können bei Gültigkeit des CAPM Rendite-Risiko-
Kombinationen oberhalb der Kapitalmarktlinie liegen.
WiSt Heft 10 · Oktober 2004 603
page
Abb. 1: Grafische Darstellung der SR
Abb. 2: Grafische [...] geäußerten
Kritikpunkten (v.a. ergibt sich das Problem der Nichtbe-
Wissenschaftliche Beiträge
604 WiSt Heft 10 · Oktober 2004
page
obachtbarkeit des Marktportfolios (Roll, 1977)). Der üb-
lichen [...] e wurde auch der Fall mehrerer
Rottmann/Walter, Performancemessung der Dividendenstrategie
WiSt Heft 10 · Oktober 2004 605
page
Dividendenzahlungen und sonstiger Bereinigungsvorfälle
pro
- 5.
Ruckriegel, K./Seitz, F.: EU-Erweiterung, Währungsunion
und Balassa-Samuelson-Effekt. In: WiSt, 32. Jg. (2003),
S. 94 - 100. (http://www.ruckriegel.org und http://
www.fh-amberg-weiden.de/home/
in: A. Beyer, and L. Reichlin (eds.), The
Role of Money - Money and Monetary Policy in the 21
st
Century, 4
th
ECB Central Banking Conference, Frankfurt, pp.
28-55.
Christiano, Lawrence [...] McCallum, Bennett T. (2001), Monetary Policy Analysis in Models
Without Money, Federal Reserve Bank of St. Louis Review
83(4), pp. 145-160.
McCallum, Bennett T. (2002), Recent Developments in Monetary [...] in: A. Beyer, and L. Reichlin
(eds.), The Role of Money – Money and Monetary Policy in
the 21
st
Century, 4
th
ECB Central Banking Conference, pp. 5-
12.
Scharnagl, Michael, Christina
wirtschaft, 56. Jg. (2001), S. 517 - 546.
Wagner, J.: Export, Direktinvestitionen oder Lizenzvergabe? In: WiSt, 22. Jg. (1993), S. 451 - 458.
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University, St. Louis, Missouri,
http://www.federalreserve.gov/boarddocs, Mai 2002.
MEYER, L.H. (2001b): Inflation Targets and Inflation Targeting, in: Federal Reserve Bank of St.
Louis Review [...] org, Mai 2002.
MISHKIN, F.S. (2000): What Should Central Banks Do?, in: Federal Reserve Bank of St. Louis Re-
view 82, November/December 2000, S. 1-13, http://www.stls.frb.org, Ma 2002.
MISHKIN
187–207.
Flaig, G. (2003), »Strukturelle Zeitreihenmodelle. Spezifikation, Schätzung und
Anwendungen«, WiSt 32, 258–263.
Flaig, G. und H. Rottmann (2001), »Input Demand and the Short- and Long-
Run Employment
0,4
0,6
0,8
1,0
1,2
KreditkarteE-Geld
DebitkarteBargeld
1009080706050403020100
Ko
st
en
p
ro
T
rx
. (
€)
Wert der Trx. (€)
11,63 €
33 In 2009 ist dieser Wert auf
different unobservable states S 5 1,2. If thet
2 2state at time t is S then y | N(m , s ). Thet t S St t
8 state S is assumed to follow a first-orderlast at least 12 months. Such a requirement is t
Markov [...] 45
2state-dependent means m and variances s and Second, the effect of the autoregressive parame-S St t
ters will largely be captured by the probabilitiesthe transition probabilities p and p . To11 [...] predictor of US recessions. Federal Reserve changes in regime. Journal of Econometrics 45, 39–70.
Bank of St. Louis Review 79, 41–51. Hamilton, J. D. (1996). Specification tests in Markov-
Economic Cycle Research
90 92 94
Year
E
la
st
ic
it
y
Price of intermediate products
0,1
0,15
0,2
0,25
68 70 72 74 76 78 80 82 84 86 88 90 92 94
Year
E
la
st
ic
it
y
Output
0,2 [...] 84 86 88 90 92 94
Year
E
la
st
ic
it
y
Technical progress
-0,02
-0,015
-0,01
-0,005
0
68 70 72 74 76 78 80 82 84 86 88 90 92 94
Year
E
la
st
ic
it
y
Stock of capital
[...] -0,7
-0,6
-0,5
-0,4
-0,3
-0,2
68 70 72 74 76 78 80 82 84 86 88 90 92 94
Year
E
la
st
ic
it
y
-----------short run _______long run
page
17
4.2 Employment thresholds
Stutt-
gart 2004a.
Görgens, E./Ruckriegel, K.,/Seitz, F.: Zur Problematik der LM-Kurve. In: WiSt, 33. Jg. (2004b), S. 740
- 741.
