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The demand for euro area currencies
Fischer, Björn; Köhler, Petra; Seitz, Franz - 2004
The present paper analyses currency in circulation in the euro area since the beginning of the 1980s. After a … comprehensive literature review on this topic we present some stylised facts on currency holdings in the euro area countries as well … as at an aggregate euro area level. The next chapter develops a theoretical model, which extends traditional money demand …
Persistent link: https://www.econbiz.de/10009636553
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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, 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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Monetary policy transmission in the euro area
Angeloni, Ignazio; Ehrmann, Michael - 2003
We examine the euro area monetary policy transmission process using post-1999 data, with two main questions in mind …
Persistent link: https://www.econbiz.de/10009635961
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Probability of informed trading on the euro overnight market rate : an update
Idier, Julien; Nardelli, Stefano - 2008
analyze the role and impact of heterogeneities in euro overnight unsecured market. The empirical assessment of the functioning … against some significant events that occurred in the euro money market, such as the reform of the Eurosystem’s operational …
Persistent link: https://www.econbiz.de/10003826076
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Comparing economic dynamics in the EU and CEE accession countries
Süppel, Ralph - 2003
have posted higher average growth and wider output fluctuations than the euro area and other EU countries. Second, a set of … different methodologies suggests that business cycles of accession countries have been less synchronised with the euro area than … than the euro area "peripherals" (Greece, Portugal and Ireland). Moreover, synchrony differed across countries. Some …
Persistent link: https://www.econbiz.de/10009635910
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Monetary policy spillovers, capital controls and exchange rate flexibility, and the financial channel of exchange rates
Georgiadis, Georgios; Zhu, Feng - 2019
We assess the empirical validity of the trilemma (or impossible trinity) in the 2000s for a large sample of advanced and emerging economies. To do so, we estimate Taylor-rule type monetary policy reaction functions, relating the local policy rate to real-time forecasts of domestic fundamentals,...
Persistent link: https://www.econbiz.de/10011997477
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Dominant-currency pricing and the global output spillovers from US dollar appreciation
Georgiadis, Georgios; Schumann, Ben - 2019
Different export-pricing currency paradigms have different implications for a host of issues that are critical for policymakers such as business cycle co-movement, optimal monetary policy, optimum currency areas and international monetary policy co-ordination. Unfortunately, the literature has...
Persistent link: https://www.econbiz.de/10012058993
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Exchange rate misalignment and external imbalances : what is the optimal monetary policy response?
Corsetti, Giancarlo; Dedola, Luca; Leduc, Sylvain - 2023
How should monetary policy respond to excessive capital inflows that appreciate the currency and widen the external deficit? Using the workhorse two-country open-macro model, we derive a quadratic approximation of the utility-based global loss function in incomplete market economies, and solve...
Persistent link: https://www.econbiz.de/10014362654
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Shoe-leather costs in the euro area and the foreign demand for euro banknotes
Calza, Alessandro; Zaghini, Andrea - 2015
Persistent link: https://www.econbiz.de/10011349882
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Information acquisition and decision making in committees
Gerling, Kerstin; Grüner, Hans Peter; Kiel, Alexandra; … - 2003
This is a survey on the recent game theoretic literature on committee decision making. We consider theoretical work on the role of (i) strategic voting, (ii) costly information acquisition, (iii) conflicting interests, and (iv) communication in committees. Moreover, we review recent experimental...
Persistent link: https://www.econbiz.de/10009635876