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Domestic and foreign demand for euro banknotes issued in Germany
Bartzsch, Nikolaus; Uhl, Matthias - 2017
To facilitate a more detailed study of the volume of euro banknotes in circulation issued by the Deutsche Bundesbank, it is broken down into the components of foreign demand, domestic hoarding and domestic transaction balances. These banknote demand components are estimated using the direct...
Persistent link: https://www.econbiz.de/10011731481
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Divisia monetary aggregates for a heterogeneous euro area
Brill, Maximilian C.; Nautz, Dieter; Sieckmann, Lea - In: Empirica : journal of european economics 48 (2021) 1, pp. 247-278
Persistent link: https://www.econbiz.de/10012487650
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The financial accelerator in the euro area : new evidence using a mixture VAR model
Bennani, Hamza; Burgard, Jan Pablo; Neuenkirch, Matthias - 2021 - First draft: November 23, 2020 ; this version: May 17, 2021
We estimate a logit mixture vector autoregressive model describing monetary policy transmission in the euro area over the period 2003Q1-2019Q4 with a special emphasis on credit conditions. With the help of this model, monetary policy transmission can be described as mixture of two states (e.g.,...
Persistent link: https://www.econbiz.de/10013328355
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Information Effects of Euro Area Monetary Policy : new evidence from high-frequency futures data
Kerssenfischer, Mark - 2019
Central bank announcements have strong effects on interest rates, but small or even counterintuitive effects on economic expectations. Based on tick-by-tick futures prices on bonds and stock prices, I confirm these seemingly puzzling results for the euro area and provide evidence that they are...
Persistent link: https://www.econbiz.de/10012265893
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Tracing the impact of the ECB's asset purchase programme on the yield curve
Eser, Fabian; Lemke, Wolfgang; Nyholm, Ken; Radde, Sören; … - 2020
We trace the impact of the European Central Bank (ECB) asset purchase programme (APP) on the yield curve. Exploiting granular information on sectoral asset holdings and ECB asset purchases, we construct a novel measure of the "free-float of duration risk" borne by pricesensitive investors. We...
Persistent link: https://www.econbiz.de/10012424954
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The Phillips Curve at the ECB
Eser, Fabian; Karadi, Peter; Lane, Philip R.; Moretti, Laura - 2020
We explain the role of the Phillips Curve at the ECB in the analysis of the economic outlook and the formulation of monetary policy. First, revisiting the structural Phillips Curve, we highlight the challenges in recovering structural parameters from reduced-form estimates and relate the...
Persistent link: https://www.econbiz.de/10012435565
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The demand for cash in France : review of evidence : Deutsche Bundesbank International Cash Conference : 25 – 27 April 2017
Politronacci, Emmanuelle; Ninlias, Elodie; Palazzeschi, Enda - 2017
Despite the well-known difficulties to measure national euro circulations within the euro area, several methods have been used to estimate the national demand for euro banknotes in France, such as key-based calculations (ECB capital), approaches using average return time of banknotes or...
Persistent link: https://www.econbiz.de/10011730983
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Choice of payment instrument for low-value transactions in Japan
Fujiki, Hiroshi; Tanaka, Migiwa - 2017
In this paper, we examine the determinants of the choice of payment instrument for low-value day-to-day transactions. Using Japanese household data from 2007 to 2014, we find that three payment instruments, namely, cash, electronic money, and credit cards, comprise the major payment choices for...
Persistent link: https://www.econbiz.de/10011731441
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The use of large denomination banknotes in Switzerland
Assenmacher-Wesche, Katrin; Seitz, Franz; Tenhofen, Jörn - 2017
We study the demand for Swiss banknotes over the period from 1956 to 2015 and present stylized facts on different banknote denominations since the inception of the Swiss National Bank (SNB) in 1907. Employing the so-called seasonal method, we focus on the demand for banknotes used as a store of...
Persistent link: https://www.econbiz.de/10011731402
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Inflation: failures of inflation targeting : a European perspective
Springler, Elisabeth - In: Frontiers of heterodox macroeconomics, (pp. 173-221). 2019
underlying macroeconomic consensus is that inflation rates of 2% are consistent with a stable rise of economic growth. While most … not an outcome of inflation targeting. The paper firstly revises the theoretical background of inflation targeting and … is presented, which critically discusses the necessary framework under which tools of inflation targeting might work to …
Persistent link: https://www.econbiz.de/10012195547