the end of the programme, the student will be able to understand
technological developments and their impact, business and economic
relations as well as the relevance of cultural factors concerning
▲Fig. 1: Supercapacitor development by the University of
Applied Sciences in Amberg and their partners.
Re B
Sinewave
generator
Im B
?
Bdc + B sin (ωt + φ) + harmonic distortion
based on acetonitrile and propylene
carbonate are limited to a potential window of about
2.7 V, but their conductivity of about 100 mS/cm
comes close to inorganic electrolytes such as sulfuric
acid (850 [...] potassium hydroxide (620
mS/cm).
a) We investigated different ionic liquids [6] with
respect to their use in supercapacitors by ac
impedance spectroscopy in a frequeny range between
10 kHz to 0.1 Hz
They usually hold a large proportion of their money holdings as
transactions balances, using these balances mainly as a buffer, while slowly adjusting their
portfolio composition. In addition, households’ [...] cointegration relationships by the cross correlation between
their monetary overhang measures suggests that models 2-n and 4-r are quite similar in their assessment of
actual money holdings relative to equilibrium [...] cointegration relationships by the cross correlation between
their monetary overhang measures suggests that models 2-n and 4-r are quite similar in their assessment of
actual money holdings relative to equilibrium
after a while to modify their
liquidity management correspondingly; (2) in the course of the first 18 months, some national
central banks revised their arrangement with their Treasury, also in view of [...] undertakes a similar
analysis of the demand and supply of factors of Federal Reserve deposits and their dynamic
interaction. As far as possible, we follow Hamilton�s line of reasoning. Nevertheless, some [...]
In a second step we cover the interaction between supply and demand factors for deposits and their
price in the form of the spread between the overnight rate and the main refinancing rate of the
Eurosystem
process
may differ substantially from their ex-post revised values. Real-time
uncertainty about key variables, like actual and potential output (and their
rates of growth), opens up a role for [...] and Beck and Wieland (2007, 2008) all restrict their
attention to optimal discretionary policy. Our interest in simple rules is
motivated by their potential advantages over discretionary policy. [...] that the interpretation of the
available data often depends on the assessment of their development relative
to their trend or long-run equilibrium levels that are unobservable and can
only be estimated
at view this as a temporary shock, and hence
which major swings in inflation are about to adjust their expectations of future short-term
develop. We use the probabilistic inference from rates by less than [...] contains the estimation results and a component and its effect on the real rates. If the
discussion of their implications for German tightening is viewed as a credible commitment
business cycle analysis. Section [...] the
evidence on Germany and the European Monetary Union. 3-month and 1-month money market rates. Their per-
5For a detailed argument, relating to the 6-month commer- formance was similar, if not slightly
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 website or
institutional repository. Authors requiring further [...] , the European Central Bank and the University of Münster as well
as two anonymous referees for their valuable comments. In particular, we would
like to thank S. Arz for his contributions. The opinions [...] central banks in the euro area are connected
to TARGET2. There are no constraints on the size of their balances vis-à-vis the Euro-
pean Central Bank that emerge from the cross-border flow of interbank
the use of currency for domestic transactions combines data on
currency flows and their composition with their seasonal pattern in the course of a year. Finally,
a third method for estimating the [...] the use of currency for domestic
transactions combines data on currency flows and their composition with their seasonal pattern
in the course of a year (see Kimball, 1981, for an early attempt in [...] are also indications
that non-euro area residents substituted their euro legacy banknotes for euro-denominated
deposits in their home countries.69 According to a survey conducted by the ECB in c
increase their lending to their domestic
nonbank customers, b) increase purchases of net external assets from their domestic nonbank
customers and/or c) exchange long-term deposits of their domestic [...] liquidity, it only changes the composition of their money stock.21 If commercial
banks, however, go bankrupt due to enormous cash withdrawals by their customers (bank
runs), the remaining deposits [...] of
Greek nonbanks with their domestic banking systems declined steeply by 40%, mostly due to
capital flight but also because Greek citizens withdrew cash from their domestic banks (see
figure
cross-border chains of
transactions, criminals are remarkably adept at concealing the origin of their funds.
* We thank C. Miller (Bank [...] Segendorf's (2007)
analysis of the difference between households' incomes and the expenditures. In their view, this
difference captures transactions in the shadow economy which they find to be positively [...] unbalanced panel structure.
The trend behavior of the variables included necessitates an analysis of their stationarity
properties to determine an appropriate specification of the empirical model. However
and the United States, which
aim to reduce the problems of mismatches between the duration of their assets and
liabilities. It is generally perceived that these regulatory changes will favor the [...] level, interest rates should be determined by the supply of and the
demand for loanable funds and their determinants including the production
opportunities in the economy (depending on technological [...] consider the monetary aggregates M1, M2 and MZM and construct growth rates
as well as money gaps as their difference between the actual development and
trend. And finally we take into account the stock
participants of seminars
at the Deutsche Bundesbank and the Oesterreichische Nationalbank for their valuable comments. In
particular, we would like to thank S Arz for his contributions. The opinions [...] central banks in the euro area are connected to TARGET2. There are no constraints on the size of
their balances vis-à-vis the European Central Bank that emerge from the cross-border flow of interbank [...] is again an appropriate reference country as, during the time
when both Germany and France had their national currencies, there were no major differences
between the two with regard to domestic banknote
discussed.
