Search Results
Working Paper
Measuring Inflation Anchoring and Uncertainty : A US and Euro Area Comparison
Grishchenko, Olesya V.; Mouabbi, Sarah; Renne, Jean-Paul
(2017-10-03)
We use several US and euro-area surveys of professional forecasters to estimate a dynamic factor model of inflation featuring time-varying uncertainty. We obtain survey-consistent distributions of future inflation at any horizon, both in the US and the euro area. Equipped with this model, we propose a novel measure of the anchoring of inflation expectations that accounts for inflation uncertainty. Our results suggest that following the Great Recession, inflation anchoring improved in the US, while mild de-anchoring occurred in the euro-area. As of our sample end, both areas appear to be ...
Finance and Economics Discussion Series
, Paper 2017-102
Report
U.S. consumers' holdings and use of $100 bills
Schuh, Scott; Greene, Claire
(2014-11-25)
Conventional wisdom asserts that $100 bills are often associated with crime and foreign cash holdings, leading some commentators to call for their elimination; in light of this proposal, it is useful to examine the legal, domestic use of cash. This report uses new data from the 2012 Diary of Consumer Payment Choice (DCPC) to evaluate consumer use of $100 bills as a means of payment.
Research Data Report
, Paper 14-3
Working Paper
Consumer Payment Behavior by Income and Demographics
Greene, Claire; Perry, Julian; Stavins, Joanna
(2024-07-01)
Despite the introduction of an array of innovations and new payment options for consumers over the last decade, income and demographics remain significant predictors of payment behavior. Using data from a 2023 consumer payments diary, we find that income, age, and education are significant predictors of which payment instruments consumers adopt and use. These associations hold not only for traditional payment instruments—cards and paper—but also for innovations such as mobile apps; buy now, pay later (BNPL); and cryptocurrency. In 2023, less educated consumers were significantly less ...
Working Papers
, Paper 24-8
Working Paper
Welfare costs of inflation and the circulation of U. S. currency abroad
Zaghini, Andrea; Calza, Alessandro
(2011)
Empirical studies of the "shoe-leather" costs of inflation are typically computed using M1 as a measure of money. Yet, official data on M1 includes all currency issued, regardless of the country of residence of the holder. Using monetary data adjusted for U.S. dollars abroad, we show that the failure to control for currency held by nonresidents may lead to significantly overestimating the shoe-leather costs for the domestic economy. In particular, our estimates of shoe-leather costs are minimized for a positive but moderate value of the inflation rate, thereby justifying a deviation from ...
Globalization Institute Working Papers
, Paper 78
Working Paper
Two Illustrations of the Quantity Theory of Money Reloaded
Gao, Han; Kulish, Mariano; Nicolini, Juan Pablo
(2020-12-15)
In this paper, we review the relationship between inflation rates, nominal interest rates, and rates of growth of monetary aggregates for a large group of OECD countries. We conclude that the low-frequency behavior of these series maintains a close relationship, as predicted by standard quantity theory models. In an estimated model, we show those relationships to be relatively invariant to alternative frictions that can deliver very different high-frequency dynamics. We argue that these relationships are useful for policy design aimed at controlling inflation.
Working Papers
, Paper 774
Working Paper
The efficiency of private e-money-like systems: the U.S. experience with national bank notes
Weber, Warren E.
(2015-03-01)
Beginning in 1864, in the United States notes of national banks were the predominant medium of exchange. Each national bank issued its own notes. E-money shares many of the characteristics of these bank notes. This paper describes some lessons relevant to e money from the U.S. experience with national bank notes. It examines historical evidence on how well the bank notes?a privately issued currency system with multiple issuers?functioned with respect to ease of transacting, counterfeiting, safety, overissuance, and par exchange (a uniform currency). It finds that bank notes made transacting ...
FRB Atlanta CenFIS Working Paper
, Paper 15-2
Journal Article
Microfoundations of Money: Why They Matter
Waller, Christopher J.
(2015)
What is the value of having microfoundations for monetary exchange in a macro model? In this article, the author attempts to answer this question by listing what he considers the major accomplishments of the field. He argues that the evidence overwhelmingly shows that microfoundations matter for many questions of first-order importance in macroeconomics.
Review
, Volume 97
, Issue 4
, Pages 289-301
Working Paper
On the Stability of Money Demand
Nicolini, Juan Pablo; Lucas, Robert E.
(2015-02-02)
We show that regulatory changes that occurred in the banking sector in the early eighties, which considerably weakened Regulation Q, can explain the apparent instability of money demand during the same period. We evaluate the effects of the regulatory changes using a model that goes beyond aggregates as M1 and treats currency and different deposit types as alternative means of payments. We use the model to construct a new monetary aggregate that performs remarkably well for the entire period 1915-2012.
