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Estimating the welfare costs of very high inflations and hyperinflations
Benati, Luca; Nicolini, Juan Pablo - 2024
We explore the welfare costs of inflation originating from lack of liquidity satiation for Weimar Republic's hyperinflation and three high-inflation countries. Towards the peak of Weimar's hyperinflation the costs are estimated to have been equal to nearly 20 per cent of income. For Israel,...
Persistent link: https://www.econbiz.de/10014494959
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Money, prices and liquidity effects: Separating demand from supply
Chadha, Jagjit S.; Corrado, Luisa; Sun, Qi - 2008
In the canonical monetary policy model, money is endogenous to the optimal path for interest rates and output. But when … liquidity provision by banks dominates the demand for transactions money from the real economy, money is likely to contain … information for future output and inflation because of its impact on financial spreads. And so we decompose broad money into …
Persistent link: https://www.econbiz.de/10010277853
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Money, credit and banking
Berentsen, Aleksander; Camera, Gabriele; Waller, … - 2005
In monetary models in which agents are subject to trading shocks there is typically an ex-post inefficiency in that some agents are holding idle balances while others are cash constrained. This inefficiency creates a role for financial intermediaries, such as banks, who accept nominal deposits...
Persistent link: https://www.econbiz.de/10010277060
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Money demand stability and inflation prediction in the four largest EMU countries
Carstensen, Kai; Hagen, Jan; Hossfeld, Oliver; Salazar … - 2008
) aggregate. We identify reasonable and stable money demand relationships for Germany, France and Spain as well as the EMU-4 …In this paper we analyze the money demand functions of the four largest EMU countries and of the four-country (EMU-4 … aggregate. For the case of Italy, results are less clear. From the estimated money demand functions, we derive both EMU-4 and …
Persistent link: https://www.econbiz.de/10010263515
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Money Demand Stability and Inflation Prediction in the Four Largest EMU Countries
Carstensen, Kai; Hagen, Jan; Hossfeld, Oliver; Salazar … - 2008
In this paper we analyze the money demand functions of the four largest EMU countriesand of the four-country (EMU-4 …) aggregate. We identify reasonable and stable moneydemand relationships for Germany, France and Spain as well as the EMU-4 … aggregate.For the case of Italy, results are less clear. From the estimated money demand functions,we derive both EMU-4 and …
Persistent link: https://www.econbiz.de/10010312123
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On the equivalence of private and public money
Brunnermeier, Markus Konrad; Niepelt, Dirk - 2019
We develop a generic model of money and liquidity that identifies sources of liquidity bubbles and seignorage rents. We …
Persistent link: https://www.econbiz.de/10012112096
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On the equivalence of private and public money
Brunnermeier, Markus K.; Niepelt, Dirk - 2019
We develop a generic model of money and liquidity that identifies sources of liquidity bubbles and seignorage rents. We …
Persistent link: https://www.econbiz.de/10012271930
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Banks, Money, and the Zero Lower Bound on Deposit Rates
Kumhof, Michael; Wang, Xuan - 2020
We develop a New Keynesian model where all payments between agents require bank deposits through deposits-in-advance constraints, bank deposits are created through disbursement of bank loans, and banks face a convex lending cost. At the zero lower bound on deposit rates (ZLBD), changes in policy...
Persistent link: https://www.econbiz.de/10012427150
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How Does International Capital Flow?
Kumhof, Michael; Rungcharoenkitkul, Phurichai; Sokol, Andrej - 2021
Understanding gross capital flows is increasingly viewed as crucial for both macroeconomic and financial stability policies, but theory is lagging behind many key policy debates. We fill this gap by developing a two-country DSGE model that tracks domestic and cross-border gross positions between...
Persistent link: https://www.econbiz.de/10012623074
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Banking 2025: The Bank of the Future
Lenz, Rainer - 2015
dieser Entwicklung betroffen sind alle Geschäftsmodelle des Handels und insofern auch der Handel mit Geld. Doch die …
Persistent link: https://www.econbiz.de/10010527492