if the level of
real output rises above trend. The popularity of such rules stems from
their simplicity and their alleged robustness across a wide array of
macroeconomic models. In addition, the case for [...] gap as
well as to deviations of (expected) inflation and money growth from their
respective target values. Furthermore, their results suggest that the
monetary policy of the Bundesbank was characterised [...] output gap, even if there are no
shocks to money demand. One reason for their negative verdict on mone-
tary targeting is that their analysis abstracts from the problem of data
uncertainty. In fact, they
expectation of rising oil prices could, for example, prompt
the industrialized countries to increase their inventories. Security considerations
could also play a role in this respect.
We augment this [...]
oil prices follow a stochastic trend, they must all follow the same trend irrespective of
their maturity, i.e. the price differences between (arbitrarily selected) price pairs are
stationary [...] those of a random walk without drift or the optimised
ARIMA model.
10 Reitz et al. (2009) show in their analysis that oil price forecasts on the basis of survey data from
Consensus Economics never beat
diese Funktionen
zu erfüllen ist eine Variation der Mindestreservesätze nicht zielführend.
„In their analysis most economists have assumed that Central Banks „exogenously“ set
the high-powered monetary
(see Evans, 2005, among others). However, Beck & Wieland
actually base their assumption on a couple of studies supporting their view of
relatively long-lasting misperceptions (see, e.g., Orphanides [...] highlight financial intermediaries' role in determining the price of risk. As these
expand their balance sheets, their risk-bearing capacity increases and risk premiums
fall. Thus, balance sheet quantities [...] various financial intermediaries and their respective balance sheet
quantities. First, the information provided by institutions that are marking-to-market
their balance sheet is of superior quality
much uncertainty to their staff’s estimates
of the output gap that they all but ignored them and relied on other or additional
indicators of economic activity? If so, did their reliance on these other [...] estimates of the baseline reaction function
with real-time data
Table 10 Monetary targets and their implementation
Table 11 Parameter estimates of the reaction function with
additional variables [...] long-run equilibrium level in response to departures of either expected inflation or
output from their respective targets. Specifically:
( ) ( ) ( )tttntnttntt yEEßrEi Ω+Ω−−+=Ω− +++ γπππ )()1( ** ,
Bundesbank and the Österreichische Nationalbank for their valuable
insights. We would like to extend our special thanks to M Altmann, S Arz and M Vogel for their valuable
contributions. The opinions expressed [...] similar results, it is nevertheless advisable to additionally use
indirect estimates to examine their robustness. This approach has been taken in a separate
paper.
page
Nicht-technische [...] inpayments of these denominations at central banks in
countries where Germans typically spend their holidays that suggest that these balances are
closely connected with foreign travel. But, at just
the relationship of the monetary aggregates to spending, the behavior
of the aggregates relative to their annual ranges will likely be of limited use in guiding po-
licy (...), and the Federal Reserve will
similar results, it is nevertheless advisable to additionally use
indirect estimates to examine their robustness. This approach has been taken in a separate
paper.
page
Nicht-technische [...] d securities transactions Gaby Trinkaus
07 2010 Banks’ exposure to interest rate risk, their
earnings from term transformation, and
the dynamics of the term structure Christoph [...] Pfingsten
14 2010 How correlated are changes in banks’ net
interest income and in their present value? Christoph Memmel
01 2011 Contingent capital to strengthen the private
They usually hold a large
proportion of their money holdings as transactions balances, using these balances mainly as a buffer, while
slowly adjusting their portfolio composition. In addition, households’ [...] cointegration relationships by the cross correlation between their
monetary overhang measures suggests that models 2-n and 4-r are quite similar in their assessment of
actual money holdings relative to [...] M3 holdings are also found to be
informative for price developments in the euro area, giving their explanation a particular relevance for
monetary analysis (see European Central Bank (2006b) p
that the interpretation of the available data often depends on
the assessment of their development relative to their trend or long-run equilibrium
levels which are unobservable and can only be estimated [...] central bank is assumed to
page
minimise the deviations of inflation and output from their respective target values and to avoid
interest rate fluctuations.
In section 4 the feedback [...] The problem is therefore especially acute for variables which are formulated in
deviations from their equilibrium or “natural rate” levels. A well-known example are
the measurement problems regarding
problems like the
sovereign debt crisis mainly due to their inability to enforce EU member countries to reduce
their budget deficits and to their failure to force EMU members to comply with the rules [...] the IMF elaborated the
economic adjustment programs for these economies and closely monitored their progress
through quarterly reviews based on economic missions.
The active role of the IMF [...] participate
in the rescue programs? Was it a sign of weakness of the European institutions to solve their
problems alone and/or did the Europeans want to use the outstanding expertise of the IMF in
between the various euro-area coins is relatively simple
owing to their unique national side. As people can clearly see in their everyday cash
transactions, the national euro coins have become mixed [...] relatively easy to distinguish the coins
issued by the individual euro area countries, owing to their unique national side. The
introduction of euro coins offered the unique opportunity to analyse [...] from the online survey projects “Eurodiff” and “Euromobil” are available. Accordingly,
since their introduction until the end of 2008, the share of German €1 coins in Germany
dropped to about 75%
after a while to modify their
liquidity management correspondingly; (2) in the course of the first 18 months, some national
central banks revised their arrangement with their Treasury, also in view of [...] undertakes a similar
analysis of the demand and supply of factors of Federal Reserve deposits and their dynamic
interaction. As far as possible, we follow Hamilton�s line of reasoning. Nevertheless, some [...]
