FAWLEY B.W., NEELY C.J. (2013), Four Stories of Quantitative Easing, Federal Reserve Bank
of St. Louis Review 95(1), 51-88.
GREENSPAN A. (2005), Testimony Before the Committee on Banking
diaries –
empirical evidence from Germany Tobias Schmidt
12 2011 Currency blocs in the 21st century Christoph Fischer
13 2011 How informative are central bank assessments Malte Knüppel
46 0.55 (C) 0.3465 0.347 0.463
IRL-OWN (C,10) -2.61 0.10 (C) 0.4503 0.347 0.463
1st difference
m (C,0) -3.45 0.01 (C) 0.2072 0.347 0.463
pc (C,2) -3.55 0.01 (C) 0.3393
24 If the seasonality in Germany is stronger than outside Germany, St < St
d applies for values greater than 1 and
St > St
d applies for values smaller than 1.
page
12
[...] meaningful results.
If, for example, there is no seasonal influence in any given period, ie St = St
d = 1, ßt tends to
infinity, or any value of ß is compatible with equation (10). If the seasonality [...] Cash, Federal Reserve Bank of St.
Louis Review, 80(4), pp 43-54.
Anderson, R.G., Rasche, R.H. (2000), The Domestic Adjusted Monetary Base, Federal
Reserve Bank of St. Louis Working Paper 2000-002A
ttt eηηηη ηρμρη ++−= −1)1(
Measurement error for Uncond.
mean of ηt
Uncond. st.
dev. of ηt
μη ρη St. Dev. of eηt
Output gap
Ex post series: March 1999;
Production Function Approach [...] interest
- structural estimates for the United States and the euro area, Federal Reserve
Bank of St. Louis Working Paper 2007-005A.
Aoki, K. (2006), Price-level determination under dispersed information
Bullard, James B. (2006), The Learnability Criterion and Monetary Policy, in: Federal Reserve
Bank of St. Louis Review, May/June, S.203-217.
Bullard, James und Kaushik Mibra(2002), Learning about Monetary
einfache Erklärung, die jedoch keinerlei Realitätsrelevanz
besitzt.
Kleine Abhandlungen
740 WiSt Heft 12 · Dezember 2004
page
Die Annahme eines exogenen Geldangebots stellt viel-
mehr die
nd
F
ra
nz
S
ei
tz
C
o
st
s
an
d
B
en
efi
ts
o
f
C
as
h
an
d
C
as
hl
es
s
P
ay
m
en
t
In
st
ru
m
en
ts
page
page
1.6
1.65
1.7
1.75
1.8
Efficiency frontiers, baseline uncertainty
std inflation
st
d
ou
tp
ut
g
ap
TR
SPL
SPLM
Figure 7: Efficiency frontiers
Note: TR, Taylor
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
450 WiSt Heft 8 · August 2005
page
FA X- CO U PO N
Expl. 3-8006-3243-8 Mussel/Pätzold
Grundfragen der Wirtschaftspolitik
6. Auflage. 2005. Kartoniert ca. € 20,– Preis inkl. MwSt. zzgl [...] denn die Geldmenge wird in der Praxis
endogen aus dem Wirtschaftsprozess heraus bestimmt.
446 WiSt Heft 8 · August 2005
page
IS-LM-AS NK, BMW P-Stern, RST
exogen G, M , , , u
int [...] Angebot, wenn der Realzins (i – ‘ )
Rösl/Seitz/Tödter, Monetäres Makromodell für die Lehre
WiSt Heft 8 · August 2005 447
page
über seinem Gleichgewichtswert (r*) liegt. Dies kann da-
mit
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
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
R u c k r i e g e l : Brau-
chen wir eine Zentralbank – und was braucht
eine Zentralbank?, in: WiSt, 35. Jg. (2006),
S. 194-199.
* Wir danken J. Clostermann, E. Görgens, G.
Rösl und K.-H. Tödter [...] schenziel oder Indikator der Geldpolitik – auf
welcher Ebene befi ndet sich die Taylor Re-
gel?, in: WiSt, 36. Jg. (2007), Heft Januar.
onsprozess und die damit einher-
gehende Geldmengenentwicklung
werden [...] Warum die Poole‘sche
Alternative „Zins- versus Geldmengensteu-
erung“ in Wirklichkeit keine ist, in: WiSt, 35.
