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supply factors to demonstrate that cash has to keep a vital role as a means of payment not only to maintain its status of a highly liquid store-of-value but also as an efficient tool to combat crises [...] population is still accustomed to banknotes and coins in its payment habits. In addition, there must be a robust cash infrastructure to ensure a well-functioning cash cycle to meet the demand for cash [...] declined from 2009 to 2020 from 54% to 21% and stayed roughly at that level in the following years. Interestingly, the value shares also fell from 2009 to 2020, from 23% to 9%, but increased

supply factors to demonstrate that cash has to keep a vital role as a means of payment not only to maintain its status of a highly liquid store-of-value but also as an efficient tool to combat crises [...] population is still accustomed to banknotes and coins in its payment habits. In addition, there must be a robust cash infrastructure to ensure a well-functioning cash cycle to meet the demand for cash [...] declined from 2009 to 2020 from 54% to 21% and stayed roughly at that level in the following years. Interestingly, the value shares also fell from 2009 to 2020, from 23% to 9%, but increased

supply factors to demonstrate that cash has to keep a vital role as a means of payment not only to maintain its status of a highly liquid store-of-value but also as an efficient tool to combat crises [...] population is still accustomed to banknotes and coins in its payment habits. In addition, there must be a robust cash infrastructure to ensure a well-functioning cash cycle to meet the demand for cash [...] declined from 2009 to 2020 from 54% to 21% and stayed roughly at that level in the following years. Interestingly, the value shares also fell from 2009 to 2020, from 23% to 9%, but increased

partners, to discuss them critically and thus to identify solutions and options for action. In this way, we make a central contribution to providing answers to pressing questions of our time and to helping [...] needed to perform the padding oracle attack. In addition, an attacker has to be able to modify the encrypted message and send these modified messages to the oracle. The goal of this attack is to know [...] We would like to thank all researchers and all those involved for their constant curiosity, their commitment to generating new knowledge and their willingness to make this available to all of us in the

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

programmed to activate certain buttons or functions of a computer (reference to figure 8). It can be used to control a computer and to communicate Figure 8. GRID 2 communication software to sustain [...] vehicles are located, it is possible to react according to the situation that has arisen or to a situation that is about to arise, as in the case of route overlaps. In order to distribute this information, a [...] system. To use the additional components, the system needs to be linked to der VoiceXML server. Since this VUI is intended to run completely offline, these components can not be used. In order to only use

page 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 [...] especially important in the event of a serious liquidity problem. Banks may want to maintain a clearing account at the central bank to obtain funds quickly and conveniently from the discount window. Third, banks

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represents the state of technology. In order to be able to represent all economically relevant information of the underlying technology, the cost function must meet cer- tain regularity conditions: C [...] public sector are not included. The data for Germany refer to West Germany until 1990 and to unified Germany from 1991 onwards. In order to eliminate the “outlier” in the growth rates for 1991, [...] /PDFXNoTrimBoxError true /PDFXTrimBoxToMediaBoxOffset [ 0.00000 0.00000 0.00000 0.00000 ] /PDFXSetBleedBoxToMediaBox true /PDFXBleedBoxToTrimBoxOffset [ 0.00000 0.00000

state of the technology. In order to be able to represent all economically relevant information of the underlying technology the variable cost function must meet certain regularity conditions (Lau [...] for constant returns to scale. To do this the restrictions in (17) were examined both individually and simultaneously with the Wald test. The hypothesis of constant returns to scale was rejected (Wald [...] parameters of this restriction proved to be insignificant (t-values: - 0.56 and -0.56), these parameters were set equal to zero for the final estimation in order to achieve the most efficient specification

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

represents the state of technology. In order to be able to represent all economically relevant information of the underlying technology, the cost function must meet cer- tain regularity conditions: C must [...] public sector are not included. The data for Germany refer to West Germany until 1990 and to unified Germany from 1991 onwards. In order to eliminate the “outlier” in the growth rates for 1991, we include [...] defensive reaction to the threat of unemployment. This poses the following question: Are the labour market institutions also endogenous in respect to the employment thresholds? This seems to be less likely

represents the state of technology. In order to be able to represent all economically relevant information of the underlying technology, the cost function must meet cer- tain regularity conditions: C must [...] public sector are not included. The data for Germany refer to West Germany until 1990 and to unified Germany from 1991 onwards. In order to eliminate the “outlier” in the growth rates for 1991, we include [...] defensive reaction to the threat of unemployment. This poses the following question: Are the labour market institutions also endogenous in respect to the employment thresholds? This seems to be less likely

represents the state of technology. In order to be able to represent all economically relevant information of the underlying technology, the cost function must meet cer- tain regularity conditions: C must [...] public sector are not included. The data for Germany refer to West Germany until 1990 and to unified Germany from 1991 onwards. In order to eliminate the “outlier” in the growth rates for 1991, we include [...] defensive reaction to the threat of unemployment. This poses the following question: Are the labour market institutions also endogenous in respect to the employment thresholds? This seems to be less likely