Görgens, E./ Ruckriegel, K./Seitz, F.: Geldpolitik, Zinsen und die
Inside Two Central Banks: The European Central Bank and
the Federal Reserve, Federal Reserve Bank of St. Louis, Review, January/February
2003, S. 11-30.
Röpke, W. (1997): Kernfragen der Wirtschaftsordnung
in (1)
and (2), respectively:
(1) �
∞
=
−=
st t
t
t
st
s p
cucußU ),( ,
(2) �
∞
=
−=
st t
tt
t
ft
t
st
s p
cue
p
cu
cußU ),,(* *
*
*
*
,*** ,
[...] (2001), Dollarization as a Monetary Arrangement for Emerging Market
Economies, Federal Reserve Bank of St. Louis Review, 83(6), November/December, pp. 29-39
(http://www.stls.frb.org).
Astley, M.S., Haldane [...] banks’ equity prices� by R. Gropp and G. Moerman, December 2003.
298 �The lender of last resort: a 21st century approach” by X. Freixas, B. M. Parigi and J.-C. Rochet,
December 2003.
299 �Import prices
Assessing Simple Policy Rules: A View from a Complete
Macroeconomic Model, Federal Reserve Bank of St. Louis Review, 83(4), July/August, pp. 83-
110.
Lütkepohl, H. (1993): Introduction to Multiple Time [...]
McCallum, B.T. (2001): Monetary Policy Analysis in Models Without Money, Federal Reserve
Bank of St. Louis Review, 83(4), pp. 145-1160.
McCallum, B.T. (2002): Recent Developments in Monetary Policy
Analytics, Bloomberg, the Center for Financial Stability, the Federal
Reserve Board and the Fed St. Louis.
The spreads used in the paper are defined as follows:
(1) Term spreads
- the [...] base (non-adjusted and adjusted by the Federal Reserve Board (FRB) or the
Federal Reserve Bank of St. Louis)15
The official aggregates MZM, M1 and M2
M1 without foreign currency holdings; M1 plus [...] non-transactions components
in M2
15 The St. Louis Fed adjusts the monetary base for the effects of changes in statutory reserve requirements on
is real quarterly world GDP growth, ϑ(St) is the mean of regime St. Due to the quarterly
frequency of the data, we take up to four lags of GDP into account. St follows a Markov chain defined
by [...] Hamilton 1989), where we allow the intercept to be regime dependent.
Assuming a random variable, St ϵ {0,1,…N} where N denotes the unobserved regimes, the model can
be written as follows:
(1)
= l , geht ßt
gegen unendlich. Selbst wenn ßt#l, kam (18) unsinnige Resultate erbringen, falls St nicht
durchgehend unter ~f liegt. Diese Situation kam sich aber zwangsläufig ergeben, da die
[...] abgeschwächt wird, wodurch der Saisonfaktor von M 1 von dem-
jenigen der Transaktionsgröße abweicht. St wäre dementsprechend der Saisonfaktor von
M 1 und S: die Saisonkomponente des Privaten Verbrauchs [...] for Currency: 1s the Underground Economy Un-
dermining Monetary Policy? Federal Reserve Bank of St. Louis Review, Vol. 62, No. 1,
S. 11-17
Brand, Diana (1993), Currency Substitution in Developing
Federal Reserve Banks) were poor. In the 1960s the Federal Reserve Bank of St. Louis started to develop research
activities (e.g. the St. Louis equation) by hiring young, bright economists. Soon after, the [...]
EMU enlargement. With up to 12 new members entering EU and EMU in the first decade of the
21st century the current procedures (one vote for each board member and for each NCB) cease to
be feasible
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Autovermietung Deutschland
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, R
Neumann, M.J.M. and von Hagen, J. (2002): Does Inflation Targeting Matter?, Federal
Reserve Bank of St. Louis Review, 84(4), pp. 127-148.
Orphanides, A. (2000): The Quest for Prosperity without Inflation [...] (1998): The euro: a challenge to, and opportunity for, the financial
markets, speech delivered at the 21st colloquium of SUERF and CFS in Frankfurt
on 15/10/1998, reprinted in BIS Review 84/1998, p. 1-6.
349–84.
Poole, W. (2005) Understanding the term structure of
interest rates, Federal Reserve Bank of St. Louis
Review, 87, 589–95.
Rao, B. B. (2007) Estimating short and long-run relation-
ships: a guide [...] the federal
funds and 10-year treasury rates: a conundrum or
Goodhart’s law?, Federal Reserve Bank of St. Louis,
Working Paper No. 2007-039A, September.
Tobin, J. (1965) Money and economic growth,
Econometrica
(2001) Dollarization as a Monetary Arrangement for
Emerging Market Economies, Federal Reserve Bank of St. Louis Review,
83(6), November/December, pp. 29–39 (http://www.stls.frb.org).
Banco de Espana (1996)
ungen für KWK. V O N P E T E R F O C H T
B
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: a
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