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holding money. To that end, an extensive long-run econometric analysis of money demand is carried out for Mexico using the … monetary aggregate M1. Based on it, two indicators are calculated, the money gap and the m* indicator. Such gap measures …
Persistent link: https://www.econbiz.de/10011445082
Forecasts of inflation in the United States since the mid eighties have had smaller errors than in the past, but those conditional on commonly used variables cannot consistently beat the ones from univariate models. This paper shows through simple modifications to the classical monetary model...
Persistent link: https://www.econbiz.de/10011788944
This document proposes a general macroeconomic framework to analyze the behavior of inflation. This approach has two characteristics. The first is the distinction of monetary regimes based on the number of shocks that have a permanent effect on the price level. When all shocks have a permanent...
Persistent link: https://www.econbiz.de/10012616409
seigniorage maximizing inflation rate, and (3) analysis of the potential relationship between a measure of excess money and … inflation. Results indicate that the low inflation equilibrium is stable, and that the excess money indicator shows, in …
Persistent link: https://www.econbiz.de/10011445093
Since the mid-1990s, the U.S. payment system has been undergoing a transformation featuring a significant decline in the use of paper checks that has been quite uneven across consumers and not well understood. This paper estimates econometric models of consumers' adoption (extensive margin) and...
Persistent link: https://www.econbiz.de/10010280943
- balance sheet, income statement, and statement of cash flows - are used to assess the degree of integration in leading U ….S. household surveys, focusing on inconsistencies in measures of the change in cash. Diaries of consumer payment choice can improve …, checking accounts, prepaid cards, credit cards, and other payment instruments, consistent with conventional cash-flows measures …
Persistent link: https://www.econbiz.de/10012059581
significantly more on cash and less on credit cards for their transactions. The data do not allow us to isolate supply-side and … demand-side factors to explain the causes of these discrepancies. Women use significantly less cash than men, but use more … have for their households. Single people use more cash, while married people use more checks. Although characteristics of …
Persistent link: https://www.econbiz.de/10011754802
This paper examines whether the low interest rate environment that has prevailed since the Great Recession has compelled banks to reach for yield. It is important to recognize that banks can take on a variety of risks that offer higher yields today but incur different forms of future losses....
Persistent link: https://www.econbiz.de/10011754831
dichotomy model with monetary policy regime shifts at known dates. First, there was a regime dominated by money, afterwards a … money, the exchange rate pass-through and the impact profile of other variables. The model proposed here is very …
Persistent link: https://www.econbiz.de/10011788967
The way that consumers make payments is changing rapidly and attracts important current policy interest. This paper develops and estimates a structural model of adoption and use of payment instruments by U.S. consumers. We use a cross-section of data from the Survey of Consumer Payment Choice, a...
Persistent link: https://www.econbiz.de/10010343338