Volume 12, Number 4 December 2016 oue1,Nme December 2016 Volume 12, Number 4 BANKING OF CENTRAL JOURNAL INTERNATIONAL

INTERNATIONAL JOURNAL OF CENTRAL BANKING

Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data John Bagnall, David Bounie, Kim P. Huynh, Anneke Kosse, Tobias Schmidt, Scott Schuh, and Helmut Stix Death of a Reserve Currency Stephen Quinn and William Roberds What Is Learned from a Currency Crisis, Fear of Floating, or Hollow Middle? Identifying Exchange Rate Policy in Crisis Countries Soyoung Kim Which Aspects of Central Bank Transparency Matter? A Comprehensive Analysis of the Effect of Transparency on Survey Forecasts Anna Naszodi, Csaba Csavas, Szilard Erhart, and Daniel Felcser Bank Lending in Times of Large Bank Reserves Antoine Martin, James McAndrews, and David Skeie Fedspeak: Who Moves U.S. Asset Prices? Carlo Rosa Globalization, Pass-Through, and Inflation Dynamics Pierpaolo Benigno and Ester Faia The Demand for Short-Term, Safe Assets and Financial Stability: Some Evidence and Implications for Central Bank Policies Mark Carlson, Burcu Duygan-Bump, Fabio Natalucci, Bill Nelson, Marcelo Ochoa, Jeremy Stein, and Skander Van den Heuvel International Journal of Central Banking

Volume 12, Number 4 December 2016

Consumer Cash Usage: A Cross-Country Comparison with 1 Payment Diary Survey Data John Bagnall, David Bounie, Kim P. Huynh, Anneke Kosse, Tobias Schmidt, Scott Schuh, and Helmut Stix

Death of a Reserve Currency 63 Stephen Quinn and William Roberds

What Is Learned from a Currency Crisis, Fear of Floating, or Hollow 105 Middle? Identifying Exchange Rate Policy in Crisis Countries Soyoung Kim

Which Aspects of Central Bank Transparency Matter? 147 A Comprehensive Analysis of the Effect of Transparency on Survey Forecasts Anna Naszodi, Csaba Csavas, Szilard Erhart, and Daniel Felcser

Bank Lending in Times of Large Bank Reserves 193 Antoine Martin, James McAndrews, and David Skeie

Fedspeak: Who Moves U.S. Asset Prices? 223 Carlo Rosa

Globalization, Pass-Through, and Inflation Dynamics 263 Pierpaolo Benigno and Ester Faia

The Demand for Short-Term, Safe Assets and Financial Stability: 307 Some Evidence and Implications for Central Bank Policies Mark Carlson, Burcu Duygan-Bump, Fabio Natalucci, Bill Nelson, Marcelo Ochoa, Jeremy Stein, and Skander Van den Heuvel

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ISSN: 1815-4654 International Journal of Central Banking

Board of Directors Chairman Claudio Borio, Bank for International Settlements

Board Members Q. Farooq Akram, Norges Bank Carlos Lenz, Swiss National Bank Abdulrahman Al-Hamidy, Saudi Arabian Jesper Lind´e, Sveriges Riksbank Monetary Agency Choy Keen Meng, Monetary Authority David E. Altig, of Atlanta of Singapore Carlos Hamilton Vasconcelos Araujo, Central Bank John McDermott, Reserve Bank of New Zealand of Brazil Emanuel Moench, Deutsche Bundesbank Jan Marc Berk, The Nederlandsche Bank Alberto Naudon, Central Bank of Chile Mohamed Tahar Bouhouche, Bank of Algeria Edward Offenbacher, Bank of Israel Lillian Cheung, Hong Kong Monetary Authority Fabio Panetta, Bank of Italy Laurent Clerc, Michael D. Patra, Reserve Bank of India Francisco G. Dakila Jr., Central Bank of Th´orarinn G. P´etursson, Central Bank of Iceland the Philippines Ivan Ribnikar, Bank of Slovenia Michael Dotsey, Federal Reserve Bank Lawrence Schembri, Bank of Canada of Philadelphia Sam Schulhofer-Wohl, Federal Reserve Bank William English, Federal Reserve Board of Minneapolis Gabriel Fagan, Central Bank of Ireland Mark Schweitzer, Federal Reserve Bank Jiang Feng, People’s Bank of China of Cleveland Manuel Ramos Francia, Bank of Mexico Shigenori Shiratsuka, Bank of Japan Jeffrey C. Fuhrer, Federal Reserve Bank of Boston Jan Smets, National Bank of Belgium Kamil Galuscak, Czech National Bank Daniel Sullivan, Federal Reserve Bank of Niels Lyngg˚ard Hansen, Chicago Philipp Hartmann, European Central Bank Juha Tarkka, Bank of Finland Elena Iorga, National Bank of Romania George Tavlas, Bank of Greece Seung-Cheol Jeon, Bank of Korea Joseph Tracy, Federal Reserve Bank of New York Juan F. Jimeno, Dobieslaw Tymoczko, National Bank of Poland George A. Kahn, Federal Reserve Bank of Kansas City Hernando Vargas Herrera, Banco de la Rep´ublica Sujit Kapadia, , Federal Reserve Bank Ali Hakan Kara, Central Bank of Turkey of St. Louis Christopher Kent, Reserve Bank of Australia John Weinberg, Federal Reserve Bank of Richmond Evan Koenig, Federal Reserve Bank of Dallas Ksenia Yudaeva, Central Bank of Ana Christina Leal, Bank of Portugal Russian Federation

Editorial Board Managing Editor Loretta Mester Federal Reserve Bank of Cleveland

Co-editors Pierpaolo Benigno Luc Laeven Barbara Rossi LUISS Guido Carli European Central Bank Universitat Pompeu Fabra Michael B. Devereux Lucrezia Reichlin Stephanie Schmitt-Grohe University of British Columbia London Business School Columbia University Harrison Hong Rafael Repullo Princeton University CEMFI

Associate Editors Patrick Bolton Jordi Gal´ı Eli M. Remolona University of Columbia Centre de Recerca en Economia Bank for International Internacional (CREI) Settlements Michael D. Bordo Rutgers University Marvin Goodfriend H´el`ene Rey Carnegie Mellon University London Business School Mark Carey Federal Reserve Board Michael B. Gordy Jean-Charles Rochet Federal Reserve Board University of Toulouse Pierre Collin-Dufresne Luigi Guiso Andrew K. Rose University of Columbia European University Institute University of California, Guy Debelle Andrew G. Haldane Berkeley Reserve Bank of Australia Bank of England Klaus Schmidt-Hebbel Douglas W. Diamond Takatoshi Ito Organisation for Economic University of Chicago Graduate University of Tokyo Co-operation and Development School of Business (OECD) David Lando Francis Diebold Copenhagen Business School Lars E.O. Svensson Sveriges Riksbank University of Pennsylvania Philip Lane J¨urgen von Hagen Michael Dotsey Trinity College Dublin University of Bonn Federal Reserve Bank of Francesco Lippi Philadelphia University of Sassari Ernst-Ludwig von Thadden University of Mannheim Darrell Duffie Carmen M. Reinhart Stanford University Harvard Kennedy School Tsutomu Watanabe University of Tokyo

Advisory Board Franklin Allen Hyun Shin Michael Woodford The Wharton School Princeton University Columbia University of the University of Kazuo Ueda John Taylor Pennsylvania University of Tokyo Stanford University Charles Goodhart Carl E. Walsh London School of Economics University of California