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SEPA, efficiency, and payment card competition

Bolt, Wilko; Schmiedel, Heiko - 2009

This paper analyzes the welfare implications of creating a Single Euro Payments Area. We study the effects of increased network compatibility and payment scale economies on consumer and merchant card fees and its impact on card usage. In particular, we model competition among debit cards and...

Persistent link: https://www.econbiz.de/10003969543

Trade effects of the euro : evidence from sectoral data

Baldwin, Richard E. (contributor); … - 2005

This paper contributes to the literature on the impact of EMU on trade, adding two new elements. First, we propose a theoretical model for explaining how the euro could have increased trade by the large amounts found in the empirical literature. Second, we propose a sectoral dataset to test the...

Persistent link: https://www.econbiz.de/10002817377

Capital flows and the US "New Economy" : consumption smoothing and risk exposure

Miller, Marcus (contributor); Castrén, Olli (contributor); … - 2005

In an analytically tractable model of the global economy, we calculate the Pareto improvement where a country experiencing a favourable supply side shock consumes more against expected future output and spreads the risk by selling shares. With capital inflows to finance the "New Economy";...

Persistent link: https://www.econbiz.de/10002817425

Financial reforms and innovation : a micro-macro perspective

Boikos, Spyridon; Bournakis, Ioannis; Dimitris, … - 2021

reforms affect R&D investment and patent activity. First, a "micro" reformthat abolishes barriers to entry in the banking …

Persistent link: https://www.econbiz.de/10012508542

Optimal research in financial markets with heterogeneous private information : a rational expectations model

Tinn, Katrin (contributor) - 2005

This paper investigates prices and endogenous research decision for financial assets. In rational expectations models … this paper extends this setting by incorporating the research cost decision and endogenising the variance of the private … signals that short-lived investors obtain in each period. It turns out that investors will be less willing to research in …

Persistent link: https://www.econbiz.de/10003014962

Monetary conservatism and fiscal policy

Adam, Klaus (contributor); Billi, Roberto M. (contributor) - 2006

Does an inflation conservative central bank à la Rogoff (1985) remain desirable in a setting with endogenous fiscal policy? To provide an answer we study monetary and fiscal policy games without commitment in a dynamic stochastic sticky price economy with monopolistic distortions. Monetary...

Persistent link: https://www.econbiz.de/10003358641

Quantifying and sustaining welfare gains from monetary commitment

Levine, Paul (contributor); McAdam, Peter (contributor); … - 2007

The objectives of this paper are : first, to quantify the stabilization welfare gains from commitment; second, to examine how commitment to an optimal rule can be sustained as an equilibrium and third, to find a simple interest rate rule that closely approximates the optimal commitment one. We...

Persistent link: https://www.econbiz.de/10003410537

Pricing payment cards

Bedre-Defolie, Özlem; Calvano, Emilio - 2009

In a payment card association such as Visa, each time a consumer pays by card, the bank of the merchant (acquirer) pays an interchange fee (IF) to the bank of the cardholder (issuer) to carry out the transaction. This paper studies the determinants of socially and privately optimal IFs in a card...

Persistent link: https://www.econbiz.de/10003969459

Risk sharing, finance and institutions in international portfolios

Fratzscher, Marcel (contributor); Imbs, Jean (contributor) - 2007

We show that international consumption risk sharing is significantly improved by capital flows, especially portfolio investment. Concomitantly, we show that poor institutions hamper risk sharing, but to an extent that decreases with openness. In particular, risk sharing ist prevalent even among...

Persistent link: https://www.econbiz.de/10003599431

Welfare costs of inflation and the circulation of US currency abroad

Calza, Alessandro; Zaghini, Andrea - 2011

Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the...

Persistent link: https://www.econbiz.de/10009006654

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