dollar/Swiss franc and euro/Swiss franc. Generalized impulse responses differ in magnitude and significance between periods … productivity, including a newly constructed database on total factor productivity. Overall, our DOLS estimation results do not …

that are held for transaction purposes both in Germany and outside the euro area. The estimation of the volume of €20 … now, it was not clear how many of these German-issued euro banknotes are actually used for payment purposes. Owing to the … shipments by the Deutsche Bundesbank - held for transaction purposes outside the euro area was estimated at just over €3 billion …