monetary policy for the euro area seems to have contributed significantly to the low trend growth rate in Germany between 1999 … exchange rate did have almost no dampening effects on growth. On the contrary, the introduction of the euro and the single …

conditions in the euro area, we analyze what could be gained from a combination of wage policy and monetary policy. Using a small … coordination with monetary policy. According to the simulations, employment in Germany would increase by about 750,000 persons in … example: If the social partners in a large country such as Germany give a credible signal that wage increases will be moderate …

Inflation is a monetary phenomenon. While this statement is widely accepted in terms of a long-run relationship, the … quantity theory has been made operational also for the short-run dynamics of inflation by so-called Pstar models. An error … correction model with quarterly data for the Euro Area is estimated to test whether the price gap has an impact on consumer price …