When monitoring, interpreting and assessing budget policy decisions and developments, the public authorities' financial balance has always played a prominent role. The Maastricht Treaty on European Union and the provisions contained therein on budgetary criteria and reference values gave rise to...

This paper focuses on the quest ion whether reserve requirements can contribute anything to the stabilization of financial markets and economic activity ...

Die vorliegende Arbeit stellt das neue Verfahren der Deutschen Bundesbank zur Schätzung von Zinsstrukturkurven vor. Sie beschreibt dessen methodische Grundlagen (Nelson und Siegel (1987) und Svensson (1994)) und einige grundlegende Konzepte, die ftir die Schätzung und Interpretation solcher...

This paper introduces the Deutsche Bundesbank's new procedure for estimating the term structure of interest rates. It describes the basic methodological approaches used (Nelson and Siegel (1987) and Svensson (1994)) and some fundamental concepts which are important for estimating and...