with relevance to
life, reality, and interests
§ Offer learners opportunities for (complete and
cooperative) action and experience
§ Imply a cognitive activation of the learners
Interest
§ [...] s)
§ Students (working in groups of 3 to 4) had
to manage an internationally operating
automotive production company for eight
weeks over 16 quarters to play
§ Business decisions (R & D, Production [...] between
the actual learning content and the person related
to the learning setting (Hidi, 2006)
Cognitive activation
§ “the potential to trigger students’ conceptual
involvement with the learning
Financial Crisis
In order to gain additional insights into the model’s ability to explain monetary
developments, the observations for the period 2008 Q4 to 2010 Q4 are used to
produce out-of-sample forecasts [...] seems to interact with wealth and indebtedness. In order
to be able to more fully analyse the interaction between money holdings, con-
sumption and wealth, the financing of households needs to be modelled [...] (3) 409–438
a We are grateful to Mika Tujula for providing euro area household wealth data, to Gabe de
Bondt for sharing his equity market related measures and to Wolfgang Lemke for providing
his
Lernplattform meet-to-learn:
Neues im Überblick für Studierende
Nachfolgende Informationen geben einen Überblick über zentrale Änderungen in der neuen Versi-
on von meet-to-learn.
Zur Nutzung [...] webOS) erhältlich.
Um auf Ihre Kurse in meet-to-learn mobil zugreifen zu können, müssen Sie nach
der Installation sowie dem Öffnen der App Blackboard Mobile Learn im Suchfeld „Hochschule Am-
berg-Weiden“ [...] sich mit Ihrem meet-to-learn-Account einloggen können.
Mit der für die jeweiligen Besonderheiten von Android-/iOS-/BlackBerry-/webOS-Endgeräten opti-
mierten App Blackboard Mobile Learn ist ein PC-/
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
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must be ready not only to
keep it for their own liabilities, but to advance it most freely for the liabilities of others. They must lend to
merchants, to minor bankers, to 'this man and that man [...] from November 8 to 13, ₹4,500 from November 14 to 17, and
₹2,000 from November 18 to 25, see various Indian government press releases (Banerjee et al., 2018, appendix
A). Contrary to earlier statements [...] the same time, it also helped to
stabilize the domestic money stock by providing reserves to domestic banks which, in turn,
were used to provide additional cash to the Greek citizens (see figure
loss in consumption possibilities due to negative interest rates on cash. The
consumer has to be compensated in terms of goods to the extent of CV in order to reach the
original level of utility [...] welfare loss reduces from €bn 24
to €bn 14, whereas at σ=2 it increases to €bn 36.
If the preference parameter (α) is lowered from 0.75% to 0.50% or raised to 1.0%, the welfare
losses are €bn [...] deadweight loss (DWL) amounts to €bn 62 per year, corresponding to 0.59% of GDP or € 183
per capita.
For Germany the welfare loss (CV) with respect to M3 amounts to €bn 59 which equals 3.6%
are the first to use net
issues of cash of all national euro area central banks to analyze the relationship between cash
demand and the shadow economy within a currency union. Up to now, these net [...] estimation methods. To assess the relationship between cash and the shadow
economy, it was necessary to control for other motives for holding cash and national
peculiarities. To test for robustness [...] shadow economy is a construct which by definition
is hard to capture and to estimate. All in all, it seems that cash is probably used to a smaller
extent in the context of shadow economic activities
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
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
However, in order to gain additional insights on the models’ ability to explain monetary developments, the
last four available observations (2008 Q4 to 2009 Q3) are used to produce out-of-sample [...] seems to interact with wealth and borrowing. In order to
be able to more fully analyse the interaction between money holdings, consumption and wealth, the
financing of households needs to be modelled [...] Landesberger 3
1 We are grateful to Mika Tujula for providing euro area household wealth data, to Gabe de Bondt for sharing his equity market related measures
and to Wolfgang Lemke for providing his
is hardly likely to have distorted the results, as this
denomination is not likely to be used much in non-euro-area countries. The approach had to
be modified when applied to individual denominations [...] employ this method to try
to calculate foreign demand for US dollar banknotes, we have decided not simply to exclude
by definition those months in which there were net return flows to the Bundesbank [...] introduction of the euro is more likely to be predominantly due to
foreign demand. As a precise statistical recording of foreign demand is not possible, it is
prudent to make corresponding estimates using
offiziellen Stel-
lungnahmen von Zentralbanken wie ,,within our mandate, the ECB is ready to do wha-
tever it takes to preserve the euro. And believe me, it will be enough." (Draghi 2012,bei
Ankündigung des [...] Stock Market's Reaction to Monetary
Policy, in:Joumal of Banking & Finance 34,5.139-149.
