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CBDC policies in open economies
Kumhof, Michael; Pinchetti, Marco; Phurichai … - 2023
Persistent link: https://www.econbiz.de/10014320218
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Precautionary motives in short-term cash management : evidence from German POS transactions
Eschelbach, Martina; Schmidt, Tobias - 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/10010192759
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Excess reserves and monetary policy tightening
Fricke, Daniel; Greppmair, Stefan; Paludkiewicz, Karol - 2024 - This draft: February 2, 2024
We show that the transmission of the European Central Bank’s (ECB) recent monetary policy tightening differs across banks depending on their level of excess reserves. Specifically, the net worth of reserve-rich banks may display a boost when the interest rate paid on reserves increases...
Persistent link: https://www.econbiz.de/10014481115
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The Fisher paradox : a primer
Gerke, Rafael; Hauzenberger, Klemens - 2017
The neo-Fisherian view does not consider a negative interest rate gap a prerequisite for boosting inflation. Instead, a … negative interest rate gap is said to lower inflation. We discuss this counterintuitive response - known as the Fisher paradox …
Persistent link: https://www.econbiz.de/10011671353
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Monetary and financial perspectives on retail CBDC in the Thai context
Thitima Chucherd; Chanokkarn Mek-yong; Nalin Nookhwun; … - 2021
Persistent link: https://www.econbiz.de/10012605800
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The demand for money in high inflation processes
Tourinho, Octávio Augusto Fontes - 2015
Persistent link: https://www.econbiz.de/10011977002
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The variance of inflation and the stability of the demand for money in Brazil : a Bayesian approach
Lima, Elcyon Caiado Rocha; Ehlers, Ricardo Sandes - 2015
When analyzing the demand for money in high inflation processes it has been suggested [Tourinho (1995)] that we should … consider not only the effects of changes in the expected inflation rate but also changes in the expected variability of … inflation. The model in Lima & Ehlers (1993) is extended here to deal more accurately with the uncertainty produced by the …
Persistent link: https://www.econbiz.de/10011997224
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The demand and supply of money under high inflation : Brazil 1974/94
Tourinho, Octávio Augusto Fontes - 2015
A specification for the demand for money in economies where inflation is high and stochastic is presented. It uses a … generalized functional form and includes the variance of the inflation rate as an explanatory variable, and is estimated for …. The restrictions suggested by the hypothesized theoretical models for the money market equilibrium in high inflation …
Persistent link: https://www.econbiz.de/10011997229
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Cross-border transmission of emergency liquidity
Kick, Thomas; Koetter, Michael; Storz, Manuela - 2016
We show that emergency liquidity provision by the Federal Reserve transmitted to non-U.S. banking markets. Based on manually collected holding company structures of international banks, we can identify banks in Germany with access to U.S. facilities via internal capital markets. Using...
Persistent link: https://www.econbiz.de/10011538689
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A trendy approach to UK inflation dynamics
Forbes, Kristin; Kirkham, Lewis; Theordoridis, Konstantinos - 2017
This paper uses a "trendy" approach to understand UK inflation dynamics. It focuses on the time series to isolate a low …-frequency and slow-moving component of inflation (the trend) from deviations around this trend. We find that this slow-moving trend … explains a substantial share of UK inflation dynamics. International prices are significantly correlated with the short …
Persistent link: https://www.econbiz.de/10011664348