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
130 Kapitalimportkontrollen – Ein
ni
a
M
al
ta
Ge
rm
an
y
Cy
pr
us
La
tv
ia
Sp
ai
n
Au
st
ria
Sl
ov
en
ia
Eu
ro
a
re
a
to
ta
l
EU
to
ta
l
Ire
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
calculate moving 4-week averages. The rather moderate
development up to the beginning of the 21st century is clearly evident; the price
increases that subsequently ensued emerge clearly from the [...] f3 wti f3
Adj. R2: 0.69; standard error: 0.014; F‐statistic: 178.79; sample: 1st week 1999 until 43rd week 2009.
1 1 1 1
( 1.73) ( 58.81) ( 2.97) ( 2.20) ( 141.45) ( 3.27) [...] f3 wti f3
Adj. R2: 0.69; standard error: 0.013; F‐statistic: 183.19; sample: 1st week 1999 until 43rd week 2009.
1 1 1 1
( 1.90) ( 58.81) ( 2.97) ( 2.31) ( 141,45) ( 3,27)
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
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)
- 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/
Saisonalität im Inland stärker ausgeprägt ist als im Ausland, gilt für Werte größer 1: St < St
d, für
Werte kleiner 1: St > St
d.
25 Eine Alternative dazu findet sich in Seitz (1995), S. 29.
page [...] sinnvolle Ergebnisse. Wenn z.B. in irgendeiner Periode kein
saisonaler Einfluss vorliegt, d.h. St = St
d = 1, tendiert ßt gegen unendlich bzw. jeglicher Wert
von ß ist mit Gleichung (10) vereinbar [...] Reserve Bank of St.
Louis Review, 80(4), S. 43-54.
Anderson, R.G., Rasche, R.H. (2000), The Domestic Adjusted Monetary Base, Working
Paper 2000-002A, Federal Reserve Bank of St. Louis.
Bank
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
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
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
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
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
bestimmt.
Public Function sharpe(r, rf)
ar = WorksheetFunction.Average(r)
sdr = WorksheetFunction.StDev(r)
sharpe = (ar - rf) / sdr
End Function
Zur Bestimmung des Informationsmaßes ermitteln wir [...] rb.Rows.Count)
ReDim er(1 To t)
For i = 1 To t
er(i) = r(i) - rb(i)
Next i
te = WorksheetFunction.StDev(er)
aer = WorksheetFunction.Average(er)
information = aer / te
End Function
14
page [...]
Public Function valueatrisk(r, f, o)
ar = WorksheetFunction.Average(r)
sdr = WorksheetFunction.StDev(r)
z = WorksheetFunction.NormSInv(f)
If o = 0 Then valueatrisk = WorksheetFunction.Percentile(r
(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).
Banco de Espana (1996)
349–84.
Poole, W. (2005) Understanding the term structure of
interest rates, Federal Reserve Bank of St. Louis
Review, 87, 589–95.
Rao, B. B. (2007) Estimating short and long-run relation-
ships: a guide [...] the federal
funds and 10-year treasury rates: a conundrum or
Goodhart’s law?, Federal Reserve Bank of St. Louis,
Working Paper No. 2007-039A, September.
Tobin, J. (1965) Money and economic growth,
Econometrica
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
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
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
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
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
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
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
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