-paid scheme combining central elements of TARGET Instant Payment Settlement and electronic money features enabling offline and … online instant payments. The issuance of a digital euro would be neutral to total money supply as banks act only as …

-paid scheme combining central elements of TARGET Instant Payment Settlement and electronic money features enabling offline and …

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 that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …

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 that cross-country differences in real balances are determined not only … by income differences, a standard determinant of money demand, but also by house price developments. Higher house prices …

The European Central Bank has assigned a special role to money in its two pillar strategy and has received much … criticism for this decision. The case against including money in the central bank's interest rate rule is based on a standard … decades. In this paper, we develop a justification for including money in the interest rate rule by allowing for imperfect …

-run potential output. Despite well documented theoretical and empirical consensus on money neutrality in the literature, the role of … money as an informational variable for monetary policy decision has remained opened to debate with empirical works providing …