The digital transformation creates scope to make workflows and production processes more efficient. To quantify the impact of digital transformation on labour productivity, research often focuses on investments in digital technologies. This perspective neglects the fact that digital intermediate inputs, such as microchips or integrated software, also represent an important transmission channel for the efficiency gains from digitalisation. In a new study, Bundesbank researchers have examined how efficiency gains in the digital sectors have affected labour productivity in Germany, France and the United States.

The January 2024 Monthly Report outlines the risks for Germany arising from economic integration with China. In addition, it provides an outlook on the future of cash.