Unterrichtung durch die Bundesregierung Masterplan Umwelttechnologien I n h a l t s v e r z e i c h n i s Seite 1. Zielsetzung . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . [...] durch die Ansiedlung des Programms „UN-Water Decade Programme on Capa- city Development“ (UNW-DPC, s. o.), das von BMBF und BMZ gemeinsam gefördert wird und im Sommer 2007 unter Abstimmung aller Ressorts [...] produktionsbedingten Resten, Verschnitt und Abfall) (4) Verbesserung der Materialeffizienz i. e. S. (produktbezogen) – Miniaturisierung – Leichtbautechnik/Bionik – Neue Werkstoffe (5) Ve

fromFig. 4. Call TS. t] two 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 [...] A cyclical turning point P(S 5 juS 5 i, S 5 k, . . . )t t21 t22is thought to occur at the most extreme value of inflation between two consecutive regimes. 5 P(S 5 juS 5 i) 5 pt t21 ij 2 and O [...] ,y ; l, y )1 2 T 0 points 2 2 5 O . . . O P( y , . . . y , S , . . . S ; l, y )t T 1 T 0 Since Hamilton’s (1989) model was de- S 51 S 511 T veloped as an alternative treatment of non- stationary

Contents Abstract 5 1 Introduction 7 2 The Eurosystem�s balance sheet, the supply and demand for deposits, and the logic of the ECB�s liquidity management4 8 3 The autonomous liquidity factors [...] ECB Working Paper No 44 � February 20018 2 The Eurosystem�s balance sheet, the supply and demand for deposits, and the logic of the ECB�s liquidity management4 The natural starting-point for any [...] Tuesday in respect of the preceding Friday (see the ECB�s Web site at http://www.ecb.int). 5 Table 1 constitutes a simplified version of the Eurosystem�s balance sheet of 26 November 1999, which shows all the

of persistent real exchange rate movement that the UK has experienced in the second part of the 1990s. The high variability in Swedish CPI inflation and, somewhat less pronunciated, in the Swedish real [...] (2000), `A Money Demand System for Euro Area M3', ECB Working Paper No. 39, November 2000. Gerlach, S. and L. E. O. Svensson (1999), `Inflation and Money in the Euro Area: A Case for Monetary Indicators

n a M o n e t a r y U n i o n : T h e C a s e o f t h e E u r o p e a n S y s t e m o f C e n t r a l B a n k s Sylvester C. W. Eijffinger with comments by José Luis Malo de Molina [...] - Eijffinger_WP64.doc page ≈√ O e s t e r r e i c h i s c h e Nat i ona l b a n k W o r k i n g P a p e r 6 4 Th e Fe d e r a l D e s i g n o f a C e n t r a l B a n k i n [...] Studien Nr. 4/1990, S 74 ff 3) In abgeänderter Form erschienen in Berichte und Studien Nr. 4/1991, S 44 ff 4) In abgeänderter Form erschienen in Berichte und Studien Nr. 3/1991, S 39 ff 5) In abgeänderter

(2000), S. 5. 32 Vgl. SCHWARZE (2000), S. 1294. 33 Vgl. auch BINI SMAGHI / GROS (2000), S. 125-129; MISHKIN (2001), S. 383; SCHICH / SEITZ (2000), WOOD (2001b), S. 79 und WYNNE (1999), S. 6. [...] BOFINGER (2001), S. 205-239, VON HAGEN ET AL. (2001), S. 11-15, ILLING (2000), LIEBSCHER (1999) und WALSH (1998), S. 375-381. 36 HETZEL (2000), S. 276. 37 „…by the mid-1920s there were voices [...] policy.“ MEADE / SHEETS (1999), S. 55. 12 Vgl. HUMPHREY (2001), S. 84-86; WHEELOCK (2000), S. 249-251. 13 „The individual Reserve Banks began, during the 1920s, to engage actively in sales and

Organization 20, pp. 1-17 Bond S. and C. Meghir (1994), Dynamic Investment Models and the Firm’s Financial Policy. Review of Economic Studies 61, pp. 197-222 Butler, J. S. and P. Chatterjee (1997), Test [...] Myers, S. and N. S. Majluf (1984), Corporate Financing and Investment Decisions when Firms Have Information that Investors Do Not Have. Journal of Financial Economics 13, pp. 187-221 Ongena, S. and [...] frequently applied: Estimate (3) by probit maximum likelihood, calculate the inverse Mill’s ratio, add the inverse Mill’s ratio as a regressor to (1) and estimate the augmented (1). Our endogenous variable

