This study investigates the effects on consumer prices of rounding final total prices or individual prices in the retail sector. The empirical analysis based on around  70,000 sales receipts shows that, when the final total price is rounded commercially to the nearest whole 5 euro cent increment, virtually no effect on the price level can  be expected.

The April 2015 Bundesbank Monthly Report contains articles on labour market-related government expenditure, structural changes in the German banking sector and transaction-related circulation trends in euro coins in Germany.

Drei Köpfe sind noch keine Galerie und bei der Vorlage des zweiten Bandes bereits von einer erfolgreichen Reihe zu sprechen, mag doch ein wenig verwegen klingen.

The March 2015 edition of the Bundesbank's Monthly Report describes how macroprudential policy impacts on monetary policymaking and presents some of the ways in which the regulatory framework underpinning European monetary union can be strengthened. It also looks into Germany's 2014 balance of payments and includes an article on the methodology and results of the securities holder statistics and the role they play in analysing the ownership of securities in Germany and Europe.