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Less-cash or more-cash? : determinants and trends of currency in circulation in a panel of 17 economies
Chandrakamal, Kumar; Kumar, Pramod - 2023
Digital payments are growing rapidly, and the use of cash seems to be declining, at least in advanced economies in … Europe and the U.S. However, the literature on payment systems provides an interesting perspective- cash, or currency, when … are also significant across a group of heterogeneous countries. Interest rates are found to affect the demand for cash …
Persistent link: https://www.econbiz.de/10014424236
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The power of helicopter money revisited : a new Keynesian perspective
Carter, Thomas J.; Mendes, Rhys R. - 2020
We analyze money financing of fiscal transfers (helicopter money) in two simple New Keynesian models: a "textbook" model in which all money is non-interest-bearing (e.g., all money is currency), and a more realistic model with interest-bearing reserves. In the textbook model with only...
Persistent link: https://www.econbiz.de/10012159954
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An Optimal Interest Rate Rule with Information from Money and Auction Markets
Von zur Mühlen, Peter - 2022
For an economy characterized by neo-Keynesian wage rigidity, an optimal open market rule is derived based on financial market information, including auction price behavior. Simulations of a small model of the United States--estimated via full information maximum likelihood together with a...
Persistent link: https://www.econbiz.de/10013403657
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Nominal and real interest rates during an optimal disinflation in New Keynesian models.
Hagedorn, Marcus - 2008
Central bankers’ conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should be decreased to attain this goal. Real interest...
Persistent link: https://www.econbiz.de/10011604924
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Can Excess Liquidity Signal an Asset Price Boom?
Bruggeman, Annick - 2007
This paper analyses the relationship between the prevailing liquidity conditions (such as measures of money, credit and interest rates) and developments in asset prices from a monetary analysis perspective. After having identified periods of sustained excess liquidity, we analyse under which...
Persistent link: https://www.econbiz.de/10011506638
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Zero nominal interest rates, unemployment, excess reserves and deflation in a liquidity trap
Murota, Ryu-ichiro; Ono, Yoshiyasu - 2009
We present a dynamic and monetary model that consistently explains such various phenomena as unemployment, deflation, zero nominal interest rates and excess reserves held by commercial banks. These phenomena are commonly observed during the Great Depression in the United States, the recent...
Persistent link: https://www.econbiz.de/10003921783
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Currency substitution : evidence from Nigeria
Doguwa, Sani I. - In: CBN journal of applied statistics 5 (2014) 2, pp. 1-23
This paper examines the existence, causes and effects of currency substitution in Nigeria by estimating conventional money demand equations based on a partial adjustment and an autoregressive distributed lag models using three definitions of monetary aggregates. The behavior of the foreign...
Persistent link: https://www.econbiz.de/10011488762
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Zero Nominal Interest Rates, Unemployment, Excess Reserves and Deflation in a Liquidity Trap
Ono, Yoshiyasu - 2009
We present a dynamic and monetary model that consistently explains such various phenomena as unemployment, deflation, zero nominal interest rates and excess reserves held by commercial banks. These phenomena are commonly observed during the Great Depression in the United States, the recent...
Persistent link: https://www.econbiz.de/10013158170
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Nominal and Real Interest Rates During an Optimal Disinflation in New Keynesian Models
Hagedorn, Marcus - 2008
Central bankers' conventional wisdom suggests that nominal interest rates should be raised to implement a lower inflation target. In contrast, I show that the standard New Keynesian monetary model predicts that nominal interest rates should be decreased to attain this goal. Real interest rates,...
Persistent link: https://www.econbiz.de/10012772496
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Interest Rates and Managerial Risk Incentives : The Role of Institutional Investors. Evidence From the US
Castro, Paula - 2019
This paper contributes to the literature by indicating how the effect of monetary policies, such as interest rates, the zero lower bound (ZLB) and differential volatility between long-term and short-term interest rates, impact the incentives of firms' managers in the US in recent years and how...
Persistent link: https://www.econbiz.de/10012893070