There have always been fluctuations of production, employment, and prices in economic history. A lot of strenuous work and intellectual efforts have been put into the study of these fluctuations. Huge amounts of time series data have been collected and indicators have been compiled to determine...

Money supply targeting has come out of fashion. The large changes in velocity in some countries and the fact that inflation is still low in spite of the strong monetary expansion in most industrial economies since 1985 have undermined the formerly accepted notion of a stable relationship between...

This paper deals with deregulation of the German banking system, which is one of the most liberal among the OECD member countries [IBRO, 1978], Nevertheless, there is still some potential for further deregulation. It has to be discussed whether this potential should be exploited.

Das monetaristische Konzept der Geldmengensteuerung steht auf zwei Fundamenten: Erstens muß es der Notenbank möglich sein, die von ihr als relevant erachtete Indikator- bzw. Zwischenzielgröße tatsächlich in der gewünschten Weise beeinflussen zu können. Handelt es sich dabei beispielsweise...

Net investment plays a crucial role for the economic development of a country. It contributes to the growth of real income and to the supply of jobs. Therefore, in view of sluggish growth and rising unemployment in Germany, the government as well as the Deutsche Bundesbank and the Council of...