of persistent real exchange rate
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verstärkt Beachtung geschenkt wer-
den. Reale Konvergenz ist wichtig,
page
**
*
Pr
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at
io
n:
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ue
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1
21
Adrian, T. & H.S. Shin (2011), Financial Intermediaries and Monetary Economics, in: B.
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Rate Mortgage,
in: Agarwal, S. & B. W. Ambrose (Hg.), Household Credit Usage: Personal Debt and
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page
24
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67 Does Microfinance have an impact on borrower’s consumption patterns and women’s
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von Charlotte H. Feldhoff, Yi Liu und Patricia R. Feldhoff
[...] with
respect to interest rate conditions and interest rate fixation since the beginning of the 1960s. Of
special interest are the share of fixed compared to adjustable rate contracts, the effective
differenced dependent variable.
Their estimation strategy uses the moment conditions E(ni,t-sΔεi,t)=0
for t=4,...,T and s≥2. This is why this strategy is also called GMM
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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.
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ß derby ß U ß U
ß U ß diff ß tag ß ent ß temp ß wet
ß hm ß s
= + + + + + − + −
+ + + + + +
+ + + + + +
+ + 21 3 22 4 ,i tß s ß s ε+ + +
In Tabelle 3 sind die Ergebnisse, getrennt nach [...] Honeymoon (hm) 2.617,8 1,6 5.546,5 3,0
Saison 2002/2003 (s2) -311,7 -0,3 -3,6 -0,0
Saison 2003/2004 (s3) 4.340,6 4,1 5.117,9 4,1
Saison 2004/2005 (s4) 5.509,8 4,5 5.422,3 4,2
logL -9.594,3 -9.684,1 [...] Management 32, S. 305-315.
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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 =
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Contents
Abstract 5
1 Introduction 7
2 The Eurosystem�s balance sheet, the supply and demand for deposits,
and the logic of the ECB�s liquidity management4 8
3 The autonomous liquidity factors [...] ECB Working Paper No 44 � February 20018
2 The Eurosystem�s balance sheet, the supply and demand for
deposits, and the logic of the ECB�s liquidity management4
The natural starting-point for any [...] Tuesday in
respect of the preceding Friday (see the ECB�s Web site at http://www.ecb.int). 5 Table 1 constitutes
a simplified version of the Eurosystem�s balance sheet of 26 November 1999, which shows all the
2011, S. 83).8 Die finanzielle Hilfe der neuen Fonds ist ab-
hängig von der Konditionalität der von der Troika mit den betreffenden Ländern ausge-
handelten und überwachten Programme (EEAG 2011, S. 84) [...] unternehmen (Gros
und Mayer 2010, S. 2). Allerdings dürfte der politische Druck auf einen Europäischen
Währungsfonds noch höher sein als der Druck auf den IWF (Fuest 2011, S. 37). Man
kann sich zudem fragen [...] sollte
(Henning 2011, S. 4). Der IWF und die US-Regierung lehnten diesen Vorschlag strikt
ab, da sie fürchteten, ihren Einfluss in Asien zu verlieren (Bordo und James 2010, S.
13). Der IWF argumentierte
aften,
in: J. Mittelstraß u. a.: Enzyklopädie Philosophie und Wissen-
schaftstheorie, Bd. 1, 1995, S. 724–728 • G. Scholz: Zwischen
Wissenschaftsanspruch und Orientierungsbedürfnis, 1991 •
K.-O. Apel: [...] Einleitung in die
Philosophie, 1901 • H. Rickert: Kulturwissenschaft und Na-
turwissenschaft, 1899 • J. S. Mill: A System of Logic, Ratio-
cinative and Inductiv, 1843 • G. Vico: Principj di Scienza
Nuova d’intorno [...] Nennwert dem Gewicht und dem Feingehalt der
Münze. Darauf aufbauende Systeme hatten häufig mit
„Gresham’s Law“ zu kämpfen. Dieses besagt, dass in vie-
len Fällen nur noch Münzen mit geringemMetallgehalt
im
other (non-transactional) share:
(5) (1 )d o
t tt ttt t tß ßT S T S T S or
(5') (1 .)d o
t tt t tßS SßS
(5') is a specific example of the general equation (1), with the seasonal [...] as:
(8)
, , 1
, , 1
.
dec j feb j
j d d
dec j feb j
S S
ß
S S
The essential question then is, what is the best way of modelling Sd, the unknown domestic [...] seasonally, i. e. So =1 t, (5') can be simplified to
(6) (1 ).d
t t t tS ß S ß
Given the seasonal terms S and Sd yields an equation for the unknown value ßt, the share of
banknotes held
fromFig. 4. Call TS. t]
two different unobservable states S 5 1,2. If thet
2 2state at time t is S then y | N(m , s ). Thet t S St t
8 state S is assumed to follow a first-orderlast at least 12 months [...] A cyclical 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 [...] ,y ; l, y )1 2 T 0 points
2 2
5 O . . . O P( y , . . . y , S , . . . S ; l, y )t T 1 T 0 Since Hamilton’s (1989) model was de-
S 51 S 511 T veloped as an alternative treatment of non-
stationary
domestically
and, consequently, (1 − ˇt) the share held abroad:
TtSt = ˇtTtS
d
t + (1 − ˇt)TtS
a
t (4)
or
St = ˇtS
d
t + (1 − ˇt)Sa
t . (4′)
(4′) is a concrete example of the general equation [...] relevant when measuring the Bundesbank’s participation in cash
processing (Deutsche Bundesbank, 2011). Fourth, foreign demand
also has an impact on the Bundesbank’s monetary income (before
it is reallocated [...] rewritten as
ˇj = Sdec,j − Sfeb,j+1
Sd
dec,j
− Sd
feb,j+1
= Sdec,j − Sfeb,j+1
� · �S(tr)
(7′)
where �S(tr) is the difference between the seasonal highs and lows
of the transactions variable.
on einer Sequenz yt,yt + 1, ..., yt + k für alle t, k und s mit der der Sequenz
yt + s,yt + 1 + s, ..., yt + k + s identisch ist (vgl. Tsay, S. 25) bzw. die gemeinsame Verteilungs-
funktion für beliebige [...] erwiesen (vgl.
