2019 Schweiz Deutschland
Mittelwert 0.19 %P 0.75 %P
Maximalwert 4.60 %P 4.10 %P
Minimalwert -6.20 %P -5.20 %P
Standardabweichung 1.57 %P 1.33 %P
Quelle: eigene Darstellung.
4.2 Empirische [...] 75.31%
Differenz der effektiven Verzinsung "Fest" vs. "Variabel" über den Gesamtzeitraum 1.00%P 0.37%P
page
15
Effekt der Durchschnittswertberechnung durch, da die Effektivverzinsung [...] im Euro-Währungsgebiet, Kasten 3, Monatsbericht März, 46-48.
Foà G., L. Gambacorta, L. Guiso, & P. E. Mistrulli (2015), The Supply Side of Housing
Finance, BIS Working Papers No 531, Dezember.
Kosmetika - bzw. des Wachstums – Liköre, Spirituosen,
Pharmazeutika. Smart Packing and Packaging (P&P) habe ein riesiges Potential nicht
nur Werte zu schaffen, sondern eine disruptive Innovation für [...] werden kann. (Kaltschmidt, 2017), (Kannenberg,
2019)
2.5 Smarte Verpackungen
Pick-By-Ink (P-INK)
Das elektronische Papier “Pick-bei-Ink” von der Größe einer Kanban-Karte ist dünn,
biegsam [...] Weiteren ist es
Industrie 4.0 fähig, momentan allerdings noch im Forschungsstadium. („Plug and Pick
mit P-INK“, 2016), (Emmerich & Emmerich, 2017), (Tüllmann, Prasse, Sagner, &
Piastowski, 2017), (Korn, Schmidt
Pigneur: Business Model Generation: A Handbook for Visionaries, Game
Changers, and Challengers, 2010.
26 P. Micic: The Five Futures Glasses: How to See and Understand More of the Future with the Eltville Model [...] n Zustand mit Wachstumsphasen oder Reife-
stufen aus 42.
41 Anja Maier, James Moultrie, P Clarkson: Assessing Organizational Capabilities: Reviewing and Guiding
the Development of Maturity [...] 000041 [26.07.2019].
De Carolis, Anna, Macchi, Marco, Kulvatunyou, Boonserm, Brundage, Michael P., Terzi,
Sergio (2017): Maturity Models and Tools for Enabling Smart Manufacturing Systems:
Comparison
Starttermin der Absicherung sei der 02.10.2018. Bei angenommen, marktüblichen30
0,10 % Kosten p.M. für ein Forward Darlehen, liegen die Kosten für das Forward-
Darlehen bei 5.000 Euro im Monat [...]
Absicherungsvolumen: 5.000.000,00 €
Annahmen
Starttermin: 02.10.2018
Kosten Forward p.M. 0,10% 5.000,00 €
Handelskosten Future 4€ /Kontrakt
Marktzinssatz bei Abschluss
Forward-Darlehen [...] Darle-
henslaufzeit von 10 Jahren somit Zinskosten von 700.000 Euro (1,4 % der Darlehens-
summe p.a.) für das Forward Darlehen. Die Zinskosten bei Abschluss des Darlehens
zum 01.07.2019 hätten hingegen
analysis showed a significant reduction of fractures of screw M6. For H0: p1 ≤ p4, H0: p2 ≤
p4 and H0: p3 ≤ p4 the p-values are 0.0072, 0.0001 and 0.0042 respectively.
Cleaning of contaminated [...] total hip arthroplasty: an increasing concern. Hip
Int 2018 Nov;28(2_suppl):35-42.
27. Thomas P, Weik T, Roider G, Summer B, Thomsen M. Influence of Surface Coating
on Metal Ion Release: Evaluation [...] Orthopedics 2016
May;39(3 Suppl):24-30. doi: 10.3928/01477447-20160509-08.
28. Hopf F, Thomas P, Sesselmann S, Thomsen M, Hopf M, Hopf J, Krukemeyer MG,
Resch H, Krenn V. CD3+ lymphocytosis in
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Estimation, in: Review of Financial Economics, Vol. 133 (2019), Nr. 2, S. 273298.
