Total (F+G+H+I+J+K) (A+B+C+D+E) –
(F+G+H+I+J+K)
Seigniorage S – S
Resource costs (F+G+H+I+J+K) (A+B+C+D+E) –
+ S (F+G+H+I+J+K) – S
Central bank
E
Other businesses
(CITs, network operators [...] al
te
K
rü
ge
r a
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 [...] progress as cashless
wage and salary payments became more widespread between the late 1950s and the
early 1970s in Germany. Having said that, this does not mean that cash payments
were displaced completely
made by Clarida et al. (1998) and
others that both the Fed’s monetary policy under Paul Volcker and Alan Greenspan and
the Bundesbank’s monetary policy during the era of monetary targeting (1979-1998) [...] rule based on real-
time estimates of inflation and the output gap tracks the Fed’s monetary policy in the
1970s quite closely and thus would not have been helpful in avoiding the policy
mistakes [...] 38, 587-614.
Bernanke, B.S. & Mihov, I. (1997): What does the Bundesbank Target?, European
Economic Review 41, 1025-1053.
Bernhardsen, T., Eitrheim, Ø., Jore, A.S., & Røisland, Ø. (2005): Real-time
H0: S=
^
. When Maximum likelihood is used to estimate the model, the formula for² and Fis as in (5A):
2
1
ˆ( 1) ( ; )
ˆ ˆ ˆ( ; ) ( ) lg | | lg | |
n F S
F S tr S S
[...] Data: Asymptotic and finite-sample properties, Journal of
Econometrics 108, 1-24.
Maddala, G S. & S Wu (1999). A Comparative Study of Unit Root Tests with Panel Data and a New Simple Test, Oxford [...] Economic Studies 57, 99-125.
Rogoff, K S (1998), Blessing or Curse? Foreign and underground demand for euro notes, Economic Policy, 263-303.
Rogoff, K S (2016), The Curse of Cash, Princeton University
Wakefield (2019) Where’s the Money? An Investigation into the
Whereabouts and Uses of Australian Banknotes, The Australian Economic Review 53, 22–34.
Flannigan, G, & S. Parsons (2018), High-d [...] Economic Policy 7(2), 10–32.
Shirai, S. & E. A. Sugandi (2019), What Explains the Growing Global Demand for Cash? ADBI
Working Paper Series, No. 1006.
Sumner, S. B. (1990), The Transactions and Hoarding [...] receive comments.
The opinions expressed in this article are the sole responsibility of the author(s) and should not be
interpreted as reflecting the views of Sveriges Riksbank.
annotation
bzw. die »Recovery Rate« in der Regel auf das Rating gro-
ßer Ratingagenturen wie Moody’s and Standard & Poor’s
zurückgegriffen. Dabei ist allerdings zu beachten, dass das
Rating mehrere Unternehmen in [...] zu Bilanz-
werten gemessen ist. Zusätzlich verwenden wir noch die
beiden von Standard & Poor’s und Moody’s ermittelten Grö-
ßen »Rating« und »Outlook«. Erstere ist eher gegenwarts-,
zweitere eher zuku [...] wer-
den die Ratingkategorien zu vier größeren Einheiten gemäß
der Klassifikation von Standard & Poor’s (AAA, AA, A, BBB)
aggregiert.1
In den Tabellen 2 und 3 sind einige statistische Kennzahlen
des D
Bilanzwer-
ten gemessen ist. Zusätzlich verwen-
den wir noch die beiden von Stan-
dard & Poor’s und Moody’s ermittel-
ten Größen „Rating“ und „Outlook“
(für „senior unsecured debt“). Ers-
tere ist eher [...] werden
die Ratingkategorien zu vier größe-
ren Einheiten gemäß der Klassifika-
tion von Standard & Poor’s (AAA,
AA, A, BBB) aggregiert. Die Zusätze
+ und – werden im Folgenden also
der entsprechenden Klasse
exogenen) Geldmenge M. So etwa De-
Long und Olney (2005, S. XX): „In today‘s world, where
central banks set interest rates but not money stocks, the
LM curve‘s underlying assumption that the nominal mo-
ney stock [...] deposits“ (Howells, 2005, S. 3).
„The relationship between money and credit is an endo-
genous one, and affected by economic policy (including
monetary policy)“ (Stiglitz/Greenwald, 2003, S. 295). Es
zeigt sich [...] inter-
bank interest rate is the appropriate operational target“
(Bindseil, 2004, S. 8; siehe hierzu auch Bain/Howells,
2003, S. 92 f.).
