money supply. Instead, they adjust it to achieve a target for the interest rate, and they adjust
their interest-rate target in response to movements in output and inflation." oder etwa
Mehrling (2004
necessarily represent those of the Swiss National Bank.
Working Papers describe research in progress. Their aim is to
elicit comments and to further debate.
COPYRIGHT©
The Swiss National Bank (SNB) [...] via the internet, etc.) for
non-commercial purposes and provided that the source is menti-
oned. Their use for commercial purposes is only permitted with
the prior express consent of the SNB.
General [...] of US dollars. Central banks also have an interest in monitoring cash develop-
ments because of their role in operating the payment system. If banknotes are predominantly
demanded for hoarding purposes
process
may differ substantially from their ex-post revised values. Real-time
uncertainty about key variables, like actual and potential output (and their
rates of growth), opens up a role for [...] and Beck and Wieland (2007, 2008) all restrict their
attention to optimal discretionary policy. Our interest in simple rules is
motivated by their potential advantages over discretionary policy. [...] that the interpretation of the
available data often depends on the assessment of their development relative
to their trend or long-run equilibrium levels that are unobservable and can
only be estimated
specific types of
crisis (technological crisis, financial market crisis,
natural disaster) and their effects on the demand for
cash in an international context. As evidence from
the last 30 years shows [...] 1992/93, the (geo-)political crisis after the
9/11 attacks in 2001 and the Euro crisis in
2010/11. In their nature, however, these crises
were effectively confidence crises and hence
do not differ greatly [...] might
reflect precautionary motives as commer-
cial banks in these countries also quickly
increased their vault cash.19 For the US
dollar, the euro and the Swiss franc, again,
foreign non-transactional
money supply. Instead, they adjust it to achieve
a target for the interest rate, and they adjust their interest-
rate target in response to movements in output and infla-
tion.“
Der Poole‘schen Tradition
the integration of these into the
environmental program. To ensure the continual improvement of their environmental
performances in the future, the operational structure and instructions have been adapted
chemicals on the triboelectrical
chargeability of mixed polymers in order to avoid problems with their electrostatic separation.
Therefore mixtures of ABS- and HIPS-particles have been treated with different
ness is
approximated by firm–specific factors, e.g. the firms’ assessment of their current business
situation and their business expectations. After controlling for the banks’ refinancing costs,
which [...] problem by looking at the characteristics of
firms that observed reductions in their bank credit volumes. However, since
their dependent variable was credit volume, the identification problem still re- [...] business (statebus) and
their business expectations for the next six months (comexp) as a proxy for the
quality of the borrower. The survey respondents can characterize their state
of the business
websites are prohibited.
In most cases authors are permitted to post their version of the
article (e.g. in Word or Tex form) to their personal website or
institutional repository. Authors requiring further [...] with εi,t and any earlier or
future shocks. If the companies decide simultaneously on their labor
demand and their innovation behavior, then the innovation variables
are endogenous in the sense that Ii [...] . This is true for innovation input as well as for innovation
output variables. Innovations show their positive effect on employment with a time lag and process
innovations have higher effects than product
sectional innovation survey. Their results show that innovating firms (and innovative
sectors) have created more new jobs than non-innovating firms (less innovative sectors).
Their results suggest that [...] progress often remains unclear. Researchers have been
analyzing this task for a long time, and their analyses differ mainly in the methodology
and the data available. An historical overview about [...] between these two points in time.
Brouwer et al. (1993) are in this line of literature with their analysis of Netherlands data
of 1984 and 1989. The authors show a negative effect of total R&D
the question (firms were asked whether ‘labour-saving technical progress’ had an
influence on their employment plans). König/Buscher/Licht (1995), on the other hand, find a
positive effect of process [...] observations is also the basis for the econometric estimation.
15 König/Buscher/Licht (1995) use for their study the Mannheim Firm Panel of the Centre for European
Economic Research (ZEW), which contains similar
all the variables used together
with their abbreviations and data sources.
The trend behavior of the variables included necessitates an analysis of their stationarity properties to
determine an [...] originates in the household sector. Of course, retailers hold cash due to
the payment behavior of their customers. But they have an incentive to economize on cash holdings. Other
non-financial firms and [...]
cross-border chains of transactions, criminals are remarkably adept at concealing the origin of their funds.
To investigate how shadow economic activities affect cash demand, we construct a variable
holdings of US dollars. Central banks
also have an interest in monitoring cash developments
because of their role in operating the payment system.
If banknotes are predominantly demanded for hoarding
purposes [...] of cashed checks is available since 1978, and the time series for
debit card payments start with their introduction in 1987. Prior to these dates,
we set the value of the respective series to zero. The [...] 15Stix (2013) presents survey evidence with many respondents reporting that
they allocate part of their savings to cash.
tests are most decisive for the large denominations, where
both tests indicate
entrum Berlin für Sozialforschung, Berlin (2002).
Kordesch, K. / Simader. G.: Fuel Cells and their Applications, Wiley-VCH, Weinheim (2001).
