In recent years the German current account balance has risen to extremely high levels both in historical comparison and by international standards. The persistently high current account surpluses are subject to increasing international criticism...

KBW 19: Measures of potential output and the output gap are of great importance for policy-makers who need to assess the cyclical position of the economy and its productive capacity.

KBW 11: The persistently high German current account surpluses are subject to increasing international criticism based on the presumption that they are negative

KBW 5: The report addresses potential effects on the German economy by the extremely expansionary monetary policy of the Eurosystem with large liquidity flows into Germany. The authors discuss various monetary transmission channels from a theoretical...