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for the whole period. Due to the estimation strategy we need for each firm at least two observations within one period to be able to calculate a growth rate. This leads to an unbalanced panel data [...] does not refer to single years but rather to time periods as described in Chapter 3. Also remember, that we need at least two observations of a firm within one time period to be able to calculate yearly [...] process to the prices, this might – depending on the demand elasticity – increase the demand for the product. This increase in demand might then lead to an increase in employment. To sum up the

for the whole period. Due to the estimation strategy we need for each firm at least two observations within one period to be able to calculate a growth rate. This leads to an unbalanced panel data [...] does not refer to single years but rather to time periods as described in Chapter 3. Also remember, that we need at least two observations of a firm within one time period to be able to calculate yearly [...] process to the prices, this might – depending on the demand elasticity – increase the demand for the product. This increase in demand might then lead to an increase in employment. To sum up the

(2.1) to (2.3). All three parties conclude the contract provided that the contractually agreed payments (per project) to the entrepreneur, to the bank, and to the household are in line with (2.1) to (2.4) [...] reduces the ability to fund investment. Finally, an economy prone to a simultaneous monetary policy and macroprudential policy shock responds almost equally to an economy prone to a single monetary policy [...] minimum return that is necessary to induce bankers to monitor is given by Rb t = µIt ∆p , (2.2) and the minimum return that is necessary to induce entrepreneurs to choose the project variant without

(2.1) to (2.3). All three parties conclude the contract provided that the contractually agreed payments (per project) to the entrepreneur, to the bank, and to the household are in line with (2.1) to (2.4) [...] reduces the ability to fund investment. Finally, an economy prone to a simultaneous monetary policy and macroprudential policy shock responds almost equally to an economy prone to a single monetary policy [...] minimum return that is necessary to induce bankers to monitor is given by Rb t = µIt ∆p , (2.2) and the minimum return that is necessary to induce entrepreneurs to choose the project variant without

order to check whether monetary policy actually reacted to monetary aggregates does not do justice to the medium-term nature of monetary targeting. To see this more clearly, we can use Eq. (5a) to substitute [...] reaction to the inflation gap, to the change of the output gap and to the money growth gap, while the feedback from the level of the output gap turns out to be insignificant. Again, the response to the [...] targeting. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. In the second part

this is hardly likely to have distorted the results, as this denomination is not likely to be used much in non-euro-area countries. The approach had to be modified when applied to individual denominations [...] retail sales (EHI Retail Institute 2010). The huge surge is therefore likely to be due to domestic hoarding and especially to foreign demand for euro banknotes. This foreign demand may originate from [...] demand affected by this is likely to be fairly limited in relation to the total value of banknotes circulating outside Germany. 6 (net) banknote shipments from Germany to non-euro-area countries provides

this is hardly likely to have distorted the results, as this denomination is not likely to be used much in non-euro-area countries. The approach had to be modified when applied to individual denominations [...] retail sales (EHI Retail Institute 2010). The huge surge is therefore likely to be due to domestic hoarding and especially to foreign demand for euro banknotes. This foreign demand may originate from [...] demand affected by this is likely to be fairly limited in relation to the total value of banknotes circulating outside Germany. 6 (net) banknote shipments from Germany to non-euro-area countries provides

this is hardly likely to have distorted the results, as this denomination is not likely to be used much in non-euro-area countries. The approach had to be modified when applied to individual denominations [...] retail sales (EHI Retail Institute 2010). The huge surge is therefore likely to be due to domestic hoarding and especially to foreign demand for euro banknotes. This foreign demand may originate from [...] demand affected by this is likely to be fairly limited in relation to the total value of banknotes circulating outside Germany. 6 (net) banknote shipments from Germany to non-euro-area countries provides

growth data allows the central bank to reduce its response to cur- rent inflation, thus enabling it to avoid inefficient reactions to cost push shocks. According to Kilponen and Leitemo (2007), the case [...] function. According to their analysis, the Bundesbank did not respond to the level of the output gap as sug- gested by the Taylor rule, but rather to the change in the output gap as well as to deviations of [...] feature a response to the lagged interest rate, to deviations of inflation from target, to the change in the output gap and possibly, but not neces- sarily, an additional response to short-run movements

