The economic situation in the euro area continues to be weak. In the course of 2003, real GDP has only stagnated. Several factors prevented the expected recovery to materialize. Last year’s collapse of stock prices dampened activity, so did the high oil price. In addition, the uncertainty in...

Economic expansion in Euroland has decelerated considerably after mid-2000 as a consequence of the weakening of growth in the world economy, the tightening of monetary policy by the European Central Bank as well as the burden imposed by higher oil prices. While the upswing in the euro area has...

Economic activity in the euro area has weakened since last summer. In the second half of 2002, real GDP increased at an annualized rate of around 1 percent only. Economy-wide capacity utilization has further declined and the situation on labor markets has worsened. The increase in consumer...

The recovery in Euroland has started at the beginning of this year but it has remained rather moderate. Real GDP increased at an annual rate of less than 1½ percent during the first half of 2002. Capacity utilization has declined further and unemployment continued to go up. While exports have...

The economy in the euro area has turned around. While GDP stagnated during the second half of 2001, there are more and more signs that output will increase considerably in the first half of this year. All in all, the slowdown has not been very pronounced. One indication for this is that in 2001,...

Economic activity in the euro area is recovering. In the second half of 2003, real GDP grew at an annualized rate of roughly 1½ percent. In contrast with other large industrialized countries, economy-wide capacity utilization has not yet increased. Private consumption has remained the major...

Das reale Bruttoinlandsprodukt ist in Deutschland in den zurückliegenden zehn Jahren durchschnittlich nur um 1,4 Prozent pro Jahr gestiegen, im Zeitraum von 2001 bis 2003 sogar nur um 0,3 Prozent pro Jahr. Die geringen Zuwächse sind nicht allein Ausdruck einer schwachen Auslastung des...

In the spring 2001, the world economy is in a delicate situation. The vigorous growth momentum that prevailed in the recovery in 1999 and into 2000 is clearly gone. In the second half of 2000, global growth decelerated rapidly. In contrast to the last downturn of the world economy in 1997/98,...

The Euroland economy is in a strong upswing. Last year, real GDP increased at a rate roughly equal to that of potential output in spite of the export losses in the wake of the crises in various countries of the world. There have been considerable impulses from monetary policy. Because of the...

In diesem Beitrag wird aufgezeigt, dass sich die Geldpolitik der Deutschen Bundesbank im Zeitraum 1991 bis 1998 gut mit Hilfe einer so genannten vorausschauenden Taylor-Regel beschreiben lässt. Die Deutsche Bundesbank stabilisierte in den 90er Jahren sowohl die Inflation als auch die...