expect the two regimes to correspond to the normal and ‘inverted’ yield curve, and for the bank–public spread to the normal and ‘widened’ spread. The observed spread series Y is assumed to be drawn fromFig. [...] may be due to the differential response of the Bundesbank to under- and overshootings of its monetary target, raising rates in response to an overshoot- ing but not lowering them in response to overshooting [...] for Germany, so we adopt a methodology similar to that in Artis et al. (1995) to identify 7 inflation cycle turning points. We assume thatAccording to Von Hagen (1999), the call rate has been the troughs

recourse to the deposit facility, an aggregate deficit of the same magnitude implies a corresponding recourse to the marginal lending facility. It is hence possible to just talk of the �net recourse to standing [...] the recourse to standing facilities on Friday had to be counted three times to obtain the required net liquidity injection or absorption at the end of the relevant maintenance period to allow counterparties [...] wants to achieve a certain average overnight rate in line with its monetary policy stance. For this, it has to make sure that the demand for deposits in order to fulfil reserve requirements and to hold

is equal to the inflation target ��p�t � �̂�. Market forces operating behind the Phillips curve then tend to eliminate any price gap inherited from the past. Hence, actual inflation converges to the target [...] targeting based on a `limited' information set. In contrast to `full information' inflation forecast targeting, monetary growth targeting is likely to be more robust under changing conditions of the real world [...] Svensson Franz Seitz Karl-Heinz ToÈdter* University of Applied Sciences, Deutsche Bundesbank Amberg-Weiden 1. In a further paper Rudebusch and Svensson (2000) try to show that a Eurosystem style of

changing world will eventually cease to be relevant. There is much still to learn in the field of economic policymaking, and [a central bank] must continue to learn and update its thinking” (IMF, 2000 [...] designed to disseminate and to provide a platform for discussion of either work of the staff of the OeNB economists or outside contributors on topics which are of special interest to the OeNB. To ensure [...] Governing Council wants on occasion to meet at a national central bank to underline the European nature of the system. Recently, the Governing Council of the ECSB decided to reduce the frequency of monetary

Franz Seitz the Constitution gives to Congress the power to coin money and set its value – a power that, in the 1913 act, Congress itself delegated to the Federal Reserve. The Federal Re- serve [...] monetary aggregates to spending, the behavior of the ag- gregates relative to their annual ranges will likely be of limited use in guiding policy (...), and the Federal Reserve will continue to utilize a broad [...] of monetary policy was intended to be the discount rate, which was set and oper- ated independently by each Reserve Bank, although the Board invested with some authority to review discount policy.“ MEADE

if they influence the market structure via product differentiation. This could lead to higher prices and to less output increases and employment changes than expected. The impacts of innovations [...] depending on the additional indirect effects on the produced output, which is related to the prevailing market structure and to the price elasticity of product demand.4 There are only few empirical studies [...] (1995), Smolny/Schneeweis (1996) and Smolny (1996))5. These studies are partly - due to the underlying data - limited to cross-section analysis; partly they are based on pooled data, but the heterogeneity

state of the technology. In order to be able to represent all economically relevant information of the underlying technology the variable cost function must meet certain regularity conditions (Lau [...] for constant returns to scale. To do this the restrictions in (17) were examined both individually and simultaneously with the Wald test. The hypothesis of constant returns to scale was rejected (Wald [...] parameters of this restriction proved to be insignificant (t-values: - 0.56 and -0.56), these parameters were set equal to zero for the final estimation in order to achieve the most efficient specification

Oktober 2001, 53. Jg., S. 15 – 31 (http://www.bundesbank.de). Deutsche Bundesbank, How to Pave the Road to E(M)U: the Monetary Side of the Enlargement Process (and its Fiscal Sup- port), Beiträge zu [...] S. 3 – 7. Remsperger, H., Erweiterung der Europäischen Union und der Währungsunion: Maastricht meets Kopenhagen, in: Deutsche Bundesbank Auszüge aus Presseartikeln, Nr. 53 vom 5. Dezem- ber 2001b, S

literature review “It is a capital mistake to theorize before one has data. Insensibly one begins to twist facts to suit theories, instead of theories to fit facts.” (Sherlock Holmes) The currency [...] below � 200 � 50 to below � 100 � 20 to below � 50 � 10 to below � 20 � 5 to below � 10 below � 5 Belgium 51% 0% 0% 43% 3% 0% 3% Germany 44% 3% 39% 8% 4% 2% 0% Greece 0% 0% 0% [...] tended to hold euro area currencies, notably those which had a tendency to appreciate in the past. It is very difficult to find an empirical proxy for the incentives for non-residents to hold foreign

