dumjan1 = 1 if day t falls in the first business week of January
dumfi = 1 if day t falls on the first business day of the month
dumla = 1 if day t falls on the last business day of the month
dumla2k = 1 if day [...] dummpl = 1 if day t is the last business day of the maintenance period
Tax indicators
dumit = 1 if t is the 23rd or the following business day or if t is the first business day of the
month or if t falls [...] government deposits being higher at the end of the year and on the last business day of the
months but lower on the first business day of the months. The Treasury activities in Spain and Italy are
especially
Bank for International Settlements, Basle.Journal of International Money and Finance 19, 2–22.
Stekler, H. O. (1991). Turning point predictions, error, andMishkin, F. S. (1999). International experiences [...] Cambridge, pp. 169–182.
tion, Center for International Business Cycle Research,
Taylor, J. B. (1999). The robustness and efficiency ofGraduate School of Business, Columbia University.
monetary policy [...] 29-1
page
International Journal of Forecasting 16 (2000) 39–58
www.elsevier.com/ locate / ijforecast
Interest rate spreads as predictors of German inflation and business
cycles
a a , b*Detelina
System. International Finance discussion papers 657.
EHI Retail Institute. (2010). Kartengestützte Zahlungssysteme im Einzelhandel,
Cologne.
European Central Bank. (2011 July). The international role [...] hoarding demand for currency. Quarterly
Review of Economics and Business, 30, 75–89.
Thießen, U. (2010 July). The shadow economy in international comparison: Options for
economic policy derived from an OECD [...] The test statistic is asymptotically
standardized normal with 95% critical values of ±1.96.
international reputation of the euro and unstable developments
in the destination countries. Hence, foreign
research of central banks and international
financial organisations has not been investigated.
An external committee evaluated the research activities of the International Monetary Fund
(IMF) and concluded [...] small staff, which does not
only publish in international (top) journals but also on a regular basis organise high level
conferences with international research networks such as the National Bureau [...] Leduc
53 Why Is the Business-Cycle Behavior of
Fundamentals Alike Across Exchange-Rate
Regimes?
October 10, 2001 Tommaso Monacelli
54 New International Monetary Arrangements
and the
greatest challenges of empirical business cycle research is the detection and modelling of
business cycle turning points. In the US and the euro area, there are the Business Cycle Dating
Committees [...] (2015), Monitoring the world business cycle, Economic
Modelling 51, 617-625.
Chauvet, M. & S. Potter (2010), Business cycle monitoring with structural change, International
Journal of Forecasting 6 [...] global
growth and of the world state of the business cycle on a monthly basis. Martinez-Garcia et al (2015)
construct a chronology of global business cycles using the Bry & Boschan (1971) algorithm
Econometrica, 33, 671–84.
Warnock, F. E. and Warnock, V. C. (2005) International
capital flows and US interest rates, International
Finance Discussion Paper No. 840, September 2005.
West, K. D. (1988) [...] Alongside the
more traditional determinants like core inflation, monetary policy and
the business cycle, we also include foreign holdings of US Treasuries.
The latter should capture the frequently [...] and Seitz (2005) construct a traditional
US-bond yield model driven by monetary policy,
the business cycle and inflation expectations.
Although the out-of-sample performance of their
model was
System,
International Finance Discussion Papers 657, January.
European Central Bank (2008), The International Role of the Euro, July.
European Central Bank (2010), The International Role of the [...] Currency, Quarterly Re-
view of Economics and Business, 30, pp 75-89.
page
42
Thießen, U. (2010), The Shadow Economy in International Comparison: Options for
Economic Policy Derived [...] sent by banks and not those sent via other channels
of banknote migration, such as tourism, business trips and other instances of cash being taken
abroad. For example, according to anecdotal evidence
Seitz (2010), Should Monetary Policy Respond to
Money Growth? New Results for the Euro Area, International Finance 13, S. 409*441.
Shiller, R. (2001), Human Behavior and the Efficiency of the Financial [...] Innovation at the Firm Level”
von Horst Rottmann und Stefan Lachenmaier
4 “Financial Benefits of Business Process Management”
von Helmut Pirzer, Christian Forstner, Wolfgang Kotschenreuther und
Wolfgang [...] Seitz, Gerhard Rösl und Nikolaus Bartzsch
31 Labour Market Institutions and Unemployment. An International Comparison
von Horst Rottmann und Gebhard Flaig
32 The Rule of the IMF in the European Debt
area countries (NDA(t)):
NDðtÞ ¼ NDDðtÞ þNDAðtÞ: ð1Þ
As a result of foreign travel (tourism, business trips) a certain amount of German Q1 coins
drifts to other euro-area countries. We assume that this [...] from Fraport AG, 7.2 million passengers from other euro area countries
landed at Frankfurt International Airport in 2007. This amounts statistically to around 20,000 pas-
sengers per day. Frankfurt is
Ltd. 9600 Garsington Road, Oxford OX4 2DQ, UK and 350 Main Street, Malden, MA 02148, USA
International Finance 13:3, 2010: pp. 409–441
DOI: 10.1111/j.1468-2362.2010.01267.x
page
ing a [...]
the final targets of monetary policy. These, in turn, are captured by some
measure of the business cycle and price developments. An essential element
of the implementation of interest rate rules [...] ‘Stock Market Downswing and the Stability of European
Monetary Union Money Demand’, Journal of Business and Economic Statistics, 24,
395–402.
