Inflation differentials in the Euro area are mainly due to a sustained divergence of wage developments across the Euro … inflation using unit labour cost (ULC) growth and applying PANIC (Bai and Ng, 2004) and cluster procedures (Hobijn and Franses …

United States of America and Germany. To this end, unit labour cost indices for the US states and census regions from 1977 to …

to organise production and distribution. In this context, financial mobilisation played an important role. In Germany … of September 1914 into a long, grim war of attrition. The accumulated government debt and the suppressed inflation left a …

This paper analyzes how individual investors respond to inflation. We introduce a unique dataset containing information … on local inflation and security portfolios of more than 2,000 clients of a German bank between 1920 and 1924, covering … the hyperinflation. We find that individual investors buy less (sell more) stocks when facing higher local inflation. This …

estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of … the euro. Real economic growth as well as median wage developments are reexamined in light of the alternative inflation …

This paper focuses on the empirically observed relationship between demographic change and inflation and explores the … demographic change and inflation dynamics. We are the first to formally disentangle the two components of demographic change …: population size and structure, and determine how they separately affect inflation. We find that changes in population size are a …

the case of Germany, which has displayed a significantly lower increase in its labour force than its trade partners …

Germany is an undervaluation regime, a regime that steers economic behavior towards deterioration of the real exchange …: it was flexible enough for sufficient macroeconomic policy autonomy to bring about differential inflation rates, and …Deutschland ist ein Unterbewertungsregime: ein Regime, das wirtschaftliches Verhalten in Richtung eines sinkenden …