inflationäres Umfeld zurück, das die Anleger vor einem langfristigen Engagement zurückschrecken ließ (P. De Grauwe: Economics
of Monetary Union, 5. Auflage, Oxford 2003, S. 31f.). Auf Grund des großen Vertrauens
D.: Fiat Money. In: Newman, P./Milgate, M./Eat-
well, J. (Hrsg.): The New Palgrave Dictionary of Mo-
ney & Finance 2. Basingstoke 1992, S. 20 - 22.
Lewis, M.K./Mizen, P.D.: Monetary Economics. Oxford
Die Erwartungstheorie der Zinsstruktur . . . . . . . . . . . . . . . . . . . 145
Box III.2.7: Das P-Stern-Konzept . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 153
Box III.2.8: [...] sollen. Die entsprechenden Prüfungen bzw. Vorschläge finden sich in obigen Berichten.
De Grauwe, P. (2012), Economics of Monetary Union, 9. A., Oxford.
Te
iln
eh
m
er
st
aa
te
n
Rösl and Seitz (2011), section 3.1.
16 See also European Central Bank (2008), p 50 and European Central Bank (2010), p 36.
page
8
2009.17 Central, eastern and south-eastern European [...]
incorporates the price level (p), an opportunity costs variable (i), and a transactions variable
(y) as arguments.
(15) 1 2 3 4
F F F F
t t t t t tn p y i etcα α α α ε= + + + + + ,
where [...] combining the parameter
values from equation (15) with German data for p, y and i.
(16) 1 2 3 4ˆ ˆ ˆ ˆˆD D D D
t t t tn p y iα α α α= + + +
The volume of banknotes in circulation outside Germany
Journal of Applied Finance 19, S. 7*21.
De Grauwe, P. (2008), Animal Spirits and Monetary Policy, CESifo Working Paper No.
2418.
De Grauwe, P. (2012), Lectures on Behavioral Macroeconomics, Princeton
of markets as mainly acting in a destabilising manner
is to my mind a biased one.“ T. P a d o a - S c h i o p p a : Exchange rate
issues relating to the acceding countries, Keynote speech at the IMF [...] ationäres Umfeld zurück, was die Anleger vor einem
langfristigen Engagement zurückschrecken ließ. Vgl. P. D e G r a u w e :
Economics of Monetary Union, 5. Aufl ., Oxford 2003, S. 31 f. Aufgrund
des großen [...] Europäische Zentralbank: Infl ation Differentials ....,
a.a.O., S. 39-42, vgl. hierzu auch H. R e m s p e rg e r : Wettbewerbs-
vorteile durch niedrige Infl ation, in: Deutsche Bundesbank, Auszüge
aus P
(1997), Principles of Seigniorage. Swiss Journal of Economics and
Statistics 133: 133-151.
Blokland, P. van, L. Booth, K. Hiremath, M. Hochstenbach, G. Koole, S. Pop, M. Quant, D.
Wirosoetisno (2002), The
Monetary Economics, 53, S. 183-197.
Avery, R.B., Elliehausen, G.E., Kennickell, A.B., Spindt, P.A. (1986), The Use of Cash and
Transaction Accounts by American Families, Federal Reserve Bulletin [...] Bulletin, 72(2), Februar, S. 87-
108.
Avery, R.B., Elliehausen, G.E., Kennickell, A.B., Spindt, P.A. (1987), Changes in the Use of
Transaction Accounts and Cash from 1984 to 1986, Federal Reserve Bulletin [...] Underground
economy and the “Tax Gap”, Discussion Paper 19564, MPRA, Dezember.
Fischer, B., Köhler, P., Seitz, F. (2004), The Demand for Euro Area Currencies: Past, Present
and Future, Working Paper 330
not zero
Model 1-n Model 2-n Model 3-r Model 4-r
Equation for F(1,58) p-value F(1,52) p-value F(1,60) p-value F(1,59) p-value
m 26.85 0.00 13.35 0.00 - - - -
m-pc - - - - 5.16 0.03 15.33 [...] stationary
Model 1-n Model 2-n Model 3-r Model 4-r
Equation for F(5,59) p-value F(5,53) p-value F(1,60) p-value F(5,60) p-value
m 7.49 0.03 9.68 0.00 - - - -
m-pc - - - - 8.86 0.01 7.98 0.01 [...] 5.71 0.83
p-value 0.000 0.001 0.020 0.671 0.475 0.362
bootstrapped p-value 0.022 0.213 0.473 0.961 0.792 0.658
2-n test statistic 119.16 53.99 31.21 15.61 7.11 1.90
p-value* 0.000 0
9 8
O u t p u t ga p *
C h a n ge in o u t p u t ga p ( f - q ) *
- 4
- 2
0
2
4
6
8
7 4 7 6 7 8 8 0 8 2 8 4 8 6 8 8 9 0 9 2 9 4 9 6 9 8
R e a l o u t p u t gr o w t [...] t h ( f- q )
P o t e n t ia l o u t p u t gro w t h ( f -q ) *
- 4
- 2
0
2
4
6
8
7 4 7 6 7 8 8 0 8 2 8 4 8 6 8 8 9 0 9 2 9 4 9 6 9 8
C P I ( r a t e o f c h a n ge , f [...] growth targeting can be reformulated as an interest rate rule of this type (Orphanides,
2003b, p. 990). Gerberding et al. (2007) have shown that this type of rule characterises
the Bundesbank’s
2011, p. 4.