In weiten Teilen der Lehrbuchliteratur findet dies aber
noch kaum
personal website or
institutional repository. Authors requiring further information
regarding Elsevier’s archiving and manuscript policies are
encouraged to visit:
http://www.elsevier.com/copyright
[...] February 2013
JEL classification:
E41
E42
E58
Keywords:
Banknotes
Euro
Foreign demand
Age
a b s t r a c t
In this paper, we analyze the volume of Euro banknotes issued by Germany and circulating [...] growth
rates for D-Mark currency. Moreover, for each of the seven Euro
denominations, the Bundesbank’s share in net issuance is higher
than its share in the capital of the European Central Bank (ECB) of
Troika haben?
von Thomas Jost
67 Does Microfinance have an impact on borrower’s consumption patterns and women’s
empowerment?
von Charlotte H. Feldhoff, Yi Liu und Patricia R. Feldhoff
[...] society,
ensuring a well-functioning cash ecosystem is a matter of public interest. From a society’s
perspective, an efficient payment system is a mixture of both physical and digital
instruments. [...] - to trace (Spaanderman, 2020).
1 ECB’s SPACE survey.
2 Cash Review Final Report, available at: https://www.accesstocash.org.uk/media/1087
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
Transaktions-
größen konzentrieren (siehe dazu auch Becker, 1975, S.63f., Cagan, 1958, S. 306f., Galli,
1980, S. 3, Kimball, 1981, S.44f.).
In den Abbildungen 18 und 19 sind die entsprechenden [...] angewen-
det, vgl. Ha (1994), ~ n i e ~ e r l ~ a (l994), S. 13-15.
4 7 ~ ~ = + log (2 x ) +("1 -ist definiert als LL -" ( 2 )- - log f s sR) .
2 2 ) \ N
wobei N die Anzahl der Beobachtungen und [...] Vol. 66, S. 303-328
Calvo, Guillermo A., Kumar, Manmohan S. (1994), Money Demand, Bank Credit, and Eco-
nomic Performance in Former Socialist Economies, IMF Staff Papers, Vol. 41, S. 3 14-349
T
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. 2
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In
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second (p/s) used in pediatric cardiology to 0.5 p/s in some systems for
slowly moving objects. A reduction to half pulse rate reduces dose by about half. The
reduction from 30 p/s to 7.5 p/s results in [...] /Left
/CalGrayProfile (Dot Gain 20%)
/CalRGBProfile (sRGB IEC61966-2.1)
/CalCMYKProfile (U.S. Web Coated \050SWOP\051 v2)
/sRGBProfile (sRGB IEC61966-2.1)
/CannotEmbedFontPolicy /Error
/Com [...] Vol.135, No.2,
(February 2008), pp. 367–375, PII S0022-5223(07)01592-9
Krul, S.P.; Driessen, A.H.; van Boven, W.J.; Linnenbank, A.C.; Geuzebroek, G.S.; Jackman,
W.M.; Wilde, A.A.; de Bakker, J.M. &
Economics 31, S. 91-98.
Johansen, S. (1995), Likelihood-based Inference in Cointegrated Vector Auto-regressive Models, Oxford University Press,
Oxford, New York.
Kang, S.H., Kang, S.-M. & S.-M. Yoon [...]
Notice to U.S. investors
This report is being furnished to U.S. recipients in reliance on Rule 15a-6 ("Rule 15a-6") under the U.S. Securities Exchange Act of 1934, as amended. Each U.S. recipient of [...] Abosedra, S. (2005), Futures versus Univariate Forecast of Crude Oil Prices, OPEC Review 29, S. 231-242.
Akram, Q.F. (2009), Commodity Prices, Interest Rates and the Dollar, Energy Economics 31, S. 838-851
about the interpretation of the U.S. Fed’s monetary policy in the 1970s. While some com-
mentators argue that the Fed was responsible for the “Great Inflation” of the 1970s, because
its monetary policy was [...] hindsight. Today, we know that the Fed’s
real-time assessment of the U.S. business cycle was too pessimistic. Taking this real-time
problem into account, the Fed’s monetary policy could be justified even [...] differently, the Fed’s policy would not have been significantly
different had it in fact followed a Taylor rule.
The inflation record of the Bundesbank in the 1970s and early 1980s was better than
that
society, ensuring a well-functioning cash ecosystem is a matter of public interest.
From a society’s perspective, an efficient payment system is a mixture of both
physical and digital instruments.
