process
may differ substantially from their ex-post revised values. Real-time
uncertainty about key variables, like actual and potential output (and their
rates of growth), opens up a role for [...] and Beck and Wieland (2007, 2008) all restrict their
attention to optimal discretionary policy. Our interest in simple rules is
motivated by their potential advantages over discretionary policy. [...] that the interpretation of the
available data often depends on the assessment of their development relative
to their trend or long-run equilibrium levels that are unobservable and can
only be estimated
specific types of
crisis (technological crisis, financial market crisis,
natural disaster) and their effects on the demand for
cash in an international context. As evidence from
the last 30 years shows [...] 1992/93, the (geo-)political crisis after the
9/11 attacks in 2001 and the Euro crisis in
2010/11. In their nature, however, these crises
were effectively confidence crises and hence
do not differ greatly [...] might
reflect precautionary motives as commer-
cial banks in these countries also quickly
increased their vault cash.19 For the US
dollar, the euro and the Swiss franc, again,
foreign non-transactional
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 infla-
tion.“
Der Poole‘schen Tradition
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%
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 equilibrium [...] 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 equilibrium
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
candidates for foreign holdings. By contrast, in the subset of
the other countries considered in their study, the tax ratio has a much larger
and significant effect, especially for high denomination notes [...] discount factor and
p(*) is the home (foreign) price level. Residents of the foreign country de-
mand their own currency cuf and the (stable and widely accepted) currency
cu. The variable cu
f
* represents [...] to the foreign country. Residents of this country hold both
the home currency (the euro) cu and their legal tender cu
f
. In order not to
overcomplicate issues we do not take into account possible
that the indicators are most helpful during periods of large swings in
world growth. However, their usefulness fluctuates greatly over time. The only paper which
addresses turning points directly [...] dependent variables used. Following this, section 3 introduces the Probit
models and presents their results. Section 4 summarises and concludes.
2. Data
We use seasonally-adjusted quarterly
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
interested in gradually approaching the target rate.
Table 1: Monetary targets and their implementation
in %�
�
�
�
�
�
�
�
�
Target: growth of the central bank money [...] alternative asset is regarded as opportunity costs. The so-called special savings facilities with their higher rates of interest are included explicitly in the own return (since the mid eighties). The yield [...] precise knowledge of the transmission process of monetary stimuli. If monetary targets (including their determinants) are not only applied in the internal decision-making process but when these targets
many changes are taking place quite rapidly or have already
been factored by market players into their decisions. These changes involve institutional aspects, the
operational level of the money market [...] also for persons working at
banks and other financial sector institutions who seek to deepen their knowledge of European
monetary policy.
We wish to thank Dr. Caroline Willeke of the Deutsche
fulfil their obligations with vault cash. Credit
institutions are obliged to hold required reserves in relation to specific liabilities of their
balance sheets. They have to fulfil their reserve [...] In order to prevent all Board members from leaving at the same time, their terms of
office were staggered in the case of their first appointment. The terms of the Board members
are not renewable [...] of Applied Sciences Amberg-Weiden) and S. Luther (University of Applied Sciences Nuremberg)
for their valuable support.
page
1
The Eurosystem and the Federal Reserve System Compared: Facts
TIPS-money
This means that commercial banks first have to transfer money from their TARGET-PM
accounts to their TIPS-DCA before they can use it for instant payments (see figure 8a). The
time [...] €32bn (End of 2021)
page
the ECB.3 Commercial banks, are free to produce book money at their will as long as it is
in line with general supervisory regulations.4 The issuance of private e-money [...] intermediaries are the owners of CBDC accounts and handle retail payments for
the central bank on their own accounts are obviously not being pursued any further.
Nonetheless, financial intermediaries
necessarily represent those of the Swiss National Bank.
Working Papers describe research in progress. Their aim is to
elicit comments and to further debate.
COPYRIGHT©
The Swiss National Bank (SNB) [...] via the internet, etc.) for
non-commercial purposes and provided that the source is menti-
oned. Their use for commercial purposes is only permitted with
the prior express consent of the SNB.
General [...] of US dollars. Central banks also have an interest in monitoring cash develop-
ments because of their role in operating the payment system. If banknotes are predominantly
demanded for hoarding purposes
6+7/2004, 939-957.
54
page
Reitzig, M./Henkel, J./Heath, Ch.: On Sharks, Trolls, and Their Patent Prey - Unrealistic
Damage Awards and Firms’ Strategies of “Being Infringed”, Präsentation [...] Tagung an der WU Wien am 27.10.2006.
Reitzig, M./Henkel, J./Heath, Ch.: On sharks, trolls, and their patent prey - Unrealistic dam-
age awards and firms’ strategies of “being infringed”, in: Research
(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
September 2008, DOI H. Zatocil , "Physical Understanding of Multiple Saliencies in Induction Motors and their Impact on Sensorless Control", International Symposium on Power Electronics, Electrical Drives, Automation
Dinner will take place at HeimatGenuss im Bruckmüller . The historic rooms in the brewery inn with their cozy atmosphere invite you to linger and enjoy a freshly tapped Bruckmüller beer from the in-house [...] n via ConfTool. Accepted contributors will also have the opportunity to publish a paper based on their contribution to the Open Access platform Zenodo. The paper is optional. * If you encounter any problems [...] format, the presentations will be clustered thematically. The presentations should shed light on their topic in depth. Depending on the type of presentation, you will have 30 or 15 minutes, discussion