit indirekten Ansätzen
Bartzsch, Nikolaus; Rösl, Gerhard; Seitz, Franz - Deutsche Bundesbank - 2011
In dem vorliegenden Papier versuchen wir den Bestand der Euro-Banknoten zu ermitteln, der sich von der deutschen Banknotenemission im Ausland befindet. Dabei unterscheiden wir nach Beständen, die außerhalb des Euro-Währungsraumes gehalten werden, und solchen, die in anderen Ländern der EWU...
Persistent link: https://www.econbiz.de/10009323142