In a second step we cover the interaction between supply and demand factors for deposits and their
price in the form of the spread between the overnight rate and the main refinancing rate of the
Eurosystem
a seminar at the Banque de France and especially the discussant
of the paper, L. Lalouette, for their input. The views expressed in this paper are those of the authors and should
not be interpreted as [...] households at the point of sale
(POS), i. e., it concentrates only on transactions balances. Their results show that in 2019
around 73 % of all payments at the POS were made with cash, with again [...] aspects of
cash demand. Bouhdaoui & Bounie (2012) compare different payment choice models in their
ability to replicate observed payment behaviour in France. Banque de France (2020) presents
its instruments. Furthermore, the national authorities should have no mechanism at their disposal to ensure that their views influence decisions taken by the central banks, either through the right to interfere [...] financial markets. This meant that market participants’ concerns about the stance of monetary policy and their (mis-)readings of the objectives of individual central banks became more easily and quickly translated [...] 1990s. Canada, Sweden and the UK adopted an inflation targeting regime, and France and Japan changed their central bank laws to incorporate price stability as the final objective of monetary policy. This goes
asymmetric passthrough of policy and money market rates to bank lending rates. The only country in their study where this is the case is Germany. There, the response is relatively fast with respect to increases [...] some theoretical arguments for asymmetric effects of monetary policy and tries to shortly assess their validity for Germany. Part 3 introduces the concept of monetary targeting and its implications for [...] transmission of monetary policy. It states that in the course of a tight monetary policy banks reduce their credit supply because of the informational asymmetries adverse selection and moral hazard. This credit
websites are prohibited.
In most cases authors are permitted to post their version of the
article (e.g. in Word or Tex form) to their personal website or
institutional repository. Authors requiring further [...] , the European Central Bank and the University of Münster as well
as two anonymous referees for their valuable comments. In particular, we would
like to thank S. Arz for his contributions. The opinions [...] central banks in the euro area are connected
to TARGET2. There are no constraints on the size of their balances vis-à-vis the Euro-
pean Central Bank that emerge from the cross-border flow of interbank
Bundesbank and the Österreichische Nationalbank for their valuable assistance. In
particular, we would like to thank M Altmann, S Arz and M Vogel for their valuable contributions. The opinions
expressed [...] suitable as a
“safe haven” and c) a banknote denomination structure which makes their storage and transport as well as their
use in the shadow economy significantly easier. With equation (4), it is now [...] within that country as they do not flow back to the central bank as
frequently. Consequently, their measured average life is longer. The prerequisite for the
application of this type of indirect
n. „ ... investors will miss no opportu-
nity to test the resolve of governments in maintaining
their exchange rate target“23. Auslöser ist, dass eine
Währung unter Abwertungsverdacht gerät. Ein Spe-
easy to recognize the origin of the various euro area coins
owing to their unique national backsides. As people clearly notice in their everyday cash
transactions, the national euro coins have become mixed [...] since
been prohibited by the US Treasury and does not seem to be an issue for euro coins owing to their
different metallic composition.
Diskussionsbeitrag / Discussion Paper
Jahrbücher f. Nation
discussed.
The second section of Chapter II discusses various monetary policy strategies and their adequacy to
the Eurosystem. A monetary policy strategy is defined as the basic thrust of monetary [...] marginal lending facility and the
deposit facility. The individual instruments are described, and their effects characterised, using the
consolidated balance sheet, the "financial statement", of the Eurosystem
money supply. Instead, they adjust it to achieve a target for the interest rate, and they adjust
their interest-rate target in response to movements in output and inflation." oder etwa
Mehrling (2004
current level of income, any attempt to
increase the money supply leads them to adjust their portfolios to limit their money holdings.
These portfolio changes lead to changes in relative yields on financial [...] in shaping the dynamic behaviour of
output, inflation and interest rates. A distinctive feature of their VAR analysis is that both the variables included in
the system and the identifying restrictions used [...] production as a proxy for real activity, real M1, the term spread and
inflation. The major result of their paper is that the combined contribution of these monetary
disturbances for real economic fluctuations
market
crises and financial market bubbles. Thereafter we examine the capital import restrictions and their effec-
tiveness. It turns out that the empirical evidence is ambiguous. Especially it has to be d [...] CANALES-KRILJENKO, J. I. /
KIRILENKO, A. (2000): Capital controls: Country experiences with their use and liberalization,
International Monetary Fund (IMF) Occasional Paper, No. 190, Washington D
only applied in those areas where their technological
benefit is indispensable. As the magnets help to reduce
the weight and size of generators and electric motors,
their application in offshore wind turbines [...] variables (see Evans, 2005,
among others). However, Beck & Wieland actually base
their assumption on a couple of studies supporting their
view of relatively long-lasting misperceptions (see, e.g.,
Orphanides, 2003; [...] to raise the question
on banks’ input factors and their respective actual
output. Usually, theory regards deposits as input factors
and credit as their output (see for recent examples Shin
& Shin, 2011;