represents the state of technology. In order to be able to represent all
economically relevant information of the underlying technology, the cost function must meet cer-
tain regularity conditions: C must [...] public sector are not included. The data for Germany refer to West
Germany until 1990 and to unified Germany from 1991 onwards. In order to eliminate the “outlier”
in the growth rates for 1991, we include [...] defensive reaction to the threat of unemployment. This poses the following question: Are the labour
market institutions also endogenous in respect to the employment thresholds? This seems to be less
likely
are the first to use net
issues of cash of all national euro area central banks to analyze the relationship between cash
demand and the shadow economy within a currency union. Up to now, these net [...] estimation methods. To assess the relationship between cash and the shadow
economy, it was necessary to control for other motives for holding cash and national
peculiarities. To test for robustness [...] shadow economy is a construct which by definition
is hard to capture and to estimate. All in all, it seems that cash is probably used to a smaller
extent in the context of shadow economic activities
partners, to discuss them critically
and thus to identify solutions and options for action. In
this way, we make a central contribution to providing
answers to pressing questions of our time and to helping [...] needed to perform the padding oracle attack.
In addition, an attacker has to be able to modify the
encrypted message and send these modified messages to
the oracle. The goal of this attack is to know [...] We would like to thank all researchers and all those
involved for their constant curiosity, their commitment to
generating new knowledge and their willingness to make
this available to all of us in the
refer to IEC 60068, which is valid for
conventional capacitors. Correspondingly, electrical
tests have to be performed at temperatures between 15
°C and 35 °C, a relative humidity of 45 % to 75 %, [...] discharge current according to Table 1 may be
reduced by a factor of two, a fifth or a tenth. Current
values I > 10 A are rounded to two significant digits and
currents I ≤ 10 A to one significant digit [...] current according to
Table 1 may be reduced by the half, a fifth or a tenth.
Electric power reflects the maximum current the
supercapitor is able to supply, when it is discharged to
the half of its
2006 to
the beginning of 2008 and resulted in a oil price of over USD 140 per barrel. Subsequently,
the oil price fell to below USD 40 by the beginning of 2009, only to rise to levels of up to USD
80 [...] research to determine whether the correlations discovered here are also
to be found in models with monthly or quarterly frequency. Above and beyond that, it is
interesting to investigate to what extent [...] Greek Treasury. Main tasks of the Specialist are to
participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market
2006 to
the beginning of 2008 and resulted in a oil price of over USD 140 per barrel. Subsequently,
the oil price fell to below USD 40 by the beginning of 2009, only to rise to levels of up to USD
80 [...] research to determine whether the correlations discovered here are also
to be found in models with monthly or quarterly frequency. Above and beyond that, it is
interesting to investigate to what extent [...] Greek Treasury. Main tasks of the Specialist are to
participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market
self-sufficiency a decrease of 16% points has to
be observed, compared to the fuel cell scenario due to the lower
storage efficiency. However, compared to a CHP systemwithout EES
the self-sufficiency is [...] ncy and self-consumption.
To optimize the supply of electrical and thermal energy by a CHP
system and to reduce unused excess electrical energy, a common
approach is to determine a specific thermal [...] the CHP system is able to fit its electrical energy supply to the
electrical energy demand more properly without neglecting the
thermal energy demand [8].
Another approach to reduce the excess electrical
expect the two regimes to
correspond to the normal and ‘inverted’ yield
curve, and for the bank–public spread to the
normal and ‘widened’ spread. The observed
spread series Y is assumed to be drawn fromFig. [...] may be due
to the differential response of the Bundesbank
to under- and overshootings of its monetary
target, raising rates in response to an overshoot-
ing but not lowering them in response to
overshooting [...] for Germany, so we adopt a methodology
similar to that in Artis et al. (1995) to identify
7 inflation cycle turning points. We assume thatAccording to Von Hagen (1999), the call rate has been the
troughs
Financial Crisis
In order to gain additional insights into the model’s ability to explain monetary
developments, the observations for the period 2008 Q4 to 2010 Q4 are used to
produce out-of-sample forecasts [...] seems to interact with wealth and indebtedness. In order
to be able to more fully analyse the interaction between money holdings, con-
sumption and wealth, the financing of households needs to be modelled [...] (3) 409–438
a We are grateful to Mika Tujula for providing euro area household wealth data, to Gabe de
Bondt for sharing his equity market related measures and to Wolfgang Lemke for providing
his
References in publications to ROME Discussion Papers
(other than an acknowledgment that the writer has had access to unpublished material) should be
cleared with the author(s) to protect the tentative character [...]
