process, reflecting the efficiency of the Eurosystem’s forecasts.
standard It should also be noted that, from the point of view of the Eurosystem’s balance sheet and its liquidity management, it makes [...] , A. , S.J. Koopman , and M. Riani (1997), The Modeling and Seasonal Adjustment of Weekly Observations, Journal of Business & Economic Statistics 15 (3), 354–368.
litver Husted , S. and M [...] embedded _1085826781
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and embedded _1085826799
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s
, respectively. The trend variable calculated in this way was
appropriate.” (Woodford, 2003,
S. 24 f).
Sowohl das Eurosystem (EZB, 2004, S. 75), das Fed
(Board of Governors, 2005, S. 16) als auch die Bank of
England (Bank of England, 2005, S. 3) steuern den Tages-
geldsatz [...] Ähnlich Abel und Bernanke
(2005, S. 462): „Classicals and Keynesians agree that, for
disinflation to be achieved without high unemployment
costs, reducing the public‘s expected inflation rate is im-
portant [...] ra-
tes stable around the rate decided by the Council ...“ (Pa-
padia, 2005, S. 52, für die Fed siehe analog Woodford,
2003, S. 26).
Eine Steuerung des Zinses hat den Vorteil, dass erratische
Zinsschwankungen
Sitzungsprotokollen
würde diese Tendenz eher noch wei-
ter verschärfen.
page
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n:
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t W
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ct
2
3
20
M
2)
2S
-S
Y
S
G
M
M
3)
2S
-S
Y
S
G
M
M
3)
G
L
S1)
G
L
S1)
SY
S
G
M
M
2)
SY
S
G
M
M
2)
2S
-S
Y
S
G
M
M
3)
2S
-S
Y
S
G
M
[...] G
L
S1)
G
L
S1)
SY
S
G
M
M
2)
SY
S
G
M
M
2)
2S
-S
Y
S
G
M
M
3)
2S
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3)
G
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S1)
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S1)
SY
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G
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M
2)
SY
S
G
M
[...] -
- - - + - - + +- - - - - -
^
^
^ ^
h
h
h h
R
T
S
S
S
S
S
S
S
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R
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S
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9
V
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C
Table 15
Total (F+G+H+I+J+K) (A+B+C+D+E) –
(F+G+H+I+J+K)
Seigniorage S – S
Resource costs (F+G+H+I+J+K) (A+B+C+D+E) –
+ S (F+G+H+I+J+K) – S
Central bank
E
Other businesses
(CITs, network operators [...] al
te
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nd
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S
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as
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s
P
ay
m
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t
In
st
ru
m
en
ts [...] progress as cashless
wage and salary payments became more widespread between the late 1950s and the
early 1970s in Germany. Having said that, this does not mean that cash payments
were displaced completely
T
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In
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du
Economics 31, S. 91-98.
Johansen, S. (1995), Likelihood-based Inference in Cointegrated Vector Auto-regressive Models, Oxford University Press,
Oxford, New York.
Kang, S.H., Kang, S.-M. & S.-M. Yoon [...]
Notice to U.S. investors
This report is being furnished to U.S. recipients in reliance on Rule 15a-6 ("Rule 15a-6") under the U.S. Securities Exchange Act of 1934, as amended. Each U.S. recipient of [...] Abosedra, S. (2005), Futures versus Univariate Forecast of Crude Oil Prices, OPEC Review 29, S. 231-242.
Akram, Q.F. (2009), Commodity Prices, Interest Rates and the Dollar, Energy Economics 31, S. 838-851
about the interpretation of the U.S. Fed’s monetary policy in the 1970s. While some com-
mentators argue that the Fed was responsible for the “Great Inflation” of the 1970s, because
its monetary policy was [...] 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 could be justified even [...] differently, the Fed’s policy would not have been significantly
different had it in fact followed a Taylor rule.
The inflation record of the Bundesbank in the 1970s and early 1980s was better than
that
University of
Helsinki, mimeo.
van Blokland, P., L. Booth, K. Hiremath, M. Hochstenbach, G. Koole, S. Pop, M. Quant und
D. Wirosoetisno (2002), The Euro Diffusion Project, Proceedings of the 42nd European
exogenen) Geldmenge M. So etwa De-
Long und Olney (2005, S. XX): „In today‘s world, where
central banks set interest rates but not money stocks, the
LM curve‘s underlying assumption that the nominal mo-
ney stock [...] deposits“ (Howells, 2005, S. 3).
„The relationship between money and credit is an endo-
genous one, and affected by economic policy (including
monetary policy)“ (Stiglitz/Greenwald, 2003, S. 295). Es
zeigt sich [...] inter-
bank interest rate is the appropriate operational target“
(Bindseil, 2004, S. 8; siehe hierzu auch Bain/Howells,
2003, S. 92 f.).
