1,356,866 research outputs found
Asset Prices, Inflation and Monetary Control - Re-inventing Money as a Policy Tool
No full textLow inflation on goods markets provides no reliable precondition for asset-market stability; it might even promote the emergence of bubbles because interest rates and risk premia appear to be low. A further factor driving asset demand is easy availability of credit, which in turn roots in the banking system operating in a regime of endogenous central-bank money. A comparison of Bundesbank and ECB policies suggests that credit growth can be controlled more efficiently if rising interest rates are accompanied by some liquidity squeeze that supports the spillover of a monetary restriction to capital markets. The announcement effect of a central bank Charter including the goal of financial-market stability helps to deter private agents from excessive asset trading.open-market policy; asset-price bubble; euro money market; ECB strategy
Statuta & Leges Illustris Scholæ Afranæ, in usum. Alumnorum Electoralium denuò emendatiores editæ.
No full textVorlageform des Erscheinungsvermerks: Misenæ, Literis ac impensis Joach. Ernest. Spahnii, A. O. R. MDCCXXVII.Titelvignett
China's reform of intergovernmental fiscal relations in the light of European experiences
No full textThe paper looks a China's institutional reforms in public finances against the background of European experiences. Particular attention is given to Switzerland and Germany where there is a high degree of consensus forming mechanisms. These federations are also characterized by concepts of regional fairness and are hence more appropriate as potential models than competitive federalism models such as that of the United States. The basic characteristics of the two European federations are described and analyzed.Federalism; German federation; Swiss federation; Germany; Switzerland; fiscal capacity; equalization; public borrowing; public administration; intergovernmental grants; German unification; tax assignment; shared taxes
Don and Lori Spahn
No full textDon and Lori Spahn will lead the First Baptist Youth Programs in Vernal. Among the actvities provided are Sunday School, Adopt-a-Grandparent at the Care Center, Sports events and a weekly news letter
Exploration on Foreign Exchange Transaction Tax: Tobin Tax and Spahn Tax
No full textIn 1970s, James Tobin proposed the introduction of a transaction tax on the foreign exchange market, the so-called Tobin tax, to deal with exchange rate volatility. Then in 1990s, Paul Bernd Spahn suggested a two-tier Tobin tax. In spite that transaction tax is being frequently discussed by both economists and policy makers, neither of the Tobin tax nor Spahn tax has ever been imposed. Investigation on the consequences of the introduction of a Tobin tax and a Spahn tax on an asset market model are conducted by the means of laboratory experiments. Basically, there are three treatments: one is the Smith, Suchanek and Williams (1998) treatment (SSW), one is Tobin treatment in which a Tobin tax is imposed, and the last one is Spahn treatment where a Spahn tax is levied. The main results are: (i) neither Tobin nor Spahn tax reduces bubbles significantly. But Spahn tax curbs market volatility. A transaction tax, Tobin tax or Spahn tax, would not monotonously modify bubbles or volatility, while some specific tax rates contribute to a market with few bubbles and low volatility. (ii) When analyzed results of different phases, Tobin tax is preferred to Spahn tax. (iii) Spahn tax always generates more tax revenues than Tobin tax. (iv) Both Tobin tax and Spahn tax hamper the equality of wealth distribution
Exploration on Foreign Exchange Transaction Tax: Tobin Tax and Spahn Tax
No full textIn 1970s, James Tobin proposed the introduction of a transaction tax on the foreign exchange market, the so-called Tobin tax, to deal with exchange rate volatility. Then in 1990s, Paul Bernd Spahn suggested a two-tier Tobin tax. In spite that transaction tax is being frequently discussed by both economists and policy makers, neither of the Tobin tax nor Spahn tax has ever been imposed. Investigation on the consequences of the introduction of a Tobin tax and a Spahn tax on an asset market model are conducted by the means of laboratory experiments. Basically, there are three treatments: one is the Smith, Suchanek and Williams (1998) treatment (SSW), one is Tobin treatment in which a Tobin tax is imposed, and the last one is Spahn treatment where a Spahn tax is levied. The main results are: (i) neither Tobin nor Spahn tax reduces bubbles significantly. But Spahn tax curbs market volatility. A transaction tax, Tobin tax or Spahn tax, would not monotonously modify bubbles or volatility, while some specific tax rates contribute to a market with few bubbles and low volatility. (ii) When analyzed results of different phases, Tobin tax is preferred to Spahn tax. (iii) Spahn tax always generates more tax revenues than Tobin tax. (iv) Both Tobin tax and Spahn tax hamper the equality of wealth distribution
Recuperación selectiva de tolueno a partir de una mezcla cuaternaria tolueno-etanol-agua-biodiesel mediante destilación azeotrópica heterogénea
No full textFil: Latini Spahn, Silvio Nicolás. Facultad de Ingeniería Química; Argentina
whitefish spahn
No full textwhite fish n8. Capelin Mallotus villosus capalin (whitefish spahn) [PT] The spent (post spawning) capelin and also the immature capelin which stay in the Bay during the winter are sometimes washed on shore after being killed by cold water temperatures. These caplin may also be found quite frequently in the stomachs of turrs, puf- fins or seals. In any case these capelin are referred to as whitefish. The fishermen claim that the caplin have a blood vessel in their "backbone" or vertebral column while the whitefish do not. Cap- lin spawn is referred to as spahn.YesPRINTED ITEM W.J.KIRWIN APR 1971JH APR 1971Used I and SupUsed I3Used Iwhite-fis
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