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REDE

Die Kraft der Ideen nutzen

Aus der Geschichte wissen wir, dass Ideen nur dann wachstumsfördernd sind, wenn wir vorher die Bedingungen schaffen, damit sie ihr volles Potenzial entfalten können, so Präsidentin Christine Lagarde. Umsetzung, Verbreitung und Ehrgeiz sind seit jeher maßgeblich für die Freisetzung dieses Potenzials.

Rede

INSERTED BY ANONYMOUS PROXY

Civil war declaration: On April 14th and 15th, 2012 Federal Republic of Germany "_urkenstaats"s parliament, Deutscher Bundestag, received a antifiscal written civil war declaration by Federal Republic of Germany "Rechtsstaat"s electronic resistance for human rights even though the "Widerstandsfall" according to article 20 paragraph 4 of the constitution, the "Grundgesetz", had been already declared in the years 2001-03. more

REDE 24. April 2024

Innovation, Integration und Unabhängigkeit

Unser Ziel ist klar: Wir müssen die Integration des europäischen Zahlungsverkehrs weiter vorantreiben, um Wettbewerb und Innovationen zu fördern, und zu große Abhängigkeiten verringern, so Direktoriumsmitglied Piero Cipollone bei der EZB-Konferenz zum Thema Massenzahlungsverkehr.

Mehr dazu
WIRTSCHAFTSBERICHT 24. April 2024

Neue Mikropreisdaten

Die Häufigkeit von Preiserhöhungen nahm in den Jahren 2021 und 2022 deutlich zu, kehrt nun aber wieder auf das Vorpandemieniveau zurück, so ein Aufsatz im aktuellen Wirtschaftsbericht. Beleuchtet wird auch, was dies für die Inflation und die Transmission der Geldpolitik bedeutet.

Wirtschaftsbericht
DER EZB-BLOG 18. April 2024

Aktualisierte Daten – Banken und Klimawandel

Wir haben unsere Daten zu den Auswirkungen des Klimawandels auf das Finanzsystem aktualisiert. Wie stark könnten die Banken von Naturkatastrophen betroffen sein? Wie grün sind ihre Kreditportfolios? Um diese Fragen und andere Erkenntnisse aus den neuen Daten geht es in diesem Blogbeitrag.