Coenen, G., A. Levin and V. Wieland (2005), ‘Data U
F., J. Fidrmuc & I. Korhonen (2019), Business cycle synchronisation and
currency unions: A review of the econometric evidence using meta-analysis, International
Review of Financial Analysis, 61, 274-283 [...] evidence of a shift from transactional to non-transactional demand for
cash over time.
5 In an international study (including France) Bagnall et al. (2016) find significant cross-country differences with [...] the unemployment rate, the corruption perception index for
France provided by Transparency International and different tax variables (direct and
indirect taxes, taxes of households and firms).
Ramadorai (2016), International Comparative Household
Finance, Annual Review of Economics 8, 111-144.
Badarinza, C., J. Campbell & T. Ramadorai (2017), What Calls to ARMs? International
Evidence on Interest [...] einer festen Zinsbindung gegenüber einer
variablen Verzinsung bei Immobilienfinanzierungen international sehr unterschiedlich ist.4
Uneinigkeit herrscht allerdings in der Literatur darüber, wie die [...] page
21
Rachel, L. & T. D. Smith (2017), Are Low Real Interest Rates Here to Stay?, International
Journal of Central Banking 13(3), 1-42.
Rampini, A. & S. Viswanathan (2016), Household Risk
System. International Finance discussion papers 657.
EHI Retail Institute. (2010). Kartengestützte Zahlungssysteme im Einzelhandel,
Cologne.
European Central Bank. (2011 July). The international role [...] hoarding demand for currency. Quarterly
Review of Economics and Business, 30, 75–89.
Thießen, U. (2010 July). The shadow economy in international comparison: Options for
economic policy derived from an OECD [...] The test statistic is asymptotically
standardized normal with 95% critical values of ±1.96.
international reputation of the euro and unstable developments
in the destination countries. Hence, foreign
38
Abbildung 17: Anzahl der Kartenzahlungen im internationalen Vergleich . . . . . . 39
Abbildung 18: Wert der Kartenzahlungen im internationalen Vergleich . . . . . . . . 40
Abbildung 19: Sche [...] Oxford
Business & Economics Conference June 24 – 26, 2009.
Simes, R., Lancy, A. & I. Harper (2006), Costs and Benefits of Alternative Payments
Instruments in Australia, Melbourne Business School Working [...] trumente in Deutschland.
Nach einer Beschreibung der Entwicklungen in einem nationalen und internationalen
Kontext erfolgt ein kritischer Literaturüberblick zu Kostenberechnungen und der Be-
deutung
No. 01/179.
Canova, F. & T. Menz (2011), Does Money Matter in Shaping Domestic Business
Cycles? An International Investigation, Journal of Money, Credit and Banking 43, pp.
577-607.
Canova, [...] Euro Area,
Journal of International Money and Finance 29, pp. 111-22.
Evans, Martin D. D. (2005), Where Are We Now? Real-Time Estimates of the
Macroeconomy, International Journal of Central Banking [...] and
the Role of Money and Credit, International Finance 13, pp. 377–407.
Gertler, M. & N. Kiyotaki (2011), Financial Intermediation and Credit Policy in
Business Cycle Analysis, in: B. Friedman and
Inventory Cycle
Using Data from the Ifo Business Survey Thomas A. Knetsch
11 2004 Real-time data and business cycle analysis
in Germany Jörg Döpke
12 2004 Business Cycle Transmission from the US
to Germany [...] relies on the advantage of hindsight: Today, we
know that the Fed´s real-time assessment of the US business cycle was too pessimistic.
Taking this real-time problem into account, the Fed´s monetary policy [...] Bundesbank’s monthly reports and from the statistical supplements called “Seasonally
Adjusted Business Statistics” which the Bundesbank publishes regularly together with
the monthly reports. Furthermore
currency dealing or surveys of
travellers on the amount of cash that they take on holiday or business trips. However, such
data are subject to some uncertainty as these surveys are generally conducted [...] institutions’ significance in the global market for currency dealing where they
act as an international hub. On balance, the Swiss banks sold the euro banknotes acquired
almost exclusively to banks [...]
