This paper uses monthly data from April 2005 to August 2013 for Taiwan to propose a novel tourism indicator, namely the Tourism Conditions Index (TCI). TCI accounts for the spillover weights based on the Granger causality test and estimates of the multivariate BEKK model for four TCI indicators...

The aim of this note is to provide an overview of various measures of "excess liquidity", which can be defined as the deviation of the actual stock of money from an estimated equilibrium level. Given their dynamic nature, the excess liquidity measures under review are - in the light of long and...

The purpose of this study is to investigate the dynamic relationships between some key variables for the euro area by means of a systems approach (i.e. so-called Vector Autoregression) and to simulate their responses with respect to monetary policy shocks. The main result is that rather simple...

Die europäische Konjunktur weist eine Aufwärtstendenz auf, die Konjunkturerholung ist aber verhalten. Darüber hinaus bestehen erhebliche Risiken für die Weltwirtschaft. Mit Hilfe der beiden monetären Indikatoren Taylor-Zins und Monetary Conditions Index (MCI) soll untersucht werden, wie die...