verwendet werden können, desto besser.
Ein Instrumentarium dafür ist unter anderem die europäi-
sche EuP-Richtlinie mit ihren Durchführungsmaßnah-
men, die Mindesteffizienzstandards für Produkte vorge-
ben
time, h
TM
P,
m
ba
r
0
5
10
15
20
25
30
35
40
fil
tr
at
e
flu
x,
L
/m
²/h
MBR-B
TS: 10 g/L
air: 0.5 Nm³/m²/h
dP/dt=-11.2 mbar/h
dP/dt=-12.7 mbar/h [...] the
modules. Figure 2(c) illustrates the blocking. A chemical cleaning (caustic soda at pH 10;
citric acid at pH 2) was not effective in this case. However it was required and effective in the
case when [...] mbar/h
dP/dt=-50.1 mbar/h
dP/dt=-324.8
b /h
filtrate flux
Figure 3: determination of critical flux
-20
0
20
40
60
80
100
bzf cmz dcf ffs gfz ibf npx ato bpo
endowed with "money" (i.e. m=1) with
probability p. Consequently, the probability of someone
not having money at his disposal (i.e. m=0) is 1–p. If
we define Vm to be the payoff of an agent with [...]
i
t
=
0
+
x
x
t
+ E
t t+1
+
t
i (3)
0 1 2
m
t t t t t( m p ) y i= + + (4)
Equation (1) is the IS relation with x the output gap,
i the nominal [...] operator and the per-period utility depends
positively on consumption c and real balances m =
M/P. The way money affects the consumption path
crucially depends on the assumption made about ucm,
ergibt sich als kompensierendes Konsumniveau:
(31) *f,� = *3,� n) �o- ! o�p]^,�
�)��p-/p
) �o- ! o�p]��)��p-/pq
/) �r-
Die CRRA-Nutzenfunktion erzeugt die Geldnachfragefunktion
[...] erhält man das
kompensierende Konsumniveau:
(A3.4) *f,� = *3,� n) �o- ! o�p]^,�
�)��p-/p
) �o- ! o�p]��)��p-/pq
/) �r-
Aus (A3.2) erhält man für eine gegebene Substitutionselastizität [...] Geldumlauf (Mt) folgende
Schätzung für den Verteilungsparameter a:
(A3.5) ?l = ]� m�p��p!]� m�p
Für σ = ρ = 1 ergib sich (30‘) als Spezialfall.
page
assets
P.1: Banknotes in circulation
A.2a: Loans to credit institutions
A.2b: Securities
P.2: Liabilities against credit institutions
A.3: Other factors P.3: Other factors [...] (including gold) 26.4
P.1: Banknotes in circulation 563.5
A.2a: Loans to credit institutions 0.1
(Discount Window)
A.2b: Securities 555.2
P.2: Liabilities 19.0
(against [...] Foreign assets (including gold) 348.8
P.1: Banknotes in circulation 348.6
A.2a: Loans to credit institutions 252.2
A.2b: Securities 78.5
P.2: Liabilities 116.7
(against credit
digital payment infrastructure, cash
remains the most popular means of payment at the POS and for P2P transactions in the euro
area. The results of the latest comprehensive household survey (SPACE) [...] consumers still prefer to pay in cash over card
payments in 2019: 73% of the volume of POS and P2P transactions was carried out using
cash as a payment instrument. In value terms, cash transactions [...]
of all transactions. On average, euro area residents made 1.6 transactions (at the POS and
P2P) per day, with a corresponding transaction value of €25.6. However, figure 2
demonstrates a co
(printed version)
ISSN 1660-7724 (online version)
© 2019 by Swiss National Bank, Börsenstrasse 15,
P.O. Box, CH-8022 Zurich
Legal Issues
page
The demand for Swiss banknotes: some new evidence∗ [...] peak in December and no visible peak in the summer months for both
countries (see Fischer et al. 2004, p. 54). More recent data for Sweden, however, exhibit noticeable seasonal
movements in the summer months [...] domestic money, inflation and output, Journal of Mone-
tary Economics (53): 183–197.
