E41 - Demand for Money
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The Role of Convenience and Risk in Consumers' Means of Payment
Using data from a 2004 survey of the Canadian public, the authors study the role of convenience and risk in consumers' use of cash relative to debit and credit cards. The authors find that consumers who perceive debit cards and credit cards to be more convenient and less risky than cash use them more frequently. -
Merchant Acceptance, Costs, and Perceptions of Retail Payments: A Canadian Survey
Using the results of a survey on accepted means of payment, the authors examine merchant preferences and perceptions of retail payment reliability, risk, and costs; the share of each type of payment method over total sales; and the costs involved in accepting payments. -
Endogenously Segmented Asset Market in an Inventory Theoretic Model of Money Demand
This paper studies the effects of monetary policy in an inventory theoretic model of money demand. In this model, agents keep inventories of money, despite the fact that money is dominated in rate of return by interest bearing assets, because they must pay a fixed cost to transfer funds between the asset market and the goods market. -
Money Demand and Economic Uncertainty
The author examines the impact of economic uncertainty on the demand for money. -
The Demand for Money in a Stochastic Environment
The author re-examines the demand-for-money theory in an intertemporal optimization model. The demand for real money balances is derived to be a function of real income and the rates of return of all financial assets traded in the economy. -
Fractional Cointegration and the Demand for M1
Using wavelets, the author estimates the fractional order of integration of a common long-run money-demand relationship whose parameters are obtained from a full-information maximum-likelihood procedure. -
The Electronic Purse: An Overview of Recent Developments and Policy Issues
Futurists have been speculating about the prospects for a cashless society for many years, and such predictions became more frequent following the introduction of "smart" cards - cards containing a computer chip - in the mid-1970s.
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