Blogbeitrag
23 April 2024
WEEKLY FINANCIAL STATEMENT
Annexes
23 April 2024
WEEKLY FINANCIAL STATEMENT - COMMENTARY
23 April 2024
PRESS RELEASE
18 April 2024
BALANCE OF PAYMENTS (MONTHLY)
17 April 2024
PRESS RELEASE
16 April 2024
WEEKLY FINANCIAL STATEMENT
Annexes
16 April 2024
WEEKLY FINANCIAL STATEMENT - COMMENTARY
24 April 2024
Speech by Piero Cipollone, Member of the Executive Board of the ECB, at the ECB conference on “An innovative and integrated European retail payments market”
22 April 2024
Speech by Christine Lagarde, President of the ECB, at Yale University in New Haven, USA
19 April 2024
Statement by Christine Lagarde, President of the ECB, at the forty-ninth meeting of the International Monetary and Financial Committee
18 April 2024
Slides presented by Isabel Schnabel, Member of the Executive Board of the ECB, at the 2024 EU-US Symposium in Washington, DC
18 April 2024
Introductory remarks by Luis de Guindos, Vice-President of the ECB, at the ECON Committee of the European Parliament
23 April 2024
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Éric Albert on 16 April 2024 and published on 23 April 2024
English
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19 March 2024
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Michalis Psilos
English
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7 February 2024
Interview with Isabel Schnabel, Member of the Executive Board of the ECB, conducted by Martin Arnold on 2 February 2024
3 February 2024
Interview with Frank Elderson, Member of the Executive Board of the ECB and Vice-Chair of the Supervisory Board of the ECB, conducted by Jonathan Witteman on 29 January 2024
English
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31 January 2024
Interview with Luis de Guindos, Vice-President of the ECB, conducted by Kolja Rudzio
English
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18 April 2024
We updated our data on the impact of climate change on the financial system. How green are green bonds and banks’ loan portfolios? How strongly could they be affected by natural hazards? The ECB Blog discusses these and other new insights from the data.
Details
JEL Code
Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
Q56 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Environment and Development, Environment and Trade, Sustainability, Environmental Accounts and Accounting, Environmental Equity, Population Growth
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
G29 : Financial Economics→Financial Institutions and Services→Other
3 April 2024
Governments and central banks can shield the economy from shocks with their decisions. The ECB Blog looks at a recent high-level conference that analysed the interaction of fiscal and monetary policy and questioned some long-held beliefs.
Details
JEL Code
E40 : Macroeconomics and Monetary Economics→Money and Interest Rates→General
E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
E62 : Macroeconomics and Monetary Economics→Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook→Fiscal Policy
22 March 2024
The Eurosystem is shrinking its balance sheet, which makes more government bonds available for purchase. The ECB Blog looks at how markets are adjusting to this new situation with regard to bond price volatility, liquidity and the impact on repo markets.
Details
JEL Code
G20 : Financial Economics→Financial Institutions and Services→General
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
14 March 2024
Central banks have been collecting art for a long time. While the works were previously only accessible at their physical locations, more and more central banks now make their collections available online. The ECB Blog showcases four collections you can enjoy from wherever you are.
11 March 2024
In 2021-22 inflation surged due to the direct and indirect effects of the energy shock, together with a set of pandemic-related factors and the Russian invasion of Ukraine. In this post on The ECB Blog, Chief Economist Philip R. Lane looks at the monetary policy actions taken by the ECB in response to these extraordinary inflation shocks.
Details
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
D81 : Microeconomics→Information, Knowledge, and Uncertainty→Criteria for Decision-Making under Risk and Uncertainty
24 April 2024
WORKING PAPER SERIES - No. 2933
Details
Abstract
Banks in the euro area can generate high-quality liquid assets (HQLA) by borrowing central bank reserves from the Eurosystem against non-HQLA collateral. This paper quantifies the extent of this liquidity transformation and finds that on average EUR 0.92 of net HQLA are generated for each euro of credit provided by the Eurosystem. The paper then identifies intentional liquidity transformation using two novel approaches: The first approach compares the liquidity profile of already pledged vs new collateral, and the second approach compares the liquidity profile of the pool of pledged securities with banks' total eligible securities holdings. Both approaches show that banks use their least liquid assets as collateral first and pledge more liquid assets only at the margin. This intentional liquidity transformation is sizable and accounts for 30-60% of generated HQLA. These results are relevant for calibrating the collateral framework as well as the optimal size and composition of the Eurosystem balance sheet.
