Yellen (2016) argues that, although this point deserves consideration, the risk of an accumulation of financial imbalances and price instability warrants attention. 3  In what follows, the changes that have taken place in Japan's supply capacity since the 1990s will be discussed by focusing on hysteresis associated with labor input and labor productivity. A. Labor Input 1.
It crosses borders and switches hands. A considerable chunk leaves the euro area altogether. At the end of the day, about one-quarter of the total value of banknotes in circulation remains in Germany, which is roughly in line with the domestic economy’s share of aggregate euro area output.