Die Geldmenge M3 steigt seit drei Jahren schneller als von der Deutschen Bundesbank angestrebt. Das Geldmengenziel für 1994 wird mit hoher Wahrscheinlichkeit deutlicher überschritten als jede andere Zielvorgabe in den vergangenen zwanzig Jahren. Die rasche Geldmengenexpansion in den letzten...

The expansion of Western European production accelerated in the first half of 1997. Exports were the main engine, driven by a devaluation of European currencies and strong growth abroad. Domestic demand also picked up somewhat led by investment in machinery and equipment. Inflation remained at...

Table of Contents: I. External Challenges 12 1. The Transformation of Central and Eastern Europe 12 a. Trends in Central and Eastern Europe's Emerging Market Economies (EMEs) 12 b. The Impact on Germany 14 c. Political Consequences 14 2. Migration Pressures 16 a. The European Perspective 16 b....

Strengthening potential output is high on the agenda for economic policy in the European Union. While there is widespread agreement that structural policies have a positive impact on long-term growth, there is a controversial discussion whether coordination of macroeconomic policies can...

Price setting in German metal-working industries is analysed using a monthly panel of individual price data for more than 2,000 plants covering the period from 1980 to 2001. Motivated by several models in the literature, a duration model is estimated. Price changes can be explained by a...

This paper presents new evidence on the formation of producer prices based on a onetime survey that was conducted on a sample of 1200 German firms in manufacturing in June 2004. Most of the firms have price-setting power and apply mark-up pricing. Indexation is negligible. Fixed nominal...