"It should be reduced gradually over five or six years," said a leading economist, who requested anonymity.

And, last month, 62 leading German economists issued a strongly worded statement arguing against the replacement of the mark.

"The country is decapitalizing itself," lamented a leading economist, a former Government minister.

Even some leading economists seem a bit surprised by the recent trend.

Benjamin Morton Friedman (born 1944) is a leading American political economist.

Mr. Bernanke said some leading economists had warned that stock prices were unsustainably high in 1997, when in fact stocks continued to rise for another three years.

In fact, it bore some resemblance to a proposal made by 10 leading economists who urged a middle ground between fixed prices and a deregulated electricity market.

But some leading economists, like Thomas Schelling, have denounced unfounded worry that could push politicians into costly misguided ventures.

Nevertheless, the German economy, in the judgment of its own leading economists, has continued to grow very slowly.

Woolly-headed nonsense, according to some leading economists.