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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
calculate a "fair value" of bond yields. Figure 5 shows
that bond markets were overvalued in the course of 2005. But obviously the "disequilibrium"
was not unusually high in a historical perspective
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
Ministry
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page
fördern führen inspirieren
Would
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
want the central bank to put more emphasis on other objectives, such as reducing unemployment. Of course, this does not mean that the objective of achieving and maintaining price stability should be interpreted [...] even announced to publish an inflation and growth forecast of the Bank in the near future. But, of course, transparency does not mean publishing the maximum amount of information available.
num-Doc [...] Governing Council and a coherent summary of the information upon which decisions are based. But of course, transparency does not mean publishing the maximum amount of information available.
num-Doc_Paragraph
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
Actual growth
�
�
�
�
Year�
in the course of the year2)�
as annual average�
more precise definition during the year�
in the course of the year2)�
as annual average�
target achieved� [...] kind in the mid-seventies, and there are good reasons why it is now one of the last to follow such a course. This recognition that price trends could be controlled by (indirectly) managing the money stock [...] For the first time a two-year target, according to which M3 is to grow by approximately 5 % in the course of 1997 and 1998. �
�
�
�
�
�
�
�
�
�
�
3 Divisia aggregates
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
monetary policy operations of the Fed; they analyze the regional
developments and explain the course of monetary policy in their district. The presidents and
the research departments of the FRBs
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