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References in publications to ROME Discussion Papers (other than an acknowledgment that the writer has had access to unpublished material) should be cleared with the author(s) to protect the tentative character [...] Abstract What role does (should) money play in modern central banking? To answer this question, it is necessary to distinguish between the different level playing fields of monetary policy. At [...] relative to interbank deposits. First, central bank balances carry no default risk. No private bank or other financial firm can match this. Second, central banks typically provide access to liquidity

inhaltlichen Ausrichtungen OTH mind #aufstieggestalten auf den modularen Aufbau sowie das Blended-Learning-Konzept – ein Kernprinzip von OTH mind fokussiert. Bisherige Teilneh- merInnen loben das Bauka [...] und effizient studieren. Sie profitieren von kompakten Präsenzzeiten und unterstützendem Digital Learning. Je nach Studiengang finden die Vorlesungen im Blockmodell oder am Wochenende statt. “ Außerdem [...] eine Projektarbeit zu ersetzen. Methodisch: Präsenzveranstaltungen wechseln mit di- gitalem e-Learning, Selbstlernen unter Anleitung oder Teamarbeit. Strukturell: Durch die studiengangübergreifende

Hegemann, W., Gökcay, W., Bischof, F., Hackner, T.: Upgrading of Wastewater Lagoons to Mi- nimize Evaporation Losses and to Produce an Effl uent Free of Bacteria , Konferenzbeitrag und Proceedings, IWA [...] Kufstein, Austria. W. Renninger (2004): Brauchen wir eLearning? Die Rolle IT-gestützten Lernens in traditionellen Bildungseinrich- tungen, 8. Business-Meeting des Vereins fnm-austria, Krems, Austria. W. Renninger [...] File-Services, um nur einige als Bei- spiel zu nennen. ◾ eLearning-System Im Rahmen eines HTO-Projektes wurde ein neues, pro- fessionelles eLearning-System angeschafft. Die Installa- tion des so genannten

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 little

erreichen und steht allen Studierenden zu Verfügung (http://blackboard.haw-aw.de oder http://www.meet-to-learn.de). Aktuell unterstützt Blackboard über �00 Lehrveranstaltungen in unterschiedlichen Lernszena- [...] von E- Learning im betrieblichen Umfeld. 77 Vorträge und Veröffentlichungen • Poster im Rahmen der Blackboard European User Conference, Manchester, Mai �008: • Using the Blackboard Learning System [...] (Renninger) • Using Blackboard to assess students’ progress (Strassl) • Statusbericht zur Umsetzung der Zielvereinbarung „Entlastung der Lehrkapazität durch eLearning“, Berichterstattung an das

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 from [...] that “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

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

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 [...] experiments, 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., Pearson

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 [...] experiments, 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., Pearson