Eurosystem: institutionelle und strategische Aspekte 133
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euro area currency has emerged more and more clearly since the beginning of 2001 (see e.g. ECB 2001a, p. 10; and the survey results presented in Stix 2001). Sinn and Westermann (2001) take the decline in [...] currency in circulation in EMU since the end of 2000 is widespread across euro area countries (ECB 2001a, p. 10 f.).
This seems to rule out the dominance of country-specific factors. For Germany, whose currency [...] euro area M1 suggests that M1 growth in 2000/2001 is not lower than predicted by the model (ECB 2001, p. 12).
über_6 2. The Velocity of Circulation of Banknotes
standard To eliminate the effect
ecb.europa.eu/reports.do?node=100000845.
page
41
the POS78 and person-to-person (P2P) in 2020 is still 80% in volume terms and 62% in value
terms compared to the average in the euro [...] services are sold and paid for, such as shops and restaurants
as well as services outside the home. P2P (Person-to-person) includes all the payments made from a private
individual to another private [...] ar, C.P. & J. Ghosh (2017), The Financialization of Finance? Demonetization and
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Handlungsempfehlungen
und effektive und validierte Maßnahmen zu entwickeln.
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Drug metabolizing capacity of cryopreserved
abs(umax)=0,5
page
u0
0
y 0
y
x
x0
0
0
P
page
y
x0
P0=(x0, y0)
1
P0
P1
Q1 Q0
u0
0
0u0 -
u0
M
r
l
r’
R’
R
page
0.019
F-statistic 21.48
AIC -4.97
SC -4.68
LM (1) [p-value] 22.76 [0.12]
LM (4) [p-value] 16.28 [0.43]
JB [p-value] 35.87 [0.00]
Notes: t-statistics in ( ); JB: Jarque-Bera [...] 0.039
F-statistic 9.79
AIC -3.47
SC -3.13
LM (1) [p-value] 21.38 [0.16]
LM (4) [p-value] 20.26 [0.21]
JB [p-value] 28.38 [0.00]
Notes: t-statistics in ( ); JB: Jarque-Bera [...] 2008 by making considerable shifts in their
financial investment (see Deutsche Bundesbank 2009, p 52 f). This led to sharp inflows
into liquid and (relatively) secure short-term types of investment
–1, but –σ.
Substituting (A2.2) into (A2.1) yields
(A2.3) (� = *� �p�)1 − ?- + ?λ �p A��) �p-/p�/)1 − �- = (�)*�, A�- ,
To get the resulting compensating consumption level, we set [...] function with constant relative risk aversion (CRRA) reads as
(A2.1) (� = O)1 − ?- *� �p + ? ,� �pP/)1 − �-,
where a is the so-called distribution parameter and σ = 1/ρ is the elasticity of [...] mλ��n]^,��)��n-/n
) �m- ! m�n]��)��n-/no
/) �p-
The CRRA utility function leads to the following money demand function
(32) ,� = λ *� A�� /p
,
where λ is a constant. The relation of money
– Schein oder nicht Schein, Wirtschaftswoche, p 35, 11 March.
Koshy, P. / Koshy, D. / McDaniel, P. (2014): An analysis of anonymity in Bitcoin using P2P
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deposits has traditionally been offered in Italy.
3
1 2 3 4 5 6
alt Mm p y w i i
whereby m denotes the stock of money, p the price level, y and w the level of trans-
actions and wealth, respectively [...] 0.08
0.10
0.12
1991 1993 1995 1997 1999 2001 2003 2005 2007
Interest rate measure (in p.p.)
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
1991 1993 1995 1997 1999 2001 2003 2005 [...] ) I(0) variables vector xt :
0
1
p
t i t i t t t
i
y y x D (1)
Table 1: Results of Unit Root Tests
Variables ADF KPSS
(D,X) t-Statistic p-value* LM-Statistic critical value
level
the currency concerned is legal tender. Constitutive elements of CS are (Horat (1983), p. 23 ff., Hönemann (1982), p. 29 ff.)
- various currencies are held in a single portfolio (currency diversification)�
[...] , Bladen-Hovell, R. C., Zhang, W. (1993). "A European Money Demand Function", in: Masson, P. R., Taylor, M. P. (eds.), Policy Issues in the Operation of Currency Unions, Cambridge, pp. 240-263.
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Cassard, M., Lane. T.D., Masson, P. R. (1994)
rejection of the hypothesis at the 0.05 level
**MacKinnon-Haug-Michelis (1999) p-values **MacKinnon-Haug-Michelis (1999) p-values
page
14
Abbildung 8: VECM (t-Werte in Klammern)
[...] differentials, CEPS Working Document No.
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Parameterwerte aus Gleichung (15) mit den deutschen Daten für p, y und i kombiniert.
(16) 1 2 3 4ˆ ˆ ˆ ˆˆD D D D
t t t tn p y iα α α α= + + +
Zur Approximation des Auslandsbestandes na berechnet [...] Dezember.
