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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 analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...

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

Consumer cash usage : a cross-country comparison with payment diary survey data

Bagnall, John; Bounie, David; Huynh, Kim P.; Kosse, Anneke - 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/10010384150

Distributional consequences of asset price inflation in the euro area

Adam, Klaus; Tzamourani, Panagiota - 2015

We study the distributional consequences of housing price, bond price and equity price increases for Euro Area households using data from the Household Finance and Consumption Survey (HFCS). The capital gains from bond price and equity price increases turn out to be concentrated among relatively...

Persistent link: https://www.econbiz.de/10011316626

Disentangling the effects of multidimensional monetary policy on inflation and inflation expectations in the euro area

Martínez-Hernández, Catalina - 2020 - This version: October 30, 2020

mandate of price stability in the current low-inflation, low-interest-rate scenario. This paper contributes to the existing … anchoring of inflation expectations. I carry out my analysis based on a high-frequency identification and the estimation of a … forward guidance, i.e. forecasters revise their long-run expectations upwards. Consequently, inflation increases, which …

Persistent link: https://www.econbiz.de/10012305860

Coin migration between Germany and other euro area countries

Uhl, Matthias - 2020

Euro coins have a common European side and an individual national side. Thanks to coin migration, coins bearing a panoply of national sides are in circulation throughout the euro area. In this paper, we model the mixing of coins circulating in the euro area countries and in particular the extent...

Persistent link: https://www.econbiz.de/10012272025

Divisia monetary aggregates for a heterogeneous euro area

Brill, Maximilian; Nautz, Dieter; Sieckmann, Lea - 2019 - This version: June 25, 2019

We introduce a Divisia monetary aggregate for the euro area that accounts for the heterogeneity across member countries both, in terms of interest rates and the decomposition of monetary assets. In most of the euro area countries, the difference between the growth rates of the country-specific...

Persistent link: https://www.econbiz.de/10012023395

Cross-border banking and business cycles in asymmetric currency unions

Dräger, Lena; Proaño Acosta, Christian - 2015

Against the background of the recent housing boom and bust in countries such as Spain and Ireland, we investigate in this paper the macroeconomic consequences of cross-border banking in monetary unions such as the euro area. For this purpose, we incorporate in an otherwise standard two-region...

Persistent link: https://www.econbiz.de/10011299044

Heterogeneity in euro-area monetary policy transmission : results from a large multi-country BVAR model

Mandler, Martin; Scharnagl, Michael; Volz, Ute - 2016

We study cross-country differences in monetary policy transmission across the large four euro-area countries (France, Germany, Italy and Spain) using a large Bayesian vector autoregressive model with endogenous prior selection. Drawing both on the posterior distributions of the cross-country...

Persistent link: https://www.econbiz.de/10011444752

Estimating the effects of the Eurosystem's asset purchase programme at the country level

Mandler, Martin; Scharnagl, Michael - 2020

inflation, generally, are much weaker. We find substantial cross-country heterogeneity with the largest price level effects in … Spain while output effects were smallest in France and inflation effects were smallest in Italy. …

Persistent link: https://www.econbiz.de/10012222564

The (ir)relevance of the nominal lower bound for real yield curve analysis

Schupp, Fabian - 2020

, premium components are less reactive to inflation shocks, while real rate responses change their sign from positive to …

Persistent link: https://www.econbiz.de/10012222610

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