Jg. (2006), S. 698-701.
page
Wirtschaftsdienst 2007 • 1 17
ZEITGESPRÄCH
Phänomen
0.46
GL1 (C,12) –0.88 0.79 (C) 0.39 0.35 0.46
blr-iM3 (C,1) –1.46 0.55 (C) 0.35 0.35 0.46
1st difference
m (C,0) –3.45 0.01 (C) 0.21 0.35 0.46
pc (C,2) –3.55 0.01 (C) 0.34 0.35 0.46
rthw
date, we form moving 4-week
averages. The rather moderate development up to the beginning of the 21st century is clearly
evident; the price increases that subsequently ensued emerge clearly from the end
Schätzungen adäquat modelliert werden.11 Außerdem
beinhalten unsere Schätzungen Saison-Dummies (st, wobei t die Saison kennzeichnet), um
über die berücksichtigten Variablen hinausgehende Einflüsse
autocorrelation
in the residuals (1st and 4th order). Nor can the Lagrange multiplier (ARCH) test for
autoregressive conditional heteroscedasticity (1st and 4th order) identify any violation
D., Hafer, R.W. (1984), "Currency Substitution: A Test of its Importance", Federal Reserve Bank of St. Louis Review, Vol. 66, No. 7, pp. 5-11.
Boero, G., Tullio, G. (1995). "Currency Substitution and
meaningful results.
If, for example, there is no seasonal influence in any given period, ie St = St
d = 1, ßt tends to
infinity, or any value of ß is compatible with equation (6). If the seasonality [...] Cash, Federal Reserve Bank of St.
Louis Review, 80(4), pp 43-54.
Anderson, R.G. & R.H. Rasche (2000), The Domestic Adjusted Monetary Base, Federal
Reserve Bank of St. Louis Working Paper 2000-002A [...] series of German banknote issuance
consists of three terms: a trend component Tt, a seasonal term St and an irregular or noise
component. These are multiplicatively interlinked (multiplicative seasonal
9 -13,37%
˙ Toshiba 2,81 -3,44%
˚ Südzucker AG 13,78 8,59%
˚ Bechtle AG 109,2 21,06%
˙ S&T 20,22 -17,33%
˙ Amazon 1638,2 -4,87%
Stand: 27.5.2019
DAX = 12078 (-1,74%)
DAX (normiert*)
sgebiet 1993 bis 2013 (Monatsdurchschnitte)
Quelle: Deutsche Bundesbank
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion26
Box [...] zu finanzieren. Wenn die Preissteigerung des Hauses tatsächlich permanent
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion28
ist [...] Eurowährungsgebiet von 1995 – 2011
Quelle: Deutsche Bundesbank, 2012d, 57, 24.
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion30
Inzwischen
Reserve Bank of St.
Louis Review, 82(1), January/February, pp. 35-60.
Thornton, D.L. (2008), Monetary Policy: Why Money Matters and Interest Rates
Don’t, Federal Reserve Bank of St. Louis Review Working [...] Policy, in: Beyer, A. & L. Reichlin (eds.), The Role
of Money - Money and Monetary Policy in the 21st Century, 4th ECB Central Banking
Conference, Frankfurt, pp. 28-55.
Christiano, L.J., R. Motto [...] McCallum, B.T. (2001), Monetary Policy Analysis in Models Without Money,
Federal Reserve Bank of St. Louis Review 83(4), pp. 145-160.
McCallum, B.T. (2002), Recent Developments in Monetary Policy
diaries –
empirical evidence from Germany Tobias Schmidt
12 2011 Currency blocs in the 21st century Christoph Fischer
13 2011 How informative are central bank assessments Malte Knüppel
Bullard, J.B. (2006), The Learnability Criterion and Monetary Policy, Federal Reserve
Bank of St. Louis Review, May/June, S. 203*217.
Bullard, J. & K. Mitra (2002), Learning about Monetary Policy