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xmpMM:DerivedFrom:DocumentID xmp. [...] Aschaffenburg Hetzenrichter Weg 15
Germany D-92637 Weiden
malte.krueger@h-ab.de Germany
f.seitz@oth-aw.de
* Wir danken N. Bartzsch, M. Diehl, E. Gladisch, A. Müller, H. Rittgen, R. Rotzler, M. Schmudde
to the common trend of the other variables in the VAR system. At the same time, shocks to
variables that are not weakly exogenous have no permanent effect on any other variable in the system.
[...]
• The outcome is more mixed for the other explanatory variables (opportunity costs, uncertainty
related variables). The parameter estimates on these other variables, if significant in the FM-OLS [...] or_accessibility true
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capture only euro banknotes 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 [...] or_accessibility true
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outstanding in non-euro-area countries and those that are in circulation in other euro-area
countries. The analysis is based on approaches that estimate the volume of banknotes in
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Author Michael [...] data on actual and potential output. The analysis of these data
confirms evidence available for other countries, which shows that measurement errors in the
level of the output gap are likely to be [...] advantageous because it introduces inertia and history-dependence
into the policy rule. On the other hand, this can also be achieved by including the lagged
interest rate and output growth directly
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acc
Telefax: +49 961 382-2991
e-mail: weiden@oth-aw.de
Internet: www.oth-aw.de
Druck Hausdruck
Die Beiträge der Reihe "OTH im Dialog: Weidener Diskussionspapiere" erscheinen [...] true
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migrated to other euro-
area countries (NDA(t)):
NDðtÞ ¼ NDDðtÞ þNDAðtÞ: ð1Þ
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on representative surveys (Grasland et al. 2002), whereas other projects largely rely on
voluntary reporting. Examples of the latter are the „Euromobil‘‘ and „Eurodiff‘‘
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therefore the latter will be used throughout this book. On the other hand, the issue of what monetary
policy strategy is adequate and the monetary transmission process [...] events" as it were. Therefore, in some places the
book needs to rely on plausible assumptions. On the other hand, we have tried to give the reader the
opportunity to find more up-to-date information on monetary
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Securities
Net claims on non-residents
Shares & other equity
Remaining assets
Currency in circulation
Overnight deposits
Other short-term deposits
Marketable instruments
Holdings [...] or_accessibility true
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producer Acrobat Distiller [...] Weg 15, D-92637 Weiden,
Germany; Tel: +49-961-382-1318; Fax: +49-961-382-2318;
E-mail: f.seitz@oth-aw.de
JEL Classification Numbers: E51, E52, E58.
baumann@ecb.europa.eu mailto:ursel.baumann@ecb.europa.eu
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on the one hand and real estate and consumer loans on the other.
1 See for example Carlstrom and Fuerst
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increases. But,
on the other hand, as long as this higher money growth leads to higher infla-
tion, the seigniorage base bn/p shrinks. However, if euro banknotes are held
in other countries and also hoarded [...] or_accessibility true
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[...] to the influence of cash-substituting financial instruments, e.g.
credit and debit cards. On the other hand, there are currencies for which the
traditional transactions and opportunity cost considerations
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1.1 Its structure and decision-making process
1.2 Its main task and position
1.3 Other tasks
1.4 Summary
Quiz
Bibliography
2 Monetary policy strategies and European
Applied Sciences (OTH) Regensburg, Seybothstrasse
2, D-93053 Regensburg, E-Mail: gerhard.roesl@oth-regensburg.de.
** Prof. Dr. Franz Seitz, Technical University of Applied Sciences (OTH) Weiden, Hetzenrichter [...] or other types of data transmission). Commercial bank 1 debits the deposit
16 The ECB speaks of a “hardware-based” e-money scheme since both devices communicate offline with
each other. By contrast [...] Weiden i. d. OPf.,
Tel.: (0961) 382-0, Fax: (0961) 382-2991
• E-Mail: info@oth-aw.de | Internet: http://www.oth-aw.de
Leere Seite
Leere Seite
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E-Mail: f.seitz@oth-aw.de
K
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Weiden i. d. OPf.,
Tel.: (0961) 382-0, Fax: (0961) 382-2991
• E-Mail: info@oth-aw.de | Internet: http://www.oth-aw.de
Leere Seite
Leere Seite
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f.seitz@oth-aw.de.
page
- 1 -
1. Introduction
One of the greatest challenges of empirical
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