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innovations. On the other hand, the resulting output effect is not unambiguous since product
innovations could also reduce [...] technical progress’ had an
influence on their employment plans). König/Buscher/Licht (1995), on the other hand, find a
positive effect of process innovation on employment, which is even stronger than the
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0*** 0.91
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Character [...] related to the fact that DM banknotes are circulating to a higher percentage abroad, compared to other euro area currencies, and were hence potentially over-proportionally affected by the anticipations [...] standard
standard Banknotes in circulation 350
standard Other autonomous factors 340
standard Liabilities to general government 50
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therefore the latter will be used throughout this book. On the other hand, the issue of what monetary
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the central bank’s objective function may include other targets besides
the money growth target. In our model, money-based interest rate rules
502 Christina
€1 coins drifts to other countries. We assume that this amount is proportional to the
volume at the start of the period: αNDD(t-1). Conversely, coins also flow from other
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migrated to other euro-
area countries (NDA(t)):
NDðtÞ ¼ NDDðtÞ þNDAðtÞ: ð1Þ
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policy strategy is adequate and the monetary transmission process [...] events" as it were. Therefore, in some places the
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opportunity to find more up-to-date information on monetary