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
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
derived from our cointegration relation. Figure 3 shows
that bond markets were overvalued in the course of 2004/2005. But obviously the
"disequilibria" is not unusual in historical perspective. Our
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
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
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
Assumption Actual growth (rounded
figures)
Year in the course
of the year1
annual
average
midyear
review
Q1, Q2 Q3, Q4 in the
course of
the year
annual
average
1975 8 8 8 10
1976 8 [...] the data and estimates relevant for monetary policy decisions
underwent major revisions in the course of time and, second, these studies restrict the
set of explanatory variables only to those contained [...] policy decisions since some of the relevant
data and estimates undergo major revisions in the course of time. This is especially true
for the output gap and its components, but also for other variables
applied: the seasonal
method, a best-fit approach and an analysis of the evolution of currency in the course of a
representative year. Moreover, an upper limit of the non-resident demand for euro legacy [...] purposes and by whom currency is held. For instance, the reduction of currency in circulation in
the course of 2001 and the demand for currency in the first months of 2002 should give some
indication about [...] According to the
expectations theory of the term structure the current spread may forecast the future course of
short-term rates (see e.g. Anker and Wasmund, 1998) and may thus approximate speculative
the growth of a poorly conducting interlayer between elec-
trocatalyst and support material. In the course of continuous
0.0 0.2 0.4 0.6 0.8 1.0 1.2
10µ
100µ
1m
10m
100m
1
500 Hz
5
evolution of currency in the
course of 2001/2002 presents evidence in this respect as currency hoarding
and foreign currency holdings were to a large extent already reduced in the
course of 2001. Aksoy and Piskorski
the
smallest in the EU. Its very new economics departement has 24 employees and and there is, of
course, no separate research departement. The National Bank of Belgium has also no research
department [...] far, the highest ratio between the economic and research
staff and the total staff. This is, of course, a consequence of the fact that the ECB plays a key role
in formulating monetary policy, while national [...] professional life) were also counted.
17 Of course, not all international journals can be considered to be top, very good or good journals. These other
thank JoÈrg Clostermann and Stefan Kuhnert for helpful
comments. All remaining errors are ours, of course.
REFERENCES
Brand, C. and N. Cassola (2000), `A Money Demand System for Euro Area M3', ECB
autonomous liquidity factors 12
3.1 Government deposits 13
3.2 Banknotes 15
3.3 Net float (�items in course of settlement�) 19
3.4 Other autonomous factors 21
4 The endogenous liquidity factors 25
4.1 [...] causality from prices to quantities in this market.2
The first 18 months of Stage Three of EMU were of course a special period which was at least partially
influenced by an ongoing learning process. However [...]
ECB Working Paper No 44 � February 200110
� Autonomous liquidity factors such as items in course of settlement (net float) (item 5), banknotes
(item 6), other autonomous factors (item 7; the sum
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
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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
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
Further should be tried to supervise and minimize the expenditure from consumables
in the course of expendable material control and as well as using them optimally and
disposing only after failure