In weiten Teilen der Lehrbuchliteratur findet dies aber
noch kaum
and Burgess, S. (1999) ‘New technology and jobs: comparative evidence
from a two country study’, Economics of Innovation and New Technology, 6, forthcoming.
Blundell, R. and Bond, S. (1998) ‘Initial [...]
page
24
Lachenmaier, S. and Rottmann, H. (2006) ‘Employment effects of innovation at the firm
level’, Ifo Working Papers 27, Munich.
Lachenmaier, S and Wößmann, L. (2004) ‘Does innovation [...] use only
one lag of the dependent variable and find a coefficient of about 0.86, in van Reenen’s
(1997) study the sum of two lags varies between 0.4 and 0.8.
The innovation variables also show
methodology and extended by reviewing the ILO’s International
Encyclopedia for Labor Law and Industrial Relations. Like the OECD indicator, the Allard´s
measure takes into account regulations concerning [...] indicator have the
problem of a paucity of observations - 21 countries and only two years (late 1980s and 1990s)
until 2002 – that limit researchers to relate changes in employment protection regulation over [...] Labour 19, 343-372.
Nickell, S. (1997), Unemployment and Labour Market Rigidities: Europe versus North
America. Journal of Economic Perspectives 11, 55-74.
Nickell, S. (2003), Labour Market Institutions
Economy. Cambridge.
KATSOULACOS, Yannis S. (1986), The Employment Effect of Technical Change. Oxford
University Press.
page
20
KATSOULACOS, Yannis S. (1991), Technical Change and Employment [...] wartungen über die zukünftigen Veränderungen der Absatzmengen des Unternehmens angibt,
und die v´s zunächst nicht näher spezifizierte Zufallsprozesse sind. Der x-Vektor enthält alle
für die Erklärung [...] Individualeffekten auf die Innovations-
aktivitäten der Unternehmen (Flaig/Rottmann 1994, Rottmann 1995, S. 86 ff., Flaig/Stadler
page
8
1998). Deshalb lassen wir eine potentielle Korrelation
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/Com [...] Paper No. 320.
Nickell, S. (1997), Unemployment and Labour Market Rigidities: Europe versus North America.
Journal of Economic Perspectives 11, 55-74.
Nickell, S. (2003), Labour Market Institutions [...] dam.
Nickell, S. and L. Nunziata (2001), Labour Market Institutions Database. Version 2.
www://cep.lse.ac.uk/pubs/download/data0502.zip
page
11
Nickell, S., Nunziata, L. and W
test for Gibrat’s Law, which states that the growth rate of a
firm is independent of the size of a firm (Gibrat 1931). Many studies have dealt with the
empirical test of Gibrats’s Law, especially [...] Journal of Industrial Economics 35(4), 583-606.
Hamermesh, D. S. (1993), Labor demand, Princeton University Press.
Hamermesh, D. S. and G. A. Pfann (1996), Adjustment Costs in Factor Demand,
Journal [...] Lachenmaier, S and L. Wößmann (2004), Does innovation cause exports? Evidence
from Exogenous Innovation Impulses and Obstacles Using German Micro Data, CESifo
Working Paper 1179.
Nickell, S. (1997),
Analysis of Panel Data. Cambridge.
KATSOULACOS, Yannis S. (1986), The Employment Effect of Technical Change. Oxford.
KATSOULACOS, Yannis S. (1991), Technical Change and Employment under Imperfect [...] firm does not take output as
given, but the output decision process is connected with the firm’s innovation behaviour. If, for
example, innovations increase the quality of goods or reduce the input [...] new product, given constant qualities and
product groups of the competitors, increases the firm’s market share, but it could also lead to
higher monopolistic power and mark-up pricing. Thus, the
J., Investments, 8th ed., 2008
Brealy, R., Myers, S., Allen, F., Principles of Corporate Finance, McGraw-Hill 2008.
Hillier, D., Ross, S., Westerfield, R., Jaffe, J., Jordan, B., Corporate Finance [...] .exchange.de
Kähler, J., Pasternak, C., Stetige Veränderungsraten und Renditen, WiSt 2002 (3), S.165
– 168
Sharpe, W., Alexander, G., Bailey, J., Investments, Prentice-Hall
Spremann, K
Makroökonomik. Eine europäische Perspektive, 2. A.; Vahlen.
Ehrenberg, Ronald G., Smith, Robert S. (2006), Modern Labor Economics. Theory and
Public Policy, 9th ed.
Kapitel Seiten
2 35-55 [...] Rückkehr der Arbeitslosigkeit - Die
Bundesrepublik Deutschland im europäischen Kontext 1973 bis 1989, S. 37-53, R.
