Die Bedeutung monetärer Größen für die deutsche Wachstumsschwäche 1995–2005

Between 1995 and 2005, the German economy has experienced a phase of weak economic growth. We analyze whether this weak growth performance can be attributed to the stance of monetary conditions during that period. We show that the real effective exchange rate did have almost no dampening effects on growth. On the contrary, the introduction of the euro and the single monetary policy for the euro area seem to have contributed signifi cantly to the low trend growth rate in Germany between 1999 and 2005.