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in objectives and duration, are often associated
with a sharp and sustained redirection of the course of economic policy. An IMF supported
program is typically initiated when a country faces the [...] governance and
unsound fiscal balances. In the case of Ireland fiscal rescue packages that in the course of the
financial and economic crises were necessary to stabilize the domestic banking system
in objectives and duration, are often associated
with a sharp and sustained redirection of the course of economic policy. An IMF supported
program is typically initiated when a country faces the [...] governance and
unsound fiscal balances. In the case of Ireland fiscal rescue packages that in the course of the
financial and economic crises were necessary to stabilize the domestic banking system
key question is why foreign demand for euro
banknotes is primarily met by Germany. There are of course a number of historical reasons
(Deutsche Bundesbank 2009), such as Germany’s strong involvement
key question is why foreign demand for euro
banknotes is primarily met by Germany. There are of course a number of historical reasons
(Deutsche Bundesbank 2009), such as Germany’s strong involvement
discussion for a “correct” measurement of innovation is still
ongoing in the literature, we of course do not claim to have a perfect measure for
innovation here. Other innovation variables like R&D
(2007-07-15).
The Culture Concept, http://www.umanitoba.ca/faculties/arts/anthropology/
courses/122/module1/culture.html (2007-08-01).
page
32
The Hong Kong Polytechnic University
firm’s quality is bad (more unfavorable business expectations,
poor state of the business).
Of course other measures, in particular balance sheet ratios, could also be taken
into account as proxies
forecasting model. Since the beginning of 2009
the model predicts an end of the recesssion in the course of 2009.
- 2 -
page
1. Einführung
Ein viel beachteter Frühindikator für
Source: ECB (2012a), p. 85.
The ECB (2012a) conducted an evaluation of 130 such studies in the course of a me-
ta-analysis. The findings are illustrated in Figure 1. It is clearly evident that the usage [...] transactions effected by the people questioned (2011: 2,098 people, 2008: 2,204
people) over the course of a week during which they kept a payments diary. The figures can be regarded as
representative [...] securities settlement statistics. They contain data on all the
amounts withdrawn in Germany over the course of a year. The figures consequently
also make reference to cash withdrawn for purposes other than
been ill-advised to respond strongly to real-time
estimates of the level of the output gap. Of course, other potential feedback
variables, like the change in the output gap, the rate of inflation [...] in the MEs, we follow Orphanides et
al. (2000) and assume that they follow an AR(1) process. Of course, such a
first-order process represents a simplification of the true revision process in
the
lending in the interbank
market." Ähnlich argumentiert Papadia (2005, 51) für das Eurosystem: "Of course liquidity
changes have an effect on interest rates but the logical flow is not at all changing
The most fundamental one is
that between inside and outside-money (see, e.g., Lagos, 2006). Of course, the
liquidity provision of a central bank to its counterparties – conducted via so-called
[...] this disequilibrium is
identified, the inflationary risk does not necessarily materialise.11 Of course, there are
factors that temporarily have the potential to induce agents holding more (or less) [...] to have at the moment is one.” (Nelson, 2003, p. 1040). Similarly, Brunner
(1969, 26) states: “Of course, it is not money as such which drives up prices.”
page
- 9 -
money than they
monetary policy decisions, since some of the relevant data and estimates undergo
major revisions in the course of time. By re-estimating policy reaction functions for the
Fed, Orphanides has shown that the use
earlier edition of this book. They discovered
many unclear passages and holes in our arguments. Of course, all remaining errors and omissions are
ours alone. We would like to thank Ms. Iris Röckelein for
updating into the wrong direction, if the trajectory is still far
away from a converged solution. Of course, the algorithm may
be refined further, e.g. using a continuous behavior of γ(ε).