The second section of Chapter II discusses various monetary policy strategies and their adequacy to
the Eurosystem. A monetary policy strategy is defined as the basic thrust of monetary [...] marginal lending facility and the
deposit facility. The individual instruments are described, and their effects characterised, using the
consolidated balance sheet, the "financial statement", of the
a seminar at the Banque de France and especially the discussant
of the paper, L. Lalouette, for their input. The views expressed in this paper are those of the authors and should
not be interpreted as [...] households at the point of sale
(POS), i. e., it concentrates only on transactions balances. Their results show that in 2019
around 73 % of all payments at the POS were made with cash, with again [...] aspects of
cash demand. Bouhdaoui & Bounie (2012) compare different payment choice models in their
ability to replicate observed payment behaviour in France. Banque de France (2020) presents
its instruments. Furthermore, the national authorities should have no mechanism at their disposal to ensure that their views influence decisions taken by the central banks, either through the right to interfere [...] financial markets. This meant that market participants’ concerns about the stance of monetary policy and their (mis-)readings of the objectives of individual central banks became more easily and quickly translated [...] 1990s. Canada, Sweden and the UK adopted an inflation targeting regime, and France and Japan changed their central bank laws to incorporate price stability as the final objective of monetary policy. This goes
asymmetric passthrough of policy and money market rates to bank lending rates. The only country in their study where this is the case is Germany. There, the response is relatively fast with respect to increases [...] some theoretical arguments for asymmetric effects of monetary policy and tries to shortly assess their validity for Germany. Part 3 introduces the concept of monetary targeting and its implications for [...] transmission of monetary policy. It states that in the course of a tight monetary policy banks reduce their credit supply because of the informational asymmetries adverse selection and moral hazard. This credit
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 website or
institutional repository. Authors requiring further [...] , the European Central Bank and the University of Münster as well
as two anonymous referees for their valuable comments. In particular, we would
like to thank S. Arz for his contributions. The opinions [...] central banks in the euro area are connected
to TARGET2. There are no constraints on the size of their balances vis-à-vis the Euro-
pean Central Bank that emerge from the cross-border flow of interbank
ness is
approximated by firm–specific factors, e.g. the firms’ assessment of their current business
situation and their business expectations. After controlling for the banks’ refinancing costs,
which [...] problem by looking at the characteristics of
firms that observed reductions in their bank credit volumes. However, since
their dependent variable was credit volume, the identification problem still re- [...] business (statebus) and
their business expectations for the next six months (comexp) as a proxy for the
quality of the borrower. The survey respondents can characterize their state
of the business
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 website or
institutional repository. Authors requiring further [...] with εi,t and any earlier or
future shocks. If the companies decide simultaneously on their labor
demand and their innovation behavior, then the innovation variables
are endogenous in the sense that Ii [...] . This is true for innovation input as well as for innovation
output variables. Innovations show their positive effect on employment with a time lag and process
innovations have higher effects than product
sectional innovation survey. Their results show that innovating firms (and innovative
sectors) have created more new jobs than non-innovating firms (less innovative sectors).
Their results suggest that [...] progress often remains unclear. Researchers have been
analyzing this task for a long time, and their analyses differ mainly in the methodology
and the data available. An historical overview about [...] between these two points in time.
Brouwer et al. (1993) are in this line of literature with their analysis of Netherlands data
of 1984 and 1989. The authors show a negative effect of total R&D
the question (firms were asked whether ‘labour-saving technical progress’ had an
influence on their employment plans). König/Buscher/Licht (1995), on the other hand, find a
positive effect of process [...] observations is also the basis for the econometric estimation.
15 König/Buscher/Licht (1995) use for their study the Mannheim Firm Panel of the Centre for European
Economic Research (ZEW), which contains similar
Evans, 2005, among others).
However, Beck & Wieland actually base their assumption on a couple of studies
supporting their view of relatively long-lasting misperceptions (see, e.g., Orphanides [...] highlight financial intermediaries' role in determining the price of risk. As these
expand their balance sheets, their risk-bearing capacity increases and risk premiums
fall. Thus, balance sheet quantities [...] various financial intermediaries and their respective balance sheet
quantities. First, the information provided by institutions that are marking-to-market
their balance sheet items is of superior
step, we use the selected monetary and credit variables
within different VAR models, and compare their forecasting properties against a benchmark
VAR model with GDP and the term spread (and univariate [...] Economic Association 2015 and the IBEFA Summer Meeting 2015, as well as two anonymous referees for their suggestions
and comments. We also thank R. Borg for helpful comments on an earlier version of the [...] only holding for
Divisia money; Aksoy and Piskorski (2005, 2006) exclude foreign holdings of cash in their analysis. In contrast, the older
literature on the US economy usually found that official monetary
the
market for government securities. Over time, a few of the Reserve Banks began to coordinate their
purchases and sales. The Banking Act of 1933 formalized the FOMC as an entity, consisting of the [...] relationship of the monetary aggregates to spending, the behavior of the ag-
gregates relative to their annual ranges will likely be of limited use in guiding policy
(...), and the Federal Reserve will