calculate moving 4-week averages. The rather moderate
development up to the beginning of the 21st century is clearly evident; the price
increases that subsequently ensued emerge clearly from the [...] f3 wti f3
Adj. R2: 0.69; standard error: 0.014; F‐statistic: 178.79; sample: 1st week 1999 until 43rd week 2009.
1 1 1 1( 1.73) ( 58.81) ( 2.97) ( 2.20) ( 141.45) ( 3.27) [...] f3 wti f3
Adj. R2: 0.69; standard error: 0.013; F‐statistic: 183.19; sample: 1st week 1999 until 43rd week 2009.
1 1 1 1( 1.90) ( 58.81) ( 2.97) ( 2.31) ( 141,45) ( 3,27)
wirtschaft, 56. Jg. (2001), S. 517 - 546.
Wagner, J.: Export, Direktinvestitionen oder Lizenzvergabe? In: WiSt, 22. Jg. (1993), S. 451 - 458.
Woll, A.: Allgemeine Volkswirtschaftslehre. 13. Aufl., München 2000
University, St. Louis, Missouri,
http://www.federalreserve.gov/boarddocs, Mai 2002.
MEYER, L.H. (2001b): Inflation Targets and Inflation Targeting, in: Federal Reserve Bank of St.
Louis Review [...] org, Mai 2002.
MISHKIN, F.S. (2000): What Should Central Banks Do?, in: Federal Reserve Bank of St. Louis Re-
view 82, November/December 2000, S. 1-13, http://www.stls.frb.org, Ma 2002.
MISHKIN
the different holidays displayed in the table. Fixed holidays correspond to January 1st, August 15th and November 1st.
überschrift_1 Table 1a
standard Fixed and Moving Holidays in the STS Model
36:48Z
resourceName /var/www/public/files/oth-aw/Professoren/Seitz/Instrument_operatives_Ziel_WiSt1_07.pdf
pdf:hasXMP true
access_permission:extract_content true
access_permission:can_print [...] quantitativen Steuerung des Zentralbankgeldes
(Banknotenumlauf, Guthaben bei der Zentralbank) an.
WiSt Heft 1 · Januar 2007 39
page
Zentraler Ansatzpunkt, also operatives Ziel ist vielmehr
der [...] Hetzel
(2004, S. 48) folgendermaßen ausgedrückt: „The central
Gesetze, Effekte, Theoreme
40 WiSt Heft 1 · Januar 2007
page
bank engages in whatever open market operations are ne-
cessary
Federal Reserve Banks) were poor. In the 1960s the Federal Reserve Bank of St. Louis started to develop research
activities (e.g. the St. Louis equation) by hiring young, bright economists. Soon after, the [...]
EMU enlargement. With up to 12 new members entering EU and EMU in the first decade of the
21st century the current procedures (one vote for each board member and for each NCB) cease to
be feasible
is real quarterly world GDP growth, ϑ(St) is the mean of regime St. Due to the quarterly
frequency of the data, we take up to four lags of GDP into account. St follows a Markov chain defined
by [...] Hamilton 1989), where we allow the intercept to be regime dependent.
Assuming a random variable, St ϵ {0,1,…N} where N denotes the unobserved regimes, the model can
be written as follows:
(1)
349–84.
Poole, W. (2005) Understanding the term structure of
interest rates, Federal Reserve Bank of St. Louis
Review, 87, 589–95.
Rao, B. B. (2007) Estimating short and long-run relation-
ships: a guide [...] the federal
funds and 10-year treasury rates: a conundrum or
Goodhart’s law?, Federal Reserve Bank of St. Louis,
Working Paper No. 2007-039A, September.
Tobin, J. (1965) Money and economic growth,
Econometrica
Stutt-
gart 2004a.
Görgens, E./Ruckriegel, K.,/Seitz, F.: Zur Problematik der LM-Kurve. In: WiSt, 33. Jg. (2004b), S. 740
- 741.
