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Displaying results 1 to 6 of 6.

  1. Unconventional monetary policy and money demand
    Author: Dreger, Christian; Wolters, Jürgen
    Published: 2014
    Publisher:  DIW, Berlin

    This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. In contrast to the bulk of the literature, evidence in favour of a stable long run money demand function is... more

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 14 (1382)
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    This paper investigates the usefulness of the money demand relationship in times of unconventional monetary policies by cointegration methods. In contrast to the bulk of the literature, evidence in favour of a stable long run money demand function is presented both for the US and the euro area. Results are based on standard monetary aggregates, i.e. MZM for the US and M3 in case of the euro area. The recent monetary policy shifts towards unconventional measures did not introduce instability in the relationships. The results suggest that money balances are still useful instruments to conduct monetary policy especially in periods where the nominal interest rates are at the zero lower bounds.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/97487
    Series: Discussion papers / Deutsches Institut für Wirtschaftsforschung ; 1382
    Subjects: Unconventional monetary policy; money demand; stability
    Scope: Online-Ressource (27 S.), graph. Darst.
  2. Consumer cash usage
    a cross-country comparison with payment diary survey data
    Published: 2014
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries: Australia, Austria, Canada, France, Germany, the Netherlands, and the United States (conducted 2009 through 2012). Our paper finds important cross-country... more

    Location:
    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Location:
    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 12 (2014,13)
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    Location:
    Universitätsbibliothek Osnabrück
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    We measure consumers’ use of cash by harmonizing payment diary surveys from seven countries: Australia, Austria, Canada, France, Germany, the Netherlands, and the United States (conducted 2009 through 2012). Our paper finds important cross-country differences, for example, the level of cash usage differs across countries. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size, demographics, and point-of-sale characteristics, such as merchant card acceptance and venue.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9783957290373
    Other identifier:
    hdl: 10419/100037
    Series: Discussion paper / Deutsche Bundesbank ; 13/2014
    Subjects: Zahlungsverkehr; Geldnachfrage; Bargeld; Eurozone; USA; Kanada; Australien; money demand; payment systems; harmonization; payment diaries; crosscountry comparison
    Scope: Online-Ressource (40, [3] S.), graph. Darst.
  3. This is what's in your wallet...and here's how you use It
    Author: Briglevics, Tamás; Schuh, Scott
    Published: 2014
    Publisher:  Federal Reserve Bank of Boston, Boston, Mass.

    Models of money demand, in the Baumol (1952)-Tobin (1956) tradition, describe optimal cash management policy in terms of when and how much cash to withdraw, an (s, S) policy. However, today, a vast array of instruments can be used to make payments,... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 82 (2014,5)
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    Models of money demand, in the Baumol (1952)-Tobin (1956) tradition, describe optimal cash management policy in terms of when and how much cash to withdraw, an (s, S) policy. However, today, a vast array of instruments can be used to make payments, opening additional ways to control cash holdings. This paper utilizes data from the 2012 Diary of Consumer Payment Choice to simultaneously analyze payment instrument choice and withdrawals. We use the insights in Rust (1987) to extend existing models of payment instrument choice into a dynamic setting to study cash management. Our estimates show that withdrawals are rather costly relative to the benefits of having cash. It takes 3-8 transactions to recoup the fixed withdrawal costs. The reason is that the shadow value of cash decreases substantially with the number of available payment instruments and, correspondingly, individuals are less likely to make withdrawals.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107230
    Edition: This version: June 2014
    Series: Working paper series / Federal Reserve Bank of Boston ; 14-5
    Subjects: money demand; inventory management; payment instrument choice; payment cards; Diary of Consumer Payment Choice
    Scope: Online-Ressource (34 S.), graph. Darst.
  4. Consumer cash usage
    a cross-country comparison with payment diary survey data
    Published: 2014
    Publisher:  Federal Reserve Bank of Boston, Boston, Mass.

    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... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 82 (2014,4)
    Inter-library loan:
    No inter-library loan

     

    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 - for example, the level of cash use differs across countries. Cash has not disappeared as a payment instrument, especially for low-value transactions. We also find that the use of cash is strongly correlated with transaction size, demographics, and point-of-sale characteristics such as merchant card acceptance and venue.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107216
    Edition: This version: May 8, 2014
    Series: Working paper series / Federal Reserve Bank of Boston ; 14-4
    Subjects: Zahlungsverkehr; Geldnachfrage; Bargeld; Eurozone; USA; Kanada; Australien; money demand; payment systems; harmonization
    Scope: Online-Ressource (40 S.), graph. Darst.
  5. What caused the Great Recession?
    Author: Homburg, Stefan
    Published: 2014
    Publisher:  Leibniz Univ., [Wirtschaftswiss. Fak.], Hannover

    This paper examines five possible explanations for the Great Recession of 2008 and 2009, using data for the United States and the eurozone. Of these five hypotheses, four are not supported by the data, while the fifth appears reasonable. more

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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 8 (536)
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    This paper examines five possible explanations for the Great Recession of 2008 and 2009, using data for the United States and the eurozone. Of these five hypotheses, four are not supported by the data, while the fifth appears reasonable.

     
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    Volltext (kostenfrei)
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/107641
    Series: Hannover economic papers / [Wirtschaftswissenschaftliche Fakultät], Leibniz University of Hannover ; 536
    Subjects: Financial crisis; Great Recession; wealth effect; credit crunch; money demand; central bank
    Scope: Online-Ressource (13 S.), graph. Darst.
  6. On the structural interpretation of the Smets-Wouters "risk premium" shock
    Author: Fisher, Jonas D. M.
    Published: 2014
    Publisher:  Federal Reserve Bank of Chicago, Chicago, Ill.

    This article shows that the "risk premium" shock in Smets and Wouters (2007) can be interpreted as a structural shock to the demand for safe and liquid assets such as short-term US Treasury securities. Several implications of this interpretation are... more

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 244 (2014,8)
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    This article shows that the "risk premium" shock in Smets and Wouters (2007) can be interpreted as a structural shock to the demand for safe and liquid assets such as short-term US Treasury securities. Several implications of this interpretation are discussed.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/130658
    Series: Working papers / Federal Reserve Bank of Chicago ; 2014-08
    Subjects: Smets-Wouters model; safe and liquid assets; money demand; risk premium shock; New Keynesian model; DSGE; flight-to-quality; liquidity preference
    Scope: Online-Ressource (9, 5 S.)