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Forecasting euro area inflation using targeted predictors : is money coming back?

Falagiarda, Matteo; Sousa, João - 2017

This paper sheds new light on the information content of monetary and credit aggregates for future price developments in the euro area. Overall, we find strong variation in the information content of these variables over time. We show that monetary and credit aggregates are very often selected...

Persistent link: https://www.econbiz.de/10011637074

Money in modern macro models : a review of the arguments

Seitz, Franz; Schmidt, Markus A. - 2014

This paper provides an overview of the role of money in modern macro models. In particular, we are focussing on New … Keynesian and New Monetarist models to investigate their main findings and most significant shortcomings in considering money … recent New Keynesian literature, we argue that keeping an eye on money is important to monetary policy decision-makers in …

Persistent link: https://www.econbiz.de/10010251183

Thinking beyond the pandemic : monetary policy challenges in the medium- to long-term

Dąbrowski, Marek - 2021

The economic characteristics of the COVID-19 crisis differ from those of previous crises. It is a combination of demand- and supply-side constraints which led to the formation of a monetary overhang that will be unfrozen once the pandemic ends. Monetary policy must take this effect into...

Persistent link: https://www.econbiz.de/10012592174

Precautionary motives in short-term cash management : evidence from German POS transactions

Eschelbach, Martina; Schmidt, Tobias - 2013

This paper empirically investigates whether individuals withhold a certain amount of cash for precautionary reasons at the point-of-sale (POS) in order to be able to cover future transactions that might have to be paid for in cash. Such behaviour is costly for consumers because it imposes...

Persistent link: https://www.econbiz.de/10010192759

Does banknote quality affect counterfeit detection? : experimental evidence from Germany and the Netherlands

Horst, Frank van der; Eschelbach, Martina; Sieber, Susann; … - 2016

Counterfeit prevention is a major task for central banks, as it helps to maintain public confidence in the currency. It is often maintained that a high quality of the banknotes in circulation helps the public detect counterfeits. However, there has not been any scientific evidence in support of...

Persistent link: https://www.econbiz.de/10011452776

Monetary policy effects on bank loans in Germany : a panel-econometric analysis

Worms, Andreas - 2001

A crucial condition for the existence of a credit channel through bank loans is that monetary policy should be able to change bank loan supply. This paper contributes to the discussion on this issue by presenting empirical evidence from dynamic panel estimations based on a dataset that comprises...

Persistent link: https://www.econbiz.de/10011419446

Changes in inflation predictability in major Latin American countries

Garcés Díaz, Daniel G. - 2016

Forecasts of inflation in the United States since the mid eighties have had smaller errors than in the past, but those conditional on commonly used variables cannot consistently beat the ones from univariate models. This paper shows through simple modifications to the classical monetary model...

Persistent link: https://www.econbiz.de/10011568466

Three revolutions in macroeconomics : their nature and influence

Laidler, David E. W. - 2013

It is then argued that, whereas Monetarism brought about a revival of the quantity theory of money from the limbo into …

Persistent link: https://www.econbiz.de/10009765542

On the drivers of inflation in different monetary regimes

Garcés Díaz, Daniel G. - 2020

This document proposes a general macroeconomic framework to analyze the behavior of inflation. This approach has two characteristics. The first is the distinction of monetary regimes based on the number of shocks that have a permanent effect on the price level. When all shocks have a permanent...

Persistent link: https://www.econbiz.de/10012391020

A microfounded model of money demand under uncertainty, and its empirical validation using cointegration and rolling-window dynamic multiplier analysis

Größl, Ingrid; Tarassow, Artur - 2015

In this article we derive a microfounded model of money demand under uncertainty built on intertemporally optimizing …. The results reveal that U.S. households increase their demand for money in response to positive changes in inflation and …

Persistent link: https://www.econbiz.de/10010520781

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