Cash usage at the point-of-sale decreased perceptibly in the past years. This is mainly due to the ongoing trend towards digitalization, but there are also indications that consumers were somewhat pushed into cashless payments by government regulations and supply-side restrictions by commercial...

We analyze the repercussions of different kinds of uncertainty on cash demand, including uncertainty of the digital infrastructures, confidence crises of the financial system, natural disasters, political uncertainties, and inflationary crises. Based on a comprehensive literature survey,...

Monetäres Reinvermögen versus Geldmenge M3 – eine Entgegnung In ihrem Artikel "Monetäres Reinvermögen versus Geldmenge M3" legen Neumann und Weigand der deutschen Bundesbank nahe, zukünftig bei zinspolitischen Entscheidungen stärker die konjunkturellen Wirkungen ihrer Politik zu...

Interest Rate Rules and Money as an Indicator Variable The paper derives the monetary policy reaction function implied by using money as an indicator variable. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money...

Das vorliegende Papier behandelt die Rückwirkungen der Erkenntnisse der Behavioural Finance auf die Geldpolitik. Nach einer Begriffsdefinition und abgeleiteten generellen Implikationen werden speziell die Indikatorebene und der Transmissionsprozess der Geldpolitik dahingehend analysiert. Als...

This paper models the demand for banknotes issued in Germany. It highlights that all motives for holding banknotes are present in this case. Inter alia, special attention is paid to the role of card payments. For small and large denomination notes we are able to establish meaningful vector error...

Für Unternehmen kann die Analyse von Credit Spreads, d.h. der Differenz zwischen den Renditen von Unternehmensanleihen und laufzeitäquivalenten risikolosen Anlagen, nützliche Informationen erbringen, da sich Veränderungen im Credit Spread auf ihre Finanzierungskonditionen auswirkt. Prof. Dr....