wish to take a part-time job, your pay will also need to be transferred to a German account. You can open a personal current account in person at a local bank (close to your accommo- dation or to the [...] with industry as is committed to finding solutions to real-world problems through its research. From energy technology to artificial intelligence, from business informatics to medical tech- nology and, of [...] insurance policy then needs to be submitted to a statutory health insurance company, which will send electronic confirmation to the university of your insurance status. Please write to the Students’ Office

did you have to invest on average in self-study and homework in addition to the courses? (1) More than 15 (2) 11 to 15 (3) 6 to 10 (4) 4 to 5 (5) Less than 2 The results of the answers to questions [...] respect to the arithmetic mean (blue dots) for better clarity. In addition, distinct colors from green to red are used for the Likert scale from (1) Strongly agree to (5) Strongly disagree to get a better [...] and helping to implement it, as well as for some linguistic rewording of this article. In addition to Cara, thanks are also due to Vanessa Prüller for participating in the joint discussion to reformulate

uncommon factors are needed to explain the recent behaviour of bond yields. To examine this issue, we use our preferred model to calculate a "fair value" of bond yields. To be specifically, it is derived [...] observable but have to be proxied for empirical work. Second, the strength of the effect of expected inflation is ambiguous. Invoking the Fisher effect would allow to impose a one-to-one relationship [...] 5 7.5 Therefore, it seems reasonable to restrict the VECM to one cointegration relationship and – as the unit root tests mentioned above suggest – to include the indicator for the expected

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 [...] 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

refer to IEC 60068, which is valid for conventional capacitors. Correspondingly, electrical tests have to be performed at temperatures between 15 °C and 35 °C, a relative humidity of 45 % to 75 %, [...] discharge current according to Table 1 may be reduced by a factor of two, a fifth or a tenth. Current values I > 10 A are rounded to two significant digits and currents I ≤ 10 A to one significant digit [...] current according to Table 1 may be reduced by the half, a fifth or a tenth. Electric power reflects the maximum current the supercapitor is able to supply, when it is discharged to the half of its

2018.02 Editorial gemeinsam mit über 200 Besucherinnen und Besuchern habe ich im November die meetDIGITALS Inspiration & Start up Night an der OTH Amberg-Weiden besucht. Wie viele Gäste habe ich [...] Viele Grüße Prof. Dr. Andrea Klug Präsidentin der OTH Amberg-Weiden Gründerszene Oberpfalz: meetDIGITALS Event an der OTH in Weiden page Impressum Herausgeber Prof. Dr. Andrea Klug, [...] Deutschland gehen. Florians Traum, Musik zu machen und davon leben zu können, geht in Erfüllung. Fo to : Lu ka s B ud im ai er „Schon am ersten Abend in Hamburg gab es Standing

2006 to the beginning of 2008 and resulted in a oil price of over USD 140 per barrel. Subsequently, the oil price fell to below USD 40 by the beginning of 2009, only to rise to levels of up to USD 80 [...] research to determine whether the correlations discovered here are also to be found in models with monthly or quarterly frequency. Above and beyond that, it is interesting to investigate to what extent [...] Greek Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market

2006 to the beginning of 2008 and resulted in a oil price of over USD 140 per barrel. Subsequently, the oil price fell to below USD 40 by the beginning of 2009, only to rise to levels of up to USD 80 [...] research to determine whether the correlations discovered here are also to be found in models with monthly or quarterly frequency. Above and beyond that, it is interesting to investigate to what extent [...] Greek Treasury. Main tasks of the Specialist are to participate with continuity and efficiency to the governments' securities auctions, to contribute to the efficiency of the secondary market through market

self-sufficiency a decrease of 16% points has to be observed, compared to the fuel cell scenario due to the lower storage efficiency. However, compared to a CHP systemwithout EES the self-sufficiency is [...] ncy and self-consumption. To optimize the supply of electrical and thermal energy by a CHP system and to reduce unused excess electrical energy, a common approach is to determine a specific thermal [...] the CHP system is able to fit its electrical energy supply to the electrical energy demand more properly without neglecting the thermal energy demand [8]. Another approach to reduce the excess electrical

expect the two regimes to correspond to the normal and ‘inverted’ yield curve, and for the bank–public spread to the normal and ‘widened’ spread. The observed spread series Y is assumed to be drawn fromFig. [...] may be due to the differential response of the Bundesbank to under- and overshootings of its monetary target, raising rates in response to an overshoot- ing but not lowering them in response to overshooting [...] for Germany, so we adopt a methodology similar to that in Artis et al. (1995) to identify 7 inflation cycle turning points. We assume thatAccording to Von Hagen (1999), the call rate has been the troughs

in the mid-1990s. Our mission: To provide impulses, to make it possible to study close to home, to contribute innovative knowledge to regional development and thus to support structural change. A look [...] cal MM group includes point-to-point, point-to-curve and curve-to-curve matching (see Figure 1). Road 1 Road 2 P1 P2 Point to Curve Point to Point Curve to Curve Figure 1: Three variants [...] uses two majority votes: one to validate transitions between segments and the other one to validate transitions to non-route seg- ments. The purpose of the second voting is to give the MM more robustness