Murray, M.P.: Avoiding Invalid Instruments and Coping with Weak Instruments, in: Journal of
Economic Perspectives
policy shocks
Leombroni et al. (2020)
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Leombroni, M., Vedolin, A., Venter, G., Whelan, P., 2020. Central bank communi-
cation and the yield curve. Journal of Financial Economics, in press.
Mauro, P., Romeu, R., Binder, A., Zaman, A., 2015. [...] XDC_R_B1GQ_CY._Z.S.V.CY._T
annotation GFS.Q.N.XX.W0.S13.S1._Z.B.B9P._Z._Z._Z.XDC_R_B1GQ._Z.S.V.N._T GFS.Q.N.XX.W0.S13.S1._Z.B.B9P._Z._Z._Z.XDC_R_B1GQ._Z.S.V.N._T
annotation GFS.Q.N.XX.W0.S13.S1.C [...] CLIFS.M.XX._Z.4F.EC.CLIFS_CI.IDX
annotation GFS.Q.N.XX.W0.S13.S1.N.D.P3._Z._Z._T.XDC_R_B1GQ._Z.S.V.N._T GFS.Q.N.XX.W0.S13.S1.N.D.P3._Z._Z._T.XDC_R_B1GQ._Z.S.V.N._T
annotation GFS.Q.N.XX.W0.S13.S1.C
-2.84, p = .01, Matrizen: z = -4.50, p < .001, Deutsch: z = -
6.80, p < .001) sowie im obersten Quartil (Englisch: z = -4.58, p < .001,
Matrizen: z = -5.00, p < .001, Deutsch: z = -4.43, p < .001) [...] (Englisch: w = 10232, p < .001, Matrizen: w = 16160, p <
.001, Deutsch: w = 11358, p < .001) und vier (Englisch: w = 9160.5, p <
.001, Matrizen: w = 11358, p < .001, Deutsch: w = 8916.5, p < .001). Somit [...] Quartilen eins (Matrizen: z = -3.50, p
< .001, Deutsch: z = -3.90, p < .001) und vier (Englisch: z = -2.10, p = .04,
Matrizen: z = -3.33, p < .001, Deutsch: z = -3.54, p < .001) in allen
Kompeten
coefficients; ***(**, *): 1 (5, 10) % level of significance;
LM(4): p-value of Breusch-Godfrey serial correlation LM Test up to lag 4; Ramsey: p-value of Ramsey
RESET misspecification test.
We get significant [...]
Ruberton, P. M., J. Gladstone & S. Lyubomirsky (2016), How your Bank Balance Buys
Happiness: The importance of “cash on hand” to life satisfaction, Emotion 16, 575–580.
Sands, P (2016), Making [...] Payment Cards Center, Federal Reserve Bank of
Philadelphia, January.
Chen, H., W. Engert, K. P. Huynh, G. Nicholls, M. Nicholson & J. Zhu (2020), Cash and COVID-
19: The impact of the pandemic on
flag being ‘EQ,’ excluding all non-equities. e.g., Ince and Porter (2006)
4 ISINID = P We require the ISINID flag being ‘P,’ only considering primary listings. e.g., Hanauer and Huber
(2018)
5 Extended [...] value
of assets, with a strike price equal to the ‘promised payment [...] to the debtholders’
(p. 453). Therefore, the required variables can be created using equation (3) of Black
and Scholes (1973): [...] understanding and predicting the cross-
sectional differences in expected returns of individual stocks’ (p. 12). Harvey and Liu
(2021) argue that the identification of factors is highly dependent on the
digital payment infrastructure, cash
remains the most popular means of payment at the POS and for P2P transactions in the euro
area. The results of the latest comprehensive household survey (SPACE) [...] consumers still prefer to pay in cash over card
payments in 2019: 73% of the volume of POS and P2P transactions was carried out using
cash as a payment instrument. In value terms, cash transactions [...]
of all transactions. On average, euro area residents made 1.6 transactions (at the POS and
P2P) per day, with a corresponding transaction value of €25.6. However, figure 2
demonstrates a co
ns, IMF Working Paper/23/145,
July 2023.
