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U.S. consumer demand for cash in the era of low interest rates and electronic payments

Briglevics, Tamás; Schuh, Scott - 2014

U.S. consumers’ demand for cash is estimated with new panel micro data for 2008–2010 using econometric methodology similar to Mulligan and Sala-i-Martin (2000), Attanasio, Guiso, and Jappelli (2002), and Lippi and Secchi (2009). We extend the Baumol-Tobin model to allow for credit card...

Persistent link: https://www.econbiz.de/10011605705

The optimal inflation tax when taxes are costly to collect

De Fiore, Fiorella - 2000

Tax collection costs have been advocated in the literature as a reason to deviate from the Friedman rule, in standard general equilibrium monetary models with flexible prices. This paper shows that there are conditions under which the Friedman rule is optimal despite the presence of collection...

Persistent link: https://www.econbiz.de/10011604084

The optimal mix of taxes on money, consumption and income

De Fiore, Fiorella; Teles, Pedro - 2002

In this paper we determine the optimal combination of taxes on money, consumption and income in transaction technology models. We show that the optimal policy does not tax money, regardless of whether the government can use the income tax, the consumption tax, or the two taxes jointly. These...

Persistent link: https://www.econbiz.de/10011604181

Swiss monetary policy targeting 1974-1996: the role of internal policy analysis

Rich, Georg - 2003

After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNB's internal policy analysis, an aspect of Swiss monetary targeting that has received...

Persistent link: https://www.econbiz.de/10011604282

Forecasting real GDP: what role for narrow money?

Seitz, Franz; Brand, Claus; Reimers, Hans-Eggert - 2003

Persistent link: https://www.econbiz.de/10011604300

The demand for euro area currencies: past, present and future

Fischer, Björn; Köhler, Petra; Seitz, Franz - 2004

well as overall currency demand. While small-value banknotes are mainly driven by domestic transactions, the demand for … large-value banknotes depends on a short-term interest rate, the exchange rate of the euro as a proxy for foreign demand and … inflation variability. Large-value banknotes seem to be therefore used to an important extent as a store of value domestically …

Persistent link: https://www.econbiz.de/10011604376

Liquidity shocks and asset price boom/bust cycles

Adalid, Ramón; Detken, Carsten - 2007

We provide systematic evidence for the association of liquidity shocks and aggregate asset prices during mechanically identified asset price boom/bust episodes for 18 OECD countries since the 1970s, while taking care of the endogeneity of money and credit. Our derivation of liquidity shocks...

Persistent link: https://www.econbiz.de/10011604778

Maintaining low inflation: money, interest rates, and policy stance

Reynard, Samuel - 2007

This paper presents a systematic empirical relationship between money and subsequent prices and output, using US, euro area and Swiss data since the 1960-70s. Monetary developments, unlike interest rate stance measures, are shown to provide qualitative and quantitative information on subsequent...

Persistent link: https://www.econbiz.de/10011604802

Central Bank misperceptions and the role of money in interest rate rules

Beck, Günter W.; Wieland, Volker - 2008

Research with Keynesian-style models has emphasized the importance of the output gap for policies aimed at controlling inflation while declaring monetary aggregates largely irrelevant. Critics, however, have argued that these models need to be modified to account for observed money growth and...

Persistent link: https://www.econbiz.de/10011605013

Opting out of the Great Inflation: German monetary policy after the break down of Bretton Woods

Beyer, Andreas; Gaspar, Vítor; Gerberding, Christina; … - 2009

During the turbulent 1970s and 1980s the Bundesbank established an outstanding reputation in the world of central banking. Germany achieved a high degree of domestic stability and provided safe haven for investors in times of turmoil in the international financial system. Eventually the...

Persistent link: https://www.econbiz.de/10011605066

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