uncommon factors are needed to explain the recent behaviour of bond yields. To examine this issue, we use our preferred model to calculate a "fair value" of bond yields. To be specifically, it is derived [...] observable but have to be proxied for empirical work. Second, the strength of the effect of expected inflation is ambiguous. Invoking the Fisher effect would allow to impose a one-to-one relationship [...] 5 7.5 Therefore, it seems reasonable to restrict the VECM to one cointegration relationship and – as the unit root tests mentioned above suggest – to include the indicator for the expected

services is increasing. In order to achieve these ambitious revenue and profit goals many companies have to expand their service portfolio. In addition to that executives have to answer the question, whether [...] Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] whether existing services generate profit and provide value to their customers. This paper deals with service portfolio management (SPM), which is a core function in industrial companies. Based on a comprehensive

by changing from procyclical to countercyclical spending after 2000 (Botswana, Nigeria) or from a-cyclical to countercyclical spending (Cape Verde) or from procyclical to a-cyclical spending (Burkina [...] (moderately) procyclical. While from 1980 to 2000 in almost two thirds of the 46 countries, which we examined, spending was procyclical this share declined to less than 40 percent after 2000 and in the [...] Africa´s fiscal deficit, which had amounted to 7 per cent in the 1980s, declined steadily during the 1990s and the 2000s and during 2006- 2010 it was close to zero. This latter period included some years

by changing from procyclical to countercyclical spending after 2000 (Botswana, Nigeria) or from a-cyclical to countercyclical spending (Cape Verde) or from procyclical to a-cyclical spending (Burkina [...] (moderately) procyclical. While from 1980 to 2000 in almost two thirds of the 46 countries, which we examined, spending was procyclical this share declined to less than 40 percent after 2000 and in the [...] Africa´s fiscal deficit, which had amounted to 7 per cent in the 1980s, declined steadily during the 1990s and the 2000s and during 2006- 2010 it was close to zero. This latter period included some years

projection method to analyze the reaction of house prices, mortgage loans and mortgage lending rates to surprises in monetary policy that can be related to unconventional measures. We refer to the shock [...] side-effects of loose monetary policy points to financial instability risks. In particular, housing busts in response to a surge in house prices due to low interest rates might be a potentially d [...] h = 0, 1, 2, 3...H to generate a sequence of the θh’s. We use the method of Driscoll and Kraay (1998) to obtain heteroskedasticity-consistent standard errors that are robust to very general forms

References in publications to ROME Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author(s) to protect the tentative character [...] Abstract What role does (should) money play in modern central banking? To answer this question, it is necessary to distinguish between the different level playing fields of monetary policy. At [...] relative to interbank deposits. First, central bank balances carry no default risk. No private bank or other financial firm can match this. Second, central banks typically provide access to liquidity

Weisendorf, Germany) appeared. The aim of this study is to evaluate the meaning of surface contamination in respect to fracture mechanism. To avoid fracture of the screw M6 of the MRP Titan System we [...] adapter failures in hip replacement. The aim of this study was to evaluate the meaning of surface contamination in respect to fracture of the locking screw of the MRP Titan Revision System (Peter [...] version to fit the physiologic anterior bow of the femur in 200 mm length. 260 mm and 320 mm curved stems with two distal transverse drill holes are also available, providing the possibility to use

However, in order to gain additional insights on the models’ ability to explain monetary developments, the last four available observations (2008 Q4 to 2009 Q3) are used to produce out-of-sample [...] seems to interact with wealth and borrowing. In order to be able to more fully analyse the interaction between money holdings, consumption and wealth, the financing of households needs to be modelled [...] Landesberger 3 1 We are grateful to Mika Tujula for providing euro area household wealth data, to Gabe de Bondt for sharing his equity market related measures and to Wolfgang Lemke for providing his

paper is therefore not to prove whether the sorting or human-capital approach prevails and to which extent both theories apply. Hence, we do not want to further contribute to this long debate. As, [...] from an equilibrium with perfect to one with imperfect information, high-ability workers have to invest more in education to separate themselves and move from point B to point C in Figure 2. With such [...] ” – a special welcome payment to Ethnic Ger- mans.7 6 To a certain extent, we are also able to identify Ethnic Germans via this method who were unemployed prior to this date. However, this is only

