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
July, p. 3.
Canova, F. and T. Menz (2011), Does Money Matter in Shaping Domestic Business Cycles? An
International Investigation, Journal of Money, Credit and Banking, 43, pp. 577-607.
Carlstrom [...] K. and F. Seitz (2000), Interest Rate Spreads as Predictors of German Inflation
and Business Cycles, International Journal of Forecasting, 16, pp. 39-58.
Judson, R. (2012), Crisis and Calm: Demand [...] September/October 2009, 91(5, Part 1), pp. 419-40.
Xu, T. (2012), The Role of Credit in International Business Cycles, Bank of Canada, Working Paper
2012-36, November.
ECB Working Paper 1803, June
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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
decisions of the
FOMC by law. In that sense
they are more or less
irrefutable.e)
Legal basis International law which can only
be changed with unanimity by all
EU member states.
(Simple) law which [...] the agenda.
The EU Treaty and the Statutes of the ESCB are the legal basis. Since this is international
law, it can only be modified with unanimity by all EU member states. In this respect, the [...] variables are incorporated into a multi indicator system for
forecasting price developments and the business cycle (“looking at everything”). Bernanke et
al. (1999) call this approach a “just do it strategy”
Erik; McAfee, Andrew: The Great Decoupling, Harvard Business Review, June 2015.
Kirby, Julia; Davenport, Thomas H.: Beyond Automation, Harvard Business Review, June 2015.
Renninger, W.: Digitalisierung [...] Transformation im Hochschulbereich
erlaubt neue lukrative Geschäftsmodelle, die auch
neue und international tätige privatwirtschaftliche
Anbieter auf den Bildungsmarkt führen und die Wett-
bewerbsposition
OECD Employment Outlook. Paris.
World Bank (2005), Doing Business, Hiring and Firing Workers,
http://rru.worldbank.org/DoingBusiness/ExploreTopics/HiringFiringWorkers/
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Labour Market Institutions and Employment Thresholds.
An International Comparison
Gebhard Flaig
Horst Rottmann
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deskriptive Evidenz und mögliche Bestimmungsfaktoren, Oktober 2005.
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internationalen Mikrodaten [...] Responses,
August 2005.
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Business Investing in Germany, June 2005.
No. 12 Thum, M. Korruption und Schat [...] 2005.
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Business Marketplaces, March 2005.
No. 4 Becker, Sascha O., K. Ekholm, R. Jäckle and M.-A. Muendler
Since leasing and other forms of hiring of capital goods have
become more widespread in the business sector since the 1970s, we employ the user concept for
the production factor capital. The nominal [...] increase in the real wage bill will be even
lower. In addition, price increases reduce the international competitiveness of domestic industry,
which causes a reduction of exports and an increase in [...] Series. Springer-Verlag, New York.
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Taylor, J. B. (1999). The robustness and efficiency ofGraduate School of Business, Columbia University.
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a a , b*Detelina
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Fazzari, F., G. Hubbard, and B. Petersen (1988), Financing [...] Petersen, M. A. and R. G. Rajan (1994), The Benefits of Lending Relationships: Evidence from
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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
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Shaping Domestic Business Cycles? An International
Investigation, Journal of Money, Credit and Banking 43, pp.
577-607.
http://dx.doi [...] Roffia (2013),
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in der Praxis zunehmend an Bedeutung. Dies zeigt
sich auch in der Festlegung nationaler und internationaler
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ckelte die Deutsche Vereinigung für Fi [...] rschung Univer-
sität Karlsruhe, 1991.
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wirtschaftspolitischen Eingriffen auf
den internationalen Finanzmärkten wird im Kapitel 5 die Frage nach der Notwendigkeit
von regulierten internationalen Kapitalströmen aufgegriffen. Abschließend werden [...] der Risikoverteilung steigen
die Vorteile aus einer internationalen Diversifikation von Wertpapierportfolios mit der
page
Internationale Kapitalströme vor dem Hintergrund der Finanzkrise 327 [...] Industrieländer im internationalen Kapitalverkehr, (c)
die zunehmende Bedeutung der Schwellenländer und (d) die steigende Verästelung der
Kapitalströme.
page
Internationale Kapitalströme vor
relies on the advantage of hindsight. Today, we know that the Fed’s
real-time assessment of the U.S. business cycle was too pessimistic. Taking this real-time
problem into account, the Fed’s monetary policy [...] the Bundesbank’s monthly reports and
from the statistical supplements called “Seasonally Adjusted Business Statistics,” which
3 See, for instance, Deutsche Bundesbank (1981a, p. 30) and Deutsche Bundesbank [...] in the Bundesbank’s reaction function.
In order to assess an economy’s current position in the business cycle and its likely
development over the horizon relevant to monetary policy, both the level of
Department of Business Administration
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(Regensburg)
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Author
producer GPL Ghostscript 9.14
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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
152) und die international vergleichende Studie von Bagnall et al. (2016).
2 Bezeichnend ist der Titel der Monografie von Kenneth Rogoff, dem ehemaligen Chefökonom des
Internationalen Währungsfonds: [...]
19 Vgl. Rösl (2006, 2007), im internationalen Kontext Harper (1948), Timberlake (1987) und Warner (2014).
20 Agarwal und Kimball (2015) sprechen [...] (2016),
Consumer Cash Usage: A Cross-Country Comparison with Payment Diary Survey Data,
International Journal of Central Banking, 1-61.
Bartzsch, N., G. Rösl und F. Seitz (2013), Currency Movements
oup.de
Prof. Dr. Franz Seitz
University of Applied Sciences Weiden
Department of Business and Economics
Hetzenrichter Weg 15
D-92637 Weiden
e-mail: f.seitz@haw-aw.de
and
WSB Poznan [...] (2005), Empirical Exchange Rate Models
of the Nineties: Are any fit to survive?, Journal of International Money and Finance
24, pp. 1150-1175.
Chinn M.D., LeBlanc, M & O. Coibion (2005), The Predictive [...] Shore (2005), A Monthly Crude Oil Spot Price Forecasting
Model Using Relative Inventories, International Journal of Forecasting 21, pp. 491-
501.
Zamani, M. (2004), An Econometrics Forecasting Model
Zinssätze, die über den langfristigen liegen.
Langfristige Aufwertungserwartungen können zudem internationale Anleger zu einem
längerfristigen Engagement am Kapitalmarkt bewegen und so entgegen den [...] Paper No. 157, July 2004.
Brand, C., Reimers, H.-E., Seitz, F. (2003), Narrow Money and the Business Cycle:
Theoretical Aspects and Euro Area Evidence, Jahrbuch für Wirtschaftswissenschaften,
Vol [...] 246-262.
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International Finance, Vol. 7, S. 325-347.
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Ltd. 9600 Garsington Road, Oxford OX4 2DQ, UK and 350 Main Street, Malden, MA 02148, USA
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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
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