Similar Search Results

Does banknote quality affect counterfeit detection? : experimental evidence from Germany and the Netherlands

Horst, Frank van der; Eschelbach, Martina; Sieber, Susann; … - 2016

Counterfeit prevention is a major task for central banks, as it helps to maintain public confidence in the currency. It is often maintained that a high quality of the banknotes in circulation helps the public detect counterfeits. However, there has not been any scientific evidence in support of...

Persistent link: https://www.econbiz.de/10011452776

Interaction between housing prices and household borrowing - the Finnish case

Oikarinen, Elias - 2008

Housing prices and household borrowing are expected to be tightly connected to each other. Better availability of credit eases liquidity constraints of households, which is likely to lead to higher demand for housing. On the other hand, housing prices may significantly influence household...

Persistent link: https://www.econbiz.de/10012502983

The (in)stability of money demand in the Euro area

Nautz, Dieter; Rondorf, Ulrike - 2010

The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy … instability of euro area money demand. Our results obtained from panel estimation indicate that the observed instability of … standard money demand functions could be explained by omitted variables like e.g. technological progress that are important for …

Persistent link: https://www.econbiz.de/10008664568

Forecasting banknote circulation during the COVID-19 pandemic using structural time series models

Bartzsch, Nikolaus; Brandi, Marco; Pastor, Raymond de; … - 2023

As part of the Eurosystem’s annual banknote production planning, the national central banks draw up forecasts estimating the volumes of national-issued banknotes in circulation for the three years ahead. As at the end of 2021, more than 80 per cent of euro banknotes in circulation (cumulated...

Persistent link: https://www.econbiz.de/10014320825

Keeping Up with the Joneses and the Welfare Effects of Monetary Policy

Tervala, Juha - 2011

This paper examines the implications of "keeping up with the Joneses" preferences (jealousy) for the welfare effects of monetary policy. I develop a New Keynesian model, where households are jealous and the central bank follows the Taylor rule. I show that the welfare effects of monetary policy...

Persistent link: https://www.econbiz.de/10012503019

Risk premium, macroeconomics shocks, and information technology: An empirical analysis

Mannonen, Pekka; Oikarinen, Elias - 2013

This study identifies empirically the impact of various macroeconomic factors on the default risk premium. Using monthly data for the period 1970-2010 for the U.S., our estimations indicate that the monetary policy aggregates, risk-free interest rate, term structure of interest rates, inflation,...

Persistent link: https://www.econbiz.de/10012503038

(When) does money growth help to predict Euro-area inflation at low frequencies?

Schreiber, Sven - 2013 - this version: June 2013

revisit claims in the literature that money growth is Granger-causal for inflation at low frequencies. Applying frequency … Granger-causal for low-frequency inflation movements, and all variables affect money growth. We therefore interpret opposite … results from bivariate inflation/money growth systems as spurious due to omittedvariable biases. We also analyze the resulting …

Persistent link: https://www.econbiz.de/10009774367

Traditional banks, shadow banks and the US credit boom : credit origination versus financing

Unger, Robert - 2016

The US credit boom has been identified as one of the causes of the global financial crisis and the resulting debt overhang is seen as the primary reason for the weak economic recovery. Most of the existing literature links the credit boom to the emergence of the shadow banking system. This paper...

Persistent link: https://www.econbiz.de/10011456517

Money growth and consumer price inflation in the euro area : a wavelet analysis

Mandler, Martin; Scharnagl, Michael - 2014

Our paper studies the relationship between money growth and consumer price inflation in the euro area using wavelet … analysis. Wavelet analysis allows to account for variations in the money growth-inflation relationship both across the … frequency spectrum and across time. We find evidence of strong comovements between money growth and inflation at low frequencies …

Persistent link: https://www.econbiz.de/10010433361

External financing and economic activity in the euro area : why are bank loans special?

Aldasoro, Iñaki; Unger, Robert - 2017

Using a Bayesian vector autoregression (BVAR) identified with a mix of sign and zero restrictions, we show that a restrictive bank loan supply shock has a strong and persistent negative impact on real GDP and the GDP deflator. This result comes about even though flows of other sources of...

Persistent link: https://www.econbiz.de/10011632175