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A Framework for Printing and Minting Plans

Author

Listed:
  • Rómulo A. Chumacero E.
  • Claudio Pardo M.
  • David Valdés V.

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 substantially reduced. 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.

Suggested Citation

  • Rómulo A. Chumacero E. & Claudio Pardo M. & David Valdés V., 2008. "A Framework for Printing and Minting Plans," Journal Economía Chilena (The Chilean Economy), Central Bank of Chile, vol. 11(1), pages 29-59, April.
    • Handle: RePEc:chb:bcchec:v:11:y:2008:i:1:p:29-59
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    References listed on IDEAS

    as
    1. Sargent, Thomas J & Velde, Francois R, 1999. "The Big Problem of Small Change," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 31(2), pages 137-161, May.
    2. Kohli, Ulrich, 1988. "A note on banknote characteristics and the demand for currency by denomination," Journal of Banking & Finance, Elsevier, vol. 12(3), pages 389-399, September.
    3. Massoud, Nadia, 2005. "How should Central Banks determine and control their bank note inventory?," Journal of Banking & Finance, Elsevier, vol. 29(12), pages 3099-3119, December.
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