Automation
� Media Production and Media Technology
� Applied Research in Engineering SciencesM
a
st
e
r
page
fördern führen inspirieren
Department of Mechanical and Environmental [...] Engineering
B
a
ch
e
lo
r
� Innovation-focussed Engineering
� Environmental Engineering
M
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st
e
r
The Amberg Campus
page
fördern führen inspirieren
Department of Business [...] )
� Marketing Management (Hof)
� Business and Law (Aschaffenburg)
B
a
ch
e
lo
r
M
a
st
e
r
The Weiden Campus
page
fördern führen inspirieren
Department of Industrial
können bei Gültigkeit des CAPM Rendite-Risiko-
Kombinationen oberhalb der Kapitalmarktlinie liegen.
WiSt Heft 10 · Oktober 2004 603
page
Abb. 1: Grafische Darstellung der SR
Abb. 2: Grafische [...] geäußerten
Kritikpunkten (v.a. ergibt sich das Problem der Nichtbe-
Wissenschaftliche Beiträge
604 WiSt Heft 10 · Oktober 2004
page
obachtbarkeit des Marktportfolios (Roll, 1977)). Der üb-
lichen [...] e wurde auch der Fall mehrerer
Rottmann/Walter, Performancemessung der Dividendenstrategie
WiSt Heft 10 · Oktober 2004 605
page
Dividendenzahlungen und sonstiger Bereinigungsvorfälle
pro
- 5.
Ruckriegel, K./Seitz, F.: EU-Erweiterung, Währungsunion
und Balassa-Samuelson-Effekt. In: WiSt, 32. Jg. (2003),
S. 94 - 100. (http://www.ruckriegel.org und http://
www.fh-amberg-weiden.de/home/
C. (1998), Price Stability and Financial Stability: The Historical Record, Federal Reserve Bank of St. Louis Review 80, 41-62.
biblio-Entry Borio, C.E.V. (1997), Monetary Policy Operating Procedures [...] Rates?, in: M. Belongia (ed.), Monetary Policy on the Fed’s 75th Anniversary, Federal Reserve Bank of St. Louis, Proceedings of the 14th Annual Economic Policy Conference , Norwell.
biblio-Entry Cukierman [...] Pakko, M.R. (1995), The FOMC in 1993 and 1994: Monetary Policy in Transition, Federal Reserve Bank of St. Louis Review 77, No. 2, 3-26.
biblio-Entry Persson, T. / Tabellini, G. (1994), Designing Institutions
in: A. Beyer, and L. Reichlin (eds.), The
Role of Money - Money and Monetary Policy in the 21
st
Century, 4
th
ECB Central Banking Conference, Frankfurt, pp.
28-55.
Christiano, Lawrence [...] McCallum, Bennett T. (2001), Monetary Policy Analysis in Models
Without Money, Federal Reserve Bank of St. Louis Review
83(4), pp. 145-160.
McCallum, Bennett T. (2002), Recent Developments in Monetary [...] in: A. Beyer, and L. Reichlin
(eds.), The Role of Money – Money and Monetary Policy in
the 21
st
Century, 4
th
ECB Central Banking Conference, pp. 5-
12.
Scharnagl, Michael, Christina
wirtschaft, 56. Jg. (2001), S. 517 - 546.
Wagner, J.: Export, Direktinvestitionen oder Lizenzvergabe? In: WiSt, 22. Jg. (1993), S. 451 - 458.
Woll, A.: Allgemeine Volkswirtschaftslehre. 13. Aufl., München 2000
University, St. Louis, Missouri,
http://www.federalreserve.gov/boarddocs, Mai 2002.
MEYER, L.H. (2001b): Inflation Targets and Inflation Targeting, in: Federal Reserve Bank of St.
Louis Review [...] org, Mai 2002.
MISHKIN, F.S. (2000): What Should Central Banks Do?, in: Federal Reserve Bank of St. Louis Re-
view 82, November/December 2000, S. 1-13, http://www.stls.frb.org, Ma 2002.
MISHKIN
187–207.
Flaig, G. (2003), »Strukturelle Zeitreihenmodelle. Spezifikation, Schätzung und
Anwendungen«, WiSt 32, 258–263.