Görgens, E./ Ruckriegel, K./Seitz, F.: Geldpolitik, Zinsen und die
- 5.
Ruckriegel, K./Seitz, F.: EU-Erweiterung, Währungsunion
und Balassa-Samuelson-Effekt. In: WiSt, 32. Jg. (2003),
S. 94 - 100. (http://www.ruckriegel.org und http://
www.fh-amberg-weiden.de/home/
46 0.55 (C) 0.3465 0.347 0.463
IRL-OWN (C,10) -2.61 0.10 (C) 0.4503 0.347 0.463
1st difference
m (C,0) -3.45 0.01 (C) 0.2072 0.347 0.463
pc (C,2) -3.55 0.01 (C) 0.3393
diaries –
empirical evidence from Germany Tobias Schmidt
12 2011 Currency blocs in the 21st century Christoph Fischer
13 2011 How informative are central bank assessments Malte Knüppel
ttt eηηηη ηρμρη ++−= −1)1(
Measurement error for Uncond.
mean of ηt
Uncond. st.
dev. of ηt
μη ρη St. Dev. of eηt
Output gap
Ex post series: March 1999;
Production Function Approach [...] interest
- structural estimates for the United States and the euro area, Federal Reserve
Bank of St. Louis Working Paper 2007-005A.
Aoki, K. (2006), Price-level determination under dispersed information
Bullard, James B. (2006), The Learnability Criterion and Monetary Policy, in: Federal Reserve
Bank of St. Louis Review, May/June, S.203-217.
Bullard, James und Kaushik Mibra(2002), Learning about Monetary
einfache Erklärung, die jedoch keinerlei Realitätsrelevanz
besitzt.
Kleine Abhandlungen
740 WiSt Heft 12 · Dezember 2004
page
Die Annahme eines exogenen Geldangebots stellt viel-
mehr die
meaningful results. If, for example,
there is no seasonal fluctuation in any given period, i. e. St = St
d = 1, equation (7) is
indeterminate. Moreover, if the seasonality of all outstanding banknotes [...] series of French banknote issuance
consists of three terms: a trend component Tt, a seasonal term St and an irregular or noise
component. These are multiplicatively interlinked (multiplicative seasonal [...]
1
.
1
t
t d
t
S
ß
S
The non-transactional share, in turn, is (1-ßt). St corresponds to the seasonal component of
total French cumulated net banknote issues and can be
C. (1998), Price Stability and Financial Stability: The Historical Record, Federal Reserve Bank of St. Louis Review 80, 41-62.
biblio-Entry Borio, C.E.V. (1997), Monetary Policy Operating Procedures [...] Rates?, in: M. Belongia (ed.), Monetary Policy on the Fed’s 75th Anniversary, Federal Reserve Bank of St. Louis, Proceedings of the 14th Annual Economic Policy Conference , Norwell.
biblio-Entry Cukierman [...] Pakko, M.R. (1995), The FOMC in 1993 and 1994: Monetary Policy in Transition, Federal Reserve Bank of St. Louis Review 77, No. 2, 3-26.
biblio-Entry Persson, T. / Tabellini, G. (1994), Designing Institutions
stands for Germany)11
TtSt = Tdt Sdt + Tat Sat . (3)
Let ˇt denote the fraction of the overall trend held domestically
and, consequently, (1 − ˇt) the share held abroad:
TtSt = ˇtTtSdt + (1 − ˇt)TtSat [...] unknown value ˇt, the share of banknotes held domestically:
ˇt = St − 1
Sdt − 1
. (6)
The foreign share, in turn, is (1 − ˇt). St corresponds to the seasonal
component of total German cumulated net [...] cash. Federal Reserve Bank of
St. Louis Review, 80(4), 43–54.