Analysis of Panel Data. Cambridge. KATSOULACOS, Yannis S. (1986), The Employment Effect of Technical Change. Oxford. KATSOULACOS, Yannis S. (1991), Technical Change and Employment under Imperfect [...] firm does not take output as given, but the output decision process is connected with the firm’s innovation behaviour. If, for example, innovations increase the quality of goods or reduce the input [...] new product, given constant qualities and product groups of the competitors, increases the firm’s market share, but it could also lead to higher monopolistic power and mark-up pricing. Thus, the

ployment or the growth rate of labour productivity on the growth rate of output (Okun’s Law or Verdoorn’s Law). The typical empirical result for Germany is that the estimated employment threshold [...] (1990) reports that the employment threshold was about 3.8 per cent during the 1960s and 1.2 per cent during the 1980s. This decline is usually attributed to the productivity slowdown. page [...] equation (6) to zero and get after some manipulations the short-run employment threshold s Yw : ( )( ) YLtLKKLqqqL s Y wwww mll ,,,, εεεε ++−−= (7) where )(w represents the growth rate for the respective

von der Preiselastizität der 3 Siehe z.B. Y.S. Katsoulacos, The Employment Effect of Technical Change, Oxford 1986, Kapitel 2 und 4 sowie G.M. Grossman [...] gung kaum erhöhten (0,11%). 8 Vgl. H. König, H.S. Buscher, G. Licht, Employment, Investment and Innovation at the Firm Level, in: OECD, The OECD Jobs [...] Evidence from West German Sectoral Data, in: Weltwirtschaftliches Archiv, Vol. 130, 1994 sowie H. König, H.S. Bu- scher, G. Licht, a. a. O. page 13 Zusammenfassung: Positive Beschäftigungseffekte

ng 19, S. 1-19. KÖNIG, Heinz, POHLMEIER, W. (1988), Employment, Labour Utilization and Factor De- mand. Review of Economics and Statistics 68, S. 423-431. KÖNIG, Heinz, BUSCHER Herbert S., LICHT [...] hängt von Annahmen über die Eigenschaften der Effizienzparameter γi ab (Greene 1993, S. 465ff., Hsiao 1986, S. 25ff.). Be- trachtet man die γi als feste Parameter, dann handelt es sich bei (4’) um [...] of growth? European Economic Review 35, S.535-541. AGHION, Philippe, HOWITT, Peter (1992), A Model of Growth through Creative De- struction. Econometrica 60, S.323-351. BREITUNG, Jörg (1994), Die

Sitzungsprotokollen würde diese Tendenz eher noch wei- ter verschärfen. page ** * Pr oS a Jo bi de nt if ic at io n: < ta ke > a t W ed O ct 2 3 20

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gen: Bernanke, B.S./Laubach, T./Mishkin, F.S./Posen, A.S.: Inflation Targeting — Lessons from the Inter- national Experience. Princeton 1999. Blenck, D./Hasko, H./Hilton, S./Masaki, K.: The Main [...] /Rudebusch, G.D.: The Goals of U.S. Monetary Policy. In: Rabin, J./Stevens, G.L. (Hrsg.): Handbook of Monetary Policy. New York/Basel 2002, S. 343 - 346. Mishkin, F.S.: The Economics of Money, Banking [...] „attraktive“ Konditionen herbeiführen (im Einzelnen siehe hierzu Görgens et al. 2001, S. 181 und Goodhart 2002, S. 284 - 287). Zentralbankgeld kann aber nur geschaffen werden, wenn die Kreditinstitute

on zu eigen zu machen (Deutsche Bundesbank, 2001b, S. 17). Da es für die neuen Mitgliedstaaten keine Opting-Out- Klauseln geben wird (EZB, 2000, S. 48), verpflichten sich diese Länder mit dem Beitritt [...] e + 15 Basispunkte + 200 Basispunkte. Quelle: Deutsche Bank Research, 2002, S. 29 f; Europäische Kommission, 2002, S. 111 f. Tab. 1: Makroökonomische Indikatoren der MOE-Länder 2002 3. MOE-Länder [...] Begren- zung der Finanzierung von staatlichen Infrastrukturmaß- nahmen hemmen (Wagner, 2002, S. 14; Sell, 2001, S. 383). Auch eine frühe Teilnahme am Wechselkursme- chanismus II (WKM 11) scheint nicht un

verstärkt Beachtung geschenkt wer- den. Reale Konvergenz ist wichtig, page ** * Pr oS a Jo bi de nt if ic at io n: < ta ke > a t T ue J ul 0 1 21

R O P E A N C E N T R A L B A N K WO R K I N G PA P E R S E R I E S BACKGROUN D STUDY FOR THE EVALUATION OF THE ECB’S M ON ETARY POLICY STRATEGY page © European Central [...] narrow money? page E U R O P E A N C E N T R A L B A N K WO R K I N G PA P E R S E R I E S E C B E Z B E K T B C E E K P WORKING PAPER NO. 254 [...] of the background studies prepared by ECB staff as an input into the Governing Council’s reflections on the ECB’s monetary policy strategy.The views expressed in this paper do not necessarily reflect those

