The objective is to test, from micro-level data, the complete general framework of the transaction demand for money agrave; la Baumol established fifty years ago. The results confirm the relevancy of the Baumol's square root law while pointing out for the first time the impact of the subjective...

GARCH models and their variants are usually estimated using quasi-Maximum Likelihood (QML). Recent work has shown that by using estimates of quadratic variation, for example from the daily realized volatility, it is possible to estimate these models in a different way which incorporates the...

Several methods for assessing the substitution of electronic money for fiat money have been proposed in the last few years. After a critical review of the various models, we propose a new substitution model which we apply to the euro area. By way of several numeric simulations, we show that the...