450 WiSt Heft 8 · August 2005
page
FA X- CO U PO N
Expl. 3-8006-3243-8 Mussel/Pätzold
Grundfragen der Wirtschaftspolitik
6. Auflage. 2005. Kartoniert ca. € 20,– Preis inkl. MwSt. zzgl [...] denn die Geldmenge wird in der Praxis
endogen aus dem Wirtschaftsprozess heraus bestimmt.
446 WiSt Heft 8 · August 2005
page
IS-LM-AS NK, BMW P-Stern, RST
exogen G, M , , , u
int [...] Angebot, wenn der Realzins (i – ‘ )
Rösl/Seitz/Tödter, Monetäres Makromodell für die Lehre
WiSt Heft 8 · August 2005 447
page
über seinem Gleichgewichtswert (r*) liegt. Dies kann da-
mit
diaries –
empirical evidence from Germany Tobias Schmidt
12 2011 Currency blocs in the 21st century Christoph Fischer
13 2011 How informative are central bank assessments Malte Knüppel
46 0.55 (C) 0.3465 0.347 0.463
IRL-OWN (C,10) -2.61 0.10 (C) 0.4503 0.347 0.463
1st difference
m (C,0) -3.45 0.01 (C) 0.2072 0.347 0.463
pc (C,2) -3.55 0.01 (C) 0.3393
ttt eηηηη ηρμρη ++−= −1)1(
Measurement error for Uncond.
mean of ηt
Uncond. st.
dev. of ηt
μη ρη St. Dev. of eηt
Output gap
Ex post series: March 1999;
Production Function Approach [...] interest
- structural estimates for the United States and the euro area, Federal Reserve
Bank of St. Louis Working Paper 2007-005A.
Aoki, K. (2006), Price-level determination under dispersed information
Bullard, James B. (2006), The Learnability Criterion and Monetary Policy, in: Federal Reserve
Bank of St. Louis Review, May/June, S.203-217.
Bullard, James und Kaushik Mibra(2002), Learning about Monetary
einfache Erklärung, die jedoch keinerlei Realitätsrelevanz
besitzt.
Kleine Abhandlungen
740 WiSt Heft 12 · Dezember 2004
page
Die Annahme eines exogenen Geldangebots stellt viel-
mehr die
meaningful results. If, for example,
there is no seasonal fluctuation in any given period, i. e. St = St
d = 1, equation (7) is
indeterminate. Moreover, if the seasonality of all outstanding banknotes [...] series of French banknote issuance
consists of three terms: a trend component Tt, a seasonal term St and an irregular or noise
component. These are multiplicatively interlinked (multiplicative seasonal [...]
1
.
1
t
t d
t
S
ß
S
The non-transactional share, in turn, is (1-ßt). St corresponds to the seasonal component of
total French cumulated net banknote issues and can be
for Germany)11
TtSt = Td
t Sd
t + Ta
t Sa
t . (3)
Let ˇt denote the fraction of the overall trend held domestically
and, consequently, (1 − ˇt) the share held abroad:
TtSt = ˇtTtS
d
t + (1 [...] unknown value ˇt, the share of banknotes held domestically:
ˇt = St − 1
Sd
t − 1
. (6)
The foreign share, in turn, is (1 − ˇt). St corresponds to the seasonal
component of total German cumulated [...] cash. Federal Reserve Bank of
St. Louis Review, 80(4), 43–54.
Anderson, R. G., & Rasche, R. H. (2000). The domestic adjusted monetary base, Federal
Reserve Bank of St. Louis working paper, 2000-002A
sgebiet 1993 bis 2013 (Monatsdurchschnitte)
Quelle: Deutsche Bundesbank
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion26
Box [...] zu finanzieren. Wenn die Preissteigerung des Hauses tatsächlich permanent
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion28
ist [...] Eurowährungsgebiet von 1995 – 2011
Quelle: Deutsche Bundesbank, 2012d, 57, 24.
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion30
Inzwischen
Reserve Bank of St.
Louis Review, 82(1), January/February, pp. 35-60.
Thornton, D.L. (2008), Monetary Policy: Why Money Matters and Interest Rates
Don’t, Federal Reserve Bank of St. Louis Review Working [...] Policy, in: Beyer, A. & L. Reichlin (eds.), The Role
of Money - Money and Monetary Policy in the 21st Century, 4th ECB Central Banking
Conference, Frankfurt, pp. 28-55.