Abstract
What role does (should) money play in modern central banking? To answer this question, it is
necessary to distinguish between the different level playing fields of monetary policy. At [...] relative to interbank deposits. First, central bank balances carry
no default risk. No private bank or other financial firm can match this. Second, central banks typically
provide access to liquidity
engine
knock due to the high compression ratio proved to be the
limiting factor for gas admixing in Procedure 1, the com-
pression was reduced to 16:1 in Procedure 2 in order to be
able to investigate higher [...] important to ensure
that critical data is sent reliably. To reach this objective,
it is necessary to monitor and to analyze the behavior of
the mobile network. In particular, a software needs to be
developed [...] important to ensure that critical data is
sent reliably. To reach this objective, it is necessary to monitor and to analyze the behavior of
the mobile network. In particular, a software needs to be developed
page
Abstract
What role does (should) money play in modern central banking? To answer this question, it is
necessary to distinguish between the different level playing fields of monetary policy. At [...] relative to interbank deposits. First, central bank
balances carry no default risk. No private bank or other financial firm can match this. Second, central banks
typically provide access to liquidity [...] especially
important in the event of a serious liquidity problem. Banks may want to maintain a clearing account at the
central bank to obtain funds quickly and conveniently from the discount window. Third, banks
second relates to the existence of a lower threshold of cash used for
transaction purposes below which it is no longer profitable for banks to guarantee access to
cash and for retailers to accept cash [...] countries are quite heterogenous, both
with respect to the real sector (e. g., Belke, et al., 2017) as well as to the financial (ECB, 2020a)
and to the payments environment (Esselink & Hernández, 2017) [...] for all frequencies.
Therefore, further modifications are needed to allow for these eventualities and to enable
this method to be implemented. Fairly accurate estimation results can often be obtained
in the mid-1990s.
Our mission: To provide impulses, to make it possible to
study close to home, to contribute innovative knowledge
to regional development and thus to support structural
change. A look [...] cal MM group includes point-to-point, point-to-curve and
curve-to-curve matching (see Figure 1).
Road 1
Road 2
P1
P2
Point to Curve
Point to Point
Curve to Curve
Figure 1: Three variants [...] uses two majority
votes: one to validate transitions between segments and
the other one to validate transitions to non-route seg-
ments. The purpose of the second voting is to give the
MM more robustness
loss in consumption possibilities due to negative interest rates on cash. The
consumer has to be compensated in terms of goods to the extent of CV in order to reach the
original level of utility [...] welfare loss reduces from €bn 24
to €bn 14, whereas at σ=2 it increases to €bn 36.
If the preference parameter (α) is lowered from 0.75% to 0.50% or raised to 1.0%, the welfare
losses are €bn [...] deadweight loss (DWL) amounts to €bn 62 per year, corresponding to 0.59% of GDP or € 183
per capita.
For Germany the welfare loss (CV) with respect to M3 amounts to €bn 59 which equals 3.6%
manufacturing
sector are asked to respond to the following question: “How would you assess
the current willingness of banks to extend credit to businesses”? The answers to
choose from are “accommodating” [...] firms.
In this survey firms are asked to give their perception of the current willing-
ness of banks to extend credit to businesses. We interpret the responses to the
credit question as information [...] “one of the crucial issues related to the credit crunch is
the extent to which profitable and viable firms did or did not have access to
finance.” They tried to tackle this problem by looking at the
comprise high-value denominations, from Germany to
these countries. As euro cash taken abroad for exchange to foreign currency is conceptually to
be assigned to transaction balances and thus probably chiefly [...] denominations up to €100 is likely to take place
largely via foreign travel (intra and extra euro area), whereas the €200 and €500 banknotes are
likely to be shipped en masse to non-euro-area countries [...] cumulated net shipments (€104 billion) are likely to have been to Russia (€45 billion) and that
these banknotes are likely to be kept there due to their store-of-value function or for activities
holdings is ambiguous as having less access to cash might lead consumers to hold more cash
to realize their transaction needs. Therefore, it seems useful to include a variable that captures this aspect [...] payment of social security contributions, to avoid having to meet certain legal
standards such as minimum wages, maximum hours, safety or health standards, to avoid complying with
certain administrative [...] economy is a construct which, by definition, is hard to
capture and to estimate. We relied on the MIMIC approach to get consistent estimates from 2002 to 2019.
