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Cash in circulation and the shadow economy : an empirical investigation for Euro area countries and beyond
Seitz, Franz; Reimers, Hans-Eggert; Schneider, Friedrich - 2018
We analyze the net issues of the national euro area central banks in relation to the dynamics of the shadow economy within a panel cointegration framework. Besides the total net issues, we distinguish between large, medium and small euro banknotes and take due account of other determinants of...
Persistent link: https://www.econbiz.de/10011872942
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Shoe-Leather Costs in the Euro Area and the Foreign Demand for Euro Banknotes
Calza, Alessandro - 2016
We estimate the shoe leather costs of inflation in the euro area by using monetary data adjusted for holdings of euro … estimates suggest that these costs are non-negligible even for relatively moderate levels of anticipated inflation. We conclude … that, despite the increased circulation of euro banknotes abroad, inflation tax is still predominantly borne by domestic …
Persistent link: https://www.econbiz.de/10012999060
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Modeling the Demand for M3 in the Euro Area
Golinelli, Roberto; Pastorello, Sergio - 2000
Money is one of the main elements ("pillars") on which the policy strategy of the European Central Bank is based, and such a role requires that money has a stable relationship with the Euro area price level. Typically, the stability of this relation is tested in the context of the so called...
Persistent link: https://www.econbiz.de/10014159218
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A portfolio balance approach to Euro-area money demand in a time-varying environment
Hall, Stephen G.; Hondroyiannis, G.; Swamy, P.A.V.B; … - 2022
behaviour continues to provide useful information about medium-term developments on inflation …
Persistent link: https://www.econbiz.de/10014080552
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Demand for money in Greece after Euro area and policy uncertainties
Ongan, Serdar; Gocer, Ismet - In: Review of Economic Analysis : REA 15 (2023) 1, pp. 49-62
This study examines the asymmetric effects of uncertainties in monetary policy on the demand for money in Greece. In doing so, it introduces and uses the monetary policy uncertainty (MPU) index, which can probably be a very appropriate and robust explanatory variable in demand-for-money models....
Persistent link: https://www.econbiz.de/10014310223
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Foreign demand for euro banknotes
Lalouette, Laure; Zamora-Pérez, Alejandro; Rusu, Codruta; … - 2021
In order to understand why there is a continuous increase in euro banknote circulation even though the use of cash for transactions is decreasing in the euro area – a phenomenon known as the paradox of banknotes – the members of the Overseas workstream of the Eurosystem Research Network on...
Persistent link: https://www.econbiz.de/10012424342
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The (in)stability of money demand in the Euro area
Nautz, Dieter; Rondorf, Ulrike - 2010
The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10010303823
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The (in)stability of money demand in the Euro area
Nautz, Dieter; Rondorf, Ulrike - 2010
The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10008664568
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The (in)stability of money demand in the Euro Area : lessons from a cross-country analysis
Nautz, Dieter; Rondorf, Ulrike - 2010
The instability of standard money demand functions has undermined the role of monetary aggregates for monetary policy analysis in the euro area. This paper uses country-specific monetary aggregates to shed more light on the economics behind the instability of euro area money demand. Our results...
Persistent link: https://www.econbiz.de/10003953045
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Heterogeneity in money holdings across euro area countries : the role of housing
Setzer, Ralph; Noord, Paul Joseph van den; Wolff, Guntram B. - 2010
In this paper we examine why monetary aggregates of euro area Member States have developed differently since the inception of the euro. We derive a money demand equation that incorporates housing wealth and collateral as well as substitution effects on real money holdings. Empirically, we show...
Persistent link: https://www.econbiz.de/10003958719