be attributed to the normal response of currency holdings to the lowering of interest rates and to the increase in income from the government stimulus. The remaining 80% may be due to an increase in [...] banknotes in circulation in the period from January 1991 to December 2001 corresponds to the volume of D-Mark banknotes outstanding (converted to euros with the irrevocably fixed exchange rates of 1 January [...] They also report results for the aggregate currency-to-GDP ratio. The substitution effects with respect to electronic payments are largely confined to the demand for small denominations. Moreover, they

be attributed to the normal response of currency holdings to the lowering of interest rates and to the increase in income from the government stimulus. The remaining 80% may be due to an increase in [...] banknotes in circulation in the period from January 1991 to December 2001 corresponds to the volume of D-Mark banknotes outstanding (converted to euros with the irrevocably fixed exchange rates of 1 January [...] They also report results for the aggregate currency-to-GDP ratio. The substitution effects with respect to electronic payments are largely confined to the demand for small denominations. Moreover, they

ranke wird durch die Distance to Default gemessen: DD = (Marktwert der Aktiva) – (DPT)        (Marktwert der Aktiva) x (Volatilität der Aktiva) Um von der Distance  to Default auf die Ausfallwahrsc [...] ert des Zerobonds D fällt, bestimmt. Zur Beschreibung des Ereignisses wurde der Begriff Dis- tance to Default eingeführt. [Vgl. Hull, J. C. (2012), S. 369] Aus der Verteilung des stochastischen Proze [...] formiert. CCFV_KB13_Härtl_Hock_Fahnen 29.08.13 08:58 Seite 7 Die Variable d2, auch Distance to Default genannt, gibt für bestimmte  Parameterkonstellationen näherungsweise den Abstand des Unterneh-

there were fears that the re-setting of computer program dates in order to adjust for the new millennium would have led to a shutdown of important institutions like public utilities, but also the smooth [...] Brothers in October 2008, the resulting financial turmoil in the US quickly scaled up to a global financial crisis and led to a visible increase in cash demand worldwide (see figure 1). However, this increase [...] Data refer to cash or banknotes in circulation. Source: National central banks. Obviously, there was a structural difference between the financial crisis 2008 and Y2K with respect to cash demand

copies, or posting to personal, institutional or third party websites are prohibited. In most cases authors are permitted to post their version of the article (e.g. in Word or Tex form) to their personal [...] As mentioned in Section 3.2 we had to restrict our estimation sample to firms which have answered at least six consecutive years. Since this restriction leads to a larger share of large firms in the [...] coefficients are stable and very similar to Specification (6). Thus, we use this model without contemporaneous innovation variables to include further interaction terms to check for some effect heterogeneity

holdings is ambiguous as having less access to cash might lead consumers to hold more cash to realize their transaction needs. Therefore, it seems useful to include a variable that captures this aspect [...] payment of social security contributions, to avoid having to meet certain legal standards such as minimum wages, maximum hours, safety or health standards, to avoid complying with certain administrative [...] economy is a construct which, by definition, is hard to capture and to estimate. We relied on the MIMIC approach to get consistent estimates from 2002 to 2019. This estimate concentrates on household activities

(17.7 to 40 pounds1) in Mexico (Angelucci, Karlan and Zinman, 2015). Therefore, borrowers need to supplement the credit with their own funds to afford the durables. To do so they have to either use [...] like the Grameen bank, have mostly lent to women, enabling them to contribute to the household’s income. It is believed that by making women contributors to the household’s income, Microfinance increases [...] Microfinance to promote women’s empowerment. Section 2: Literature review The majority of Microfinance institutions (MFIs) aim to reduce poverty by making financial services available to the poor

case studies suggest that crises are likely to have contributed to the dynamic growth in demand for banknotes in the countries analysed. This applies both to small and large banknote denominations. Keywords: [...] however, global cash demand continues to increase and for most countries even relative to GDP (Rösl, Seitz 2021). This observation is confirmed by Figure 1, which refers to 16 selected countries from all ( [...] political crises, typically led to a surge in cash demand in past decades, too (Rösl, Seitz 2022b). This can be attributed to the unique characteristics of cash, which help to stabilize the economy at times

