This paper provides a theoretical framework and some empirical information on the shift from industrialization to de-industrialization which typically occurs in the course of economic growth. It is suggested that such a non-monotonic structural change is caused by a diminishing productivity bias...

Table of Contents: I. Kräftige Konjunkturbelebung verstärkt Inflationserwartungen in den Industrieländern 3 1. Deutliche Zunahme der Produktion 3 2. Ausblick: Geldpolitik dämpft Konjunktur 1989 6 3. Stabilitätsorientierung der Geldpolitik kontrovers 8 II. Was kann die Geldpolitik leisten? 9...