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one controls
for a number of other influences. We also evaluate the out-of-sample forecasting performance of
different classes of VAR models comprising real M1, GDP and other indicators, using as
benchmark [...] effect as “an increase in the quantity of money, other things being held
constant, [that] influences the demand for a commodity just like any other increase in wealth”.
There has been a long debate [...] into account, there is little evidence that other variables like anticipated or lagged changes in
income, stock prices, government purchases or any other variable that might influence uc or serve as a
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increases. But,
on the other hand, as long as this higher money growth leads to higher infla-
tion, the seigniorage base bn/p shrinks. However, if euro banknotes are held
in other countries and also hoarded [...] or_accessibility true
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Author Mira
producer Acrobat Distiller 5.0 (Windows)
[...] to the influence of cash-substituting financial instruments, e.g.
credit and debit cards. On the other hand, there are currencies for which the
traditional transactions and opportunity cost considerations
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among other things the amount of sur-
face area accessible to the electrolyte. Capacitance at high
frequencies shows the “outer” electrode surface, which may
depend on grain boundaries and other interparticle [...] true
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access_permission:extract_content [...] chemical sensors form more or less sensible components of
modern energy stores, propulsion systems and other tech-
nical aggregates [1–3]. Electrochemical devices open up
promising applications. There have been
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Author European Central Bank
producer Acrobat Distiller 5.0 [...] amount of currency used for hoarding purposes on the one hand and
transaction purposes on the other. Moreover, the amount of euro banknotes which has been
frontloaded or shipped in the first months [...] 2002. Some authors try to capture the amounts
of currency hoarded in the respective country,6 others analyse foreign holdings of specific
currencies, both from the point of view of a currency exporting
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better
than that of the Fed and many other central banks and one could ask whether the
Bundesbank was able to avoid some of the “mistakes” made by others and – if so – why
this was the case. One [...] but also for other variables like consumer prices
and – to a lesser extent – monetary aggregates. By re-estimating policy reaction
functions for the US-Fed, Orphanides and others have shown that [...] studies of CGG (1998, 1999, 2000), Smant (2002) and others.
In fact, as regards the output gap, we know that data on industrial production and other
monthly indicators allow the Bundesbank staff to
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ac
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