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in China [...] crises more and more economists argued in favour of a monetary policy which should pay more attention to monetary variables as early warning indicators of financial market imbalances. The present paper [...] Frankfurt, EZB. Scharnagl, M., C. Gerberding & F. Seitz (2010), Should Monetary Policy Respond to Money Growth? New Results for the Euro Area, International Finance, 13, 409-441. Bisher erschienene

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in China [...] crises more and more economists argued in favour of a monetary policy which should pay more attention to monetary variables as early warning indicators of financial market imbalances. The present paper [...] Frankfurt, EZB. Scharnagl, M., C. Gerberding & F. Seitz (2010), Should Monetary Policy Respond to Money Growth? New Results for the Euro Area, International Finance, 13, 409-441. Bisher erschienene

Bernt Mayer 24 A Micro Data Approach to the Identification of Credit Crunches von Timo Wollmershäuser und Horst Rottmann 25 Strategies and possible directions to improve Technology Scouting in China [...] crises more and more economists argued in favour of a monetary policy which should pay more attention to monetary variables as early warning indicators of financial market imbalances. The present paper [...] Frankfurt, EZB. Scharnagl, M., C. Gerberding & F. Seitz (2010), Should Monetary Policy Respond to Money Growth? New Results for the Euro Area, International Finance, 13, 409-441. Bisher erschienene

are the first to use net issues of cash of all national euro area central banks to analyze the relationship between cash demand and the shadow economy within a currency union. Up to now, these net [...] estimation methods. To assess the relationship between cash and the shadow economy, it was necessary to control for other motives for holding cash and national peculiarities. To test for robustness [...] the shadow economy is a construct which by definition is hard to capture and to estimate. All in all, it seems that cash is probably used to a smaller extent in the context of shadow economic activities

robustness with respect to two commonly used alternative GARCH models. This means that we add the term κht (or κh0.5 t or κln(ht)) to the mean equation (1) to convert the model to a design of the GARCH-M [...] model in two ways. First, in order to capture serial correlation in stock returns, we follow Bhattacharya et al. (2003) and add lagged returns to the mean equation. Second, to test for Friday effects in the [...] model, it is additionally related to two seasonal dummies. In order to determine the size ofm, p and q for each country, we employ a model selection procedure similar to Bollerslev (1988) and Choudhry (2000)

robustness with respect to two commonly used alternative GARCH models. This means that we add the term κht (or κh0.5 t or κln(ht)) to the mean equation (1) to convert the model to a design of the GARCH-M [...] model in two ways. First, in order to capture serial correlation in stock returns, we follow Bhattacharya et al. (2003) and add lagged returns to the mean equation. Second, to test for Friday effects in the [...] model, it is additionally related to two seasonal dummies. In order to determine the size ofm, p and q for each country, we employ a model selection procedure similar to Bollerslev (1988) and Choudhry (2000)

Riksbank that are considered to be of interest to a wider public. The papers are to be regarded as reports on ongoing studies and the authors will be pleased to receive comments. The opinions [...] We will therefore have to use some proxies. While there are reasonable proxies for the seasonal factor of the transaction balance (to be explained below), it is harder to find and argue for hoarding [...] misleading as cash holdings usually increase with nominal GDP. Thus, to do a sensible international comparison we need to relate CiC to nominal GDP. This ratio is shown in Figure 2. We can distinguish

although the latter to a lesser extent. In what follows, our aim is to use model-based techniques and judgmental approaches to detect these alternative episodes, and thereafter to estimate probabilities [...] compared to Kilian’s index of global economic activity and the index of OECD world industrial production. Stratford (2013) uses linear models to investigate several global indicators' ability to nowcast [...] rates in the advanced economies declined to a lesser extent compared to the emerging world in the Great Recession. In the former, growth rates declined to around -5%, while they did not turn into