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Communal responsibility and the coexistence of money and credit under anonymous matching
Boerner, Lars; Ritschl, Albrecht - 2010
Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European …. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In … the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis …
Persistent link: https://www.econbiz.de/10010281523
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Gambling and the use of credit: an individual and household level analysis
Brown, Sarah; Dickerson, Andy; McHardy, Jolian; Taylor, Karl - 2010
use of credit, at the individual and household level using representative pooled cross-section data drawn from the UK … Expenditure and Food Surveys (EFS), 2001 to 2007. Gambling and the use of credit are shown to be positively correlated at the … between gambling and the use of credit is remarkably stable across household income. In addition to our household level …
Persistent link: https://www.econbiz.de/10010271301
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Money demand in a banking time economy
Gillman, Max; Otto, Glenn - 2003
the cost of credit - induce agents to substitute away from money towards exchange credit. This results in an interest …
Persistent link: https://www.econbiz.de/10010295387
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Analysing Divisia Aggregates for the Euro Area
Reimers, Hans-Eggert - 2002
In this paper, different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to 2000. Theoretically, one main difference of these aggregates is their reaction to exchange-rate variations. Empirically, the aggregates are compared with respect to three issues....
Persistent link: https://www.econbiz.de/10010295730
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Money demand and macroeconomic uncertainty
Lemke, Wolfgang; Greiber, Claus - 2005
In this study we construct a measure of macroeconomic uncertainty from several observable economic indicators for the euro area. Indicator variables are based on financial market data, such as medium-term returns, loss and volatility measures but also come from surveys that capture business and...
Persistent link: https://www.econbiz.de/10010295771
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Money and housing: evidence for the euro area and the US
Greiber, Claus; Setzer, Ralph - 2007
This paper examines the relation between money and housing variables in the euro area and in the US. Our empirical model is based on a standard money demand relation which is augmented by housing market variables. In doing so, co-integrated money demand relationships can be established for both...
Persistent link: https://www.econbiz.de/10010295851
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The (in)stability of money demand in the Euro area
Nautz, Dieter; Rondorf, Ulrike - 2010
The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10010303823
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Money and inflation in the euro area during the financial crisis
Dreger, Christian; Wolters, Jürgen - 2011
This paper explores the stability of the relation between money demand for M3 and inflation in the euro area by including the recent period of the financial crisis. Evidence is based on a cointegration analysis, where inflation and asset prices are allowed to enter the long run relationship. By...
Persistent link: https://www.econbiz.de/10010304804
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The Price Revolution in the 16th Century: Empirical Results from a Structural Vectorautoregression Model
Bernholz, Peter; Kugler, Peter - 2007
This paper provides empirical evidence in favor of the hypothesis that the secular price increase in the 16th century is mainly caused by money supply developments as the discovery of new mines in Latin America. First we review price developments for several European countries over the 16th...
Persistent link: https://www.econbiz.de/10011390624
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Money demand in Europe: Evidence from the past
Hahn, Elke; Müller, Christian - 2000
The conditions under which European monetary policy is likely to be conducted are investigated by means of multi-variate time series modelling using aggregated data of all eleven European Monetary Union member states. A cointegration analysis identifies two stable long-run relationships, one of...
Persistent link: https://www.econbiz.de/10010324213