By Andrea Sommariva
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Additional info for German Macroeconomic History, 1880–1979: A Study of the Effects of Economic Policy on Inflation, Currency Depreciation and Growth
The ensuing growth in financial variables, and long and variable adjustment Jags Jed to deviations of the real financial interest rate from its equilibrium level, thereby affecting real economic activity, as occurred in the early 1920s, before and during the hyperinflation period. However, the analysis of the behaviour of tHe government and of monetary authorities and the observed time profile of prices suggest that a stable relationship between money and prices existed in the long run, while economic activity did not seem to be positively affected by monetary and fiscal policies.
This pattern is a characteristic of many countries in the early stages of industrialisation. 6 per percentage points. The decline occurred almost entirely in the 1970s. The share of services instead increased very rapidly from 42 per cent in 1950 to 52 per cent in 1979, while the share of agriculture continued to decline reaching 2 per cent in 1979. 6 Average productivity of labour by sector in selected years (1880 = 100), 1880-1979 1880 1890 1900 1913 1925 1930 1938 1950 1960 1970 1979 Agriculture" Jndustryh 100 120 151 157 109 147 169 135 261c 474c 778c 100 115 145 194 186 207 258 258 503c 853c 1201c Including forestry and fisheries.
8 shows Long- Term Growth, Money and Inflation 37 the trade deficits and the share of industry in NNP in each decade of the period 1880-1979. The chart indicates that during the period of rapid industrialisation between 1880 and 1930, the trade balance showed in general large deficits. In the years 1950-79, in which the share of industry increased slightly or was declining, the trade balance moved into a surplus. 32 Although the trade account registered a deficit in every decade of the gold standard, there were marked differences in the various decades.