Working Papers
, Paper 718
Working Paper
What Drives U.S. Treasury Re-use?
Infante, Sebastian; Saravay, Zack
(2021-08-24)
We study what drives the re-use of U.S. Treasury securities in the financial system. Using confidential supervisory data, we estimate the degree of collateral re-use at the dealer level through their collateral multiplier : the ratio between a dealer's total secured funding and their outright holdings financed through secured funding. We find that Treasury re-use increases as the supply of available securities decreases, especially when supply declines due to Federal Reserve asset purchases. We also find that non-U.S. dealers' re-use increases when profits from intermediating cash are high, ...
Finance and Economics Discussion Series
, Paper 2020-103r1
Working Paper
Time-Varying Money Demand and Real Balance Effects
Qureshi, Irfan; Benchimol, Jonathan
(2019-06-11)
This paper presents an analysis of the stimulants and consequences of money demand dynamics. By assuming that households? money holdings and consumption preferences are not separable, we demonstrate that the interest-elasticity of demand for money is a function of the households? preference to hold real balances, the extent to which these preferences are not separable in consumption and real balances, and trend inflation. An empirical study of U.S. data revealed that there was a gradual fall in the interest-elasticity of money demand of approximately one-third during the 1970s due to high ...
Globalization Institute Working Papers
, Paper 364
FILTER BY year
FILTER BY Bank
Federal Reserve Bank of Boston 13 items
Federal Reserve Bank of Minneapolis 13 items
Federal Reserve Bank of New York 8 items
Federal Reserve Bank of Atlanta 6 items
Federal Reserve Bank of Dallas 5 items
Board of Governors of the Federal Reserve System (U.S.) 4 items
Federal Reserve Bank of St. Louis 4 items
Federal Reserve Bank of Richmond 2 items
Federal Reserve Bank of Kansas City 1 items
Federal Reserve Bank of Philadelphia 1 items
show more (5)
show less
FILTER BY Series
Working Papers 21 items
Staff Report 5 items
Staff Reports 5 items
Finance and Economics Discussion Series 4 items
Consumer Payments Research Data Reports 3 items
FRB Atlanta CenFIS Working Paper 3 items
Globalization Institute Working Papers 3 items
Liberty Street Economics 3 items
Research Data Report 3 items
Current Policy Perspectives 2 items
Working Paper 2 items
Quarterly Review 1 items
Research Working Paper 1 items
Review 1 items
show more (9)
show less
FILTER BY Content Type
FILTER BY Author
Nicolini, Juan Pablo 13 items
Schuh, Scott 7 items
Greene, Claire 6 items
La Spada, Gabriele 6 items
Weber, Warren E. 6 items
Afonso, Gara 5 items
Benati, Luca 5 items
Gao, Han 5 items
Stavins, Joanna 5 items
Cipriani, Marco 4 items
Lucas, Robert E. 4 items
Williams, John C. 4 items
Giannone, Domenico 3 items
Kulish, Mariano 3 items
Wang, J. Christina 3 items
Wen, Yi 3 items
Briglevics, Tamas 2 items
Dong, Feng 2 items
Eisenbach, Thomas M. 2 items
Infante, Sebastian 2 items
Kovner, Anna 2 items
Perry, Julian 2 items
Saravay, Zack 2 items
Armenter, Roc 1 items
Bagnall, John 1 items
Basu, Susanto 1 items
Benchimol, Jonathan 1 items
Bordo, Michael D. 1 items
Bounie, David 1 items
Calza, Alessandro 1 items
Duca, John V. 1 items
Durfee, Jon 1 items
Faria, JoĂŁo Ricardo 1 items
Frasser, Cristian 1 items
Fulford, Scott L. 1 items
Grishchenko, Olesya V. 1 items
Hevia, Constantino 1 items
Huynh, Kim P. 1 items
Kang, Wensheng 1 items
Klee, Elizabeth C. 1 items
Kosse, Anneke 1 items
Lebeau, Lucie 1 items
Lee, Michael Junho 1 items
Lo, Stephanie 1 items
Macera, Manuel 1 items
Marcet, Albert 1 items
McAdam, Peter 1 items
Mertens, Thomas M. 1 items
Mouabbi, Sarah 1 items
Murdock, William 1 items
Qureshi, Irfan 1 items
Ratti, Ronald A. 1 items
Renne, Jean-Paul 1 items
Rysman, Marc 1 items
Samphantharak, Krislert 1 items
Schmidt, Tobias 1 items
Shy, Oz 1 items
Stix, Helmut 1 items
Torregrossa, Joseph 1 items
Townsend, Robert M. 1 items
Vespignani, Joaquin L. 1 items
Waller, Christopher J. 1 items
Wang, Sarah 1 items
Wang, Zhu 1 items