JEL Code
C23 : Mathematical and Quantitative Methods→Single Equation Models, Single Variables→Panel Data Models, Spatio-temporal Models
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G28 : Financial Economics→Financial Institutions and Services→Government Policy and Regulation
24 April 2024
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 3, 2024
Details
Abstract
The pricing decisions of firms are a key determinant of inflation. To understand inflation dynamics, it is necessary to analyse how often and by how much individual prices change. This article discusses what micro price data gathered by the European System of Central Banks’ Price-setting Microdata Analysis Network (PRISMA) tell us about the way firms set their prices. The results point to state dependence in pricing, whereby firms change prices more frequently following large shocks. This also affects the transmission of monetary policy. Evidence from recent microdata as at the end of 2023 suggests that, after an increase in the frequency of price changes following the unusually large shocks experienced since 2020, price changes in the euro area are starting to behave in a more similar way to the pre-pandemic period.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
23 April 2024
WORKING PAPER SERIES - No. 2932
Details
Abstract
We analyze, for the first time, how firms choose the currency in which they price transactions in international trade of services and investigate, using direct evidence, whether the US dollar (USD) plays a dominant role in services trade. Drawing on a new granular dataset on extra-European Union exports of Portuguese firms broken down by currency, we show that currency choices in services trade are active firm-level decisions. Firms that are larger and rely more on inputs priced in foreign currencies are less likely to use the domestic currency to export services. Importantly, we show that the USD has a dominant role as a vehicle currency in trade of services – but to a lesser extent than in trade of goods – and that this is not just due to differences in the geography of trade. An external validity test based on macro data available for Portugal and six other European countries confirms this finding. In line with predictions from recent theoretical models, our results are consistent with the lower prevalence of USD in services trade arising from a lower openness of services markets and a stronger reliance of services on domestic inputs.
JEL Code
F14 : International Economics→Trade→Empirical Studies of Trade
F31 : International Economics→International Finance→Foreign Exchange
F41 : International Economics→Macroeconomic Aspects of International Trade and Finance→Open Economy Macroeconomics
23 April 2024
WORKING PAPER SERIES - No. 2931
Details
Abstract
This paper investigates the sensitivity of the demand for safe government debt to currency unhedged and hedged excess returns in a sample of US mutual funds. We find evidence of active rebalancing towards government bonds that offer relatively higher returns on an unhedged basis, in particular euro denominated securities. The size of the effect is large, leading to a change in portfolio share by around one percentage point on average in response to a change by one percentage point in the currency-specific excess return. Interestingly, mutual funds rebalance their portfolio towards currencies, such as the Japanese yen, that display large deviations in the covered interest parity and offer higher returns than US Treasuries on an hedged basis. Finally, when global financial risk is on the rise, US mutual fund managers repatriate their investments towards US government debt securities, mainly at the expenses of euro-denominated ones. Our results imply that deviations in pricing conditions like uncovered and covered interest parity for sovereign bonds affect capital flows from the United States towards other major currency areas.
JEL Code
F3 : International Economics→International Finance
G11 : Financial Economics→General Financial Markets→Portfolio Choice, Investment Decisions
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G15 : Financial Economics→General Financial Markets→International Financial Markets
G23 : Financial Economics→Financial Institutions and Services→Non-bank Financial Institutions, Financial Instruments, Institutional Investors
23 April 2024
ECONOMIC BULLETIN - ARTICLE
Economic Bulletin Issue 3, 2024
Details
Abstract
This article shows that trust in the ECB needs to be analysed and understood as a multifaceted concept. Analysis of data from the Consumer Expectations Survey shows that trust is not a matter of “yes” or “no”, rather, it exists on a spectrum. On aggregate, the distribution of individuals’ expressions of trust shows that trust in the ECB held up well during the pandemic and in the period of heightened inflation thereafter. On a scale of 0 to 10, a majority of respondents have a trust level between 5 and 8. The survey shows that the distribution of expressions of trust has been relatively stable since 2020, reflecting the stability of opinions at the individual level. Once individuals have a view on the ECB, it appears that they are unlikely to change their opinion quickly. At the same time, trust in the ECB co-moves strongly with trust in other institutions included in the survey. This suggests that, for many respondents, trust in the ECB may reflect their assessment of institutions in general, rather than an ECB-specific assessment.
