Watson: Introduction to Econometrics. 3. Aufl., Pearson Education, New York 2015. Wooldridge, J.M.: Introductory Econometrics: A Modern Approach. 6. Aufl., Cengage Learning, Boston 2016. [...] Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] 90 (1995), Nr. 430, S. 443450. Card, D.: Using Geographic Variation in College Proximity to Estimate the Return on Schooling, in: Christophides, L.N., E.K. Grant, R. Swidinsky (Hrsg.): Aspects

projection method to analyze the reaction of house prices, mortgage loans and mortgage lending rates to surprises in monetary policy that can be related to unconventional measures. We refer to the shock [...] side-effects of loose monetary policy points to financial instability risks. In particular, housing busts in response to a surge in house prices due to low interest rates might be a potentially d [...] h = 0, 1, 2, 3...H to generate a sequence of the θh’s. We use the method of Driscoll and Kraay (1998) to obtain heteroskedasticity-consistent standard errors that are robust to very general forms

discipline seems not to wane in re- sponse to expansionary shocks to monetary policy that bring down borrowing cost. Thus, although government debt rose (Figure 1) relative to GDP between 2006 and [...] expansionary shock is assumed to raise the stock price due to a lower discount rate and to decrease the interest swaps. Leombroni et al. (2020) calculate a risk premium shock to monetary policy by exploiting [...] 18According to Bini Smaghi (2013), the ECB’s role changed radically in the course of the sovereign debt crisis: ”The ability to push government authorities to make decisions contrary to their immediate

paper, the Dunning-Kruger-Effect, complementary to the original study by Dunning and Kruger, is investigated in different age groups in order to find out whether the Dunning-Kruger-Effect is more [...] Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] in the competence area of foreign languages. Furthermore, it was researched that men tend to overestimate themselves more than women. However, there was no prove within the research that the

there were fears that the re-setting of computer program dates in order to adjust for the new millennium would have led to a shutdown of important institutions like public utilities, but also the [...] in October 2008, the resulting financial turmoil in the US quickly scaled up to a global financial crisis and led to a visible increase in cash demand worldwide (see figure 1). However, this increase [...] Data refer to cash or banknotes in circulation. Source: National central banks. Obviously, there was a structural difference between the financial crisis 2008 and Y2K with respect to cash demand

Value Weighted Distance to Default Figure 1. Value weighted distance-to-default of EMU+ from January 1993 to June 2020. 2.2. Creation of the Bank spread factor To proxy the distress in the banking [...] in the banking sector to spillover to the cross-section of stocks belonging to the so-called ‘real economy.’ Third, US banks are more active in stock markets, in contrast to their European counterparts [...] from June 1999 to June 2020, we need to start collecting data from 1993 onward. Considering the calculation of DDs, we need one year of data in advance. We lose further five years to perform varying

first have to transfer money from their TARGET-PM accounts to their TIPS-DCA before they can use it for instant payments (see figure 8a). The time to transfer funds from TARGET-PM accounts to TIPS-DCA [...] area countries, but its volume is subject to approval by 1 Some NCBs also provide accounts to nonbanks such as private households and enterprises , but only to a very limited extent. 2 Since the [...] Distributed Ledger Technology (DLT) to store information on a blockchain or “account-based” giving money holders access to ordinary central bank accounts. According to the latest survey by the Bank for

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] their article on concrete examples from the international and worldwide crisis years from 2020 to 2022. Within the business ethics analysis, Schulte and Wörster pay special attention on the law [...] oder Medien kann man sich der markanten Bewerbung von Bioprodukten nicht entziehen; Kleidung, To-go-Geschirr, Speisen und Getränke, Kosmetika etc. werden mit spürbarer Priorität vermarktet und

high interest payments to the banks since the change of the monetary policy course due to high inflation, combined with low income for the high securities holdings, led to massive criticism. The [...] Eurosystem and also Deutsche Bundesbank will make losses in 2023, which are likely to last for several years. Due to massive purchases of securities over the last 10 years, especially government bonds [...] through, e.g., a drastic increase in the minimum reserve ratios in the Eurosystem to reduce excess reserves do not appear to be helpful and pose new problems. Ultimately, states have benefited from h

companies with higher ESG scores were more likely to leave Russia. This seems to justify the high ethical standards attributed to such stocks, leading to the aforementioned protective effect. So did [...] for the economic ties to Russia and Ukraine has to be considered. After all, the degree of economic dependency to Russia 5. When using characteristics that are related to the social pillar of ESG [...] the risk-return patterns of stocks.1 To achieve this, it is essential to gain a deeper understanding of the risk-return patterns, with particular attention to tail-risks and their interconnec- tion

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] decisions in Germany and discuss them in their international contexts. Concrete examples are ment to explain economical problems and chances in one. Within the analysis, Schulte and Wörster pay [...] betrieblicher Altersversorgung für den GGF.“ von Thomas Dommermuth 9 „Zur Entwicklung von E-Learning an bayerischen Fachhochschulen- Auf dem Weg zum nachhaltigen Einsatz?“ von Heribert Popp und

disposable income is to be understood as an approximation. In a liquidity analysis, it would be more appropriate to use income adjusted for taxes and transfers as a starting point, but not to deduct imputed [...] calculated according to equation (4). It becomes obvious that the time- dependent burden ratio over the term of the mortgage reacts to a change in the inflation rate ( ) and to a change in the monetary [...] burden switches from positive to negative values compared to the scenario of price stability (base scenario). Four scenarios are considered. The impact of inflation to the mortgage interest rate