Bell, S. Chui, M., Gomes, T., Moser-Boehm, P., Tejada, A.P. (2023): Why are central
banks reporting losses? Does it matter?, BIS Bulletin No. 68, 7 [...] February 12, 2015.
De Grauwe, P. (2023): The role of central bank reserves in monetary policy, Vortrag
in der Deutschen Bundesbank am 4.09.2023.
De Grauwe, P., Ji, Y. (2023): Monetary policies [...] (2023b): Bundesbankchef Nagel liebäugelt mit höherer
Mindestreserve, 17. November 2023.
Bofinger, P. (2023): Does the ECB subsidize banks by paying them interest on their
central bank deposits?,
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[...] flag to be ‘EQ,’ excluding all non-equities. e.g., Ince and Porter (2006)
3 ISINID = P We require the ISINID flag to be ’P,’ only considering primary listings. e.g., Hanauer and Huber
(2018)
4 NAME, ENAME [...] es are abnor-
mally high. Furthermore, Ilhan, Sautner, and Vilkov (2021) find that options of S&P
500 firms which provide a protection against downside risks, are more expensive for
carbon-intense
benchmark
function on the German and European capital markets - even reached
4 See also Feld, L. P. et al. (2023); Frühjahrsgutachten Immobilienwirtschaft 2023 des Rates
der Immobilienweisen.
[...] 637-642.
7 An exception is, for example, the treatment of this topic in Hartmann-Wendels et al. (2010),
p. 562 ff.
8 See Greenwald (2016) and Garriga et al. (2013) for details.
9 Cf. e.g. Bank of England [...]
(2) 𝑎𝑛𝑓(𝑖, 𝑛) =
𝑖
1−(1+𝑖)−𝑛
The annuity factor increases ceteris paribus (c.p.) as the interest rate
increases, and it decreases with maturity. For long maturities, it
converges
P̃ 1−ξP
Pt−1
− st+kπ
ξP
t+kP̃
−ξP
]
P ξP
t−1Yt+k .
The first-order condition is as follows:
0 = Et
∞∑
k=0
(βϕp)kλt+k
[
(1 − ξP )πξP −1
t+k
P̃
Pt−1
+ ξP st+kπ
[...] [
πξP −1
t+k
P̃ 1−ξP
Pt−1
− st+kπ
ξP
t+kP̃
−ξP
]
P ξP
t−1Yt+k .
II
page
The maximization problem is then given by:
max
P̃
Et
∞∑
k=0
(βϕp)kλt+k
[
πξP −1 [...] with "no-private benefit" with a probability of success pH > pL.
• Two versions of the project with identical success probability pL := pH − ∆p, (∆p > 0)
but with two different levels of a private benefit
CBDCs cannot be ensured without addressing financial or payments
exclusion. Thus, as the ECB (2023, p. 34) acknowledges, “Barriers to [CBDC] inclusivity
are not expected to differ from those observed for [...] Lepecq, G. (2015). CashEssentials—Beyond Payments. AGIS Consulting.
Lepecq, G. & Lillberg, P. (2021). The future of cash? A novel approach to re-imagining the
future. CashEssentials.
Mangal [...] societies Institute for Monetary
and Financial Stability, Working Paper No. 167, June 2022.
Sands, P. (2017). The dark side of cash – facilitating crime and impeding monetary policy.
Deutsche Bundesbank
suggestions by B. Fischer,
D. Gerdesmeier, C. Johansen, A. Lojschova, M. Morelli, B. Roffia, P. Spahn, P. Welz and the
participants of seminars at the European Central Bank and the University of Düsseldorf [...] endowed with
"money" (i.e. m=1) with probability p. Consequently, the probability of someone not
having money at his disposal (i.e. m=0) is 1–p. If we define Vm to be the payoff of an
agent with [...] good with utility U.