Molnár, Krisztina und Sergio Santoro (2014), Optimal monetary policy when agents are learn-
ing, in: European [...] Beschränkungen wie im Pri-
vatsektor auszugehen.
,,4 major contribution of behavioral macroeconomics is to demonstrate that, under sensi-
ble behavioral assumptions, monetary policy does affect real outcomes
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 must [...] 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, we include [...] defensive reaction to the threat of unemployment. This poses the following question: Are the labour
market institutions also endogenous in respect to the employment thresholds? This seems to be less
likely
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
The data available to us on the advantages of individual payment instruments are no
better than those available to the market participants, which is why we leave it to them
to decide on the most suitable [...] and
benefits of payment instruments so as to be in a position to contribute to a factual
debate in terms of determining the framework conditions to ensure a smooth settle-
ment of payments. The study will [...] consumers. The suppliers, in turn, must meet
their expenditure for providing payment transaction services from their earnings. In
addition to the fees which they have to pay to payment service providers, consumers
holdings is ambiguous as having less access to cash might lead consumers to hold more cash
to realize their transaction needs. Therefore, it seems useful to include a variable that captures this aspect [...] payment of social security contributions, to avoid having to meet certain legal
standards such as minimum wages, maximum hours, safety or health standards, to avoid complying with
certain administrative [...] economy is a construct which, by definition, is hard to
capture and to estimate. We relied on the MIMIC approach to get consistent estimates from 2002 to 2019.
This estimate concentrates on household activities
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
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
second relates to the existence of a lower threshold of cash used for
transaction purposes below which it is no longer profitable for banks to guarantee access to
cash and for retailers to accept cash [...] countries are quite heterogenous, both
with respect to the real sector (e. g., Belke, et al., 2017) as well as to the financial (ECB, 2020a)
and to the payments environment (Esselink & Hernández, 2017) [...] for all frequencies.
Therefore, further modifications are needed to allow for these eventualities and to enable
this method to be implemented. Fairly accurate estimation results can often be obtained
how it can steer actual
inflation to its target rate. As monetary neutrality is assumed to prevail, the relative
change of the price level has to be equal to the relative change in the nominal money [...] services. This is important because banks, compared to financial
markets, have an information advantage when it comes to granting credit to a debtor
due to their close monitoring and experiences they made [...] 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
comprise high-value denominations, from Germany to
these countries. As euro cash taken abroad for exchange to foreign currency is conceptually to
be assigned to transaction balances and thus probably chiefly [...] denominations up to €100 is likely to take place
largely via foreign travel (intra and extra euro area), whereas the €200 and €500 banknotes are
likely to be shipped en masse to non-euro-area countries [...] cumulated net shipments (€104 billion) are likely to have been to Russia (€45 billion) and that
these banknotes are likely to be kept there due to their store-of-value function or for activities
2006 to
the beginning of 2008 and resulted in a oil price of over USD 140 per barrel. Subsequently,
the oil price fell to below USD 40 by the beginning of 2009, only to rise to levels of up to USD
80 [...] research to determine whether the correlations discovered here are also
to be found in models with monthly or quarterly frequency. Above and beyond that, it is
interesting to investigate to what extent [...] Greek Treasury. Main tasks of the Specialist are to
participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market
how it can steer actual inflation to its target rate. As
monetary neutrality is assumed to prevail, the relative change of the price level has to
be equal to the relative change in the nominal [...] difficult to gauge. The
reasoning is that real balances reflect agents’ portfolio adjustments in response to
aggregate demand and / or technology shocks to which they are exposed to.35
Ullersma [...] This leads to the second
equilibrium. Due to growing risk and uncertainty, precautionary money demand
increases, leading to an increasing value of outside money. This, in turn, leads to a
collapse
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