could also report that their suppliers usually did not offer discounts at all. It
is not clear how this case should be interpreted. Suppliers may not offer discounts because their
clients are not c [...] average. Additionally
constrained firms have a higher variance of sales growth and both their profitability and their
equity ratio are lower. They are younger, less likely to belong to an industry group [...] criticize that the traditional studies a la Fazzari, Hubbard and Petersen never verified whether
their sample split criteria and hence cash flow sensitivity of investment indeed have something to
do
increase in import demand. If the firms were not
able to transfer the cost increases to their prices, their real profits would decline and thus also the
consumption and investment demand that is dependent [...] varied in the long-run (typically in some variant of a flexible accelerator).
If firms minimise their short-run production costs at given input prices and given levels of out-
put and capital there [...] unit of capital) must correspond in optimum to its one-period user cost qk .
If all inputs are at their long-run equilibrium, the long-run total costs can be described as the
sum of the variable costs
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
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
money supply. Instead, they adjust it to achieve a target for the interest rate, and they adjust
their interest-rate target in response to movements in output and inflation." oder etwa
Mehrling (2004
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
necessarily represent those of the Swiss National Bank.
Working Papers describe research in progress. Their aim is to
elicit comments and to further debate.
COPYRIGHT©
The Swiss National Bank (SNB) [...] via the internet, etc.) for
non-commercial purposes and provided that the source is menti-
oned. Their use for commercial purposes is only permitted with
the prior express consent of the SNB.
General [...] of US dollars. Central banks also have an interest in monitoring cash develop-
ments because of their role in operating the payment system. If banknotes are predominantly
demanded for hoarding purposes
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
specific types of
crisis (technological crisis, financial market crisis,
natural disaster) and their effects on the demand for
cash in an international context. As evidence from
the last 30 years shows [...] 1992/93, the (geo-)political crisis after the
9/11 attacks in 2001 and the Euro crisis in
2010/11. In their nature, however, these crises
were effectively confidence crises and hence
do not differ greatly [...] might
reflect precautionary motives as commer-
cial banks in these countries also quickly
increased their vault cash.19 For the US
dollar, the euro and the Swiss franc, again,
foreign non-transactional
banking supervision which function adds to their total staffing.
12 For most central banks the reason to combine research and conjunctural activities is related to their relative small
size. For some central [...] experience of the institutions
making up the Eurosystem and the fact that it is their constituencies who assess their
performance cannot be forgotten. In the case of the Eurosystem, some of the principles [...] contributors on topics which are of special interest to the OeNB. To ensure the high quality of
their content, the contributions are subjected to an international refereeing process. The
opinions are
euro area
and the US, which aim to reduce the problems of
mismatches between the duration of their assets and
liabilities. It is generally perceived that these regula-
tory changes will favour [...] policy,
the business cycle and inflation expectations.
Although the out-of-sample performance of their
model was good, they conclude that, ‘there are hints
of some instability in the last years.’ [...] Pradhan (2006) reject
the existence of a conundrum. They state that ‘a drop
of bond yields below their fair value such as the one
seen last year did not represent a break with past
pattern and, as such
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
equation can be
derived by inverting (5.2) and replacing output, the interest rate and the
residual by their equilibrium values (yt � y�t ; it � i�; ut � 0). The long-run or
equilibrium rate of inflation implied [...] Ltd 2001
F. Seitz and K.-H. ToÈdter
page
geer-seitz 7.6.01 14:30
output growth by their current estimates and forecasts, respectively, we obtain
an expression for the monetary target for [...] the
credibility of the inflation targeting central bank that publishes them, leading
agents to base their inflation expectations on other sources of information'
(Leitemo, 2000, p. 32). Moreover, in an o
entrum Berlin für Sozialforschung, Berlin (2002).
Kordesch, K. / Simader. G.: Fuel Cells and their Applications, Wiley-VCH, Weinheim (2001).
Kurzweil, P,/ Schmid, O. / Löffler, A.: Metal oxide su
report may not be
suitable for certain investors depending on their specific investment objectives and time horizon or in the context of their overall financial situation. The investments discussed
may [...] explained in their entirety.
This information is given without any warranty on an "as is" basis and should not be regarded as a substitute for obtaining individual advice. Investors must make their own
d [...] investment in any instruments referred to herein based on the merits and risks involved, their own investment strategy and their legal,
fiscal and financial position. As this document does not qualify as an investment
all the variables used together
with their abbreviations and data sources.
The trend behavior of the variables included necessitates an analysis of their stationarity properties to
determine an [...] originates in the household sector. Of course, retailers hold cash due to
the payment behavior of their customers. But they have an incentive to economize on cash holdings. Other
non-financial firms and [...]
cross-border chains of transactions, criminals are remarkably adept at concealing the origin of their funds.
To investigate how shadow economic activities affect cash demand, we construct a variable
captures the Bundesbank’s monetary policy remarkably well. However, their
analysis is based on ex-post revised data. We try to replicate their results under more
realistic informational assumptions. Ideally [...] long-run equilibrium
level in response to departures of either expected inflation or output from their respective
targets. Furthermore, they assume that the actual rate adjusts only partially to the target [...] quantitative assessment of the economic outlook.
Staff forecasts of inflation and output do exist, but their semi-annual frequency and varying
time horizons render them unsuitable for our purposes. Therefore
many changes are taking place quite rapidly or have already
been factored by market players into their decisions. These changes involve institutional aspects, the
operational level of the money market [...] intended also for persons working at
banks and other financial sector institutions who seek to deepen their knowledge of European
monetary policy.
We wish to thank Dr. Caroline Willeke of the Deutsche
(see 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 is of superior quality
much uncertainty to their staff’s estimates
of the output gap that they all but ignored them and relied on other or additional
indicators of economic activity? If so, did their reliance on these other [...] estimates of the baseline reaction function
with real-time data
Table 10 Monetary targets and their implementation
Table 11 Parameter estimates of the reaction function with
additional variables [...] long-run equilibrium level in response to departures of either expected inflation or
output from their respective targets. Specifically:
( ) ( ) ( )tttntnttntt yEEßrEi Ω+Ω−−+=Ω− +++ γπππ )()1( ** ,
Bundesbank and the Österreichische Nationalbank for their valuable
insights. We would like to extend our special thanks to M Altmann, S Arz and M Vogel for their valuable
contributions. The opinions expressed [...] similar results, it is nevertheless advisable to additionally use
indirect estimates to examine their robustness. This approach has been taken in a separate
paper.
page
Nicht-technische [...] inpayments of these denominations at central banks in
countries where Germans typically spend their holidays that suggest that these balances are
closely connected with foreign travel. But, at just
▲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
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