[...] als. https://cashessentials.
org/demand-for-cash-under-uncertainty-a-global-update-for-2023/
2 ECB’s SPACE survey.
3 Cash Review Final Report, available at: https://www.accesstocash.org.uk/media/1087/ [...] is supported by legislation, notably legal tender rules, and by the
central bank which as the State’s monetary authority must protect the value of
cash and the stability of the monetary system
Finally
University of
Helsinki, mimeo.
van Blokland, P., L. Booth, K. Hiremath, M. Hochstenbach, G. Koole, S. Pop, M. Quant und
D. Wirosoetisno (2002), The Euro Diffusion Project, Proceedings of the 42nd European
55 Offline payment: A payment in which authorisation and settlement takes place between payer’s and payee’s
devices, without the need for any connection to the internet or other computer network and therefore [...] (2005), Gresham’s law of payments, Address to the Australasian Institute of Banking
and Finance Industry Forum, Sydney, 23 March 2005, Reserve Bank of Australia Bulletin, April
2005, S. 8-13.
Meyer [...] allerdings mit zwei unterschiedlichen D€-Kontenarten
(Guthaben- und Zero-Limit-Konto) (EZB 2023a, S. 19).
Es ist nicht offensichtlich, ob die EZB die definitorische Differenzierung zwischen
Stuttgart, S. 187-217.
Obstfeld, Maurice (1986), Rational and Self-Fulfilling Balance-of-Payments Crises, in:
American Economic Review, Vol. 76, pp. 72-81.
Obstfeld, Maurice and Kenneth S. Rogoff [...] 339-390.
Ostry, Jonathan D., Atish R. Gosh, Karl Habermeier, Marcos Chamon, Mahyash S. Oureshi
and Dennis B. S. Reinhardt (2010), Capital Inflows: The Role of Controls, International
Monetary Fund [...] dollar crisis?, in: Economic Policy, pp. 435-467.
Obstfeld, Maurice and Kenneth S. Rogoff (2007), The Unsustainable U.S. Current Account
Position Revisited, in: Richard Clarida (ed.) G7 Current Account
of Economics and Finance 37 (2016) 328–347
Chart D1: Impulse responses to Cholesky one S.D. innovations ± 2 S.E
-.002
-.001
.000
.001
.002
.003
1 2 3 4 5 6 7 8 9 10 11 12
Response [...] Received in revised form 24 May 2016
Accepted 25 May 2016
Keywords:
Money
Credit
Forecasting
a b s t r a c t
We analyse the forecasting power of different monetary aggregates and credit variables [...] should be set on such variables to improve the forecasting of US activity.
� We are indebted to S. Makrydakis, B. Schnatz, H.-E. Reimers, the participants at seminars at the ECB, the Deutsche Bundesbank
(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
process, reflecting the efficiency of the Eurosystem’s forecasts.
standard It should also be noted that, from the point of view of the Eurosystem’s balance sheet and its liquidity management, it makes [...] , A. , S.J. Koopman , and M. Riani (1997), The Modeling and Seasonal Adjustment of Weekly Observations, Journal of Business & Economic Statistics 15 (3), 354–368.
litver Husted , S. and M [...] embedded _1085826781
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s
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s
, respectively. The trend variable calculated in this way was
appropriate.” (Woodford, 2003,
S. 24 f).
Sowohl das Eurosystem (EZB, 2004, S. 75), das Fed
(Board of Governors, 2005, S. 16) als auch die Bank of
England (Bank of England, 2005, S. 3) steuern den Tages-
geldsatz [...] Ähnlich Abel und Bernanke
(2005, S. 462): „Classicals and Keynesians agree that, for
disinflation to be achieved without high unemployment
costs, reducing the public‘s expected inflation rate is im-
portant [...] ra-
tes stable around the rate decided by the Council ...“ (Pa-
padia, 2005, S. 52, für die Fed siehe analog Woodford,
2003, S. 26).
Eine Steuerung des Zinses hat den Vorteil, dass erratische
Zinsschwankungen
tut München), H. Rottmann (FH Amberg-Weiden), W. Schäfer (Universität
der Bundeswehr Hamburg), S. Schich (OECD), F. Schobert (Deutsche Bundesbank) und A. Worms
(Deutsche Bundesbank), die uns mit
36; 13.09.2010
[2] Bundesgesundheitsblatt 2012
[3] Bulitta et. al., mtmedizintechnik 03/15; S. 92 – 95
[4] http://www.admeco.ch/Htdocs/Files/v/8151.pdf/ADMECOAREAENDE1.pdf
[5] DIN 17664:2004 [...] [7] http://www.deconidi.ie/html/conf/wfhssconference2012/lectures/wfhss_conf20121121_lecture_sp_s701_en.pdf
[8] Salgado et al., Infect Control Hosp Epidemiol 2013; 34(5):000000
[9] http://www