from the 1970s to 1998 can well be captured by a standard Taylor rule according to which the central bank responds to the output gap and to deviations of inflation from target, but not to monetary growth [...] being the subsample closest to the benchmark ex post series). In order to find out how much of the forecast error is due to later revisions in the GDP data and how much to changes in the perception [...] thus intended to anchor long-term inflation expectations as well as the trend rate of inflation. Another important aspect was to give guidance to other policy makers, especially to fiscal policy

refer to IEC 60068, which is valid for conventional capacitors. Correspondingly, electrical tests have to be performed at temperatures between 15 °C and 35 °C, a relative humidity of 45 % to 75 %, [...] discharge current according to Table 1 may be reduced by a factor of two, a fifth or a tenth. Current values I > 10 A are rounded to two significant digits and currents I ≤ 10 A to one significant digit [...] current according to Table 1 may be reduced by the half, a fifth or a tenth. Electric power reflects the maximum current the supercapitor is able to supply, when it is discharged to the half of its

langen, Bereich Bildverarbeitung; dort z. Zt. 4 Diplomarbeiten aus der Lehrveranstaltung Real to Virtual. Prof. Dipl.-Ing. Wolfgang Schindler: - Zusammenarbeit mit Siemens VDO, Regensburg [...] Fertigungsautomatisierung u. Produktionssystematik der FAU Erlangen § Blöchl W.: „Productivity meets Flexibility“, Workshop, Werkzeugmaschinenlabor § Blöchl W.: „Leistungssteigerung in der spanenden [...] erneuerbarer Ener- gien und Steuern) Prof. Dr. Th. Dommermuth IT-gestütztes Lernen (eLearning) Professoren Dres. Renninger/Straßl Konzeption von Management Weiterbildungslehr- gängen

represents the state of technology. In order to be able to represent all economically relevant information of the underlying technology, the cost function must meet cer- tain regularity conditions: C [...] public sector are not included. The data for Germany refer to West Germany until 1990 and to unified Germany from 1991 onwards. In order to eliminate the “outlier” in the growth rates for 1991, [...] /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000

the capacitor can supply – decreases from 417 var to 192 var. This corresponds to a theoretical decline of interfacial capacitance by 7% from 106 F to 98 F (see below). 5.2 The nature of the ageing [...] of 150 As and a minimum capacitance of 33 F. ∆U dropped to 4.5 V depending on the operating voltage of the starter (12–18 V). According to the recommendations of EUCAR [4] – an European association [...] Constant current discharge at rated voltage 3.1 Discharge according to IEC 40/1378 The easy method in Figure 12 according to the IEC 40/1378 standard [8] provides a more or less correct estimation

the capacitor can supply – decreases from 417 var to 192 var. This corresponds to a theoretical decline of interfacial capacitance by 7% from 106 F to 98 F (see below). 5.2 The nature of the ageing [...] of 150 As and a minimum capacitance of 33 F. ∆U dropped to 4.5 V depending on the operating voltage of the starter (12–18 V). According to the recommendations of EUCAR [4] – an European association [...] Constant current discharge at rated voltage 3.1 Discharge according to IEC 40/1378 The easy method in Figure 12 according to the IEC 40/1378 standard [8] provides a more or less correct estimation

policy from the 1970s to 1998 can be captured by a standard Taylor rule according to which the central bank responds to the output gap and to deviations of inflation from target, but not to monetary growth. [...] in the output gap (which is equivalent to growth in output relative to growth in potential) as well as the (real-time) growth rate of money relative to target to the set of explanatory variables in the [...] were thus intended to anchor long-term inflation expectations as well as the trend rate of inflation. Another important aspect was to give guidance to other policy makers, especially to fiscal and wage policy

uncommon factors are needed to explain the recent behaviour of bond yields. To examine this issue, we use our preferred model to calculate a "fair value" of bond yields. To be specifically, it is derived [...] observable but have to be proxied for empirical work. Second, the strength of the effect of expected inflation is ambiguous. Invoking the Fisher effect would allow to impose a one-to-one relationship [...] 5 7.5 Therefore, it seems reasonable to restrict the VECM to one cointegration relationship and – as the unit root tests mentioned above suggest – to include the indicator for the expected