This estimate concentrates on household activities
did you have to invest on average in self-study and
homework in addition to the courses?
(1) More than 15 (2) 11 to 15 (3) 6 to 10 (4) 4 to 5 (5) Less than 2
The results of the answers to questions [...] respect to the arithmetic mean (blue dots)
for better clarity. In addition, distinct colors from green to red are used for the Likert scale
from (1) Strongly agree to (5) Strongly disagree to get a better [...] and helping to implement
it, as well as for some linguistic rewording of this article. In addition to Cara, thanks are also
due to Vanessa Prüller for participating in the joint discussion to reformulate
pharmaceutical industry with regard
to the quality and purity of its products are particularly
high. Clean room technology is essential to meet these
demands. To meet the need for further research in this [...] cated to one IGBT and one Diode)
(4-19)
Thus, it is necessary to adapt the calculated thermal
capacity. The possible procedure is to integrate the
thermal grease layer into the module and to assign [...] i.e. how it can steer actual inflation to its target rate. As
monetary neutrality is assumed to prevail, the relative
change of the price level has to be equal to the relative
change in the nominal money
is hardly likely to have distorted the results, as this
denomination is not likely to be used much in non-euro-area countries. The approach had to
be modified when applied to individual denominations [...] employ this method to try
to calculate foreign demand for US dollar banknotes, we have decided not simply to exclude
by definition those months in which there were net return flows to the Bundesbank [...] introduction of the euro is more likely to be predominantly due to
foreign demand. As a precise statistical recording of foreign demand is not possible, it is
prudent to make corresponding estimates using
Selbstlerneinheiten, Kontrollfragen, tlw. Prüfun-
gen) sind über die Lernmanagementplattform „meet2learn“ der HAW abrufbar. Soweit not-
wendig werden zu den Veranstaltungen Tutorials angeboten.
Ziel [...] Veranstaltung mit einem Kurs auf der
Plattform zu begleiten. Derzeit nutzen die Professoren „meet2learn“ vor allem für die Bereit-
stellung der Lehrunterlagen und zur Kommunikation mit den Kursteilnehmern [...] erhalten sie von studentischen Hilfskräften.
Die Systemadministration des Lernmanagementsystems „meet2learn2“ obliegt den Fakul-
tätsassistentinnen; sie legen Kurse an, verwalten Unterlagen und unterstützen
However, in order to gain additional insights on the models’ ability to explain monetary developments, the
last four available observations (2008 Q4 to 2009 Q3) are used to produce out-of-sample [...] seems to interact with wealth and borrowing. In order to
be able to more fully analyse the interaction between money holdings, consumption and wealth, the
financing of households needs to be modelled [...] Landesberger 3
1 We are grateful to Mika Tujula for providing euro area household wealth data, to Gabe de Bondt for sharing his equity market related measures
and to Wolfgang Lemke for providing his
possible to get
the maximum IO-speed concerning to the HDD bottleneck.
To get the maximum speed between the main CPU and the
cluster, the best way is to use both PCIe interfaces. So
PCI0 is used to read [...] visualization needs to be flexible
and widely configurable. A high speed CAN bus is used to
carry all relevant data to be displayed. The architecture
enables the possibility to send data to the visualization [...] was necessary to determine how these
cables were best to be routed. In an effort to shorten this
development time and to develop alternative potential
solutions, it is necessary to use appropriate
The data available to us on the advantages of individual payment instruments are no
better than those available to the market participants, which is why we leave it to them
to decide on the most suitable [...] and
benefits of payment instruments so as to be in a position to contribute to a factual
debate in terms of determining the framework conditions to ensure a smooth settle-
ment of payments. The study will [...] consumers. The suppliers, in turn, must meet
their expenditure for providing payment transaction services from their earnings. In
addition to the fees which they have to pay to payment service providers, consumers