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How Robust are Money Demand Estimations? A Meta-Analytic Approach
Knell, Markus; Stix, Helmut - 2003
and wealth, etc). Also, the macroeconomic environment (inflation, nominal and real uncertainties) seems to play a role …
Persistent link: https://www.econbiz.de/10013369998
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Three Decades of Money Demand Studies. Some Differences and Remarkable Similarities
Knell, Markus; Stix, Helmut - 2004
By analyzing almost 1000 money demand estimations this paper attempts to summarize the disperse findings of this literature. Using both descriptive statistics and meta-regressions we derive several stylized facts about the two most prominent determinants of money demand–income and interest...
Persistent link: https://www.econbiz.de/10013370005
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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. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences –...
Persistent link: https://www.econbiz.de/10013370109
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Measuring Income Elasticity for Swiss Money Demand: What do the cantons say about financial innovation?
Fischer, Andreas - 2005
Recent time-series evidence has re-confirmed the forecasting ability of Swiss broad money. The same money demand studies and others, however, find that the income elasticity is greater than one. Such parameter estimates are difficult to reconcile with transactions demand theory. This study...
Persistent link: https://www.econbiz.de/10011430054
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The tragedy of the commons and inflation bias in the euro area
Dinger, Valeriya; Steinkamp, Sven; Westermann, Frank - 2012
of the two elements leads to an inflation bias that is independent of the standard time-inconsistency bias. Secondly, we … an independent monetary policy. We find that inflation was the main determinant of central bank credit prior to 2007 …
Persistent link: https://www.econbiz.de/10010343285
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Monetary policy with imperfect signals: The target problem in a new monetarist approach
Draack, Hannes - 2018
The target problem considers the central bank's use of optimal tools and targets for purposes of stabilization and welfare optimization. In this study, this question is answered anew in a microfounded approach. By adding imperfect information to the model of [Berentsen and Waller, 2011], a...
Persistent link: https://www.econbiz.de/10011969207
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Why central banks (and money) rule the roost”
Sardoni, Claudio - 2006
Some have argued that a significant decrease in the demand for money, due to financial innovations, could imply that central banks are unable to implement effective monetary policies. This paper argues that central banks are always able to influence the economy's interest rates, because their...
Persistent link: https://www.econbiz.de/10010266526
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A tractable model of indirect asset liquidity
Herrenbrueck, Lucas; Geromichalos, Athanasios - 2015
Assets have "indirect liquidity" if they cannot be used as media of exchange, but can be traded to obtain a medium of exchange (money) and thereby inherit monetary properties. This essay describes a simple dynamic model of indirect asset liquidity, provides closed form solutions for real and...
Persistent link: https://www.econbiz.de/10011784997
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Unconventional monetary policies and central bank profits: Seigniorage as fiscal revenue in the aftermath of the global financial crisis
Bibow, Jörg - 2018
This study investigates the evolution of central bank profits as fiscal revenue (or: seigniorage) before and in the aftermath of the global financial crisis of 2008-9, focusing on a select group of central banks - namely the Bank of England, the United States Federal Reserve System, the Bank of...
Persistent link: https://www.econbiz.de/10012142963
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Price-Level Determinacy, Lower Bounds on the Nominal Interest Rate, and Liquidity Traps
Alstadheim, Ragna; Henderson, Dale - 2006
We consider standard monetary-policy rules with inflation-rate targets and interest-rate or money-growth instruments …-target equilibria (BTE) with inflation always below target and constant or asymptotically approaching or eventually reaching a below … rate above a lower bound. We construct monetary-policy rules, that preclude BTE, some of which are monotonic in inflation …
Persistent link: https://www.econbiz.de/10012143655