Search Results
Journal Article
U.S. coins: forecasting change
Our next article talks about change-as in coins. Every year, the government produces about 70 new coins for every man, woman, and child. But the economy's need for coins can vary from year to year. So how do the U.S. Mint, which makes the coins, and the Federal Reserve, which distributes them, decide how many coins the economy needs? In "U.S. Coins: Forecasting Change," Dean Croushore highlights some facts about coins and describes how demand for change is forecast.
Journal Article
The golden dollar: the early evidence
Journal Article
The fate of one-dollar coins in the U.S.
The United States has introduced two one-dollar coins in the past 25 years, both of which have not circulated widely. Many other countries have replaced lower-denomination notes with coins and have achieved wide circulation and cost savings. Lessons from those countries suggest that achieving widespread use of a dollar coin is much harder if the note is allowed to remain in circulation.
Working Paper
The evolution of small change
Western Europe was plagued with currency shortages from the 14th to the 19th century, at which time a `standard formula' had been devised to cure the problem. We document the evolution of mon- etary theory, policy experiments and minting tech- nology over the course of six hundred years. In a companion paper, we use a cash-in-advance model of commodity money to provide an analytical frame- work for the problem of small change.
Working Paper
Forecasting coin demand.
Shortages of coins in 1999 and 2000 motivated the authors to develop models for forecasting coin demand. A variety of models were developed, tested, and used in realtime forecasting. This paper describes the models that were developed and examines the forecast errors from the models both in quasi-ex-ante forecasting exercises and in realtime use. Tests for forecast efficiency are run on each model. Real-time forecasts are examined. The authors conclude with suggestions for further refinements of the models.
Journal Article
From silver to Susan