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
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)
and predicted values for that decile. If the predicted values for the binary
value are in the 1st-5th or the 8th-10th decile, the model performs rather well in discriminating
between the two different
Schätzungen adäquat modelliert werden.11 Außerdem
beinhalten unsere Schätzungen Saison-Dummies (st, wobei t die Saison kennzeichnet), um
über die berücksichtigten Variablen hinausgehende Einflüsse
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
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
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
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)
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
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
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
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
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
130 Kapitalimportkontrollen – Ein
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
autocorrelation in the
residuals (1st and 4th order). Nor can the Lagrange multiplier (ARCH) test for autoregressive
conditional heteroskedasticity (1st and 4th order) identify any violations of [...]
Poole, W. (2005), Understanding the Term Structure of Interest Rates, Federal Reserve Bank
of St. Louis Review 87, 589-595.
Rudebusch, G.D., E.T. Swanson & T. Wu (2006), The Bond Yield “Conundrum”
R u c k r i e g e l : Brau-
chen wir eine Zentralbank – und was braucht
eine Zentralbank?, in: WiSt, 35. Jg. (2006),
S. 194-199.
* Wir danken J. Clostermann, E. Görgens, G.
Rösl und K.-H. Tödter [...] schenziel oder Indikator der Geldpolitik – auf
welcher Ebene befi ndet sich die Taylor Re-
gel?, in: WiSt, 36. Jg. (2007), Heft Januar.
onsprozess und die damit einher-
gehende Geldmengenentwicklung
werden [...] Warum die Poole‘sche
Alternative „Zins- versus Geldmengensteu-
erung“ in Wirklichkeit keine ist, in: WiSt, 35.
Jg. (2006), S. 698-701.
page
Wirtschaftsdienst 2007 • 1 17
ZEITGESPRÄCH
Phänomen
e
Bewertung der Analyseergebnisse
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st der Schlüssel zu einer Methode, mit
er sich Übertragungsfehler erkennen lassen. Betrachten wir dazu [...] daran, daß
unserem Beispiel ist R(x)=0 bzw. die fcs=0, und damit ist der Bitstrom unverstümmelt
st das wirklich so? Kann beim Empfänger auch ein
hlerbehafteter Polynomcode ankommen, der trotzdem
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