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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 … minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from the Friedman rule in … favour of the Fed's current policy. - Welfare costs of inflation ; flow of funds data ; US currency abroad …
Persistent link: https://www.econbiz.de/10009006654
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Sectoral money demand and the great disinflation in the US
Calza, Alessandro; Zaghini, Andrea - 2010
Estimates of the welfare costs of inflation based on Bailey (1956) are typically computed using aggregate money demand … Great Inflation to the present regime of low and stable inflation. For this purpose, we estimate different functional … the benefits were significant for both sectors. - Welfare cost of inflation ; flow of funds data ; demand for money …
Persistent link: https://www.econbiz.de/10003983675
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A cointegration model of money and wealth
Assenmacher-Wesche, Katrin; Beyer, Andreas - 2020
Extending the data set used in Beyer (2009) from 2007 to 2017, we estimate I(1) and I(2) money demand models for euro area M3. We nd that the elasticities in the money demand and the real wealth relations identi ed previously in Beyer (2009) have remained remarkably stable throughout the...
Persistent link: https://www.econbiz.de/10012150128
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A monthly monetary model with banking intermediation for the euro area
Bruggeman, Annick; Donnay, Marie - 2003
This monthly monetary model for the euro area is gradually constructed from its two constituting components: a money demand and a loan demand model which both include the relation between the respective retail bank rates and the short-term market interest rate. Eventually, the encompassing...
Persistent link: https://www.econbiz.de/10009635913
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Why has broad money demand been more stable in the euro area than in other economies?
Calza, Alessandro; Sousa, João - 2003
Based on a literature review, this paper investigates the reasons why broad money demand has usually been found to be more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for this fact. First, in some countries outside the euro...
Persistent link: https://www.econbiz.de/10009635916
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Is the demand for euro area M3 stable?
Bruggeman, Annick; Donati, Paola; Warne, Anders - 2003
This paper re-examines two data issues concerning euro area money demand: aggregation of national data and measurement of the own rate.The main purpose is to study if euro area money demand is subject to parameter non-constancies using formal tests rather than informal diagnostics. As a...
Persistent link: https://www.econbiz.de/10009635921
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The demand for euro area currencies
Fischer, Björn; Köhler, Petra; Seitz, Franz - 2004
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/10009636553
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Euro area money demand and international portfolio allocation : a contribution to assessing risks to price stability
De Santis, Roberto A. (contributor);  … - 2008
euro area M3 growth and model-based fitted or predicted values helps forecast euro area inflation. …
Persistent link: https://www.econbiz.de/10003789419
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Explaining the money demand of non-financial corporations in the Euro area : a macro and a micro view
Martínez-Carrascal, Carmen; Landesberger, Julian von - 2010
This paper analyses euro area non-financial corporations (NFC) money demand, both from a macro and a microeconomic point of view. At a macro level, money holdings are modelled as a function of real gross added value, the price level, the long-term interest rate on bank lending to non-financial...
Persistent link: https://www.econbiz.de/10008688524
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Does it matter how aggregates are measured? : the case of monetary transmission mechanisms in the euro area
Beyer, Andreas; Jusélius, Katarina - 2010
Beyer, Doornik and Hendry (2000, 2001) show analytically that three out of four aggregation methods yield problematic results when exchange rate shifts induce relative-price changes between individual countries and found the least problematic method to be the variable weight method of growth...
Persistent link: https://www.econbiz.de/10003970393