Greene, S. 717 ff.). Vielfältige Verallgemeinerungen sind möglich und werden in der Pra-
xis angewandt (vgl. Tsay; Verbeek, S. 287 f.).
Literatur:
Asteriou, D./Hall, S.G.: Applied Econometrics [...] auch
für alle s. Erwartungswert, Varianz und Autokovarianzen sind damit unabhängig vom
Zeitpunkt, zu dem sie gemessen werden. Man sagt auch, sie sind zeitinvariant (vgl.
Schmid/Trede, S. 114 f.).
Da
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
K
rü
ge
r a
nd
F
ra
nz
S
ei
tz
C
o
st
s
an
d
B
en
efi
ts
o
f
C
as
h
an
d
C
as
hl
es
s
P
ay
m
en
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
of Economics and Finance 37 (2016) 328–347
Chart D1: Impulse responses to Cholesky one S.D. innovations ± 2 S.E
-.002
-.001
.000
.001
.002
.003
1 2 3 4 5 6 7 8 9 10 11 12
Response [...] Received in revised form 24 May 2016
Accepted 25 May 2016
Keywords:
Money
Credit
Forecasting
a b s t r a c t
We analyse the forecasting power of different monetary aggregates and credit variables [...] should be set on such variables to improve the forecasting of US activity.
� We are indebted to S. Makrydakis, B. Schnatz, H.-E. Reimers, the participants at seminars at the ECB, the Deutsche Bundesbank
H0: S=
^
. When Maximum likelihood is used to estimate the model, the formula for² and Fis as in (5A):
2
1
ˆ( 1) ( ; )
ˆ ˆ ˆ( ; ) ( ) lg | | lg | |
n F S
F S tr S S
[...] Data: Asymptotic and finite-sample 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 [...] Economic Studies 57, 99-125.
Rogoff, K S (1998), Blessing or Curse? Foreign and underground demand for euro notes, Economic Policy, 263-303.
Rogoff, K S (2016), The Curse of Cash, Princeton University
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
embedded:image15.wmf image15.wmf h
s
and embedded _1085826799
embedded:image16.wmf image16.wmf o
s
, respectively. The trend variable calculated in this way was
Bilanzwer-
ten gemessen ist. Zusätzlich verwen-
den wir noch die beiden von Stan-
dard & Poor’s und Moody’s ermittel-
ten Größen „Rating“ und „Outlook“
(für „senior unsecured debt“). Ers-
tere ist eher [...] werden
die Ratingkategorien zu vier größe-
ren Einheiten gemäß der Klassifika-
tion von Standard & Poor’s (AAA,
AA, A, BBB) aggregiert. Die Zusätze
+ und – werden im Folgenden also
der entsprechenden Klasse
tut München), H. Rottmann (FH Amberg-Weiden), W. Schäfer (Universität
der Bundeswehr Hamburg), S. Schich (OECD), F. Schobert (Deutsche Bundesbank) und A. Worms
(Deutsche Bundesbank), die uns mit
latter act in the principal’s interest. Walsh (1995a) proposed to tie the central banker’s personal compensation to inflation performance in order to increase the latter’s incentives to deliver price stability [...] stabilisation) than society does. This again reflects Rogoff’s notion of a conservative central banker. The first difference is that in Rogoff’s framework, society chooses a central banker who has the right [...] biblio-Entry Fischer, S. (1994), Modern Central Banking, in: F. Capie / C. Goodhart / N. Schnadt (eds.), The Future of Central Banking, Cambridge, 262-308.
biblio-Entry Fischer, S. (1995), Central Bank
6 1 7
fle x ib le r S a tz u n d u rs p rü n g l. Z in s b in d u n g b is 1 Ja h r u rs p rü n g l. Z in s b in d u n g vo n 1 -5 Ja h re n
u rs p rü n g l. Z in s b in d u n g vo n 5 -1 [...] 7 1 8
fle x ib le r S a tz u n d u rs p rü n g l. Z in s b in d u n g b is 1 Ja h r u rs p rü n g l. Z in s b in d u n g vo n 1 -5 Ja h re n
u rs p rü n g l. Z in s b in d u n g vo n 5 -1 [...] of the ECB’s Bond Market Contact Group, Frankfurt, 16. May 2017.
Deutsche Bundesbank (2002), Zum Zusammenhang zwischen Kreditzinsen deutscher Banken
und Markzinsen, Monatsbericht März, S. 53-66.
Deutsche
targeting the funds rate in the
late 1980s. That is, the change in the relationship
between the funds rate and long-term rates is an
example of Goodhart’s Law.
To find out whether fundamental mac [...] at the 0.05
level. Max–eigenvalue test indicates 1 cointegrating eqn(s)
at the 0.05 level. Trace test indicates 1 cointegrating eqn(s)
at the 0.05 level.
**MacKinnon-Haug-Michelis (1999) p-values.
Table [...] McGraw-Hill, Singapore.
Johansen, S. (1992) Cointegration in partial systems and
the efficiency of single equation analysis, Journal of
Econometrics, 52, 389–402.
Johansen, S. (1995) Likelihood-based Inference