In the 1800s and up  1  Bordo, M.D. and Jonung, L. (1987), "The long-run behaviour of the velocity of circulation". Cambridge University Press and Norges Bank  2  J.D. Sachs, F. Larrain (193), Macroeconomics in the Global Economy  BIS Review 46/2003  3  to the First World War, the gold standard and price fluctuations in the agricultural sector contributed to alternating inflation and deflation. In the interwar period 1918-1940, real interest rates were fairly high, sometimes well above 5 per cent. This was partly due to the policy of gold parity and the reestablishment of the gold standard, which resulted in high nominal interest rates in a number of countries. The post-Second World War era can be divided into two periods. The postwar period up to the collapse of the Bretton Woods agreement in 1971 was characterised by unusually low real interest rates, ranging from 0 to 2 per cent. Real interest rates were low despite high returns in the stock market, strong growth in output and in stocks of real capital. According to most economic growth theories, this should have been accompanied by a high real interest rate. From a more short-term perspective, however, low real interest rates led to high investment activity and growth. However, this probably contributed to the tensions that led to the marked changes in economic policy in the 1970s and 1980s, internationally and in Norway. To a certain extent, a negative real interest rate characterised the 1970s and most of the 1980s in Norway.
European Central Bank: Press conference on the chosen design for the New ECB Premises Introductory statements by Mr Jean-Claude Trichet, President of the European Central Bank, and Mr Lucas Papademos, Vice President of the European Central Bank, to the press conference on the chosen design of the international urban planning and architectural design competition for the New ECB Premises, Frankfurt, 20 January 2005. *  *  *  Ladies and gentlemen, We have invited you today for the presentation of the chosen design proposal in the international urban planning and architectural design competition for the New ECB Premises. In our introductory remarks we would like to do the following: first, to briefly recall the main steps that have led to the outcome of the competition. Second, to present the chosen design proposal in some detail. And third, to explain what happens next. Afterwards, we will be happy to answer further questions, as will the chosen architect when it comes to technical questions on the design proposal. The decision of the Governing Council / the conclusion of the competition Last Thursday, on 13 January 2005, “the Governing Council chose the design for the ECB’s new premises out of the 3 revised design proposals of the 3 prize winners of the international urban planning and architectural design competition.