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Asymmetic Macroeconomic Policies, Weak Rules and Muddy Growth Perspectives (Asymmetrische Makropolitiken, Schwache Regelmechanismen Und Eingetrübte Wachstumsperspektiven) (German)

Schnabl, Gunther - 2009

The macroeconomic policy response to the global financial and economic crisis has brought interest rates (close to) zero and the public debt to record levels despite institutionalized monetary and fiscal polity rules. The paper discusses the long-term implications of asymmetric fiscal and...

Persistent link: https://www.econbiz.de/10014202495

Fiscal Divergence, Current Account and TARGET2 Imbalances in the EMU

Abad, José M. - 2012

deposit flight from the crisis economies is substituted by central bank credit. Given that this process has brought Deutsche …

Persistent link: https://www.econbiz.de/10013108357

Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks

Löffler, Axel - 2013

-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange …

Persistent link: https://www.econbiz.de/10013091528

Japan's low inflation conundrum

Mayer, Thomas; Schnabl, Gunther - 2022

factors directly or indirectly influenced by the Bank of Japan: increased money holding of households and corporations …, central bank-backed debt-financed price controls and net capital outflows. …

Persistent link: https://www.econbiz.de/10013284915

Monetary Policy Reform in a World of Central Banks

Schnabl, Gunther - 2012

The paper identifies based on the monetary over investment theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a neglect towards monetary policy reform in a world dominated by...

Persistent link: https://www.econbiz.de/10013111361

Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik

Hoffmann, Andreas; Schnabl, Gunther - 2011

die Rückkehr zu symmetrischen Regeln in der Geld- und Finanzpolitik gefordert. -- Regeln ; Geldpolitik ; Finanzpolitik …

Persistent link: https://www.econbiz.de/10009233361

Limits of monetary policy autonomy by East Asian debtor central banks

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2012

-Gordon-type central bank loss function that in both cases surplus liquidity limits monetary policy autonomy. In case of fixed exchange …

Persistent link: https://www.econbiz.de/10009500749

Limits of monetary policy autonomy and exchange rate flexibility by East Asian central banks

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2013

Asian central banks into debtor positions versus the domestic banking systems. We show based on a central bank loss function … financial repression, or rising inflation or both. Assuming that a debtor central bank moved towards a freely floating exchange …

Persistent link: https://www.econbiz.de/10009775810

Macroeconomic policy making, exchange rate adjustment and current account imbalances in emerging markets

Duarte, Pablo; Schnabl, Gunther - 2014

Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...

Persistent link: https://www.econbiz.de/10010431297

Limits of monetary policy autonomy and exchange rate flexibility by East Asian Central Banks

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2013

Persistent link: https://www.econbiz.de/10010221431