Why do financial market experts misperceive future monetary policy decisions?

This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover the sources of individual interest rate forecast errors. Based on a panel random coefficient model, we show that financial experts have systematically misperceived the ECB's interest rate rule. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary policy have become more accurate since clarification of the ECB's monetary policy strategy in May 2003. We find that this improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis. --Central bank communication,Interest rate forecasts,Survey expectations,Panel random coefficient model

What Explains the Spread Between the Euro Overnight Rate and the ECB's Policy Rate?

In this paper we employ a time series econometric framework to explore the structural determinants of the spread between the euro overnight rate and the ECB?s policy rate (EONIA spread) aiming to explain the widening of the EONIA spread in the period from mid-2004 to mid-2006. We mainly estimate a model of the EONIA spread from March 2004 until August 2006. The analysis identifies possible driving forces underlying the evolution of the spread over time and aims to quantify the impact of specific factors on the observed upward shift. We show that the increase in the EONIA spread can for the largest part be explained by the current liquidity deficit. Moreover, tight liquidity conditions as well as an increase in banks? uncertainty about the liquidity conditions lead to a significant upward pressure on the spread. ECB?s liquidity policy only has a significant impact on the reduction of the spread if a loose policy is conducted during the last week of an MRO. Interestingly, interest rate expectations have not been found to have an important influence. --Overnight Market Rate (EONIA),Interest Rate Determination,Monetary Policy Implementation,Operational Framework

Why Do Financial Market Experts Misperceive Future Monetary Policy Decisions?

This paper investigates why financial market experts misperceive the interest rate policy of the European Central Bank (ECB). Assuming a Taylor-rule-type reaction function of the ECB, we use qualitative survey data on expectations about the future interest rate, inflation, and output to discover the sources of in- dividual interest rate forecast errors. Based on a panel random coefficient model, we show that financial experts have systematically misperceived the ECB's in- terest rate rule. However, although experts tend to overestimate the impact of inflation on future interest rates, perceptions of monetary policy have become more accurate since clarification of the ECB's monetary policy strategy in May 2003. We find that this improved communication has reduced disagreement over the ECB's response to expected inflation during the financial crisis.Central bank communication, Interest rate forecasts, Survey expectations, Panel random coefficient model

Monetary Policy Implementation and the Federal Funds Rate

This paper investigates how the implementation of monetary policy affects the dynamics and the volatility of the federal funds rate. Since the early 1980s, the most important changes in the Fed?s conduct of monetary policy refer to the role of the federal funds rate target and the reserve requirement system. We show that the improved communication and transparency regarding the federal funds rate target has significantly increased the Fed?s influence on the federal funds rate since 1994. By contrast, the declining role of required reserves in the U.S. has contributed to higher federal funds rate volatility. Our results suggest that the planned introduction of remunerated reserves will further enhance the controllability of the federal funds rate. --Dynamics and Volatility of the Federal Funds Rate,Monetary Policy Implementation,Central Bank Communication,Reserve Requirements

Factorización de polinomios

Se presenta aquí la factorización de polinomios, concentrándose especialmente en factorización de polinomios utilizando las fórmulas notables y llegando por medio de ellas a la fórmula general para factorizar polinomios de grado dos

Pure Money for a Sound Economy

At present, the world-economy is exceedingly fragile. Debt levels of nations peak. Monetary assets increase, too, and concentrate in the hands of few. In this paper, I show that a mechanism at the root of today’s monetary system entails an inherently fragile economy. I simulate the consequences of this mechanism within a macroeconomic model. I motivate a new monetary system that gives money the role it should have: to facilitate complex interactions in a stable environment

Implementierung von Geldpolitik und die Federal Funds Rate

Für viele Zentralbanken ist der Interbankenmarkt für Tagesgeld der entscheidende Ausgangspunkt für die Implementierung ihrer geldpolitischen Entscheidungen. Zinssätze für Tagesgeld, wie die Federal Funds Rate in den Vereinigten Staaten, sind das operationale Ziel der Geldpolitik, die das von der Zentralbank gewählte Zinsziel signalisieren. Dieser Artikel stellt dar, wie sich Veränderungen in der Geldpolitik der Federal Reserve (Fed) auf die Dynamik und die Volatilität der Federal Funds Rate ausgewirkt haben

Wie Finanzmarktexperten die Geldpolitik der EZB wahrnehmen

Eine effektive Kommunikation von Zentralbanken mit den Akteuren an Finanzmärkten soll sicher stellen, dass die Finanzmärkte die Zinspolitik der Zentralbanken nachvollziehen können. Dennoch sind Zinsprognosen nicht immer korrekt. Dieser Artikel geht auf zwei Ursachen von Unsicherheit ein, die dazu führen können, dass Finanzmarktexperten künftige Zinsentscheidungen der Europäischen Zentralbank nicht vollständig korrekt antizipieren

Development of a blended-learning-course and studies concerning acceptance and integration into veterinary medical education