Christiano, L.J., R. Motto [...] McCallum, B.T. (2001), Monetary Policy Analysis in Models Without Money,
Federal Reserve Bank of St. Louis Review 83(4), pp. 145-160.
McCallum, B.T. (2002), Recent Developments in Monetary Policy
24 If the seasonality in Germany is stronger than outside Germany, St < St
d applies for values greater than 1 and
St > St
d applies for values smaller than 1.
page
12
[...] meaningful results.
If, for example, there is no seasonal influence in any given period, ie St = St
d = 1, ßt tends to
infinity, or any value of ß is compatible with equation (10). If the seasonality [...] Cash, Federal Reserve Bank of St.
Louis Review, 80(4), pp 43-54.
Anderson, R.G., Rasche, R.H. (2000), The Domestic Adjusted Monetary Base, Federal
Reserve Bank of St. Louis Working Paper 2000-002A
Bullard, J.B. (2006), The Learnability Criterion and Monetary Policy, Federal Reserve
Bank of St. Louis Review, May/June, S. 203*217.
Bullard, J. & K. Mitra (2002), Learning about Monetary Policy
Haver 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 10-year [...] 021 0.039 0.064 0.090 0.115
Adjusted monetary base 0.013 0.007 0.010 0.021 0.038 0.063 0.090 0.116
St. Louis adjusted monetary base 0.012 0.008 0.009 0.021 0.038 0.062 0.088 0.113
Monetary services index [...] monetary base (non-adjusted and adjusted by the Federal Reserve Board (FRB) or the Federal Reserve Bank of St.
Louis).13
� The official aggregates MZM, M1 and M2.
� M1 without foreign currency holdings; M1
Timeless Perspective vs. Discretionary Monetary
Policy in Forward-Looking Models, Federal Reserve Bank of St. Louis Review,
March/April 2004, p. 43-56.
Mehra, Y.P. (2001): The Bond Rate and Estimated Monetary
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
36:48Z
resourceName /var/www/public/files/oth-aw/Professoren/Seitz/Instrument_operatives_Ziel_WiSt1_07.pdf
pdf:hasXMP true
access_permission:extract_content true
access_permission:can_print [...] quantitativen Steuerung des Zentralbankgeldes
(Banknotenumlauf, Guthaben bei der Zentralbank) an.
WiSt Heft 1 · Januar 2007 39
page
Zentraler Ansatzpunkt, also operatives Ziel ist vielmehr
der [...] Hetzel
(2004, S. 48) folgendermaßen ausgedrückt: „The central
Gesetze, Effekte, Theoreme
40 WiSt Heft 1 · Januar 2007
page
bank engages in whatever open market operations are ne-
cessary
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
Neumann, M.J.M. and von Hagen, J. (2002): Does Inflation Targeting Matter?, Federal
Reserve Bank of St. Louis Review, 84(4), pp. 127-148.
Orphanides, A. (2000): The Quest for Prosperity without Inflation [...] (1998): The euro: a challenge to, and opportunity for, the financial
markets, speech delivered at the 21st colloquium of SUERF and CFS in Frankfurt
on 15/10/1998, reprinted in BIS Review 84/1998, p. 1-6.
diaries –
empirical evidence from Germany Tobias Schmidt
12 2011 Currency blocs in the 21st century Christoph Fischer
13 2011 How informative are central bank assessments Malte Knüppel
Zur Problematik der LM-Kurve, WiSt, 33. Jg.,
S. 740-741.
Görgens, E., Ruckriegel, K. (2006), Brauchen wir eine Zentralbank – und was braucht eine
Zentralbank?, WiSt, 35. Jg., S. 194-199.
Görgens [...]
Warum die Poole`sche Alternative “Zins- versus Geldmengensteuerung” in
Wirklichkeit keine ist, WiSt (35. Jg.), S. 698-701.
Goodhart, C. (1995), Money Supply Control: Base or Interest Rates, in: [...] Matter?, Remarks by Laurence H. Meyer at the 2001
Homer Jones Memorial Lecture, Washington University, St. Louis, Missouri, March 28,
2001.
Nelson, E. (2002), Direct Effects of Base Money on Aggregate
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
Tokyo.
NEELY, C. J. (1999): An introduction to capital controls, in: Federal Reserve Bank of St. Louis Re-
view, November / December, S. 13-30.
page
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Bullard, J.B. (2006), The Learnability Criterion and Monetary Policy, Federal Reserve
Bank of St. Louis Review, May/June, S. 203*217.
Bullard, J. & K. Mitra (2002), Learning about Monetary Policy
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