The April Monthly Report illuminates the fundamental theory and evolution of metrics used to measure equity market levels, besides shedding light on the Phillips curve and its use in analysing prices and projecting inflation rates in Germany.

This paper analyses cash and cashless payment instruments in Germany. After a description of developments in a national and international context, we will compile a critical overview of iterature on cost calculations and on the importance of payments media for different countries.

The April 2017 Monthly Report outlines the role of banks, non-banks and the central bank in the money creation process and analyses the impact of demographic change and immigration on the German economy’s potential Output.