2006 to the beginning of 2008 and resulted in a oil price of over USD 140 per barrel. Subsequently, the oil price fell to below USD 40 by the beginning of 2009, only to rise to levels of up to USD 80 [...] research to determine whether the correlations discovered here are also to be found in models with monthly or quarterly frequency. Above and beyond that, it is interesting to investigate to what extent [...] Greek Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market

2006 to the beginning of 2008 and resulted in a oil price of over USD 140 per barrel. Subsequently, the oil price fell to below USD 40 by the beginning of 2009, only to rise to levels of up to USD 80 [...] research to determine whether the correlations discovered here are also to be found in models with monthly or quarterly frequency. Above and beyond that, it is interesting to investigate to what extent [...] Greek Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market

page Abstract What role does (should) money play in modern central banking? To answer this question, it is necessary to distinguish between the different level playing fields of monetary policy. At [...] relative to interbank deposits. First, central bank balances carry no default risk. No private bank or other financial firm can match this. Second, central banks typically provide access to liquidity [...] especially important in the event of a serious liquidity problem. Banks may want to maintain a clearing account at the central bank to obtain funds quickly and conveniently from the discount window. Third, banks

Turnus evaluiert, teils unter Nutzung der webgestützten Lernplattformen Moodle bzw. meet-to-learn. Dar- über hinaus werden in allen Studiengängen Feedback-Gespräche mit den Studierenden [...] litätsverbesserung der Lehre ein. Lehre-Meeting Am 18.03.2015 fand unter Moderation des Studiendekans Prof. Dipl.-Des. Martin Frey das jährliche „Lehre-Meeting“ statt, in dem der aktuelle Stand [...] Gesellschaft und über gesellschaftliches Engagement erfolgen. Dazu gehört das „Service Learning“. Hochschulen definieren sich nicht mehr al- lein über Exzellenz in Forschung und Lehre. Sie

part-load behaviour is presented with respect to mass flow rate (50 % to 100 %), corrected rotational speed (75 % to 108 %) and pressure ratio (10 to 24). Total-to-static isentropic efficiencies of more [...] is not appropriate to design and build standard machines to stock. In fact, it is necessary to develop a very flexible “micro-turbine- generator-construction-kit” that allows to quickly design and [...] Rankine Cycle is a promising method to increase the efficiency of industrial processes. However, due to special boundary conditions, such systems have to be robust, efficient in full load as well

self-sufficiency a decrease of 16% points has to be observed, compared to the fuel cell scenario due to the lower storage efficiency. However, compared to a CHP systemwithout EES the self-sufficiency is [...] ncy and self-consumption. To optimize the supply of electrical and thermal energy by a CHP system and to reduce unused excess electrical energy, a common approach is to determine a specific thermal [...] the CHP system is able to fit its electrical energy supply to the electrical energy demand more properly without neglecting the thermal energy demand [8]. Another approach to reduce the excess electrical

erarbeiten. Vorträge/Workshops: - Strassl, J., Learning Experiences – Design and Use. International Conference on e-Learning in Academic and Life-long Education, Banska Bystrica [...] Bundesdekanekonferenz, Salzburg, April 2006. - Renninger, W., Strassl, J., Using Blackboard to improve the learning experience among role-based coopera- ting students, Poster Session bei der Blackboard [...] 84 Studienjahr 2005/2006 Jahresbericht ■ eLearning-System Im Rahmen eines HTO-Projektes wurde im Jahr 2004 ein neues, professionelles eLearning-System angeschafft. Das seit Oktober 2004 zur

targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part [...] from 1979 to 1998 quite well. This result is robust to the use of real-time or ex post data and to the consideration of serially correlated errors. The main lesson is that, in addition to anchoring long-term [...] rate rules feature a response to the lagged interest rate, to deviations of inflation from target, to the change in the output gap and possibly, but not necessarily, to short-run movements of money

attributed to the normal response of currency holdings to the lowering of interest rates and to the increase in income from the government stimulus. The remaining 80% may be due to an increase [...] banknotes in circulation in the period from January 1991 to December 2001 corresponds to the volume of D-Mark banknotes outstanding (converted to euros with the irrevocably fixed exchange rates of 1 January [...] also report results for the aggregate currency-to-GDP ratio. The substitution effects with respect to electronic payments are largely confined to the demand for small denominations. Moreover, they

attributed to the normal response of currency holdings to the lowering of interest rates and to the increase in income from the government stimulus. The remaining 80% may be due to an increase [...] banknotes in circulation in the period from January 1991 to December 2001 corresponds to the volume of D-Mark banknotes outstanding (converted to euros with the irrevocably fixed exchange rates of 1 January [...] also report results for the aggregate currency-to-GDP ratio. The substitution effects with respect to electronic payments are largely confined to the demand for small denominations. Moreover, they

manufacturing sector are asked to respond to the following question: “How would you assess the current willingness of banks to extend credit to businesses”? The answers to choose from are “accommodating” [...] firms. In this survey firms are asked to give their perception of the current willing- ness of banks to extend credit to businesses. We interpret the responses to the credit question as information [...] “one of the crucial issues related to the credit crunch is the extent to which profitable and viable firms did or did not have access to finance.” They tried to tackle this problem by looking at the

for the whole period. Due to the estimation strategy we need for each firm at least two observations within one period to be able to calculate a growth rate. This leads to an unbalanced panel data [...] does not refer to single years but rather to time periods as described in Chapter 3. Also remember, that we need at least two observations of a firm within one time period to be able to calculate yearly [...] process to the prices, this might – depending on the demand elasticity – increase the demand for the product. This increase in demand might then lead to an increase in employment. To sum up

for the whole period. Due to the estimation strategy we need for each firm at least two observations within one period to be able to calculate a growth rate. This leads to an unbalanced panel data [...] does not refer to single years but rather to time periods as described in Chapter 3. Also remember, that we need at least two observations of a firm within one time period to be able to calculate yearly [...] process to the prices, this might – depending on the demand elasticity – increase the demand for the product. This increase in demand might then lead to an increase in employment. To sum up

holdings is ambiguous as having less access to cash might lead consumers to hold more cash to realize their transaction needs. Therefore, it seems useful to include a variable that captures this aspect [...] payment of social security contributions, to avoid having to meet certain legal standards such as minimum wages, maximum hours, safety or health standards, to avoid complying with certain administrative [...] economy is a construct which, by definition, is hard to capture and to estimate. We relied on the MIMIC approach to get consistent estimates from 2002 to 2019. This estimate concentrates on household activities

transfers from and to foreign countries, criminals seem to be remarkably apt to hide the sources and destinations of their funds.7 Second, if cash were to be abolished, this would have to be on a global [...] really everybody needs to be able to make and receive cash pay- ments. To achieve this goal, those electronic means of payment that are meant to substitute for cash must be very easy to use. Preferably, they [...] Netherlands). According to Denmarks Nationalbank (2012), in Denmark there are no significant differences with respect to the time it takes to carry out a cash or a card payment. To conclude, there is

need to supplement the credit with their own funds to afford the durables. To do so they have to either use their savings or decrease their spending on non-durable goods in the short run to use [...] like the Grameen bank, have mostly lent to women, enabling them to contribute to the household’s income. It is believed that by making women contributors to the household’s income, Microfinance [...] Microfinance to promote women’s empowerment. Section 2: Literature review The majority of Microfinance institutions (MFIs) aim to reduce poverty by making financial services available to the poor