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This paper analyses how many euro coins outflow from Germany and which composition of coins is to be expected in the long run. To this end, a simple mathematical model is formulated and calibrated for €1 coins. The introduction of the euro coins in 2002 presented a unique opportunity to...
Persistent link: https://www.econbiz.de/10010299181
To broaden the operational scope of monetary policy, several authors suggest cash abolition as an appropriate means of breaking through the zero lower-bound. We argue that the welfare costs of bypassing the zero lower-bound by getting rid of cash entirely are analytically equivalent to negative...
Persistent link: https://www.econbiz.de/10013199579
To broaden the operational scope of monetary policy, several authors suggest cash abolishment as an appropriate means of breaking through the zero lower bound. The key question in this respect is: What are the costs of such a proposal? We argue that the welfare costs of bypassing the zero lower...
Persistent link: https://www.econbiz.de/10011936300
To broaden the scope of monetary policy, cash abolishment is often suggested as a means of breaking through the zero lower bound. However, practically nothing is said about the welfare costs of such a proposal. Rösl, Seitz and Tödter argue that the welfare costs of bypassing the zero lower...
Persistent link: https://www.econbiz.de/10011636009
To broaden the operational scope of monetary policy, several authors suggest cash abolishment as an appropriate means of breaking through the zero lower bound. The key question in this respect is: What are the costs of such a proposal? We argue that the welfare costs of bypassing the zero lower...
Persistent link: https://www.econbiz.de/10011643851
Trotz der von der EZB eingeleiteten "Zinswende" in der zweiten Jahreshälfte 2022 als späte Reaktion auf die deutlich unterschätzte Persistenz hoher Inflationsraten im Euroraum sind die Realzinsen sowohl in der ex post Betrachtung als auch in der ex ante Betrachtung keineswegs als restriktiv...
Persistent link: https://www.econbiz.de/10014293737
In dem Beitrag werden zinsgewichtete Geldmengenaggregate analysiert und mit dem einfachen Summenaggregat M3 verglichen. Die Zinsgewichtung orientiert sich an den Opportunitätskosten der Geldkomponenten, d.h. dem Zinsverlust gegenüber höher verzinslichen Finanzanlagen, die keine...
Persistent link: https://www.econbiz.de/10014521966
Persistent link: https://www.econbiz.de/10014522372
Ein ökonometrisches Portfoliomodell für den privaten Sektor in der Bundesrepublik Deutschland Obwohl die von Markowitz und Tobin entwickelte Portfoliotheorie dank ihres hohen Erklärungsgehalts heute in der geldtheoretischen Diskussion eine dominierende Stellung einnimmt, gibt es bisher nur...
Persistent link: https://www.econbiz.de/10014523296
Risk Measurement with a Safety Belt: Pareto Meets Chebyshev Risk measures based on the Gaussian distribution are prone to understate the probability of extreme events. To capture fat tails and extreme events, we combine the Pareto law with finite variance bounds of Chebyshev. This density...
Persistent link: https://www.econbiz.de/10014523329