Frowen, Stephen F. and Karakitsos, Elias
An Evaluation of Inflation Targeting in Germany and the UK
Scholing, Eberhard and Timmermann, Vincenz
Gesamtwirtschaftliche Liquidität als OrientierungsgröÃe der Geldpolitik
Hof, Franz Xaver
Zeitinkonsistenz und Zinsdifferenzen in einem System fester Wechselkurse - Ein Kommentar
Spahn, Heinz- Peter
Glaubwürdigkeit, Zeitinkonsistenz und Zinsdifferenzen in einem System fester Wechselkurse - Eine Replik
Schmidt-von Rhein, Andreas and Roth, Hanno
Der Einfluà von Anlegerpräferenzen auf die Performancemessung
Wesche, Katrin
Konstanz Seminar on Monetary Theory and Monetary Policy 1997
Schulte, Reinhard
Kursänderungsrisiken festverzinslicher Wertpapiere (Dirk Tetzlaff)
Biervert, Bernd and Held, Martin
Die Dynamik des Geldes - Ãber den Zusammenhang von Geld, Wachstum und Natur (Heinz- Peter Spahn)
Frowen, Stephen F. and Karakitsos, Elias
"An Evaluation of Inflation Targeting in Germany and the UK"
The authors compare the policies and results of the British and German authorities towards the control of inflation since the 1950s. They contrast and explain the long-term emphasis on price stability in Germany with the variable experiences prices in Britain which have resulted from political pressures, a less stringent and less consistent attitude towards price stability until the 1990s, and the different status of the central bank. The trends in monetary policy and implementation problems in Britain since leaving the ERM in 1992, including the new framework of monetary policy announced by the Labour government elected on May 1 1997, are reviewed, and the authors offer a theoretical framework for comparing inflation targeting, supported by detailed figurative analyses.
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Scholing, Eberhard and Timmermann, Vincenz
"Liquidity in the Economy Overall as Policy Reference in Money Supply"
This contribution attempts to define "liquidity in the economy overall" in a way that allows it to serve as policy reference in money supply. This consideration starts from the assumption that "liquidity" represents a phenomenon that escapes direct observation and can only be measured indirectly. This contribution employs a MIMIC model for describing the relationship between latent and perceptible quantities of liquidity. The model parameters have been estimated on the basis of quarterly data for Germany for the period from 1974:1 to 1995: 4. Empirical findings suggest the existence of a latent variable for "liquidity in the economy overall" indicating that this variable possesses better prognosticating properties than money supply M3 for the rate of inflation and the real rate of growth. This suggests the conclusion that it would be preferable for government and the European Central Bank of the future to give priority to a multivariate liquidity concept as policy reference in money supply.
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Hof, Franz Xaver
"Credibility, Time Inconsistency and Interest Rate Differences in a Fixed Exchange Rate System - Comment"
In Spahn (1996) an attempt was made to apply the Barro-Gordon approach to a small open economy. In this comment it is shown that Spahn's specification Mundell-Fleming model has to be modified and made more precise in
make consistent interpretations of the model possible. Next, in line with the mainstream literature, Spahn's model is extended as follows: Firstly, rational expectations are introduced. Secondly, analyzing the one-shot game not only the precommitment solution and the fooling solution, but also the time consistent s are analyzed. It is shown that the results derived for the small open economy are more complex than those corresponding to the closed economy case provided that the small open economy model is specified correctly. Moreover, these rest unsatisfactory from an empirical point of view. Finally, it is roughly outlined why the analysis of the repeated game would be even more difficult than could be inferred from the verbal sketch by Spahn.
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Schmidt-von Rhein, Andreas and Roth, Hanno
"The Influence of Investor-specific Preferences on Performance Measurement"
It has been current practice in measuring the performance of security portfolios measure the active performance of managed portfolios against investor-specific benchmarks and to split up the active performance into its components timing and selectivity of the portfolio manager. However, this one-step procedure of performance measurement does not take account of influences and effects
of investor-specific preferences, which are co-determinants of anyone portfolio's overall success. Investor-specific requirements and preferences may be significant in extent may crucially influence performance levels especially
in individual portfolio management.
This contribution therefore presents a return/risk-based concept for a two-step procedure of performance measurement and attribution. It allows the total success of managed portfolios to be analysed and ascertained by taking account separately of market, investor and manager-specific influences. The focus of this procedure is on measuring and attributing investor-specific influences. The concept for two-step performance measurement, the methods employed and the fields of application are presented in detail, and its application in practice is demonstrated on the a comprehensive example.
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Bruhn, Manfred
"Measuring and Ensuring the Quality of Services in the Credit Industry - Approaches to Comprehensive Quality Management in the Financial Services Sector (Part II)"
The discussion about the quality of services (from an entrepreneurial perspective) and about customer satisfaction (from a client perspective) has considerably gained in intensity in recent years. In response to the discussion about the theoretical bases of a quality management concept for financial services providers, Part I of this contribution suggests method for empirical service quality recording. A survey done with customers and the staff of two financial institutions is used as an example for discussing the requirements pertaining to the design of an empirical study as well as the selected results of the enquiry as an approach to comprehensive quality management. The subsequent chapters discuss the requirements to be met by quality management systems as well as the individual phases of such quality management systems. In this context, special attention must be paid to questions regarding the implementation and institutionalisation of a quality management concept so as to permit a continuing process of quality management within the company.
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