JEL Code
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
F15 : International Economics→Trade→Economic Integration
H11 : Public Economics→Structure and Scope of Government→Structure, Scope, and Performance of Government
22 April 2024
WORKING PAPER SERIES - No. 2930
Details
Abstract
We study how millions of granular and weekly household scanner data combined with machine learning can help to improve the real-time nowcast of German inflation. Our nowcasting exercise targets three hierarchy levels of inflation: individual products, product groups, and headline inflation. At the individual product level, we construct a large set of weekly scanner-based price indices that closely match their official counterparts, such as butter and coffee beans. Within a mixed-frequency setup, these indices significantly improve inflation nowcasts already after the first seven days of a month. For nowcasting product groups such as processed and unprocessed food, we apply shrinkage estimators to exploit the large set of scanner-based price indices, resulting in substantial predictive gains over autoregressive time series models. Finally, by adding high-frequency information on energy and travel services, we construct competitive nowcasting models for headline inflation that are on par with, or even outperform, survey-based inflation expectations.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
C55 : Mathematical and Quantitative Methods→Econometric Modeling→Modeling with Large Data Sets?
E37 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Forecasting and Simulation: Models and Applications
C53 : Mathematical and Quantitative Methods→Econometric Modeling→Forecasting and Prediction Methods, Simulation Methods
Network
Price-setting Microdata Analysis Network (PRISMA)
22 April 2024
WORKING PAPER SERIES - No. 2929
Details
Abstract
We evaluate the effects of contagion and common exposure on banks’ capital through a regression design inspired by the structural VAR literature and derived from the balance sheet identity. Contagion can occur through direct exposures, fire sales, and market-based sentiment, while common exposures result from portfolio overlaps. We estimate the structural regression on granular balance sheet and interbank exposure data of the Canadian banking market. First, we document that contagion varies in time, with the highest levels around the Great Financial Crisis and lowest levels during the pandemic. Second, we find that after the introduction of Basel III the relative importance of risks has changed, hinting that sources of systemic risk have changed structurally. Our new framework complements traditional stress-tests focused on single institutions by providing a holistic view of systemic risk.
JEL Code
G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
C32 : Mathematical and Quantitative Methods→Multiple or Simultaneous Equation Models, Multiple Variables→Time-Series Models, Dynamic Quantile Regressions, Dynamic Treatment Effect Models, Diffusion Processes
C51 : Mathematical and Quantitative Methods→Econometric Modeling→Model Construction and Estimation
L14 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Transactional Relationships, Contracts and Reputation, Networks
22 April 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 3, 2024
Details
Abstract
This box examines the current level of housing investment in the euro area as a whole, and in the four largest euro area economies, in relation to the evolution of the user cost of housing. To this end, the box proposes a novel quarterly measure of the user cost of housing by combining quarterly data on mortgage rates, long-term risk-free interest rates and expected house price growth with information on tax rates and structural characteristics of residential construction and housing finance. Furthermore, we use an empirical model to relate the level of housing investment to the user cost of housing. The model estimates suggest that euro area housing investment at the end of 2023 was still above the level implied by the user cost of housing despite a significant decline and with marked differences across countries. This highlights the possibility of further weakness in euro area housing investment, which could persist for some time if there is no significant decline in the user cost of housing.
JEL Code
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
R21 : Urban, Rural, Regional, Real Estate, and Transportation Economics→Household Analysis→Housing Demand
22 April 2024
ECONOMIC BULLETIN - BOX
Economic Bulletin Issue 3, 2024
Details
Abstract
