This paper shows that a central bank can more efficiently mitigate economic crises when it broadens eligibility for its … discount facility to any safe asset or solvent agent. We use difference-in-differences panel regressions and emulate crises by …

Standard transaction cost arguments can only partially explain why the share of cash transactions is still high in many … distinctive feature of cash – a glance into one's pocket provides a signal for both the remaining budget as well as the level of … past expenses. We propose a theoretical framework which incorporates this feature of cash, and derives implications not …

We measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys … United States). Our paper finds cross-country differences – for example, the level of cash usage differs across countries …. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash …

Germans are still very fond of using cash. Of all direct payment transactions, cash accounts for an astounding 82% in … cash remains so important. We propose a two-stage empirical framework which jointly explains credit card ownership and the … use of cash. Our results indicate that the pattern of cash usage is compatible with systematic economic decision making …

We investigate asset returns around banking crises in 44 advanced and emerging economies from 1960 to 2018. In contrast … to the view that buying assets during banking crises is a profitable long-run strategy, we find returns of equity and … other asset classes generally underperform after banking crises. While prices are depressed during crises and partially …