Macroeconomic research topics have become rather diversified during the last ten years. In order to communicate new research results from different fields of applied macroeconometrics the Halle Institut for Economic Research (IWH) organizes a workshop every year. This volume contains the contributions to the 3rd Workshop held in November 2003 at the Halle Institute. It covers a varity of empirical topics, including economic growth, business cycle dynamics, and monetary issues. Among others, it examines the role of certain factors on economic growth, like economic integration, foreign direct investment, defense expenditure, and bond market developments. Business cycle issues refer to the decreasing volatility of output and real wage dynamics. In Addition, the monetary transmission process is discussed.