In recent quarters, euro area households have faced higher housing costs, and in particular rising rent or mortgage payments. The ECB Consumer Expectations Survey shows that housing cost dynamics vary across households depending on the type of ownership, with the highest cost increases being borne by those who do not own their home outright (mortgage and renter households). Since 2022 rising housing costs have, on average, largely been offset by growth in household income, leading to stable housing cost to household income ratios. The housing cost burden has, however, increased slightly for both renter and mortgage households at the upper end of the income distribution. Furthermore, at the lower end of the income distribution, a substantial proportion of households have been overburdened by their housing costs. Finally, there is a positive correlation between higher housing costs for households and late payment of rent or mortgages and of utilities. While the figures for late payment have, to date, remained relatively stable, an increasing number of households, especially those in lower income brackets, have indicated in recent months that they expect to fall behind with payments.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
19 April 2024
OTHER PUBLICATION
19 April 2024
OTHER PUBLICATION
19 April 2024
WORKING PAPER SERIES - No. 2928
Details
Abstract
The evidence suggests that monetary policy transmission is asymmetric over the business cycle. Interacting financing frictions with a preference for liquidity provides an explanation for this fact. Our mechanism generates monetary asymmetries in a model that jointly reproduces a set of asset market and business cycle facts. Accounting for the joint dynamics of asset prices and business cycle fluctuations is key; in a variant of the model that is unable to produce realistic macro-finance implications, monetary asymmetries disappear. Our results suggest that asymmetries in the transmission mechanism critically depend on the macro-finance implications of monetary policy models, and that resorting to nonlinear techniques is not sufficient to detect monetary asymmetries.
JEL Code
E31 : Macroeconomics and Monetary Economics→Prices, Business Fluctuations, and Cycles→Price Level, Inflation, Deflation
E44 : Macroeconomics and Monetary Economics→Money and Interest Rates→Financial Markets and the Macroeconomy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
19 April 2024
WORKING PAPER SERIES - No. 2927
Details
Abstract
This study provides new evidence on the relationship between unconventional monetary policy and auction cycles in the euro area. Using proprietary data on purchases of public sector securities implemented by the Eurosystem, the paper examines the flow effects of asset purchase programmes on 10-year government bond yields in secondary markets around dates of public debt auctions. The findings indicate that Eurosystem’s asset purchase flows mitigate yield cycles during auction periods and counteract the amplification impact of market volatility. The dampening effect of central bank asset purchases on auction cycles is more sizeable and precisely estimated for purchases of securities with medium-term maturities and in jurisdictions with relatively lower credit ratings. The analysis has broader implications for monetary policy and market functioning in the euro area.
JEL Code
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
G12 : Financial Economics→General Financial Markets→Asset Pricing, Trading Volume, Bond Interest Rates
G14 : Financial Economics→General Financial Markets→Information and Market Efficiency, Event Studies, Insider Trading
19 April 2024
RESEARCH BULLETIN - No. 118
Details
Abstract
Some firms have the capacity to contribute significantly to economic productivity but cannot obtain the necessary capital for investment, which instead flows to less productive firms. While “misallocation of capital” and its detrimental impact on productivity is traditionally beyond the scope of central banks, monetary policy can influence it through firms’ investment decisions. Using a New Keynesian model and granular data on Spanish firms, our results show that expansionary monetary policy reduces capital misallocation. However, in committing to an optimal policy course, central banks are better off sticking to price stability rather than exploiting this channel to influence productivity.
JEL Code
E12 : Macroeconomics and Monetary Economics→General Aggregative Models→Keynes, Keynesian, Post-Keynesian
E22 : Macroeconomics and Monetary Economics→Consumption, Saving, Production, Investment, Labor Markets, and Informal Economy→Capital, Investment, Capacity
E43 : Macroeconomics and Monetary Economics→Money and Interest Rates→Interest Rates: Determination, Term Structure, and Effects
E52 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Monetary Policy
L11 : Industrial Organization→Market Structure, Firm Strategy, and Market Performance→Production, Pricing, and Market Structure, Size Distribution of Firms
18 April 2024
STATISTICS PAPER SERIES - No. 48
Statistics Committee Expert Group on Climate Change and Statistics and Working Group on Securities
    Details
    Abstract
