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Welfare costs of inflation and the circulation of US currency abroad
Calza, Alessandro; Zaghini, Andrea - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the...
Persistent link: https://www.econbiz.de/10009006654
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Inflation and unemployment in the long run
Berentsen, Aleksander; Menzio, Guido; Wright, Randall D. - 2009
We study the long-run relation between money, measured by inflation or interest rates, and unemployment. We first discuss data, documenting a strong positive relation between the variables at low frequencies. We then develop a framework where both money and unemployment are modeled using...
Persistent link: https://www.econbiz.de/10003826999
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Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2015
Empirical studies of the shoe-leather costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using adjusted monetary data, we show that the failure to control for...
Persistent link: https://www.econbiz.de/10013037484
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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 …-integrated money demand relationships can be established for both the euro area and the US. Furthermore, we find evidence for asset …
Persistent link: https://www.econbiz.de/10010206407
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Welfare Costs of Inflation and the Circulation of US Currency Abroad
Calza, Alessandro - 2011
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for US dollars abroad, we show that the...
Persistent link: https://www.econbiz.de/10013127698
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Euro-dollar creation: a mystery story
Machlup, Fritz - In: BNL Quarterly Review 23 (1970) 94, pp. 219-260
The article looks at the disparity of views among experts regarding the growth of the “Euro-dollar market … is the idea that Euro-dollar deposits are the result of multiple creation of credit by banks in a system of only … with banks in Europe. Some see the source of Euro-dollars in the deficit of the balance of payments of the United States …
Persistent link: https://www.econbiz.de/10010854320
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Euro-dollar creation: a mystery story
Machlup, Fritz - In: Banca Nazionale del Lavoro Quarterly Review 23 (1970) 94, pp. 219-260
The article looks at the disparity of views among experts regarding the growth of the “Euro-dollar market … is the idea that Euro-dollar deposits are the result of multiple creation of credit by banks in a system of only … with banks in Europe. Some see the source of Euro-dollars in the deficit of the balance of payments of the United States …
Persistent link: https://www.econbiz.de/10010752016
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Euro-dollar creation: a mystery story
Machlup, Fritz - In: BNL Quarterly Review 23 (1970) 94, pp. 219-260
The article looks at the disparity of views among experts regarding the growth of the “Euro-dollar market … is the idea that Euro-dollar deposits are the result of multiple creation of credit by banks in a system of only … with banks in Europe. Some see the source of Euro-dollars in the deficit of the balance of payments of the United States …
Persistent link: https://www.econbiz.de/10010660756
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How successful are exchange rate communication and interventions? Evidence from time-series and event-study approaches
Fratzscher, Marcel - 2005
The paper analyses whether communication and actual interventions in FX markets are successful in moving exchange rates over the medium- to long-run. It compares empirical evidence based on time-series analysis with that obtained from an eventstudy approach. Both the time-series approach based...
Persistent link: https://www.econbiz.de/10011604574
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External macroeconomic factors and the link between short- and long-run European interest rates : a note
Camarero Olivas, Mariam; Ordóñez, Javier; Tamarit … - In: Southern economic journal 75 (2009) 4, pp. 1212-1219
Persistent link: https://www.econbiz.de/10003863439