Presseartikeln, Nr. 31 vom 10. 7.2002, S. 2 - 5. Ruckriegel, K./Seitz, F.: EU-Erweiterung, Währungsunion und Balassa-Samuelson-Effekt. In: WiSt, 32. Jg. (2003), S. 94 - 100. (http://www.ruckriegel.org [...] F./Eucken, W./Großmann-Doerth, H. (Hrsg.): Ordnung der Wirtschaft. Heft 1. Stuttgart/Berlin 1937, S. VII - XXI. Böhm, F.: Die Forschungs- und Lehrgemeinschaft zwischen Juristen und Volkswirten an der [...] (Hrsg.): Aus der Geschichte der Rechts- und Staatswis- senschaften zu Freiburg i. Br. Freiburg 1957, S. 95 - 113. Dietze, C. v.: Pflicht im Widerstreit der Verpflichtungen. Würz- burg 1980. Dietze

December 2001, S. 1 - 22 (http://www.bis.org). Dow, S.: Money Supply: Endogenous or Exogenous. In: Snowdon, B./Vane, H.R. (Hrsg.): An Encyclo- pedia of Macroeconomics. Cheltenham (UK) et al. 2002, S. 500 - [...] ungen: Broll, U./Marjit, S./Mukherjee, A.: Foreign Direct Investment and Credible Policy: The Role of Risk Sha- ring. In: International Trade Journal, Vol. 17 (2003), S. 165 - 176. Haucap, J./Wey [...] International Economics, Vol. 52 (2000), S. 69 - 87. Kräkel, M./Sliwka, D.: Delegation, Spezialisierung und optimale Entlohnung. In: WISU, 30. Jg. (2001), S. 1344 - 1352, Marin, D./Schnitzer, M.:

B11 2003, S. 2) 6) Vgl. hierzu Deutsche Bundesbank: Zur Lage der öffentlichen Finanzen in den der EU beitretenden Ländern, Monatsbericht Juli 2003, 55. Jg., S. 30 7) Vgl. hierzu ebenda, S. 33 f. 8) [...] Addison Wesley, Boston et al., S. 373) 10) Vgl. Europäische Zentralbank: Inflation Differentials in the Euro Area: Potential Causes and Policy Implications, September 2003, S. 30 11) „Im europäischen Kontext [...] und Wirtschaft, 1. Quartal 2004, S. 67, und Sachverständigenrat zur Begutachtung der gesamtwirt- schaftlichen Entwicklung: Jahresgutachten 2001/02, Stuttgart 2001, S. 277 page Ausblicke Wä

bearing cash against which there are interest bearing assets in the central bank’s balance sheet. Thus, real seignior- age S may be defined according to the following formula: (12) � � � � [...] Jefferson, P. N. (2000) ‘Home’ Base and Monetary Base Rules: Elementary Evi- dence from the 1980s and 1990s, Journal of Economics and Business, 52, pp. 161–180. Kabelac, G. (1999) Cyber Money as a Medium [...] ifo Schnelldienst vom 25.9.2000, pp. 1–18. page 21 D isc ussio n P ap er s Schreft, S. L., Smith, B. D. (2000) The Evolution of Cash Transactions: Some Implications for Monetary

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(1976) 39–44, 45–50. [18] I. Rubinstein, J. Rishpon, S. Gottesfeld, J. Electrochem. Soc. 133 (1986) 729–734. [19] A. Parthasarathy, B. Davé, S. Srinivasan, A.J. Appleby, C.R. Martin, J. Electrochem [...] m. Soc. 139 (1992) 1634–1641. [20] T.E. Springer, T.A. Zawodzinski, M.S. Wilson, S. Gottesfeld, J. Electrochem. Soc. 143 (1996) 587–599. [21] P. Kurzweil, Technical report, Dornier GmbH, Friedrichshafen [...] admittance (in�−1) Z(�) impedance (in�) Zd mass transport impedance (in�) ω = 2πf circular frequency (in s−1) It is not correct to write capacitance simply byC = −(ω ImZ)−1, which would imply that the el

Paper Ser ie s No . 330 April 2004 page transactions purposes was 45% in the first half of the 1990s just to fall back to about 25 % in the second half of the 1990s.62 Taken the 1990s together [...] of small banknotes declined in the first half of the 1980s (see Chart 3). In the second half of the 1980s and in particular during the 1990s, small-value banknotes have been relatively stable in [...] that the high interest rates of the late 1980�s and the early 1990�s were a spur to the development of EFTPOS cash substitutes. 26 ECB Work ing Paper Ser ie s No . 330 April 2004 page and Seitz

Exports, in: Baldwin, et.al., Trade Policy Issues and Empirical Analysis, Chicago 1988, S. 259-297. Brainard, S.L., A Simple Theory of Multinational Corporations and Trade with a Trade-off between Proximity [...] Vol. 91, 2001, S. 693-708. page 15 Culem, C.G., The Locational Determinants of Direct Investments among Industrialized Countries, European Economic Review, Vol. 32,1988, S. 885-904. [...] Economic Journal, Vol. 54,1987, S. 174-185. Deutsche Bundesbank, Entwicklung und Bestimmungsgründe grenzüberschreitender Direktinvestitionen, Monatsbericht August 1997, S. 63-82. Deutsche Bundesbank