EUROPEAN CENTRAL BANK W ORKING PAPER SERIES P E EK C B T EK B EZ B EC WORKING PAPER NO. 142 MODELLING THE DAILY BANKNOTES IN CIRCULATION IN THE CONTEXT OF THE LIQUIDITY MANAGEMENT OF THE EUROPEAN CENTRAL BANK BY ALBERTO CABRERO, GONZALO CAMBA-MENDEZ, ASTRID HIRSCH AND FERNANDO NIETO May 2002 EUROPEAN CENTRAL BANK W ORKING PAPER SERIES WORKING PAPER NO. 142 MODELLING THE DAILY BANKNOTES IN CIRCULATION IN THE CONTEXT OF THE LIQUIDITY MANAGEMENT OF THE EUROPEAN CENTRAL BANK BY ALBERTO CABRERO, GONZALO CAMBA-MENDEZ, ASTRID HIRSCH AND FERNANDO NIETO* May 2002 * The first author is at the Banco de España,Alcala 50, Madrid, 28014 Spain, email:
[email protected], the second and third authors are at the European Central Bank, Kaiserstrasse 29, D-60311, Frankfurt am Main, Germany, email:
[email protected] and
[email protected] respectively, the fourth author is at the Banco de España, email:
[email protected] opinions expressed in this paper are those of the authors and do not necessarily reflect the views of the Banco de España or the European Central Bank.We are thankful to Nikolaus Bartzsch, Ulrich Bindseil, Denis Blenck, Björn Fischer, Francesco Papadia, Gabriel Perez-Quiros, Juan Luis Vega, Ben Weller and Flemming Würtz for their advice and comments on numerous issues related to this project. Remaining errors are our own. © European Central Bank, 2002 Address Kaiserstrasse 29 D-60311 Frankfurt am Main Germany Postal address Postfach 16 03 19 D-60066 Frankfurt am Main Germany Telephone +49 69 1344 0 Internet http://www.ecb.int Fax