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Monetary policy and wandering overinvestment cycles in East Asia and Europe
Schnabl, Gunther - 2017
The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan,...
Persistent link: https://www.econbiz.de/10011655779
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The failure of ECB monetary policy from a Mises-Hayek perspective
Schnabl, Gunther - 2017
combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary … in Germany, dependent on the national fiscal policy stances. It is argued that the ECB's ultra-loose monetary policy as a …
Persistent link: https://www.econbiz.de/10011619626
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Reverse causality in global current accounts
Schnabl, Gunther; Freitag, Stephan - 2010
Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by … analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created. - Global …
Persistent link: https://www.econbiz.de/10003973544
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Reverse Causality in Global Current Accounts
Schnabl, Gunther - 2010
Germany as center countries with rising/high current account deficits (US) and surpluses (Germany). These are matched by … analysis extends from 1981-2008, the results for Germany mostly capture the situation before the euro was created …
Persistent link: https://www.econbiz.de/10013142986
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Macroeconomic policy making and current account imbalances in the euro area
Murai, Taiki; Schnabl, Gunther - 2021
The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...
Persistent link: https://www.econbiz.de/10012550195
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The Brexit as a forerunner : monetary policy, economic order and divergence forces in the European Union
Müller, Sebastian; Schnabl, Gunther - 2018
integration process. We argue that the market orders shaped in postwar Germany and in Margret Thatcher's United Kingdom have long …
Persistent link: https://www.econbiz.de/10011809903
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Fiscal divergence and current account imbalances in Europe
Schnabl, Gunther; Wollmershäuser, Timo - 2013
Northern European countries, in particular Germany, have tended to be in surplus. The paper scrutinizes the role of diverging …
Persistent link: https://www.econbiz.de/10009702880
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Fiscal dimensions of central banking : the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: part 2
Buiter, Willem H. - In: Quantitative easing : evolution of economic thinking as …, (pp. 135-141). 2016
Persistent link: https://www.econbiz.de/10011498144
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Fiscal dimensions of central banking : the fiscal vacuum at the heart of the Eurosystem and the fiscal abuse by and of the Fed: part 4
Buiter, Willem H. - In: Quantitative easing : evolution of economic thinking as …, (pp. 143-147). 2016
Persistent link: https://www.econbiz.de/10011498145
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055