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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 [...] from 1979 to 1998 quite well. This result is robust to the use of real-time or ex post data and to the consideration of serially correlated errors. The main lesson is that, in addition to anchoring long-term [...] rate rules 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 necessarily, to short-run movements of money

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 [...] 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 [...] 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

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 [...] 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 [...] 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

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

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

manufacturing sector are asked to respond to the following question: “How would you assess the current willingness of banks to extend credit to businesses”? The answers to choose from are “accommodating” [...] firms. In this survey firms are asked to give their perception of the current willing- ness of banks to extend credit to businesses. We interpret the responses to the credit question as information [...] “one of the crucial issues related to the credit crunch is the extent to which profitable and viable firms did or did not have access to finance.” They tried to tackle this problem by looking at the

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

transfers from and to foreign countries, criminals seem to be remarkably apt to hide the sources and destinations of their funds.7 Second, if cash were to be abolished, this would have to be on a global [...] really everybody needs to be able to make and receive cash pay- ments. To achieve this goal, those electronic means of payment that are meant to substitute for cash must be very easy to use. Preferably, they [...] Netherlands). According to Denmarks Nationalbank (2012), in Denmark there are no significant differences with respect to the time it takes to carry out a cash or a card payment. To conclude, there is

need to supplement the credit with their own funds to afford the durables. To do so they have to either use their savings or decrease their spending on non-durable goods in the short run to 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 [...] 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

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 [...] 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 [...] affected by this is likely to be fairly limited in relation to the total value of banknotes circulating outside Germany. page 6 (net) banknote shipments from Germany to non-euro-area countries

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 [...] 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 [...] affected by this is likely to be fairly limited in relation to the total value of banknotes circulating outside Germany. page 6 (net) banknote shipments from Germany to non-euro-area countries

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 [...] 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 [...] affected by this is likely to be fairly limited in relation to the total value of banknotes circulating outside Germany. page 6 (net) banknote shipments from Germany to non-euro-area countries

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 [...] 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

zweijährigem Turnus evaluiert, teils unter Nutzung der webgestützten Lernplattformen Moodle bzw. meet-to-learn. Dar- über hinaus werden in allen Studiengängen Feedback-Gespräche mit den Studierenden [...] sserung der Lehre ein. Lehre-Meeting Am 29. Januar 2014 fand unter Moderation des Studiendekans Prof. Dipl.-Ing. Wolfgang Schindler das jährliche „Lehre-Meeting“ statt, in dem der aktuelle Stand [...] Dr. Elena Minakova-Boblest (Au- gustin) • E-Learning in Moodle und persönliche Unterstützung zum Thema Lebenslauf (Augustin) • E-Learning: Russisch Grammatikkurs (April bis Mai 2014, Au-

abstract Payment costs for consumers are difficult to determine, are not recorded in an internationally harmonised manner and vary significantly from country to country. They are incurred in many forms, for [...] disclosure. To determine the total costs and for international comparisons, different key figures are calculated, such as the cost per transaction, as a percentage of the transaction value or relative to GDP [...] s, NBER Working Paper 28208, Dezember. Górka, J. (2018), Interchange Fee Economics: To Regulate or Not to Regulate?, Palgrave Macmillan, Cham. Greene, W. (2019), Econometric Analysis, 8. A.

abstract Payment costs for consumers are difficult to determine, are not recorded in an internationally harmonised manner and vary significantly from country to country. They are incurred in many forms, for [...] disclosure. To determine the total costs and for international comparisons, different key figures are calculated, such as the cost per transaction, as a percentage of the transaction value or relative to GDP [...] s, NBER Working Paper 28208, Dezember. Górka, J. (2018), Interchange Fee Economics: To Regulate or Not to Regulate?, Palgrave Macmillan, Cham. Greene, W. (2019), Econometric Analysis, 8. A.

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

erreichen und steht allen Studierenden zu Verfügung (http:// blackboard.haw-aw.de oder http://www.meet-to-learn.de). Nach Außen ist Prof. Dr. Wolfgang Renninger als Sprecher des Arbeits- kreises Virtuelle [...] von überall (z.B. von zu Hause aus) zuzugreifen. eLearning (Blackboard) Ebenfalls aus Mitteln des Konjunkturprogrammes II wurde das eLearning-System der HAW modernisiert. Im Rahmen dieses Pro- [...] Power Sup- plies in Industrial Automation, Vortrag bei der Vector Fields Eu- ropean User Group Meeting and Conference, Oxford University, 13.09. – 17.09.2010, Oxford (England). Prof. Dipl.-Ing

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

the employed insiders are to a certain degree protected against dismissals the trade unions may be induced to demand higher wages. Both channels lead to higher wage costs and to lower employment and a higher [...] qualifications to this statement will be discussed below). Higher contributions to the social security system by employees or higher taxes on labour income may induce trade unions to demand higher wages [...] and of a higher degree of employment protection all lead to a higher equilibrium real wage rate and to a higher unemployment rate. With respect to the coordination/centralization indicator, the effect

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 [...] 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

Lehrgebiet Intelligente mobile Systeme Forschungsinteressen Mobile Robotik, reinforcement learning Persönlicher Werdegang Thomas Nierhoff 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 [...] maschinelles Lernen Robert Bosch GmbH: Autonomes Fahren Bosch Center for AI: Robotik, deep learning Technion: Simulation OTH page page O/HUB – Gründungsförderung an der OTH [...] • Scouting • Sensibilisierung • Lehre • Beratung • Partnerschaften • International „Meet the Entrepreneur“ Beschreibung: Sensibilisierung durch Gründerinnen und Gründer in Kursen der

account for the problem that arises in data due to German reunification. All data up to 1990 refer to former West Germany; all data since 1991 refer to Germany. We also tested several other lengths of [...] period. Due to the estimation strategy of calculating growth rates, 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 [...] This increasing demand leads to an increase in employment in the innovating firm. But the innovation can also lead to a (temporary) monopoly of the firm or at least to a very high market share of

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

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