Did the Bundesbank Follow a Taylor Rule? An Analysis Based on Real-Time Data

Using a real-time data set for German GDP over the period from 1973 to 1998 we calculate various measures of real-time output gaps and use these to calibrate and estimate Taylor-type reaction functions for the Bundesbank. Most of the reaction functions we find fit the Bundesbank´s actual policy, as represented by the short-run interest rate, quite well. In contrast to previous findings based on ex post revised data for the output gap, we find the reaction coefficients to resemble quite closely those originally proposed by Taylor for some of our real-time measures of the output gap. Broad monetary aggregates such as M3, in contrast, only played a small role for the Bundesbank´s interest rate decisions. Given the good record of the Bundesbank in fighting inflation, the results give support for the use of the Taylor rule for monetary policy.German real-time data; output gap; monetary policy rules

Contribution of online trading of used goods to resource efficiency : an empirical study of eBay users

This paper discusses the sustainability impact (contribution to sustainability, reduction of adverse environmental impacts) of online second-hand trading. A survey of eBay users shows that a relationship between the trading of used goods and the protection of natural resources is hardly realized. Secondly, the environmental motivation and the willingness to act in a sustainable manner differ widely between groups of consumers. Given these results from a user perspective, the paper tries to find some objective hints of online second-hand trading’s environmental impact. The greenhouse gas emissions resulting from the energy used for the trading transactions seem to be considerably lower than the emissions due to the (avoided) production of new goods. The paper concludes with a set of recommendations for second-hand trade and consumer policy. Information about the sustainability benefits of purchasing second-hand goods should be included in general consumer information, and arguments for changes in behavior should be targeted to different groups of consumers. Keywords: online marketplaces; online auctions; consumer; electronic commerce; used products; second-hand market; sustainable consumptio

Scheduling of inspectors for ticket spot checking in urban rail transportation

A central issue for operators of passenger transportation in urban rail is balancing the income from tickets against the cost of the operation. The main part of the income except for gov-ernmental subsidies comes from sales of tickets. There are various ways to ensure that all passengers carry valid tickets, i.e. to avoid so called fare evasion. Many European companies use spot checking of passengers and among these is DSB S-tog. The current paper describes a decision support tool developed at DSB S-tog. Based on historical data regarding when penalty fares are claimed and based on the schedules of the inspectors, this tool enables the construction of new schedules for tickets inspectors, so that the income from penalty fares claimed from passengers without a valid ticket is maximised. Other tools to increase income from ticket sales and penalty fares are also discussed.

Hierarchical Network Design Using Simulated Annealing

The hierarchical network problem is the problem of nding the least cost net-work, with nodes divided into groups, edges connecting nodes in each groups and groups ordered in a hierarchy. The idea of hierarchical networks comes from telecommunication networks where hierarchies exist. Hierarchical net-works are described and a mathematical model is proposed for a two level version of the hierarchical network problem. The problem is to determine which edges should connect nodes, and how demand is routed in the net-work. The problem is solved heuristically using simulated annealing which as a sub-algorithm uses a construction algorithm to determine edges and route the demand. Performance for dierent versions of the algorithm are reported in terms of runtime and quality of the solutions. The algorithm is able to nd solutions of reasonable quality in approximately 1 hour for networks with 100 nodes

Scheduling of inspectors for ticket spot checking in urban rail transportation

A central issue for operators of passenger transportation in urban rail is balancing the income from tickets against the cost of the operation. The main part of the income except for gov- ernmental subsidies comes from sales of tickets. There are various ways to ensure that all passengers carry valid tickets, i.e. to avoid so called fare evasion. Many European companies use spot checking of passengers and among these is DSB S-tog. The current paper describes a decision support tool developed at DSB S-tog. Based on historical data regarding when penalty fares are claimed and based on the schedules of the inspectors, this tool enables the construction of new schedules for tickets inspectors, so that the income from penalty fares claimed from passengers without a valid ticket is maximised. Other tools to increase income from ticket sales and penalty fares are also discussed