Eugene Fama and Kenneth
French argue that their size and value risk premiums already account for default risk,
Vassalou and Xing (2004) deduce, based on their findings, that only part of the default
[...] description of their usage in the analysis, can be found in Table A1 in Appendix A.
The data are retrieved in e, except for the UK and Switzerland, for which we ini-
tially retrieved data in their domestic [...] markets, in contrast to their European counterparts. As such, in times of distress in
the banking sector, they might not be able to freely act on the stock market. This
limits their room for action and
borrowers need to supplement the credit with their own funds to afford the
durables. To do so they have to either use their savings or decrease their spending
on non-durable goods in the short [...] women to make their own decisions concerning their resources and
allowing them to benefit from those resources (World bank, chapter 2). The term
also encompasses the improvement of their economic status [...] is received.
Households first need to cut down on their short run non-durable consumption to be
able to supplement the credit with their own funds. Consequently, many
Microfinance studies
English abstract:
Packing and packaging are important components of the logistics supply chain. Their
combination with smart technologies makes it possible to integrate them as active
components with
Ours (2004) Does the Recent Success of Some OECD Countries in
Lowering their Unemployment Rates Lie in the Clever Design of their Labour Market
Reforms?, Oxford Economic Papers, 56, 621 - 642.
Bertola [...] insurance system is generous, trade unions may
down weight the disutility of unemployment for their members and prefer higher real wages
for the employed. Employment will be affected negatively [...] unemployment
benefits must incorporate these aspects, because the OECD countries differ widely in their
taxation and eligibility conditions of unemployment benefits.
Tax burden on labour income
employ classic t-tests casting some doubt on the statistical reliability of their results
because it is well-known that their use is critical in the presence of typical stock return characteristics (e. [...] has been directed to the scientific analysis of calendar
effects in stock market returns because their identification may allow the implementation of profitable in-
vestment strategies (see Lucey and Pardo [...] effect that attributes bad luck and thus low or negative returns to this specific calendar day. In their seminal
article, published in the prestigious Journal of Finance, Kolb and Rodriguez (1987) found
and Spain) were
able to improve their relative price competitiveness and thus their bilateral current account
balance against Germany by a depreciation of their currencies against the D-Mark. A nominal [...] bear problems that were already
discussed. German households can expand their spending only marginally without raising their
indebtedness, because the tax burden in Germany is very high. A large [...] is not a zero sum
game. Increasing German exports contribute to growth in other economies due to their high
import content. It does not make sense to raise German imports artificially via “push button”
rising fund
volumes SWFs began to diversify their assets.
As some SWFs started to disclose their investments one can draw a clearer picture of their
behaviour and strategy even if much remains [...] immediate call on their assets. Their
investments are normally unleveraged and they have an interest in pursuing portfolio
reallocations gradually to limit adverse price effects of their transactions [...] found in
table 1. Table 1 contains the size of the funds, their origin (commodity or non-commodity
based), as well as the year of their inception.6 The ten largest funds combined have a volume
Miller and Volker (1984) and Arabsheibani (1989) base their analysis on compar-
isons between the salaries of workers in occupations relevant to their educational qualification
to those with the same [...] However, over time and depending on how fast employers learn about the
true productivity of their employees, their importance (and hence the signalling value of education)
diminishes. The faster they learn [...] firms are quick in adjusting their expectations.
A slightly different approach is tested by Albrecht and van Ours (2006) who compare formal with
informal hiring methods. Their hypothesis is that firms
enrolling in technical programs, to support
these students at the beginning of their program, and to help
them start their career.
The Center‘s offerings include, among else:
• Girls4tech is a program [...] needs to accompany prospective stu-
dents even during the selection of their program and to familiarize
them with their program in the best-possible way. The university‘s
mission is to provide [...] excellent head start for their future
work life. Quality of teaching becomes apparent whenever OTH
Amberg-Weiden‘s graduates produce outstanding achievements
in their professions thanks to good
When leaders keep harmony in mind and take care of their subordinates, employees feel
concord in their company. Leaders express harmony by their behavior and set a good
example which influences [...] , they generally have
cooperated and shared ideas, which they would usually incorporate with their own.
During the Industrial and Modern Ages, Chinese philosophy began to integrate the
concepts [...] harmonious corporate culture
Wujin (Wang, 2007); corporation should be concerned about employees and their families
(Renbo Chen, 2007). Some viewpoints relate to institutional culture, for example, building
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
outside the euro area and to allow them to sub-frontload credit institutions having their head or registered office in their jurisdiction from 1 December 2001. Also, national central banks of the euro area [...] institutions, national central banks or dedicated exchange points. National central banks will exchange their respective national banknotes against euro free of charge at least until the end of 2012. The bulk [...] money, bonds and shares, that the “prosperous-economy explanation” of the strong dollar is wrong. In their view there is little reason to expect a country’s profit expectations to translate into the exchange
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
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 [...] 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
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
explanatory variables) to identify business cycle turning points. Their model identifies only the Great
Recession episode as one of their regimes.8 As a result, they argue that looking at aggregate real [...] Although these models have sometimes problems in capturing the
recession regimes correctly, their forecasting accuracy is quite good.
ECB Working Paper Series No 2310 / August 2019 3
page [...] August 2019 4
page
growth, as seen since the onset of the financial crisis. However, their usefulness has fluctuated greatly
over time. Interestingly, since 2010, the nowcasts of world
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
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
mortgage-backed securities transactions Gaby Trinkaus
07 2010 Banks’ exposure to interest rate risk, their
earnings from term transformation, and
the dynamics of the term structure Christoph Memmel [...] Andreas Pfingsten
14 2010 How correlated are changes in banks’ net
interest income and in their present value? Christoph Memmel
01 2011 Contingent capital to strengthen the private
safety
balances. On the other hand, they
also increase their demand for non-transaction balances to hedge against the mounting
uncertainty of their digitally stored savings (Assenmacher et al., 2017, [...] people tend to increase their cash holdings
especially in times of uncertainty as a means of payment and/or as a store of value, central
banks should also not restrict their banknote denominations [...] financial crisis 2008 and a global natural disaster (Covid-19), but
also detect some other crises in their econometric estimates in which cash holdings soared.
But without further analysis, it is hard
is especially high in countries that do not have significant proportions of their currency
stock circulating outside their borders. This suggests a persistent role for cash as a store of
wealth [...] of 2008
until the second quarter of 2009 to their baseline model. Second, they introduce confidence,
financial market and wealth variables to their model. They expect increases in the stock of
[...] small share –
approximately 30% – was used for transaction purposes and hoarding in Germany.1 In their
opinion, 20% is a realistic figure for banknotes hoarded in Germany. Consequently, only
around
if the level of
real output rises above trend. The popularity of such rules stems from
their simplicity and their alleged robustness across a wide array of
macroeconomic models. In addition, the case for [...] gap as
well as to deviations of (expected) inflation and money growth from their
respective target values. Furthermore, their results suggest that the
monetary policy of the Bundesbank was characterised [...] output gap, even if there are no
shocks to money demand. One reason for their negative verdict on mone-
tary targeting is that their analysis abstracts from the problem of data
uncertainty. In fact, they
expectation of rising oil prices could, for example, prompt
the industrialized countries to increase their inventories. Security considerations
could also play a role in this respect.
We augment this [...]
oil prices follow a stochastic trend, they must all follow the same trend irrespective of
their maturity, i.e. the price differences between (arbitrarily selected) price pairs are
stationary [...] those of a random walk without drift or the optimised
ARIMA model.
10 Reitz et al. (2009) show in their analysis that oil price forecasts on the basis of survey data from
Consensus Economics never beat