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Francesco Lippi · Elia Moracci

Lippi and Moracci (2026) ask how euro area households choose between cash and card payments, and whether existing theoretical models can explain observed behavior. They draw on ECB payment diary …

KOZO UEDA

Layer 1 — Overview Research Question. This paper asks whether heterogeneity in the marginal propensity to consume (MPC) stems from temporary circumstances (e.g., transient wealth shocks that tighten …

Apostolos Serletis · Libo Xu

Measuring the welfare cost of inflation requires specifying a money demand function, a definition of money, and an approach to consumer surplus; existing estimates vary widely because these choices …