(2.1) to (2.3). All three parties conclude the contract provided that the contractually agreed payments (per project) to the entrepreneur, to the bank, and to the household are in line with (2.1) to (2.4) [...] reduces the ability to fund investment. Finally, an economy prone to a simultaneous monetary policy and macroprudential policy shock responds almost equally to an economy prone to a single monetary policy [...] minimum return that is necessary to induce bankers to monitor is given by Rb t = µIt ∆p , (2.2) and the minimum return that is necessary to induce entrepreneurs to choose the project variant without

resilience to power outages, cyberattacks and crises. • Private monies and systems may contribute to efficiency but are profit-driven, which limits the extent to which they can contribute to the public [...] cash and, establish rights to access and pay in cash. The cash infrastructure must be adapted to the needs of cash users, who otherwise will have no option but to shift to electronic payment alternatives [...] important for people who find it difficult to make ends meet. • Cash provides tourists and foreign visitors to a country with a certainty about being able to pay. In light of these benefits, many

supply factors to demonstrate that cash has to keep a vital role as a means of payment not only to maintain its status of a highly liquid store-of-value but also as an efficient tool to combat crises [...] population is still accustomed to banknotes and coins in its payment habits. In addition, there must be a robust cash infrastructure to ensure a well-functioning cash cycle to meet the demand for cash [...] declined from 2009 to 2020 from 54% to 21% and stayed roughly at that level in the following years. Interestingly, the value shares also fell from 2009 to 2020, from 23% to 9%, but increased

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] mailto:f.seitz@oth-aw.de page English Abstract: We analyze the ability of standard macro models to explain recessions and depressions as well as financial crises. We find that the usual textbook models [...] decisive factor is the (lack of) adjustment of the real interest rate. As a solution, we propose recourse to elements of the Loanable Funds theory. This can better explain the interactions between the goods

by changing from procyclical to countercyclical spending after 2000 (Botswana, Nigeria) or from a-cyclical to countercyclical spending (Cape Verde) or from procyclical to a-cyclical spending (Burkina [...] (moderately) procyclical. While from 1980 to 2000 in almost two thirds of the 46 countries, which we examined, spending was procyclical this share declined to less than 40 percent after 2000 and in the [...] Africa´s fiscal deficit, which had amounted to 7 per cent in the 1980s, declined steadily during the 1990s and the 2000s and during 2006- 2010 it was close to zero. This latter period included some years

how it can steer actual inflation to its target rate. As monetary neutrality is assumed to prevail, the relative change of the price level has to be equal to the relative change in the nominal [...] difficult to gauge. The reasoning is that real balances reflect agents’ portfolio adjustments in response to aggregate demand and / or technology shocks to which they are exposed to.35 Ullersma [...] This leads to the second equilibrium. Due to growing risk and uncertainty, precautionary money demand increases, leading to an increasing value of outside money. This, in turn, leads to a collapse

how it can steer actual inflation to its target rate. As monetary neutrality is assumed to prevail, the relative change of the price level has to be equal to the relative change in the nominal [...] difficult to gauge. The reasoning is that real balances reflect agents’ portfolio adjustments in response to aggregate demand and / or technology shocks to which they are exposed to.35 Ullersma [...] This leads to the second equilibrium. Due to growing risk and uncertainty, precautionary money demand increases, leading to an increasing value of outside money. This, in turn, leads to a collapse

how it can steer actual inflation to its target rate. As monetary neutrality is assumed to prevail, the relative change of the price level has to be equal to the relative change in the nominal [...] difficult to gauge. The reasoning is that real balances reflect agents’ portfolio adjustments in response to aggregate demand and / or technology shocks to which they are exposed to.35 Ullersma [...] This leads to the second equilibrium. Due to growing risk and uncertainty, precautionary money demand increases, leading to an increasing value of outside money. This, in turn, leads to a collapse

how it can steer actual inflation to its target rate. As monetary neutrality is assumed to prevail, the relative change of the price level has to be equal to the relative change in the nominal [...] difficult to gauge. The reasoning is that real balances reflect agents’ portfolio adjustments in response to aggregate demand and / or technology shocks to which they are exposed to.35 Ullersma [...] This leads to the second equilibrium. Due to growing risk and uncertainty, precautionary money demand increases, leading to an increasing value of outside money. This, in turn, leads to a collapse

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] importance of the service business of manufacturing companies increases and the companies want to differentiate themselves with their service offerings and exploit revenue opportunities. The i [...] implemention is often mediocre. This article shows what measures companies can undertake in order to design the service business professionally and profitably. page 3 Wie erzielen

EMU (from 1999 to 2008), and an increasing dispersion of wages according to labor productivity were necessary to strengthen investment and stimulate economic growth in Germany and to reduce unemployment [...] whereas it has continued to rise against third countries. International trade is not a zero sum game. Increasing German exports contribute to growth in other economies due to their high import content [...] that Germany has done nothing to reduce its trade surplus against EMU crisis countries, while these economies were able to sharply reduce their trade deficits due to an “imposed austerity”. Therefore

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in [...] Annual Review of Economics 8, 111-144. Badarinza, C., J. Campbell & T. Ramadorai (2017), What Calls to ARMs? International Evidence on Interest Rates and the Choice of Adjustable-Rate Mortgages, Management [...] (2017), Dissecting the Yield Curve: a central bank perspective, welcome remarks at the annual meeting of the ECB’s Bond Market Contact Group, Frankfurt, 16. May 2017. Deutsche Bundesbank (2002), Zum

manufacturing sector are asked to respond to the following question: “How would you assess the current willingness of banks to extend credit to businesses”? The answers to choose from are “accommodating” [...] firms. In this survey firms are asked to give their perception of the current willing- ness of banks to extend credit to businesses. We interpret the responses to the credit question as information [...] “one of the crucial issues related to the credit crunch is the extent to which profitable and viable firms did or did not have access to finance.” They tried to tackle this problem by looking at the