Flaig, G. und H. Rottmann (2001), »Input Demand and the Short- and Long-
Run Employment
0,4
0,6
0,8
1,0
1,2
KreditkarteE-Geld
DebitkarteBargeld
1009080706050403020100
Ko
st
en
p
ro
T
rx
. (
€)
Wert der Trx. (€)
11,63 €
33 In 2009 ist dieser Wert auf
Behavior and Usefulness of Simple-Sum and Weighted Measures of the Money Stock, Federal Reserve Bank of St. Louis Review, Vol. 76, No. 2, pp. 73-109
Engle, R., Granger, C. (1987), Cointegration and Error
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
90 92 94
Year
E
la
st
ic
it
y
Price of intermediate products
0,1
0,15
0,2
0,25
68 70 72 74 76 78 80 82 84 86 88 90 92 94
Year
E
la
st
ic
it
y
Output
0,2 [...] 84 86 88 90 92 94
Year
E
la
st
ic
it
y
Technical progress
-0,02
-0,015
-0,01
-0,005
0
68 70 72 74 76 78 80 82 84 86 88 90 92 94
Year
E
la
st
ic
it
y
Stock of capital
[...] -0,7
-0,6
-0,5
-0,4
-0,3
-0,2
68 70 72 74 76 78 80 82 84 86 88 90 92 94
Year
E
la
st
ic
it
y
-----------short run _______long run
page
17
4.2 Employment thresholds
Stutt-
gart 2004a.
Görgens, E./Ruckriegel, K.,/Seitz, F.: Zur Problematik der LM-Kurve. In: WiSt, 33. Jg. (2004b), S. 740
- 741.
Görgens, E./ Ruckriegel, K./Seitz, F.: Geldpolitik, Zinsen und die
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
University, St. Louis, Missouri, March 28, 2001
(http://www.federalreserve.gov/boarddocs).
Meyer, L.H. (2001b), Inflation Targets and Inflation Targeting, Federal Reserve Bank of St.
Louis Review [...] Federal Reserve Bank of St. Louis Review,
July/August 2001, pp. 48 – 57 (http://www.stls.frb.org).
Pakko, M.R. (2001), Discounting the Discount Rate, Federal Reserve Bank of St. Louis,
Monetary Trends [...] and the Federal Reserve System Compared: Facts and Challenges
1. Introduction
On January 1st, 1999 the monetary policy responsibility in the European Monetary Union
(EMU) passed onto the
in (1)
and (2), respectively:
(1) �
∞
=
−=
st t
t
t
st
s p
cucußU ),( ,
(2) �
∞
=
−=
st t
tt
t
ft
t
st
s p
cue
p
cu
cußU ),,(* *
*
*
*
,*** ,
[...] (2001), Dollarization as a Monetary Arrangement for Emerging Market
Economies, Federal Reserve Bank of St. Louis Review, 83(6), November/December, pp. 29-39
(http://www.stls.frb.org).
Astley, M.S., Haldane [...] banks’ equity prices� by R. Gropp and G. Moerman, December 2003.
298 �The lender of last resort: a 21st century approach” by X. Freixas, B. M. Parigi and J.-C. Rochet,
December 2003.
299 �Import prices
Assessing Simple Policy Rules: A View from a Complete
Macroeconomic Model, Federal Reserve Bank of St. Louis Review, 83(4), July/August, pp. 83-
110.
Lütkepohl, H. (1993): Introduction to Multiple Time [...]
McCallum, B.T. (2001): Monetary Policy Analysis in Models Without Money, Federal Reserve
Bank of St. Louis Review, 83(4), pp. 145-1160.
McCallum, B.T. (2002): Recent Developments in Monetary Policy
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
is real quarterly world GDP growth, ϑ(St) is the mean of regime St. Due to the quarterly
frequency of the data, we take up to four lags of GDP into account. St follows a Markov chain defined
by [...] Hamilton 1989), where we allow the intercept to be regime dependent.
Assuming a random variable, St ϵ {0,1,…N} where N denotes the unobserved regimes, the model can
be written as follows:
(1)
= l , geht ßt
gegen unendlich. Selbst wenn ßt#l, kam (18) unsinnige Resultate erbringen, falls St nicht
durchgehend unter ~f liegt. Diese Situation kam sich aber zwangsläufig ergeben, da die
[...] abgeschwächt wird, wodurch der Saisonfaktor von M 1 von dem-
jenigen der Transaktionsgröße abweicht. St wäre dementsprechend der Saisonfaktor von
M 1 und S: die Saisonkomponente des Privaten Verbrauchs [...] for Currency: 1s the Underground Economy Un-
dermining Monetary Policy? Federal Reserve Bank of St. Louis Review, Vol. 62, No. 1,
S. 11-17
Brand, Diana (1993), Currency Substitution in Developing
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
Federal Reserve Banks) were poor. In the 1960s the Federal Reserve Bank of St. Louis started to develop research
activities (e.g. the St. Louis equation) by hiring young, bright economists. Soon after, the [...]
EMU enlargement. With up to 12 new members entering EU and EMU in the first decade of the
21st century the current procedures (one vote for each board member and for each NCB) cease to
be feasible
the different holidays displayed in the table. Fixed holidays correspond to January 1st, August 15th and November 1st.
überschrift_1 Table 1a
standard Fixed and Moving Holidays in the STS Model
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