Anderson, R. G., & Rasche, R. H. (2000). The domestic adjusted monetary base, Federal
Reserve Bank of St. Louis working paper, 2000-002A
sgebiet 1993 bis 2013 (Monatsdurchschnitte)
Quelle: Deutsche Bundesbank
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion26
Box [...] zu finanzieren. Wenn die Preissteigerung des Hauses tatsächlich permanent
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion28
ist [...] Eurowährungsgebiet von 1995 – 2011
Quelle: Deutsche Bundesbank, 2012d, 57, 24.
Te
iln
eh
m
er
st
aa
te
n
page
Auswahl der Teilnehmerstaaten zur Europäischen Währungsunion30
Inzwischen
Reserve Bank of St.
Louis Review, 82(1), January/February, pp. 35-60.
Thornton, D.L. (2008), Monetary Policy: Why Money Matters and Interest Rates
Don’t, Federal Reserve Bank of St. Louis Review Working [...] Policy, in: Beyer, A. & L. Reichlin (eds.), The Role
of Money - Money and Monetary Policy in the 21st Century, 4th ECB Central Banking
Conference, Frankfurt, pp. 28-55.
Christiano, L.J., R. Motto [...] McCallum, B.T. (2001), Monetary Policy Analysis in Models Without Money,
Federal Reserve Bank of St. Louis Review 83(4), pp. 145-160.
McCallum, B.T. (2002), Recent Developments in Monetary Policy
24 If the seasonality in Germany is stronger than outside Germany, St < Std applies for values greater than 1 and
St > Std applies for values smaller than 1.
page
12
issuance [...] Cash, Federal Reserve Bank of St.
Louis Review, 80(4), pp 43-54.
Anderson, R.G., Rasche, R.H. (2000), The Domestic Adjusted Monetary Base, Federal
Reserve Bank of St. Louis Working Paper 2000-002A [...] series of German banknote issuance
consists of three terms: a trend component Tt, a seasonal term St and an irregular or noise
component.22 These are multiplicatively interlinked (multiplicative seasonal
Bullard, J.B. (2006), The Learnability Criterion and Monetary Policy, Federal Reserve
Bank of St. Louis Review, May/June, S. 203*217.
Bullard, J. & K. Mitra (2002), Learning about Monetary Policy
Policy, in: Beyer, A. & L. Reichlin (eds.), The Role
of Money - Money and Monetary Policy in the 21st Century, 4th ECB Central Banking
Conference, Frankfurt, pp. 28-55.
Christiano, L.J., R. Motto [...] McCallum, B.T. (2001), Monetary Policy Analysis in Models Without Money,
Federal Reserve Bank of St. Louis Review 83(4), pp. 145-160.
McCallum, B.T. (2002), Recent Developments in Monetary Policy [...] Introduction, in: Beyer, A. & L. Reichlin (eds.), The Role of
Money – Money and Monetary Policy in the 21st Century, 4th ECB Central Banking
Conference, pp. 5-12.
Rocheteau, G. & R. Wright (2005), Money
Haver Analytics, Bloomberg, the Center for Financial Stability, the Federal Reserve Board and the
Fed St. Louis.
The spreads used in the paper are defined as follows:
(1) Term spreads
– the 10-year [...] 021 0.039 0.064 0.090 0.115
Adjusted monetary base 0.013 0.007 0.010 0.021 0.038 0.063 0.090 0.116
St. Louis adjusted monetary base 0.012 0.008 0.009 0.021 0.038 0.062 0.088 0.113
Monetary services index [...] monetary base (non-adjusted and adjusted by the Federal Reserve Board (FRB) or the Federal Reserve Bank of St.
Louis).13
� The official aggregates MZM, M1 and M2.
� M1 without foreign currency holdings; M1
less pronounced when the share of banknotes that are not used for transactions increases.
While St can be calculated from the available data, S
tr
t is unknown and has to be ap-
proximated through [...] CHF 1000 banknote. As bank statements issued
for tax purposes show only the balance on December 31st, giving an incentive to withdraw cash
right before the end of December, end-of-month cash figures