Anderson, P. S. (1977). Currency in use and in hoards, New England Economic Review, Federal
Reserve Bank of Boston
401 401
Feld, L. P., & Schneider, F. (2010). Survey on the shadow economy and undeclared
earnings in OECD countries. German Economic Review, 11, 109–149.
Fischer, B., Köhler, P., & Seitz, F. (2004 [...] accounted for between 25% and 35%
of the total demand for Bundesbank-issued euro banknotes. The
ECB (2011, p. 31) states that “taking into account a range of dif-
ferent estimates suggests that around 20–25% [...] billion).
3. The seasonal method
The general problem can be formulated as follows (Feige, 1997,
p. 184)8:
The shares ˇ1 and ˇ2 of two subpopulations C1 and C2, which
together produce the total population
much is abroad?, Board of Governors of the Federal Reserve System,
Oktober 1995; und B. Fischer, P. Köhler, F. Seitz: The Demand for Euro
Area Currencies: Past, Present and Future, Working Paper 330
3
1.1.2 Die maximale Wahrscheinlichkeit von p1 8
1.2 Die Erfolgswahrscheinlichkeit
ordinal skaliertes Merkmal, 582
orthogonale Vektoren, 179
orthogonale Zerlegung, 181
Ortskurve, 305
p-Wert, 662
Parameterdarstellung einer Kurve, 332
Parameterschätzung, 632
Parametertest, 648, 649
Pa
of Money, Banking and Financial Markets, 7. A.,
Pearson Addison Wesley, Boston et al.
Pollard, P.S. (2003): A Look Inside Two Central Banks: The European Central Bank and
the Federal Reserve, Federal
inflationäres Umfeld zurück, das die Anleger vor einem langfristigen Engagement zurückschrecken ließ (P. De Grauwe: Economics
of Monetary Union, 5. Auflage, Oxford 2003, S. 31f.). Auf Grund des großen Vertrauens
significance (χ²(3) = 1.85, p-
11
page
value = 0.60).9 In contrast, the null of weak exogeneity of il has to be rejected at all levels of
significance (χ²(1)= 21.41, p-value = 0.00). Summing [...] 05 level
* denotes rejection of the hypothesis at the 0.05 level
**MacKinnon-Haug-Michelis (1999) p-values
Unrestricted Cointegration Rank Test (Maximum Eigenvalue)
Hypothesized Max-Eigen
No. of CE(s) [...] 05 level
* denotes rejection of the hypothesis at the 0.05 level
**MacKinnon-Haug-Michelis (1999) p-values
Therefore, it seems reasonable to restrict the VECM to one cointegration relationship and
Informationen über dro-
hende Infl ationsgefahren. Dieser
4 Siehe z.B. O. I s s i n g , V. G a s p a r, I. A n -
g e l o n i , O. Tr i s t a n i : Monetary Policy in the
Euro Area – Strategy and Decision [...] die Geldmen-
8 Siehe z.B. K.-H. T ö d t e r : Monetäre Indika-
toren und geldpolitische Regeln im P-Stern-
Modell, in: Jahrbuch für Wirtschaftswissen-
schaften 563/2, 2002, S. 210-243.
9 So z.B. E [...] Policy, in: North American Journal
of Economics and Finance, Vol. 16, 2005,
S. 277-292; und A. O r p h a n i d e s : Moneta-
ry Policy Rules Based on Real-Time Data, in:
American Economic Review, Vol
Breaking Through the Zero Lower Bound, 9. Mai.
Koshy, P., D. Koshy und P. McDaniel (2014), »An Analysis of Anonymity in Bit-
coin Using P2P Network Traffic«, Lecture Notes in Computer Science 8437,
Munich.
Feld, L. P. and Schneider, F. (2010) Survey on the shadow
economy and undeclared earnings in OECD countries,
German Economic Review, 11, 109–49.
Fischer, B., Köhler, P. and Seitz, F. (2004) [...] accounted for
between 25% and 35% of the total demand for
Bundesbank-issued euro banknotes. The ECB (2011,
p. 31) states that ‘taking into account a range of dif-
ferent estimates suggests that around 20–25% of [...] research.