Deckblatt-Impressum persönlicher Dank Inhaltsverzeichnis Abkürzungsverzeichnis Einleitung Literatur Material und Methoden Ergebnisse Diskussion Zusammenfassung Summary Literatur- und Quellenverzeichnis Anhang Danksagung SelbständigkeitserklärungDer enorme Wissenszuwachs der letzten Jahre und die gestiegenen Anforderungen an die tiermedizinische Ausbildung stellen die Universitäten vor neue Probleme. Neben der Basisausbildung sind die tiermedizinischen Bildungsstätten aufgefordert, eine Spezialisierung der Studierenden zu ermöglichen und Angebote für die postuniversitäre Weiterbildung zu schaffen. Es werden daher neue Wege zur Wissensvermittlung gesucht. E-Learning gewinnt in diesem Zusammenhang in der universitären Ausbildung immer mehr an Bedeutung. Ziel dieser Arbeit war die Konzeption und Entwicklung von E-Learnig-Materialien und deren Einsatz in Wahlpflichtkursen. Die Effektivität und Akzeptanz dieser neuen Lehrmethode und deren Einbindungsmöglichkeiten in das Veterinärmedizinstudium wurden grundlegend evaluiert. Exemplarisch wurde ein Wahlpflichtkurs zum Thema Grundlagen der Naturheilverfahren konzipiert, der in der Form des Blended-Learning angeboten wurde. Der wöchentlich stattfindende Frontalunterricht wurde durch E-Learning-Materialien ergänzt und begleitet. Die interaktiven Materialien dienten der Vor- und Nachbereitung sowie der Vertiefung der Inhalte. Den Studenten sollte die Möglichkeit gegeben werden, die Inhalte zeitunabhängig und in selbst gewählter Geschwindigkeit zu bearbeiten. Der Kurs wurde Studierenden des 5\. bis 8. Semesters des Fachbereichs Veterinärmedizin der Freien Universität Berlin angeboten. Für die Erstellung und Verwaltung der E-Learning-Materialien wurde das Learning- Management-System Blackboard® verwendet. Dieses System ermöglichte neben der Kursverwaltung und Bereitstellung von Kommunikationswerkzeugen die Integration verschiedener Formate in eine virtuelle Kursumgebung. Der Zugriff auf die E -Learning-Materialien erfolgte über das Internet. Zur Evaluation der Methode E-Learning und des angebotenen Kurses wurden 2 Fragebögen erstellt. Diese wurden jeweils zu Beginn und zum Abschluss des Kurses an die Studierenden verteilt. Die Evaluationsergebnisse zeigten, dass die Studenten E-Learning als sinnvolle Ergänzung der herkömmlichen Lehrmethoden betrachten und gern anwenden. Grundsätzlich wurde diese Methode als gut geeignet zum Lernen von Grundlagen und Fachwissen beurteilt. Es wurde deutlich besser bewertet als die Vorlesung, jedoch schlechter als das Fachbuch. Die Studenten stehen den neuen Lehrformen vornehmlich aufgeschlossen gegenüber und befürworten einen breiteren Einsatz von E-Learning in der universitären Ausbildung. Es ist geplant, weitere Kurse zu erstellen und diesen Kurs zukünftig als reinen E -Learning-Kurs anzubieten. Weiterhin soll mit Hilfe des E-Learning die Zusammenarbeit mit weiteren Hochschulen intensiviert werden.Universities are facing new problems because of the current enormous growth of knowledge and increasing requirements in veterinary medical education. Next to basic education the veterinary medical educational institutions are requested to enable specialization to students and to provide postgraduate education. For this there is a search for new ways of knowledge transfer. In connection with academic education, e-learning is of increasing importance. The objective of this project was design and development of e-learning materials and their use in university courses. Acceptance of e-learning and its possibilities of integration into the veterinary medical education was evaluated. As an example the course Basics of naturopathic treatment was developed into the form of a blended-learning course. The weekly ex-cathedra teaching was supplemented by e-learning materials. The interactive materials served as preparation and post-processing, as well as for absorption of the contents of the course. The students should be given the possibility to deal with the contents not depending on any given time and at their own chosen speed. The course was offered to students from the 5th to 8th term of the Faculty of Veterinary Medicine of the Freie Universität Berlin. For creation and management of the e-learning materials the Learning-Management-System Blackboard (Blackboard ® Inc.) was used. This system allowed besides course management and supply of communication tools the integration of different formats into a virtual learning environment. The e-learning materials could then be accessed via the internet. In order to evaluate the method of e-learning and the offered course, two questionnaires were created, one was handed out at the start of the course; whilst the other was handed out at the end of the course. The students considered e-learning a reasonable supplement to conventional teaching methods and enjoyed using it. E-Learning was judged as being suitable for the learning, from basic methods to full expertise. It was valued as better than lectures but not as good as textbooks. The students were generally open-minded about the new teaching methods and approved the wider use of e-learning in academic education. In the future it is intended to create more courses and to offer this course in form of a pure e-learning course. Furthermore the collaboration with other universities will be intensified

Using Landscapes to Tell Spatial Stories

This paper repurposes the concept of landscape as a useful way of thinking how we narrate abstract and concrete space. I explore an assignment in my class wherein student embody and narrate a concrete space. I analyze it through landscapes and consider how that discussed positionality, presentation, and layers. I conclude with exploring how the landscape can similarly be used to think critically about how we discuss faraway places in geography classes