2 IMF, “IMF Executive Board approves € 12.3 billion Stand-By Arrangement for Hungary,” Press Release No.
08/275, November 6, 2008.
3 IMF, “Hungary: Ex post evaluation,” op. cit., p. 4. [...] .htm;
EEAG, “The EEAG Report, op. cit., p. 83. In January 2012, it was decided to start the ESM already in mid-2012.
18 EEAG, “The EEAG Report, op. cit., p. 84.
19 IMF, “IMF Executive Board approves [...] Vol. 10,
2007, pp. 153-175.
66 Eichengreen, Barry, “A blueprint,” op.cit., p. 155.
67 Henning, C. Randall, “Coordinating,” p. 5.
page
19
that was formed on an ad hoc basis as the EU was
page
17
23 2008 Financial integration, specialization F. Fecht, H. P. Grüner
and systemic risk P. Hartmann
24 2008 Sectoral differences in wage freezes and Daniel Radowski
wage [...] Ruhala and W. Rydman (2002), Euro Coin Diffusion,
University of Helsinki, mimeo.
van Blokland, P., L. Booth, K. Hiremath, M. Hochstenbach, G. Koole, S. Pop, M. Quant
and D. Wirosoetisno (2002), The [...] and the role Stefan Reitz
of price discrimination in a two-tier market Markus A. Schmidt, Mark P. Taylor
14 2009 Changes in import pricing behaviour:
the case of Germany Kerstin Stahn
������ �� ��, ��� @DBJ@@B�
/����+ �-+ �- (������ �:;;> , +������� +���� �� %��������, K��� .���� P
���, 2�$ Q���
�� ��
/�����+ �- �:;;< , "��� ���� ����
� +���� �� � ������� �� ��
� � +���� $��� [...]
5�, 5 ����, ��, �� �� �, -� �%��� ,
����� #�� ���� �� %������� �� 9�� ��� � +�����,
K��� .���� P
���, *��������� �� ��, ��� <, ��� @>EJ@A@�
�����������+ "- �:;;A , ��� &��� �� .� ��� �� +����
Revolution, Cambridge 1999.
King, M., No Money, no Inflation – the role of money in the eco-
nomy, in: P. Mizen (Hrsg.), Central Banking, Monetary Theory
and Pratice. Essays in Honour of Charles Goodhart,
Bedeutung
p[] Koeffizientenvektor des Originalpolynomes der Dimension
1x(N + 1) mit N + 1-Elementen p[0] = p0, . . . , p[N ] = pN des
Polynomes P (x) = p0 + p1x+ p2x
2 + . . .+ pN�1x
N�1 + pNx
N
[...] gegebenem Polynomgrad N und vorgegebenen
Koeffizienten p0, p1, . . . , pN sind die Nullstellen des Polynomes
P (x) = pNx
N + pN�1x
N�1 + . . .+ p1x+ p0, pN 6= 0
zu bestimmen. Hierbei ergeben sich nicht [...] k � 4AkCk
hk = xk � xk�1
Ak = qkP (xk)� qk(1 + qk)P (xk�1) + q
2
kP (xk�2)
Bk = (2qk + 1)P (xk)� (1 + qk)
2
P (xk�1) + q
2
kP (xk�2)
Ck = (1 + qk)P (xk).
Hierbei ergeben sich aus qk+1
Rome.
Immenkötter, P. (2016a), The Disparity of Wealth Prices across the Euro Area, Flossbach von
Storch Research Institute, Economic Policy Note 28/11/2016.
Immenkötter, P. (2016b), Vermögenspreise [...] inflation, Journal of Money, Credit
and Banking, 5, S. 173-191.
Blanchard, O., G. Dell’Ariccia & P. Mauro (2010), Rethinking Macroeconomic Policy, IMF
Staff Position Note SPN/10/03, February 12, 2010
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.
show that the P-DOLS estimator performs
best across a large set of experiments. They confirm evidence of Kao & Chiang (2001).
Therefore, we prefer and present the results of the P-DOLS methodology [...] Spiegel Online, 5 May.
