This paper develops measures of long-run equilibrium price levels (P*) for Japan and Germany following the approach … in the U.S. case because the velocities of the broad monetary aggregates (M2+CDs in Japan and M3 in Germany) exhibit … money demand to construct measures of equilibrium velocity and P for Japan and Germany. We then assess the explanatory power …

Germanys. The fundamental assumptions are that East Germany brings relatively more labor than capital to the union than does … West Germany, and that the economic structure of a united Germany is essentially identical to that of pre-unification West … Germany. In all of the simulations economic union leads to an acceleration of growth and investment in Germany, a real …

theory--'the disease'--is expounded, with empirical evidence from the Federal Republic of Germany. The disease is … of natural rates. We find that the natural rate of unemployment in Germany more than trebled its 1973 level by the end of … the 70s, reaching 1.21 million by 1982 before falling to 1.16 million in 1983. We suggest that Germany may have caught the …

model with rational expectations. MX3 is a medium-sized quarterly model of the United States, Japan, and West Germany. The …