Hegemann, W., Gökcay, W., Bischof, F., Hackner, T.: Upgrading of Wastewater Lagoons to Mi- nimize Evaporation Losses and to Produce an Effl uent Free of Bacteria , Konferenzbeitrag und Proceedings, IWA [...] Austria. W. Renninger (2004): Brauchen wir eLearning? Die Rolle IT-gestützten Lernens in traditionellen Bildungseinrich- tungen, 8. Business-Meeting des Vereins fnm-austria, Krems, Austria. W. [...] File-Services, um nur einige als Bei- spiel zu nennen. ◾ eLearning-System Im Rahmen eines HTO-Projektes wurde ein neues, pro- fessionelles eLearning-System angeschafft. Die Installa- tion des so genannten

page Abstract What role does (should) money play in modern central banking? To answer this question, it is necessary to distinguish between the different level playing fields of monetary policy. At [...] relative to interbank deposits. First, central bank balances carry no default risk. No private bank or other financial firm can match this. Second, central banks typically provide access to liquidity [...] especially important in the event of a serious liquidity problem. Banks may want to maintain a clearing account at the central bank to obtain funds quickly and conveniently from the discount window. Third, banks

account for the problem that arises in data due to German reunification. All data up to 1990 refer to former West Germany; all data since 1991 refer to Germany. We also tested several other lengths of [...] period. Due to the estimation strategy of calculating growth rates, we need for each firm at least two observations within one period to be able to calculate a growth rate. This leads to an unbalanced [...] This increasing demand leads to an increase in employment in the innovating firm. But the innovation can also lead to a (temporary) monopoly of the firm or at least to a very high market share of

dem leonardo- Programm der eu. Projektreport: dilbac – Distance Learning for Banking and Accounting Projekt-Meeting an der fh in Weiden Für weitere Fragen zum Projekt steht das Team der [...] Willkommen in der cherry -Welt der Möglichkeiten 6 fh extern Projektreport: dilbac – Distance Learning for Banking and Accounting 7 Wirtschaftsstandort Oberpfalz Koordinaten-Messtechnik am Puls [...] der Informations- technologie maßgeschneiderte Weiterbildungsan- gebote im Sinne eines Distance-Learning-Ansatzes bereitgestellt werden. Das Ziel ist es, zunächst den Qualifizierungs- bedarf von M

Diesel gemischt und in herkömmlichen Motoren verbrannt werden. CTL- (Coal-to-Liquid) und GTL-Kraftstoffe (Gas-to-Liquid) werden seit 1938 in Deutschland hergestellt. Das Verfahren wurde nach dem [...] 77 Engl. “oxygenates”: Alkohole, Ether, Fettsäuremethylester. 78 MTP = Methanol To Propylen; MTG = Methanol To Gasoline; s. a. DME (Abschnitt 3.8). page Alternative Kraftstoffe und Hy [...] 63 Engl. „Syn(thetic) Fuel“ aus fossilen Energieträgern, Sunfuels aus Biomasse. BTL = Biomass- to-Liquid; vgl. a) www.btl-plattform.de; Kaltschmitt/Hartmann (2001); Kamm et al. (2005). 64 Vgl. Umweltrat

broad monetary aggregate such as M3 is to be expected. Problems might arise only if the foreign holdings are subject to major annual fluctuations. Owing to various uncertainties and probiems, however [...] demand refers to large and small banknotes and that the entire complex of problems can be adequately dealt with only if one does not confine oneself to the past few years and to eastem Europe, [...] countnes which use Deutsche Mark. These figures should be resorted to as additional information only. The other four approaches seem to be more promising. Although they do not exhibit a uniform temporal

erarbeiten. Vorträge/Workshops: - Strassl, J., Learning Experiences – Design and Use. International Conference on e-Learning in Academic and Life-long Education, Banska Bystrica [...] Bundesdekanekonferenz, Salzburg, April 2006. - Renninger, W., Strassl, J., Using Blackboard to improve the learning experience among role-based coopera- ting students, Poster Session bei der Blackboard [...] 84 Studienjahr 2005/2006 Jahresbericht ■ eLearning-System Im Rahmen eines HTO-Projektes wurde im Jahr 2004 ein neues, professionelles eLearning-System angeschafft. Das seit Oktober 2004 zur

References in publications to ROME Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author(s) to protect the tentative character [...] Abstract What role does (should) money play in modern central banking? To answer this question, it is necessary to distinguish between the different level playing fields of monetary policy. At [...] relative to interbank deposits. First, central bank balances carry no default risk. No private bank or other financial firm can match this. Second, central banks typically provide access to liquidity