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Shoe-leather costs in the euro area and the foreign demand for euro banknotes : 1824 / July 2015
Calza, Alessandro (contributor); Zaghini, Andrea (contributor) - European Central Bank - 2015
We estimate the shoe-leather costs of inflation in the euro area using monetary data adjusted for holdings of euro … anticipated inflation. We conclude that, despite the increased circulation of euro banknotes abroad, in the euro area the …
Persistent link: https://www.econbiz.de/10015298441
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One currency, one price? : euro change over-related inflation in Estonia ; N°1732, September 2014
Meriküll, Jaanika (contributor); Rõõm, Tairi (contributor) - European Central Bank - 2014
-in-differences approach is used and the control group for the treatment country, Estonia, is built from 12 euro area countries. The Nielsen …This paper studies euro changeover-related inflation using disaggregated price level data. The difference … overall inflationary effect of euro adoption was modest, the effects were significantly different across various market …
Persistent link: https://www.econbiz.de/10015301955
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What explains global exchange rate movements during the financial crisis?
Fratzscher, Marcel - European Central Bank - 2009
A striking and unexpected feature of the financial crisis has been the sharpappreciation of the US dollar against virtually all currencies globally. The paper findsthat negative US-specific macroeconomic shocks during the crisis have triggered asignificant strengthening of the US dollar, rather...
Persistent link: https://www.econbiz.de/10005866568
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Consumer cash usage : a cross-country comparison with payment diary survey data; N°1685 / June 2014
Bagnall, John (contributor); Bounie, David (contributor);  … - European Central Bank - 2014
We measure consumers' use of cash by harmonizing payment diary surveys from seven countries. The seven diary surveys were conducted in 2009 (Canada), 2010 (Australia), 2011 (Austria, France, Germany and the Netherlands), and 2012 (the United States). Our paper finds cross-country differences -...
Persistent link: https://www.econbiz.de/10015301957
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Network effects, homogeneous goods and international currency choice : new evidence on oil markets from an older era; N° 1651 / March 2014
Eichengreen, Barry (contributor); Chiţu, Livia (contributor) - European Central Bank - 2014
Conventional wisdom has it that network effects are strong in markets for homogenous goods, leading to the dominance of one settlement currency in such markets. The alleged dominance of the dollar in global oil markets is said to epitomize this phenomenon. We question this presumption with...
Persistent link: https://www.econbiz.de/10015301369
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China's dominance hypothesis and the emergence of a tri-polar global currency system
Fratzscher, Marcel; Mehl, Arnaud - European Central Bank - 2011
euro and the Chinese renminbi (RMB). It focuses on what we call China’s “dominance hypothesis”, i.e. whether the renminbi …
Persistent link: https://www.econbiz.de/10009367477
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How successful is the G7 in managing exchange rates?
Fratzscher, Marcel - European Central Bank - 2008
moving the US dollar, yen and euro in the intended direction at horizons of up to three months after G7 meetings, but not at …
Persistent link: https://www.econbiz.de/10005816257
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Productivity and the ('synthetic') euro-dollar exchange rate
Schnatz, Bernd; Vijselaar, Focco; Osbat, Chiara - European Central Bank - 2003
This paper analyses the impact of productivity developments in the United States and the euro area on the euro … productivity proxies. Our results indicate that the extent to which productivity can explain the euro depreciation varies with the … used the former to assess productivity developments, this might thus have contributed to the weakness of the euro in 2000 …
Persistent link: https://www.econbiz.de/10005033414
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Money Demand in EU Countries : A Survey.
Browne, F.X.; Fagan, G.; Henry, J. - European Central Bank - 1997
Money demand is probably one of the most extensively studies economic relationships in applied economics. While useful surveys of existing literature are available, much of the attention ahes focused on the United States. However, a considerable number of papers have recently been produced...
Persistent link: https://www.econbiz.de/10005671625
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Can non-linear real shocks explain the persistence of PPP exchange rate disequilibria?
Peltonen, Tuomas A.; Popescu, Adina; Sager, Michael - European Central Bank - 2009
A core stylized fact of the empirical exchange rate literature is that half-life deviationsof equilibrium real exchange rates from levels implied by Purchasing Power Parity(PPP) are very persistent. Empirical efforts to explain this persistence typicallyproceed along two distinct paths,...
Persistent link: https://www.econbiz.de/10005866489