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A new framework for the elaboration of bill printing and coining programs

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Author Info
Rómulo Chumacero
Claudio Pardo
David Valdés

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Abstract

This paper presents alternative models for forecasting the demand for bills and coins of different denominations. When compared to the models often used, the root mean squared forecasting error is reduced by as much as a factor of 15. The paper also develops a new framework to formulate the printing and minting programs by using density forecasts along with information on technological constraints and preferences of the policy maker.

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File URL: http://www.bcentral.cl/estudios/documentos-trabajo/pdf/dtbc454.pdf
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Publisher Info
Paper provided by Central Bank of Chile in its series Working Papers Central Bank of Chile with number 454.

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Date of creation: Dec 2007
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Handle: RePEc:chb:bcchwp:454

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