NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

The Demand of Liquid Assets with Uncertain Lumpy Expenditures

Fernando Alvarez, Francesco Lippi

NBER Working Paper No. 18152
Issued in June 2012

---- Acknowledgements -----

We thank David Andolfatto, Avner Bar-Ilan, Cyril Monnet, and Julio Rotemberg for their comments. Alvarez thanks the Templeton foundation for financial support. We are grateful to Helmut Stix for kindly providing us with the Austrian data, and to Luigi Guiso and Unicredit Bank for giving us access to the Italian investors’ data. An earlier version of this paper circulated under the title “The demand for currency with uncertain lumpy purchases”. See Alvarez personal webpage for full disclosure of sources of finding and relevant financial relationships. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

---- Disclosure of Financial Relationships for Fernando Alvarez -----

I have visited, taught, or consulted for the following institutions, where I have received an honorarioum:

EIEF, Rome, Italy. As research visitor.

Federal Reserve Bank of Chicago, US. As consultant to the Research Department.

European Central Bank, Frankfurt, Germany. As Duisenberg Fellow as regular research visitor to the MPR division.

Toulouse School of Economics, Toulouse, France. As a research visitor.

Cowles Foundation, Yale, US. As a research visitor.

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