II. The General Model
The basic problem can be formulated as follows
(Feige, 1997, p. 184):
The shares b1 and b2 of two subpopulations C1 and
C2, which together produce the total populationC
D.: Fiat Money. In: Newman, P./Milgate, M./Eat-
well, J. (Hrsg.): The New Palgrave Dictionary of Mo-
ney & Finance 2. Basingstoke 1992, S. 20 - 22.
Lewis, M.K./Mizen, P.D.: Monetary Economics. Oxford
E./Engel, K./Wagner, K.: European Innovation Management Landscape, o. O.
2006.
Eichhorn, J.-P.: Chancen und Risikomanagement im Innovationsprozeß - Lernen aus Flops
zur erfolgreichen Umsetzung [...]
H. (Hrsg.): Wissenschaftsforschung - Jahrbuch 1996/1997, Marburg 1998, S. 97-136.
Grindley, P./Teece D. J.: Managing Intellectual Capital: Licensing and Cross-Licensing in
Semiconductors and [...] technologischer Entwicklungen auf der Grundlage von Patentinfor-
mationen, in: Raffée, H./Wiedmann, K.-P. (Hrsg.): Strategisches Marketing, Stuttgart
1985, S. 391-418.
Merrit, R.: Patentieren statt
Entstehung Wachstum Reife
A
nz
ah
l v
on
P
at
en
ta
nm
el
du
ng
en
Zeit
VerfallEntstehung Wachstum Reife
A
nz
ah
l v
on
P
at
en
ta
nm
el
du
ng
en
Zeit
Verfall [...] Wachstum Reife
Ku
m
ul
ie
rt
e
P
at
en
ta
nm
el
du
ng
en
Zeit / kumulierter F&E‐Aufwand
SättigungEntstehung Wachstum Reife
Ku
m
ul
ie
rt
e
P
at
en
ta
nm
el
du
ng
en
[...] ar
kt
de
fin
ie
rt
er
P
at
en
tw
er
t
Unternehmensdefinierter Patentwert
Px = Patent x
ni
ed
ri
g
niedrig hoch
ho
ch
M
ar
kt
de
fin
ie
rt
er
P
at
en
tw
er
t
Unter
suggestions by B. Fischer, D. Gerdesmeier, C. Johansen, A.
Lojschova, M. Morelli, B. Roffia, P. Spahn, P. Welz and the participants of a monetary policy
seminar at the European Central Bank. The views [...] endowed with
“money” (i.e. m=1) with probability p. Consequently, the probability of someone not
having money at his disposal (i.e. m=0) is 1–p. If we define Vm to be the payoff of an
agent with [...] good with utility U.
[ ]0 0 1 0φαδ ασ φ= + − + − + −V ßV (U C ) p max C ß(V V )
[ ]1 1 0 11αδ ασ ϕ= + − + − + −V ßV (U C ) ( p ) U ß(V V )
page
- 27 -
More formally, in a system
ergibt sich als kompensierendes Konsumniveau:
(31) *f,� = *3,� n) �o- ! o�p]^,�
�)��p-/p
) �o- ! o�p]��)��p-/pq
/) �r-
Die CRRA-Nutzenfunktion erzeugt die Geldnachfragefunktion
[...] erhält man das
kompensierende Konsumniveau:
(A3.4) *f,� = *3,� n) �o- ! o�p]^,�
�)��p-/p
) �o- ! o�p]��)��p-/pq
/) �r-
Aus (A3.2) erhält man für eine gegebene Substitutionselastizität [...] Geldumlauf (Mt) folgende
Schätzung für den Verteilungsparameter a:
(A3.5) ?l = ]� m�p��p!]� m�p
Für σ = ρ = 1 ergib sich (30‘) als Spezialfall.
page
Systemen.................................................................431
7.3 Implementierung der P/V-Simulationen...............................................................................443
[...] coordinate(.)....................................................................445
7.4 Nutzung der P/V-Simulationen im zentralen Algorithmus...................................................451
dürfen.
page
Vorwort
Die Simulation der dafür notwendigen P/V-Operationen in einem zentralen
Algorithmus und die Strategie zur Vermeidung von deadlocks bei
3
1.1.2 Die maximale Wahrscheinlichkeit von p1 8
1.2 Die Erfolgswahrscheinlichkeit