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Real Balance Effects, Timing and Equilibrium Determination

Stoltenberg, Christian - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2006

This paper examines whether the existence and the timing of real balance effects contribute to the determination of the absolute price level, as suggested byPatinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. I show that there exists a unique price...

Persistent link: https://www.econbiz.de/10005861263

Money Demand and Macroeconomic Stability Revisited

Schabert, Andreas; Stoltenberg, Christian - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2005

This paper examines how money demand induced real balance effects contribute to the determination of the price level, as suggested by Patinkin (1949,1965), and if they affect conditions for local equilibrium uniqueness and stability. There exists a unique price level sequence that is consistent...

Persistent link: https://www.econbiz.de/10005862008

Wie viele ausländische Euro-Münzenfließen nach Deutschland?

Seitz, Franz; Stoyan, Dietrich - Hochschule für Angewandte Wissenschaften <Amberg - 2008

, dass pro Tag inetwa 150.000 1-Euro-Münzen nach Deutschland fließen. Im Jahr 2018 werden sichvoraussichtlich 50 … % ausländische 1-€-Münzen in Deutschland befinden. Diese indirektberechneten Zahlen scheinen ökonomisch plausibel zu sein. … mathematical model which we calibrate for the case of Germany andthe 1-euro coin. The introduction of euro coins in 2002 offered …

Persistent link: https://www.econbiz.de/10005866103

Opting out of the great inflation:German monetary policy afterthe breakdown of Bretton Woods

Beyer, Andreas; Gaspar, Vitor; Gerberding, Christina; … - Volkswirtschaftliches Forschungszentrum <Frankfurt, Main> - 2009

banking. Germany achieved a high degree of domesticstability and provided safe haven for investors in times of turmoil in the …

Persistent link: https://www.econbiz.de/10005866225

Euro area money demand: empirical evidence on the role of equity and labour markets

Bondt, Gabe J. de - 2009

This study presents empirical evidence on the long-run motives for holding euro area money by focusing on the role of equity and labour markets. Equity positively affects money demand through wealth effects, as equities are a significant store of household wealth and thus part of a financial...

Persistent link: https://www.econbiz.de/10005866912

Expected Money Growth, Markov Trends and theInstability of Money Demand in the Euro Area

Kaufmann, Sylvia; Kugler, Peter - Wirtschaftswissenschaftliches Zentrum <Basel> - 2007

This paper analyzes the recently documented instability of money demand in theeuro area in the framework of a Markov switching trend model. First, we consider astandard flexible price model with stable money demand, rational expectations, andan exogenous income-money ratio which follows a Markov...

Persistent link: https://www.econbiz.de/10005867935

A Monetary Model with Strong Liquidity Effects

Hagedorn, Marcus - Institut für Schweizerisches Bankwesen <Zürich> - 2001

This paper studies the joint business cycle dynamics of inﬂation, money growth, nominal and real interest rates and the velocity of money. I extend and estimate a standard cash and credit monetary model by adding idiosyncratic preference shocks to cash consumption as well as a banking sector....

Persistent link: https://www.econbiz.de/10005857754

Nominal and Real Interest Rates during an Optimal Disinflation in New Keynesian Models

Hagedorn, Marcus - Institut für Schweizerisches Bankwesen <Zürich> - 2007

Central bankers conventional wisdom suggests that nominal interest rates should be raised to implement a lower inﬂation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should bedecreased to attain this goal. Real interest rates,...

Persistent link: https://www.econbiz.de/10005857755

Money and Reciprocity

Hens, Thorsten; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

Based on an experimental analysis of a simple monetary economy we argue that a monetary system is more stable than one would expect from individual rationality. Weshow that positive reciprocity stabilizes the monetary system, provided everyparticipant considers accepting money as a reasonable...

Persistent link: https://www.econbiz.de/10005858586

On the Micro-foundations of Money : The Capitol Hill Baby-Sitting Co-op

Hens, Thorsten; Schenk-Hoppe, Klaus Reiner; Vogt, Bodo - Institut für Schweizerisches Bankwesen <Zürich>; … - 2003

This paper contributes to the micro-foundation of money in centralizedmarkets with idiosyncratic uncertainty. It shows existence of stationarymonetary equilibria and ensures that there is an optimum quantity ofmoney. The rational solution of our model is compared with actual be-havior in a...

Persistent link: https://www.econbiz.de/10005858589