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.

How will cash be used in the future? A recent Bundesbank study has investigated this question, outlining three different scenarios for cash payments in 2037. The study provides an idea of the social and economic environment in which cash will be embedded in the future.