Kurzweil, P,/ Schmid, O. / Löffler, A.: Metal oxide su
Ours (2004) Does the Recent Success of Some OECD Countries in
Lowering their Unemployment Rates Lie in the Clever Design of their Labour Market
Reforms?, Oxford Economic Papers, 56, 621 - 642.
[...] t insurance system is generous, trade unions may
down weight the disutility of unemployment for their members and prefer higher real wages
for the employed. Employment will be affected negatively. A [...] unemployment benefits must incorporate these
aspects, because the OECD countries differ widely in their taxation and eligibility conditions of unemployment
benefits.
page
7
employers),
the use of currency for domestic transactions combines data on
currency flows and their composition with their seasonal pattern in the course of a year. Finally,
a third method for estimating the [...] the use of currency for domestic
transactions combines data on currency flows and their composition with their seasonal pattern
in the course of a year (see Kimball, 1981, for an early attempt in [...] are also indications
that non-euro area residents substituted their euro legacy banknotes for euro-denominated
deposits in their home countries.69 According to a survey conducted by the ECB in c
report may not be
suitable for certain investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. The investments discussed
may [...] explained in their entirety.
This information is given without any warranty on an "as is" basis and should not be regarded as a substitute for obtaining individual advice. Investors must make their own
d [...] investment in any instruments referred to herein based on the merits and risks involved, their own investment strategy and their legal,
fiscal and financial position. As this document does not qualify as an investment
(1974), Miller/Volker (1984) and Arabsheibani
(1989) base their analysis on comparisons between the salaries of workers in occupations relevant to their
educational qualification to those with the same qua [...] both theories wages are paid according to marginal productivity, firms maximise their profits
and individuals their utility, the marginal benefit of education equals the marginal costs and,
as can [...] when there are two types of workers who differ in their innate
abilities. If the types are observably distinct, i.e. we have perfect information, their equilib-
rium contracts are (s∗L, w
∗
L) and
Ours (2004) Does the Recent Success of Some OECD Countries in Lower-
ing their Unemployment Rates Lie in the Clever Design of their Labour Market Reforms?, Ox-
ford Economic Papers, 56, 621 - 642.
Berthold [...] output y is produced by employing the input factors labour L and
capital K . If firms minimize their production costs at given input prices and for a given level of
output, there exists under weak [...]
institutions with the contemporary error terms, we instrument all labour market institutions by their
lagged and second lagged observations. Table 4 presents the results for RW1 and RW2 each with a
could also report that their suppliers usually did not offer discounts at all. It
is not clear how this case should be interpreted. Suppliers may not offer discounts because their
clients are not c [...] average. Additionally
constrained firms have a higher variance of sales growth and both their profitability and their
equity ratio are lower. They are younger, less likely to belong to an industry group [...] criticize that the traditional studies a la Fazzari, Hubbard and Petersen never verified whether
their sample split criteria and hence cash flow sensitivity of investment indeed have something to
do
increase in import demand. If the firms were not
able to transfer the cost increases to their prices, their real profits would decline and thus also the
consumption and investment demand that is dependent [...] varied in the long-run (typically in some variant of a flexible accelerator).
If firms minimise their short-run production costs at given input prices and given levels of out-
put and capital there [...] unit of capital) must correspond in optimum to its one-period user cost qk .
If all inputs are at their long-run equilibrium, the long-run total costs can be described as the
sum of the variable costs
increase their lending to their domestic
nonbank customers, b) increase purchases of net external assets from their domestic nonbank
customers and/or c) exchange long-term deposits of their domestic [...] liquidity, it only changes the composition of their money stock.21 If commercial
banks, however, go bankrupt due to enormous cash withdrawals by their customers (bank
runs), the remaining deposits [...] of
Greek nonbanks with their domestic banking systems declined steeply by 40%, mostly due to
capital flight but also because Greek citizens withdrew cash from their domestic banks (see
figure
cross-border chains of
transactions, criminals are remarkably adept at concealing the origin of their funds.
* We thank C. Miller (Bank [...] Segendorf's (2007)
analysis of the difference between households' incomes and the expenditures. In their view, this
difference captures transactions in the shadow economy which they find to be positively [...] unbalanced panel structure.
The trend behavior of the variables included necessitates an analysis of their stationarity
properties to determine an appropriate specification of the empirical model. However
and the United States, which
aim to reduce the problems of mismatches between the duration of their assets and
liabilities. It is generally perceived that these regulatory changes will favor the [...] level, interest rates should be determined by the supply of and the
demand for loanable funds and their determinants including the production
opportunities in the economy (depending on technological [...] consider the monetary aggregates M1, M2 and MZM and construct growth rates
as well as money gaps as their difference between the actual development and
trend. And finally we take into account the stock
participants of seminars
at the Deutsche Bundesbank and the Oesterreichische Nationalbank for their valuable comments. In
particular, we would like to thank S Arz for his contributions. The opinions [...] central banks in the euro area are connected to TARGET2. There are no constraints on the size of
their balances vis-à-vis the European Central Bank that emerge from the cross-border flow of interbank [...] is again an appropriate reference country as, during the time
when both Germany and France had their national currencies, there were no major differences
between the two with regard to domestic banknote