Pedroni, P (2001), Purchasing power parity tests in cointegrated panels; Review of Economics
and Statistics 83, 727-731.
Pedroni, P (2004), Panel cointegration: Asymptotic [...] July.
Sands, P (2016), Making it harder for the bad guys: the case for eliminating high denomination
notes, M-RCBG Associate Working Paper Series No 52, February.
Sands, P, B Weisman, H Campbell
refer to risk considerations, we would expect γ2,p < 0. If, on the
other side, "p" stands for relative returns on the stock market, we would get γ2,p > 0.
Finally, the coefficient on y may be positive [...] rank of the matrix Π. If Π has reduced rank (0 < r < p), it can be
separated into a (p x r)-dimensional matrix of the loading coefficients α and a (p x r)-
dimensional matrix of the cointegration vectors [...] at standard levels of significance (χ²(2) = 1.85, p-value = 0.40).4 In contrast, the null
of weak exogeneity of il has to be rejected (χ²(1)= 5.93, p-value = 0.01). Taking these
results into account
Feld, L.P. & F. Schneider (2010), Survey on the Shadow Economy and Undeclared Earnings
in OECD Countries, German Economic Review, 11, pp 109-149.
page
17
Fischer, B., P. Köhler & F [...] for between 25% and 35% of the total demand for
Bundesbank-issued euro banknotes. The ECB (2011, p. 31) states that "taking into account a
range of different estimates suggests that around 20%-25% [...] summarizes.
2 The seasonal method
The general problem can be formulated as follows (Feige 1997, p 184):7
The shares ß1 and ß2 of two subpopulations C1 and C2, which together produce the total
March, 29-46.
Borio, C.L. & P. Lowe (2002), Asset Prices, Financial and Monetary Stability:
Exploring the Nexus, BIS Working Paper No. 114, July.
Borio, C.L. & P. Lowe (2004), Securing Sustainable
ULRICH BINDSEIL
AND FRANZ SEITZ
February 2001
E U R O P E A N C E N T R A L B A N K
WORKING PAPER SERIES
page
page
E U R O P E A N C E N T R A L B A N K
WORKING PAPER SERIES [...] international capital markets� by C. Detken and P. Hartmann,
April 2000.
20 �Convergence of fiscal policies in the euro area� by O. De Bandt and F. P. Mongelli,
May 2000.
21 �Firm size and monetary [...] and P. Hartmann, November 2000.
36 �Measuring core inflation in the euro area� by C. Morana, November 2000.
37 �Business fixed investment: Evidence of a financial accelerator in Europe� by P. Vermeulen
Zeitperiode mehrfach für Güterkäufe
eingesetzt werden kann. Löst man diese Identität nach P
auf, resultiert: P� (M/Y)v. Historisch konnte man für
alle Währungsgebiete und zu allen Zeiten feststellen,
dass [...] 2014 • E. Görgens/K. Ruckriegel/
F. Seitz: Europäische Geldpolitik, 62014 • P. de Grauwe: Eco-
nomics of Monetary Union, 102014 • P. Spahn: Geldpolitik –
Finanzmärkte, neue Makroökonomie und zinspolitische [...] n an der Universität von
morgen, 2014 • J. Hamann: Die Bildung der Geisteswissen-
schaften, 2014 • P. Hoyningen-Huene: Systematicity: The Na-
ture of Science, 2013 • D. Hartmann u. a. (Hg.): Methoden der
regime i to regime j is
10 signalled at time t if p . p andThe last two tests are discussed in Engel and Hamilton it21ut21 jt21ut21
(1990). p , p . Over our sample there were threeit ut jt ut
[...] points when inflation changes its signal to be issued at time t if p .it21ut21
course from acceleration to deceleration and p and p , p . A signal for a switchjt21ut21 it ut jt ut
22vice versa. from a [...] turning point
P(S 5 juS 5 i, S 5 k, . . . )t t21 t22is thought to occur at the most extreme value of
inflation between two consecutive regimes. 5 P(S 5 juS 5 i) 5 pt t21 ij
2
and O p 5 1, i 5 1, 2ij8The
401 401
Feld, L. P., & Schneider, F. (2010). Survey on the shadow economy and undeclared
earnings in OECD countries. German Economic Review, 11, 109–149.
Fischer, B., Köhler, P., & Seitz, F. (2004 [...] accounted for between 25% and 35%
of the total demand for Bundesbank-issued euro banknotes. The
ECB (2011, p. 31) states that “taking into account a range of dif-
ferent estimates suggests that around 20–25% [...] billion).
3. The seasonal method
The general problem can be formulated as follows (Feige, 1997,
p. 184)8:
The shares ˇ1 and ˇ2 of two subpopulations C1 and C2, which
together produce the total population