15 The information on foreign travel comprises both holidays and business trips.
However, if it is assumed that foreign tourists exhibit a similar payment
16 We
narrowly related to special
characteristics of currency, e.g. its anonymity and secrecy.5 An international comparison of
currency demand equations including socio-economic factors is presented by Kenny [...] B, for several OECD
countries. The latter topic is analysed by Hirvonen/Virén, 1996, for Finnish business firms and Boeschoten, 1992,
ch. 2 for Dutch households.
10 See Rinaldi, 2001, for Belgium; Boeschoten [...] et al., 2002, for Italy and Goodhart/Krueger, 2001, as well as Snellman et
al., 2000, for an international comparison including several EU countries.
9
ECB
Work ing Paper Ser ie s No . 330
April
serve System, Washington, S. 207-262
International Monetary Fund, International Financial Statistics, Washington, verschiedene Jahr-
gänge
International Monetary Fund (1994), Lebanon - Economic [...] (for
example, the per capita cash holdings or the velocity of circulation of cash). Both
international cross-sectional comparisons and purely national conditions indicate that there
are certain [...] is done on the basis of the DM-US dollar exchange rate. On the one hand, this reflects the
international strength of the Deutsche Mark. On the other hand, the Deutsche Mark (in
countries in which
(international foreign currency traders) to countries outside the euro area. These net
shipments correspond to the difference between the outpayments by the Bundesbank to
international foreign [...] Board of Governors of the Federal Reserve System,
International Finance Discussion Papers 657.
European Central Bank (2014), The international role of the euro, July.
Fischer, B, P Köhler & F [...] foreign currency traders and the inpayments by the international foreign
currency traders at the Bundesbank. The estimated regional distribution of euro
banknotes issued in Germany estimated using
would become of the nice business model of issuing non-in-
terest-bearing liabilities (“sight deposits”)? Competition would increase on the
liability side of a bank’s business. From the customer’s perspective [...] Moreover, only a short period to deposit these notes in
banks and post offices was provided (Cards International 2016).
Below, we will take up some of the issues that figure prominently in the dis-
cussion [...] activity replaces legal activities. Law-abiding companies that pay taxes may have
to go out of business because they cannot compete against companies from the
black economy – even if the latter are less
Das theoretische Modell und die Daten
Wie viele Zinsanalysen von Banken, Zentralbanken und internationalen Organisationen wie
IWF, OECD oder BIZ stellen auch Bandholz et. al. (2009) bezüglich der [...] THOMAS C.P. (2013), Foreign holdings of
U.S. Treasuries and U.S. Treasury yields, Journal of International Money and Finance, 32, 1120-
1143.
BERNANKE B. (2006), Remarks by Chairman Ben S. [...] (2005), Empirical Exchange Rate Models of the
Nineties: Are any fit to survive?, Journal of International Money and Finance, 24, 1150-1175.
DERKSEN S., KESELMAN H. J. (1992), Backward, Forward
Kartengestützte Zahlungssysteme im Einzelhandel.
Cologne.
European Central Bank, 2011a. The international role of the Euro. July.
European Central Bank, 2011b. Guideline of the ECB of 30 June 2011 amending [...] 2004. Currency demand by federal reserve cash office:
what do we know? Journal of Economics and Business 56, 273–285.
Scheiber, T., Stix, H., 2009. Euroization in central, eastern and southeastern Europe—
Statistiken über die Lieferungen von durch die Deutsche Bundesbank
emittierten Banknoten über im internationalen Sortenhandel tätige Banken in Nicht-EWU-
Länder oder auf Befragungen von Reisenden hinsichtlich [...] Anbindung des schweizerischen Bankensystems an den Euro-Bargeldkreislauf eine wichtige
Rolle im internationalen Sortenhandel einnimmt, verzeichnete zu dieser Zeit einen kräftigen
Anstieg in der Nachfrage [...] großen
Bedeutung dieser Geldhäuser im weltweiten Sortenhandel zu sehen, in dem diese als
internationale Drehscheibe fungieren. Dabei verkaufen die eidgenössischen Banken die
erworbenen Euro-Banknoten
Clarida, R., J. Galí and M. Gertler (1998), Monetary policy rules in practice, Some
international evidence, European Economic Review 42, 1033-1067.
Clarida, R., J. Galí and M. Gertler (2000) [...] the measurement of the output gap and the design of monetary policy, Journal of
Economics and Business 52, 117-41.
Orphanides, A. and J. Williams (2002), Robust monetary policy rules with unknown [...] 72, 577–
596.
Stracca, L. (2007), A speed limit monetary policy rule for the euro area, International
Finance 10, 21-41.
page
24
Svensson, L. and M. Woodford (2002), Indicator