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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 of coin migration in the euro area. A model calibration suggests …
Persistent link: https://www.econbiz.de/10012272025
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Forecasting banknote circulation during the COVID-19 pandemic using structural time series models
Bartzsch, Nikolaus; Brandi, Marco; Pastor, Raymond de; … - 2023
per cent of euro banknotes in circulation (cumulated net issuance) had been issued by the national central banks of France …
Persistent link: https://www.econbiz.de/10014320825
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Monetary policy and Bitcoin
Karau, Sören - 2021
Bitcoin was conceptualized in response to perceived shortcomings in the monetary and financialsystem, not only related to large financial institutions but also to discretionary decision makingin monetary policy. Using high-frequency data and a weekly proxy VAR model, I study theimpact of...
Persistent link: https://www.econbiz.de/10012671254
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Banking crises under a Central Bank Digital Currency (CBDC)
Bitter, Lea - 2023
One of the main concerns associated with central bank digital currencies (CBDC) is the disintermediating effect on the banking sector in general, and the risk of bank runs in times of crisis in particular. This paper examines the implications of an interest-bearing CBDC on banking crises in a...
Persistent link: https://www.econbiz.de/10014495919
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Financial frictions,the Phillips curve and monetary policy
Lieberknecht, Philipp - 2019
This paper proposes a tractable financial accelerator New Keynesian DSGE modelthat allows for closed-form solutions. In the presence of financial frictions, theNew Keynesian Phillips curve features a flat slope with respect to the output gapand is strongly forward-looking. All shocks cause...
Persistent link: https://www.econbiz.de/10012149564
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Unconventional monetary policy in an open economy
Gieck, Jana - 2014
The impact of unconventional monetary policies on exchange rates and its spillovers to other economies is not yet fully understood. In this paper I develop a two-country DSGE model with interbank markets and endogenous default probabilities to analyze the cross-border impacts of unconventional...
Persistent link: https://www.econbiz.de/10010471077
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The transmission of bank capital requirements and monetary policy to bank lending
Imbierowicz, Björn; Löffler, Axel; Vogel, Ursula - 2019
interaction effect, on euro area bank lending and lending rates. Our results show that - for weakly capitalized banks - increases …
Persistent link: https://www.econbiz.de/10012160525
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A note of caution on quantifying banks' recapitalization effects
Schmidt, Kirsten; Noth, Felix; Tonzer, Lena - 2021
Unconventional monetary policy measures like asset purchase programs aim to reduce certain securities' yield and alter financial institutions' investment behavior. These measures increase the institutions' market value of securities and add to their equity positions. We show that the extent of...
Persistent link: https://www.econbiz.de/10012426421
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Risky firms and fragile banks : implications for macroprudential policy
Gasparini, Tommaso; Lewis, Vivien; Moyen, Stéphane; … - 2024
Increases in firm default risk raise the default probability of banks while decreasing output and inflation in US data. To rationalize the empirical evidence, we analyse firm risk shocks in a New Keynesian model where entrepreneurs and banks engage in a loan contract and both are subject to...
Persistent link: https://www.econbiz.de/10014501102
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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 - 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