:

 , 2011

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60311 Frankfurt am Main
Germany

Postfach 16 03 19
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Germany

+49 69 1344 0

http://www.ecb.europa.eu

+49 69 1344 6000

Dieter Gerdesmeier

MEDIA CONSULTA Advertising GmbH
Wassergasse 3
10179 Berlin
Germany

Andreas Pangerl
Corbis

Image Source
Media Consulta
Photos.com
.
,
.

ISBN ( ) 978-92-899-0736-1


:


;

1 

11

2 

2.1 

2.2 

13
14
16

21
22
22
27


3.1 ;
3.2 
3.3 

4 

4.1 

4.2 
;

4.3 
;

4.4 


4.5 



5.1 
5.2 
5.3 
5.4 


35
36
38
40
45
48

51
52
56
60
78

83

1:  85
2: 

87

95

3.1 

23

3.2
Fisher

26

3.3 

30

3.4 

31

4.1 (ex ante)

; 

39

4.2
;

41

4.3 

49

5.1 , 

52

5.2 

57

5.3 

64

5.4 

65

5.5


66

5.6 

68

5.7 

71

5.8 

73

5.9 

74

, .


()

,
,
,
H. Ahnert, W.Bier, D.Blenck, J.Cuvry, G.Deschamps,
L.Dragomir,

S.Ejerskov,

G.Fagan,

A.Ferrando,

L.Ferrara, S.Keuning, H.-J.Klckers, D.Lindenlaub,

A. Lojschova, K.Masuch, W.Modery, P.Moutot, A. Page,
H.Pill,

C.Pronk,

B.Roffia,

C.Rogers,

P.Sandars,

D. Schackis, H.J.Schlsser, G.Vitale, C.Zilioli.

Dieter Gerdesmeier
, 2011

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:
Money Growth and Inflation:
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Average Annual Rates of Growth in M2 and in Consumer Prices

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, , .
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, , .
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, , .
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, , .
(2000),
, , .
(2000),
, , .
(2001),
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, .
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