[ ]0 0 1 0φ
αδ ασ φ= + − + − + −V ßV (U C ) p max C ß(V V )
[ ]1 1 0 11αδ ασ ϕ= + − + − + −V ßV (U C ) ( p ) U ß(V V )
page
24
condition (i.e. maximised value of
suggestions by B. Fischer,
D. Gerdesmeier, C. Johansen, A. Lojschova, M. Morelli, B. Roffia, P. Spahn, P. Welz and the
participants of seminars at the European Central Bank and the University of Düsseldorf [...] endowed with
"money" (i.e. m=1) with probability p. Consequently, the probability of someone not
having money at his disposal (i.e. m=0) is 1–p. If we define Vm to be the payoff of an
agent with [...] good with utility U.
[ ]0 0 1 0φ
αδ ασ φ= + − + − + −V ßV (U C ) p max C ß(V V )
[ ]1 1 0 11αδ ασ ϕ= + − + − + −V ßV (U C ) ( p ) U ß(V V )
page
24
condition (i.e. maximised value of
suggestions by B. Fischer,
D. Gerdesmeier, C. Johansen, A. Lojschova, M. Morelli, B. Roffia, P. Spahn, P. Welz and the
participants of seminars at the European Central Bank and the University of Düsseldorf [...] endowed with
"money" (i.e. m=1) with probability p. Consequently, the probability of someone not
having money at his disposal (i.e. m=0) is 1–p. If we define Vm to be the payoff of an
agent with [...] good with utility U.
[ ]0 0 1 0φ
αδ ασ φ= + − + − + −V ßV (U C ) p max C ß(V V )
[ ]1 1 0 11αδ ασ ϕ= + − + − + −V ßV (U C ) ( p ) U ß(V V )
page
24
condition (i.e. maximised value of
suggestions by B. Fischer,
D. Gerdesmeier, C. Johansen, A. Lojschova, M. Morelli, B. Roffia, P. Spahn, P. Welz and the
participants of seminars at the European Central Bank and the University of Düsseldorf [...] endowed with
"money" (i.e. m=1) with probability p. Consequently, the probability of someone not
having money at his disposal (i.e. m=0) is 1–p. If we define Vm to be the payoff of an
agent with [...] good with utility U.
[ ]0 0 1 0φ
αδ ασ φ= + − + − + −V ßV (U C ) p max C ß(V V )
[ ]1 1 0 11αδ ασ ϕ= + − + − + −V ßV (U C ) ( p ) U ß(V V )
page
24
condition (i.e. maximised value of
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countries of the European Economic and Monetary Union (EMU) (U.S. Department of
the Treasury, 2013, p. 25). Krugman argues that Germany has done nothing to reduce its trade
surplus against EMU crisis [...] large German current account surplus was not regarded as a global problem
(Sengupta/Aizenman, 2010, p. 2). As the current account balance of the Euro area as a whole was
largely balanced from the beginning [...] current account balances within the Eurozone are often
considered as important (Obstfeld, 2012, p. 16).
3. The relationship between the current account and the capital account
An isolated view
n d u rs p rü n g l. Z in s b in d u n g b is 1 Ja h r u rs p rü n g l. Z in s b in d u n g vo n 1 -5 Ja h re n
u rs p rü n g l. Z in s b in d u n g vo n 5 -1 0 Ja h re n u rs p rü n g l. [...] n d u rs p rü n g l. Z in s b in d u n g b is 1 Ja h r u rs p rü n g l. Z in s b in d u n g vo n 1 -5 Ja h re n
u rs p rü n g l. Z in s b in d u n g vo n 5 -1 0 Ja h re n u rs p rü n g l. [...] ) im Euro-Währungsgebiet, Kasten 3, Monatsbericht März, 46-48.
Foà G., L. Gambacorta, L. Guiso, & P. E. Mistrulli (2015), The Supply Side of Housing
Finance, BIS Working Papers No 531, Dezember.
IWF