Similar Search Results

Why has broad money demand been more stable in the euro area than in other economies?

Calza, Alessandro; Sousa, João - 2003

Based on a literature review, this paper investigates the reasons why broad money demand has usually been found to be more stable in the euro area than in other large economies. The paper concludes that there are three main explanations for this fact. First, in some countries outside the euro...

Persistent link: https://www.econbiz.de/10009635916

Money and payments

Holthausen, Cornelia; Monnet, Cyril - 2003

The role of money in society has been a controversial topic in economic theory over many years. Particular attention has been devoted to the analysis whether there should be competition in the supply of money, or whether this is best left to a governmental agency. This paper reviews the...

Persistent link: https://www.econbiz.de/10009635956

Relevant economic issues concerning the optimal rate of inflation

Rodriguez-Palenzuela, Diego; Camba-Mendez, Gonzalo; … - 2003

This paper reviews the key economic issues concerning the welfare costs of inflation and deflation, with a view to shedding light on the desirable properties of the inflation process. Our review of the evidence on the overall costs of inflation and deflation indicates that such costs could be...

Persistent link: https://www.econbiz.de/10009635897

A monthly monetary model with banking intermediation for the euro area

Bruggeman, Annick; Donnay, Marie - 2003

This monthly monetary model for the euro area is gradually constructed from its two constituting components: a money demand and a loan demand model which both include the relation between the respective retail bank rates and the short-term market interest rate. Eventually, the encompassing...

Persistent link: https://www.econbiz.de/10009635913

Aggregation-theoretic monetary aggregation over the euro area, when countries are heterogeneous

Barnett, William A. - 2003

We derive fundamental new theory for measuring monetary service flows aggregated over countries within the European Monetary Union (EMU). We develop three increasingly restrictive approaches: (1) the heterogeneous agents approach, (2) the multilateral representative agent approach, and (3) the...

Persistent link: https://www.econbiz.de/10009635917

Is the demand for euro area M3 stable?

Bruggeman, Annick; Donati, Paola; Warne, Anders - 2003

This paper re-examines two data issues concerning euro area money demand: aggregation of national data and measurement of the own rate.The main purpose is to study if euro area money demand is subject to parameter non-constancies using formal tests rather than informal diagnostics. As a...

Persistent link: https://www.econbiz.de/10009635921

Forecasting real GDP

Brand, Claus; Reimers, Hans-Eggert; Seitz, Franz - 2003

This paper analyses the information content of M1 for euro area real GDP since the beginning of the 1980s and reviews theoretical arguments on why real narrow money should help predict real GDP. We find that, unlike in the U.S., in the euro area, M1 has better and more robust forecasting...

Persistent link: https://www.econbiz.de/10009635922

Swiss monetary policy targeting 1974 - 1996

Rich, Georg - 2003

After the switch to a floating exchange rate in 1973, the Swiss National Bank at first adopted annual monetary targets and in the 1990s shifted to a medium-term targeting strategy. In this paper I review the SNBu0092s internal policy analysis, an aspect of Swiss monetary targeting that has...

Persistent link: https://www.econbiz.de/10009635971

The demand for euro area currencies

Fischer, Björn; Köhler, Petra; Seitz, Franz - 2004

well as overall currency demand. While small-value banknotes are mainly driven by domestic transactions, the demand for … large-value banknotes depends on a short-term interest rate, the exchange rate of the euro as a proxy for foreign demand and … inflation variability. Large-value banknotes seem to be therefore used to an important extent as a store of value domestically …

Persistent link: https://www.econbiz.de/10009636553

Explaining the money demand of non-financial corporations in the Euro area

Martinez-Carrascal, Carmen; Landesberger, Julian von - 2010

that cash holdings are linked to balance-sheet ratios (such as non-liquid short term assets, tangible assets or … indebtedness) and other variables such as the firm’ cash flow, its volatility or the size of the firm, which cannot be taken into … account in the macro analysis. Likewise, results indicate that the main drivers of the increase in NFC cash holdings in the …

Persistent link: https://www.econbiz.de/10009640283