Consumer goods prices systematically depend on product age. A new study analyses this dependence and shows that it plays an important role in aggregate inflation and the optimal inflation rate.

The monthly report contains: The profitability of German credit institutions in 1994, Results of the national accounts for Germany as a whole, Cyclical downswings as reflected in enterprises' annual accounts, Enterprises' trade credit relations with non-residents.

The monthly report contains: Economic conditions in Germany, The economic scene in Germany at the turn of the year 1999-2000, Financial markets in Germany, Foreign trade and payments, Public finance.

The monthly report contains: Effects of eastward enlargement of the EU on the German economy, Economic conditions in Germany, The economic scene in Germany in spring 2004, Foreign trade and payments, Global and European setting, Monetary policy, capital markets and banking business, Public finances.

The January 2016 Bundesbank Monthly Report examines alternative indicators of price competitiveness as determinants of real exports, analyses investment in the euro area and discusses the supervision of Germany's less significant institutions.