A central bank’s liquidity forecast is important in ensuring that it supplies the banking system’s need for central bank money. Banknote (or currency in circulation) demand is the largest and for some central banks the most variable component of the liquidity forecast. Accurate forecasting of banknotes is essential in ensuring an accurate liquidity forecast and in turn effective monetary policy implementation. This Handbook discusses these issues and outlines a structural time series state space (STSSS) model which is now used by central banks including the Bank of England and ECB to forecast banknotes (currency in circulation).
|This book is provided by Centre for Central Banking Studies, Bank of England in its series Handbooks with number 28 and published in 2008.|
|ISBN:||1756-7262 (Print) 1756-7270 (online)|
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- Glenn Hoggarth and Gabriel Sterne, 1997. "Capital Flows: Causes, Consequences and Policy Responses," Handbooks, Centre for Central Banking Studies, Bank of England, number 14.
- Glenn Hoggarth, 1996. "Introduction to Monetary Policy," Handbooks, Centre for Central Banking Studies, Bank of England, number 1.
- Federico S. Mandelman & Francesco Zanetti, 2008. "Estimating general equilibrium models: an application with labour market frictions," Technical Books, Centre for Central Banking Studies, Bank of England, edition 1, number 1.
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