A history of the D-Mark’s real external value Fischer C., Sauernheimer K.

Real financial market exchange rates and capital flows Gelman M., Jochem A., Reitz S.

Time-Varying Dynamics of the German Business Cycle: A Comprehensive Investigation Reif M.

Visible Reserves in Banks – Determinants of Initial Creation, Usage, and Contribution to Bank Stability Bornemann S., Homölle S., Hubensack C., Kick T., Pfingsten A.

Extreme Inflation and Time-Varying Expected Consumption Growth Dergunov I., Meinerding C., Schlag C.

Taxing deficits to restrain government spending and foster capital accumulation Stähler N.

Lend global, fund local? Price and funding cost margins in multinational banking Galema R., Koetter M., Liesegang C.

Robust Monetary Policy in a Model with Financial Distress Gerke R., Hammermann F., Lewis V.

International Banking and Liquidity Transmission: Lessons from Germany, German contribution to the International Banking Research Network’s project “International Banking and Liquidity Risk Transmission” Kerl C., Koch C.

Consumption Taxation to Finance Pension Payments Ruppert K., Schön M., Stähler N.