(1994), Money Demand, Bank Credit, and Eco-
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Champ, Bruce, Freeman, Scott (1 994), Modeling Monetary Economies [...]
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possible
to reconstruct the Council’s collective quantitative assessment of the economic outlook.
Staff forecasts of inflation and output do exist, but their semi-annual frequency and varying
time horizons [...] gap, we know that data on industrial production and other monthly indicators
allow the Bundesbank staff to roughly estimate GDP some weeks before the first official
number is published. In contrast, the
aftliches Studium, 33. Jg. (2004),
S. 574–581.
Europäische Zentralbank, A Guide to Eurosystem Staff Macro-
economic Projection Exercises, Frankfurt am Main, June 2001.
Herwartz, H., H.-E. Reimers
authors’ personal opinions and do not necessarily reflect the views of the
Deutsche Bundesbank or its staff.
page
Editorial Board: Heinz Herrmann
Thilo Liebig
Karl-Heinz Tödter
Deutsche Bundesbank [...] possible to reconstruct the Council’s collective quantitative assessment of the
economic outlook. Staff forecasts of inflation and output do exist, but their bi-annual
frequency and varying time horizon [...] there
is no data source comparable to the Greenbook produced by the Federal Reserve
Board’s staff). Therefore, the best we can do is to reconstruct the data set which was
available to policy makers
Guidotti, P.E., Rodriguez, C.A. (1992), Dollarization in Latin America - Gresham's Law in
Reverse?, IMF Staff Papers, 39, pp. 518-544.
Gutman, P. (1977), The Subterranean Economy, Financial Analysts Journal [...] erve.gov).
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85
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ve.gov).
Lane, T. D. (1992) Household Demand for Money in Poland – Theory and Evi-
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helpful
discussions.This paper was produced in the context of the background studies prepared by ECB staff as an input into the Governing Council’s reflections on the ECB’s monetary
policy strategy.The views
(2000): The Federal Reserve System Discussed: A Compara-
tive Analysis, De Nederlandsche Bank, Staff Reports, No. 56.
FAUST , J. / ROGERS, J.H. / WRIGHT, J.H. (2001): An Empirical Comparison of
ff
total staff
economics staff
The Irish central bank has no research staff and its economics staff consisted of 27 people in
1999. Figure 9 gives the total number of staff, which has decreased [...] ff
total staff
economics
staff
Table 2. The Staff Ratios of the National Central Banks in the European Union.
Total staff CB /
population
Economic staff CB/
population [...] 1999
year
nu
m
be
r o
f s
ta
ff
total staff
economics
staff
research staff
Figure 6. Total, Economics and Research Staff of Sveriges Riksbank
Sweden
0
200
400
the latter is
remunerated at 3.00% is only � 41.7, and therefore does hardly justify to leave one staff member
for one more hour in the office, if this would be required.
In the case of the Eurosystem
solely those of the authors and are not necessarily shared by the Bundesbank or other members of its staff. We thank two anonymous referees and Vicky Read from the Bank of England for valuable comments. The [...] Schadler, S M. (1979). "A Model of Currency Substitution in Exchange Rate Determination", 1973-78, IMF Staff Papers, Vol. 26, pp. 513-542.
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projections are conditional on an unchanged monetary policy stance. The forecasts are made
by staff members of the ECB and of the national central banks of the countries participating in
EMU. They [...] V. (2000), The Federal Reserve System Discussed: a
Comparative Analysis, De Nederlandsche Bank, Staff Reports, No. 56.
Faust, J., Rogers, J.H., Wright, J.H. (2001), An Empirical Comparison of Bundesbank