However, numerical [...] chaos control and targeting, where we want to connect
UPOs embedded in the same attractor. Of course the optimal
transients discussed above are also very close to that strange
attractor, and in [...] motor, cf. Fig. 4. Length of the pendulum is
l ≈ 1.2m and sampling period is T0 = 1/(20Hz). Of course,
the steps for the motor are interpolated (factor 213), which
is achieved by an interpolation
fundamental one is that between inside and outside
money (see, e.g., Lagos, 2006).
4
Of course, the
liquidity provision of a central bank to its counterparties
[...] disequilibrium is identified, the inflationary risk does
not necessarily materialise.
11
Of course, there are
factors that temporarily have the potential to induce
agents holding more (or [...] to have at the
moment is one." (Nelson, 2003, 1040). Similarly, Brunner (1969, 26) states: "Of
course, it is not money as such which drives up prices."
errors or a misspecification of the IS-curve
is considered a
signal for a major swing in upcoming inflation
from an acceleration course onto a deceleration
course. Tables 6 and 7 show the performance of
the three slope variables in predicting German [...] Chicago Press,prevent inflation from getting onto an accelera-
Chicago, pp. 157–202.
tion course when such a course is likely to Berk, J. M. (1998). The information content of the yield
come. Interest rate [...] of a state changes very
cal heteroskedasticity (French & Sichel, 1993; promptly from 0 to 1 in the course of no more
10Lahiri & Wang, 1996) . Finally, following than 3 months. For exact dating of the
two-digit classification).
Δw denotes the growth rate of the real hourly wage rate, which of course may influence
the employment demand of a firm. Since the wage rate of the individual firms are [...] discussion for a “correct” measurement of innovation is still
ongoing in the literature, we of course do not claim to have a perfect measure for
innovation here. Other innovation variables like R&D
Thus, the losses are smaller and the efficiency is higher than in an axial impulse
turbine. Of course, this benefit does have a disadvantage: the cantilever „quasi-impulse“ turbine
requires a slightly
applied: the seasonal
method, a best-fit approach and an analysis of the evolution of currency in the course of a
representative year. Moreover, an upper limit of the non-resident demand for euro legacy [...] purposes and by whom currency is held. For instance, the reduction of currency in circulation in
the course of 2001 and the demand for currency in the first months of 2002 should give some
indication about [...] According to the
expectations theory of the term structure the current spread may forecast the future course of
short-term rates (see e.g. Anker and Wasmund, 1998) and may thus approximate speculative
autonomous liquidity factors 12
3.1 Government deposits 13
3.2 Banknotes 15
3.3 Net float (�items in course of settlement�) 19
3.4 Other autonomous factors 21
4 The endogenous liquidity factors 25
4.1 [...] causality from prices to quantities in this market.2
The first 18 months of Stage Three of EMU were of course a special period which was at least partially
influenced by an ongoing learning process. However [...]
ECB Working Paper No 44 � February 200110
� Autonomous liquidity factors such as items in course of settlement (net float) (item 5), banknotes
(item 6), other autonomous factors (item 7; the sum
-german-teaching-week
Usability Teaching Methods Workload
This course may be taken instead of the semester-long course
with the same title.
The module is part of the module group Digital Technology [...] challenges and changing environments with resilience and flexibility in problem solving.
Course Content
The course provides a comprehensive study of the management system of the life cycle of innovations [...] socio-economic development, form and analyze models of economic systems
and processes;
Course Content
This course provides students with knowledge on the specifics of development and project management
-german-teaching-week
Usability Teaching Methods Workload
This course may be taken instead of the semester-long course
with the same title.
The module is part of the module group Digital Technology [...] challenges and changing environments with resilience and flexibility in problem solving.
Course Content
The course provides a comprehensive study of the management system of the life cycle of innovations [...] socio-economic development, form and analyze models of economic systems
and processes;
Course Content
This course provides students with knowledge on the specifics of development and project management
thank JoÈrg Clostermann and Stefan Kuhnert for helpful
comments. All remaining errors are ours, of course.
REFERENCES
Brand, C. and N. Cassola (2000), `A Money Demand System for Euro Area M3', ECB