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adj. R² 0.73
s.e. 0.02
F-statistic 19.0
AIC -4.9
SC -4.6
LM (1) [p-value] 19.4 [0.02]
LM (4) [p-value] 4.4 [0.88]
JB [p-value] 1.22 [0.98]
Notes: t-statistics in ( ); JB: Jarque-Bera VEC residual [...] R² 0.61
s.e. 0.039
F-statistic 9.79
AIC -3.47
SC -3.13
LM (1) [p-value] 21.38 [0.16]
LM (4) [p-value] 20.26 [0.21]
JB [p-value] 28.38 [0.00]
Notes: t-statistics in ( ); JB: Jarque-Bera VEC residual [...] D2007Q4 -0.1 (-1.7)
adj. R² 0.99
s.e. 0.03
long-run variance
JB [p-value]
Hansen [p-value]
EG [p-value]
0.0009
0.49 [0.78]
0.07 [>0.2]
-3.47 [0.13]
Notes: t-statistics
determination; SEE: standard error of the regression; J-stat: p-value of the J-statis-
tic on the validity of overidentifying restrictions ; JB: p-value of the Jarque Bera test of the normality of resi-
duals [...] determination; SEE: standard error of the regression; J-stat: p-value of the J-statis-
tic on the validity of overidentifying restrictions; JB: p-value of the Jarque Bera test of the normality of resi-
duals [...] the ECB’s two-pillar strategy.
2 See, for instance, Deutsche Bundesbank, Report for the Year 1980, p. 32.
3 This last extension is quite natural against the background that money growth
targets are
denotes expectations)
(3) e e1
t t t 1 t 23 (p p p )P
Subtracting pt on both sides, one obtains
(4) e e2 1
t t t 1 t 23 3Δp ΔpP p ,
with pt+1 = pt+1 – pt as the [...] Johansen, 1995). To this end, (1) is
modified to
(2)
1
1
1
1 1
mit ,
p
t t i t i t
i
p p
i i j
i j i
X X X
A I A
[...] variables are considered (Canova, 1995).
A VAR takes the following form:
(1) 1 1 ...t t p t p tX A X A X ,
where Xt represents the vector of the endogenous variables, represents
nach Banknoten (P.1 in Abb. 1).
Abb. 1: Grundstruktur einer Zentralbankbilanz; a) Banknoten außerhalb des Zentralbanksystems
Hauptstudium
Aktiva Passiva
Währungsreserven P.1: Banknotenumlauf [...] 2b: Bestand an (staatlichen)
Wertpapieren
P.2: Verbindlichkeiten ggü. Kredit-
Instituten (Einlagen,
Bankreserven, Bankenliquidität)
A.3: Sonstiges P.3: Sonstiges
A.1:
page
Hauptstudium [...] unerwarteten Rückflusses an Banknoten (in der Bilanz des
Eurosystems erfolgt eine Umbuchung: P.2 steigt, P.1 — Banknotenumlauf — sinkt, siehe
hierzu auch Abb. 1) zu einer Zunahme der Bankenliquidität,
Illmenau 2002.
Bosch, J.: Design and Use of Software Architectures. Harlow
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5
Dipl.-Kfm. Andreas Helferich, M.Sc., Stuttgart
Literaturempfehlungen:
Böckle, G./Knauber, P./Pohl, K./Schmid, K. (Hrsg.): Softwa-
re-Produktlinien: Methoden, Einführung und Praxis. Hei-
delberg
0.
77
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4*
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.9
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7
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second (p/s) used in pediatric cardiology to 0.5 p/s in some systems for
slowly moving objects. A reduction to half pulse rate reduces dose by about half. The
reduction from 30 p/s to 7.5 p/s results [...] Bacha E.A.; Daves, S.; Hardin, J.; Abdulla, R.I.; Anderson, J.; Kahana, M.; Koenig, P.; Mora,
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Single-ventricle palliation [...] 363, No.17, (October
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peak in
December and no visible peak in the summer months for both countries
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Journal of International
Konstante
Wahrscheinlichkeit
Abh. = 0 Abh. = 1 Ges. Abh. = 0 Abh. = 1 Ges.
P(Abh=1)≤C 88 4 92 93 77 170
P(Abh=1)>C 5 73 78 0 0 0
gesamt 93 77 170 93 77 170
korrekt 88 73 161 93 0 93
% korrekt [...] das Probit-Verfahren folgendermaßen darstellen:
2
'
0,51Pr( 1| , ) ( ', )
2
X ß
u
i i iP Y X e du Xβ β
π
−
−∞
= = = = Φ∫ ,
Pi repräsentiert die Wahrscheinlichkeit, dass ein bestimmtes [...] räge, Nr.80.
McFadden, D. (1973): Conditional Logit Analysis of Qualitative Choice Behaviour, in
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