Wolman, Alexander L. 1 items
Zaghini, Andrea 1 items
show more (61)
show less
FILTER BY Jel Classification
E51 17 items
E52 16 items
E42 11 items
E58 11 items
D14 10 items
D12 9 items
G21 7 items
E31 6 items
E43 6 items
C32 4 items
G12 4 items
E63 3 items
G28 3 items
E12 2 items
E13 2 items
E32 2 items
E40 2 items
G01 2 items
G24 2 items
D10 1 items
D24 1 items
D31 1 items
D60 1 items
D91 1 items
E23 1 items
E44 1 items
E47 1 items
E49 1 items
E5 1 items
E61 1 items
E71 1 items
F31 1 items
F41 1 items
G10 1 items
G11 1 items
G18 1 items
G2 1 items
G20 1 items
G23 1 items
O23 1 items
O47 1 items
show more (37)
show less
FILTER BY Keywords
Money demand 8 items
money demand 6 items
Inflation 5 items
Monetary policy 5 items
monetary policy 5 items
Diary of Consumer Payment Choice 4 items
Cointegration 3 items
Long-run money demand 3 items
Monetary aggregates 3 items
consumer payments 3 items
currency denominations 3 items
e-money 3 items
financial services 3 items
liquidity 3 items
payment behavior 3 items
payments 3 items
$100 bill 2 items
Liquidity Preference 2 items
Lower bound on interest rates 2 items
Money Demand 2 items
Quantity theory of money 2 items
Treasury 2 items
Velocity 2 items
ample reserves 2 items
bank notes 2 items
bank runs 2 items
banks 2 items
consumer surveys 2 items
coordination 2 items
money 2 items
money market funds 2 items
public signals 2 items
regulation 2 items
$1 bill 1 items
Anchoring of inflation expectations 1 items
Bank notes 1 items
Bank reserves 1 items
Banking 1 items
Baumol-Tobin model 1 items
COVID-19 1 items
Collateral 1 items
Consumer behavior 1 items
Consumer choice 1 items
Consumer payments 1 items
Currency in circulation 1 items
Distributional Effect of Monetary Policy 1 items
Divisia 1 items
Dynamic factor model 1 items
Financial Intermediation 1 items
Heterogeneous Money Demand 1 items
Incomplete Markets 1 items
Internal rationality 1 items
Liquidity Trap 1 items
Local currency 1 items
Monetary Neutrality 1 items
Monetary Policy 1 items
Monetary base 1 items
Multihoming 1 items
Payment behavior 1 items
Payment choice 1 items
Payment instruments 1 items
Payment systems 1 items
Production Networks 1 items
Quantitative Easing 1 items
Re-use 1 items
Real Balance Effect 1 items
Rehypothecation 1 items
Repo 1 items
Seigniorage 1 items
Stochastic volatility 1 items
Survey of Consumer Payment Choice 1 items
Survey of Professional Forecasters (SPF) 1 items
Technology adoption 1 items
Term structure of inflation expectations and inflation uncertainty 1 items
Time-Varying Labor Wedge 1 items
Time-Varying Money Demand 1 items
Time-Varying Velocity of Money 1 items
Welfare Cost of Inflation 1 items
account-to-account (A2A) transfers 1 items
anti-narcotic policies 1 items
balance sheet constraints 1 items
blockchain 1 items
cash demand 1 items
cash flows 1 items
collateral 1 items
commodity money 1 items
complementary currency (CC) 1 items
cost-benefit analysis 1 items
dealer 1 items
demand for reserves 1 items
diaries 1 items
early-warning signals 1 items
fast payments systems 1 items
federal funds market 1 items
federal funds rate 1 items
financial statements 1 items
future of payments 1 items
harmonization 1 items
implementation 1 items
impossibility theorem 1 items
interoperability 1 items
inventory management 1 items
leverage ratio 1 items
maturity mismatch 1 items
medium of exchange 1 items
monetary policy implementation 1 items
monetary policy implementation. 1 items
monetary services index 1 items
money shortage 1 items
money supply 1 items
mutual funds 1 items
overnight reverse repo (ON RRP) 1 items
payment cards 1 items
payment instrument choice 1 items
payment instruments 1 items
payment systems 1 items
person-to-person payments 1 items
rate control 1 items
re-use 1 items
reaching for yield 1 items
rehypothecation 1 items
runs 1 items
safe assets 1 items
shadow banks 1 items
singleness of money 1 items
sophisticated investors 1 items
speculative bubble 1 items
stablecoins 1 items
surveys 1 items
welfare costs of inflation 1 items
zero lower bound 1 items
show more (126)
show less