Oldenbourg Verlag, München.
Cesifo, DICE-Database, Labour Market (http://www.cesifo [...] Jahrbücher für Nationalökonomie und Statistik (Journal of
Economics and Statistics), Band 229 (1), S. 22-35.
Sinn, Hans-Werner, Holzner, Christian, Meister, Wolfgang, Ochel, Wolfgang, Werding, Martin
Makroökonomik. Eine europäische Perspektive, 2. A.;
Vahlen.
Ehrenberg, Ronald G., Smith, Robert S. (2006), Modern Labor Economics. Theory
and Public Policy, 9th ed.
Kapitel Seiten
2 35-55 [...] Rückkehr der Arbeitslosigkeit - Die
Bundesrepublik Deutschland im europäischen Kontext 1973 bis 1989, S. 37-53, R.
Oldenbourg Verlag, München.
Cesifo, DICE-Database, Labour Market (http://www.cesifo [...] Jahrbücher für Nationalökonomie und
Statistik (Journal of Economics and Statistics), Band 229 (1), S. 22-35.
Sinn, Hans-Werner, Holzner, Christian, Meister, Wolfgang, Ochel, Wolfgang, Werding,
and Political Consequences of India’s
Demonetization, VoxDev, http://voxdev.org/topic/institutions-politicaleconomy/economic-
and-politicalconsequences-india-s-demonetisation.
Banerjee, A., [...] F. & S. D. Carr (2007), The Panic of 1907: Lessons Learned from the Market's Perfect
Storm, Hoboken, New Jersey: John Wiley & Sons.
Calomiris, C. W. & J. R. Mason (2000), Causes of U.S. Banking [...] What
happened in 2021, Bank of Canada Staff Discussion Paper No. 2022-8, April.
Cheney, J.S. & S.L.W. Rhine (2006), How Effective Were the Financial Safety Nets in the
Aftermath of Katrina?
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properties, Journal of Econometrics 108, 1-24.
Maddala, G S. & S Wu (1999). A comparative study of unit root tests with panel data and a
new simple test, Oxford [...] Buch Verlag,
15-45.
Rogoff, K S (1998), Blessing or curse? Foreign and underground demand for euro notes,
Economic Policy, 263-303.
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The international platform of Ludwigs‐Maximilians University’s Center for Economic Studies
and the ifo Institute
Poschingerstr. 5, 81679 Munich, Germany
Teleph
Creating competence for the future
page
F a c h h o c h s c h u l e
I n g o l s t a d t
U n i v e r s i t y o f
App l i ed Sc iences
Arbeitsberichte
Working Papers
[...] term structure of bond rates:
(1) ( , )= +l s
t t tr r rp l z
where rl
t is the real long-term rate, rs
t is the real short-term rate, l and s are the terms
of the bonds, zt is a set of variables [...] 95 13.50) 0.13 0.54 0.21
1.89 1.17
− − −
−
Δ = − ⋅ − − + + Δ + Δ − Δ
+ − +
l l s e l s
t t t t t
t t t
i i i i i
ism ism
π
μ
sample: 1986:01-2005.09; R² = 0.30; SE =
, , 1
, , 1 ( )
dec j feb j dec j feb j
j d d
dec j feb j
S S S S
ß
S S S trη
+ +
+
− −
= =
− ⋅∆
,
where ∆S(tr) is the difference between the seasonal highs and lows of the tr [...] t tT S T S T S= +
Let ßt denote the fraction of the overall trend held domestically and, consequently, (1-ßt) the
share held abroad:
(4) (1 )d a
t t t t t t t tT S ß T S ß T S= + − [...] domestic share ßj reads as:11
(7) , , 1
, , 1
.dec j feb j
j d d
dec j feb j
S S
ß
S S
+
+
−
=
−
Now, what is the best way of modelling Sd, the unknown domestic part in
ge Geldmengen-Preis-Zusammenhang: internationale Evidenz
Quelle: Papademos/Stark (2010), S. 33.
Abb. 3 konzentriert sich dagegen auf den Zusammenhang zwischen einem
Kreditindikator und [...]
page
8
Abb. 3: Globaler Kreditindikator und Assetpreise
Quelle: EZB (2010), S. 86. Die gelb schattierten Bereiche zeigen aggregierte Vermögenspreis-
Haussephasen an. Die jüngsten [...] Teil 2: -Auswertung-
von Bärbel Held, Alexander Herzner, Matthias Riedl
19 DIAKONIE und DRG´s –antagonistisch oder vereinbar?
von Bärbel Held und Claus-Peter Held
20 Traditionelle Budgetierung
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