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- Figure 2: Real activity (DE: Germany) (2.a) Germany: real GDP & aggregate demand components (2.b) YoY GDP growth rates (Germany, REA, ROW) 80 85 90 95 100 105 110 115 120 125 130 95 97 99 01 03 05 07 09 11 13 1995=100 Year Y C G I
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- Figure 3: Interest rates, inflation, exchange rates (DE: Germany) (3.a) Nominal interest rates: DE, REA, ROW, %p.a. (3.b) YoY growth of GDP deflator, % (3.c) Nominal effective exchange rate: DE vs. REA (3.d) Real exchange rates: DE-REA; DE-ROW Rise: DE appreciat.; exch. rate 1999-2012 normalized at 1 Rise: DE appreciation
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- Nominal interest rates for the DE and RoEA blocks are as follows. The nominal interest rate of DE corresponds to the 3-month money market rate for Germany prior to 1999. The RoEA nominal rate is calculated from the German rate and the synthetically EA rate: ,€ ,€ ,€ ,€ 1 DE EA DE t t t EA RE t t DE t EA t YN i i YN i YN YN ï€ ï€½ ï€ , During 1999q1-2004q2, the DE and RoEA nominal rates correspond to the 3-month money market interest rate for the EA. From 2004q3 on, DE INOM corresponds to the AAA government bond yields in the EA for 3-month maturity as published by the ECB. The corresponding RoEA rate then follows from the average EA 3-month bond yield for all ratings and the 3-month AAA rate as above.
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