    Climate change entails risks to the global economy and impacts financial stability. Beyond managing related risks, the financial sector can also contribute to the transition toward a net-zero economy. Guided by the ECB’s climate and nature plan, this paper discusses the methodology and key findings of statistical indicators developed in three areas: sustainable finance, carbon emissions, and physical risk. Our work aims to enhance data transparency in climate change analysis, while informing monetary policy, financial stability and banking supervision. The indicators we have developed focus on the euro area financial sector and are built from harmonised granular datasets. They also utilise climate information from public sources to the extent possible.The sustainable finance metrics are built on well-established securities statistics and are at a more mature stage of development when compared with the other two climate risk indicators. While there are several data gaps that need to be addressed, the proposed statistical methodology offers a valuable framework for assessing climate risks in the European context, ensuring comparability across countries, time frames and under various climate scenarios. This paper discusses the methodology, underlying data, and findings for each set of indicators, while also flagging possible constraints and opportunities for future development.
    JEL Code
    Q51 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Valuation of Environmental Effects
    Q54 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Climate, Natural Disasters, Global Warming
    Q59 : Agricultural and Natural Resource Economics, Environmental and Ecological Economics→Environmental Economics→Other
    18 April 2024
    OTHER PUBLICATION
    18 April 2024
    ANNUAL REPORT
    18 April 2024
    OCCASIONAL PAPER SERIES - No. 346
    Details
    Abstract
    A digital euro would provide the general public with an additional means of payment in the form of risk-free central bank money in digital form that is universally accepted for digital payments across the euro area. A digital euro would offer a wide range of financial stability benefits, including safeguarding the role of public money and strengthening the strategic autonomy and monetary sovereignty of the euro area in the digital era. It would be designed to have no material impact on financial stability or the transmission of monetary policy. This paper shows the usefulness of digital euro safeguards, such as holding limits, that would limit the impact of the introduction of a digital euro on banks’ liquidity and on their reliance on central bank funding. To this end, it assesses how banks might respond to the introduction of a digital euro while seeking to maximise profitability and manage their risks for a range of holding limit scenarios. The results of the simulated impact on key liquidity metrics show that, with safeguards in place and on aggregate, the liquidity metrics of euro area banks would decline but remain well above regulatory minimums. In addition, the central bank funding ratios of euro area banks would not increase materially on aggregate and would remain contained overall.
    JEL Code
    E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
    E58 : Macroeconomics and Monetary Economics→Monetary Policy, Central Banking, and the Supply of Money and Credit→Central Banks and Their Policies
    G21 : Financial Economics→Financial Institutions and Services→Banks, Depository Institutions, Micro Finance Institutions, Mortgages
    16 April 2024
    WORKING PAPER SERIES - No. 2926
    Details
    Abstract
    We shed light on the demand for a central bank digital currency (CBDC) as a means of payment, based on survey payment data. We provide a quantitative framework to assess transactional demand for CBDC at the point of sale, accommodating a wide range of design choices. We develop a structural model of payment means adoption and usage and estimate CBDC demand based on individuals’ preferences for payment method attributes. We disentangle the friction potentially associated to CBDC adoption, assessing two of its potential drivers: information frictions and gradual diffusion of digital payment methods. We find that modelling adoption is key to understanding CBDC demand. Finally, we show that optimal CBDC design, information campaigns, and network effects can substantially boost demand.
    JEL Code
    E41 : Macroeconomics and Monetary Economics→Money and Interest Rates→Demand for Money
    E42 : Macroeconomics and Monetary Economics→Money and Interest Rates→Monetary Systems, Standards, Regimes, Government and the Monetary System, Payment Systems
    E47 : Macroeconomics and Monetary Economics→Money and Interest Rates→Forecasting and Simulation: Models and Applications
    15 April 2024
    SURVEY OF MONETARY ANALYSTS - AGGREGATE RESULTS

    Zinssätze

    Spitzenrefinanzierungsfazilität 4,75 %
    Hauptrefinanzierungsgeschäfte (fester Zinssatz) 4,50 %
    Einlagefazilität 4,00 %
    20. September 2023 Frühere Leitzinsen der EZB

    Inflationsrate

    Schaubild zur Inflation

    Wechselkurse

    USD US dollar 1.0686
    JPY Japanese yen 165.57
    GBP Pound sterling 0.85945
    CHF Swiss franc 0.9774
    Stand: 24. April 2024 Euro-Wechselkurse