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Communal Responsibility and the Coexistence of Money and Credit under Anonymous Matching

Boerner, Lars; Ritschl, Albrecht - 2011

Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European …. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In … the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis …

Persistent link: https://www.econbiz.de/10012669356

Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data

Bagnall, John; Bounie, David; Huynh, Kim P.; Kosse, Anneke - 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/10013370109

Money and costly credit

Dong, Mei - 2011

I study an economy in which money and credit coexist as means of payment and the settlement of credit requires money … effects of inflation. Whether a buyer uses money or credit depends on the fixed cost of credit and the inflation rate. In … particular, inflation not only makes money less valuable, but also makes credit more expensive because of delayed settlement …

Persistent link: https://www.econbiz.de/10010279874

How (not) to Choose Peers in Studying Groups

Gall, Thomas; Amann, Roland - 2006

This paper analyzes social group formation when agents are subject to peer effects within groups increasing human capital and instantaneous utility. When agents are heterogeneous on two dimensions, ability and social skills, and monetary payments are not feasible the model predicts segregation...

Persistent link: https://www.econbiz.de/10010312300

The Role of Money Demand in a Business Cycle Model with Staggered Wage Contracts

Gerke, Rafael; Rubart, Jens - 2005

The question of the main determinants of persistent responses due to nominal shocks captures, at least since Chari et al. (2000), a major part of the recent macroeconomic debate. However, the question whether sticky wages and/or sticky prices are sufficient for persistent reactions of key...

Persistent link: https://www.econbiz.de/10010262990

The Store-of-Value-Function of Money as a Component of Household Risk Management

Größl, Ingrid; Fritsche, Ulrich - 2007

We analyse how money as a store of value affects the decisions of a representative household under diversifiable and non-diversifiable risks given that the central bank successfully stabilizes the rate of inflation at a low level. Assuming exponential utility allows us to derive an explicit...

Persistent link: https://www.econbiz.de/10010273728

Analysing Divisia Aggregates for the Euro Area

Reimers, Hans-Eggert - 2002

In this paper, different Divisia monetary aggregates for the euro area are constructed over the period from 1980 to 2000. Theoretically, one main difference of these aggregates is their reaction to exchange-rate variations. Empirically, the aggregates are compared with respect to three issues....

Persistent link: https://www.econbiz.de/10010295730

The welfare effects of inflation: a cost-benefit perspective

Tödter, Karl-Heinz; Manzke, Bernhard - 2007

This paper reviews theory and evidence of the welfare effects of inflation from a costbenefit perspective. Basic models and selected empirical results are discussed. Historically, in assessing the welfare effects of inflation, the distortion of money demand played a prominent role. More...

Persistent link: https://www.econbiz.de/10010295870

Bayesian inference in cointegrated VAR models: with applications to the demand for euro area M3

Warne, Anders - 2006

The paper considers a Bayesian approach to the cointegrated VAR model with a uniform prior on the cointegration space. Building on earlier work by Villani (2005b), where the posterior probability of the cointegration rank can be calculated conditional on the lag order, the current paper also...

Persistent link: https://www.econbiz.de/10011604738

Equilibrium and matching under price controls

Herings, P. Jean-Jacques - 2015

The paper considers a one-to-one matching with contracts model in the presence of price controls. This set-up contains … two important streams in the matching literature, those with and those without monetary transfers, as special cases and …

Persistent link: https://www.econbiz.de/10011307296