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Monetary policy, financial regulation and financial stability : a comparison between the Fed and the ECB
Schnabl, Gunther; Sonnenberg, Nils - 2020
The paper analyses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It compares the financial market stabilization measures of the Federal Reserve System and the European System of Central Banks...
Persistent link: https://www.econbiz.de/10012197673
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Finanzkrise, globale Liquidität und makroökonomischer Exit
Belke, Ansgar; Schnabl, Gunther - 2010
task - the coordination of the non-exit is more likely than the coordination of the exit. -- Geldpolitik ; Fiskalpolitik …
Persistent link: https://www.econbiz.de/10008855893
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The Japanese banks in the lasting low-, zero- and negative-interest rate environment
Schnabl, Gunther; Murai, Taiki - 2020
The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting lowzero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly...
Persistent link: https://www.econbiz.de/10012391096
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Monetary policy operations of debtor central banks in mena countries
Schnabl, Gunther; Schobert, Franziska - 2007
The paper analyses the monetary policy operations of central banks in the Middle East and North Africa (MENA). We distinguish the pattern of monetary policy operations of the liquidity providing central banks of the large industrialized countries (creditor central banks) and the liquidity...
Persistent link: https://www.econbiz.de/10009011727
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Limits of monetary policy autonomy and exchange rate flexibility by East Asian central banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2013
Given low interest rates in the large industrial countries and buoyant capital inflows into the emerging markets East Asian central banks have accumulated large stocks of foreign reserves. As the resulting easing of monetary conditions has become a threat to domestic price and financial...
Persistent link: https://www.econbiz.de/10009775810
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China's exchange rate impasse and the weak US dollar
McKinnon, Ronald I.; Schnabl, Gunther - 2008
In assessing Alexander Swoboda's great influence on economics, two themes stand out: the determinants of global inflation, particularly in the 1970s, and the choice of an exchange rate regime consistent with domestic monetary and fiscal policies. Although seemingly narrowly focused on China, our...
Persistent link: https://www.econbiz.de/10003818402
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The global move into the zero interest rate and high debt trap
Schnabl, Gunther - 2013
benign neglect towards monetary policy reform in a world dominated by financial markets has led to a erosion of the … distortions in the world economy. The backlash of high government debt levels on monetary policy making is argued to lead to the … the exit from low interest rates and high debt policies and a reform of the prevalent world monetary system. It is …
Persistent link: https://www.econbiz.de/10009769015
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Fiscal divergence, current account and TARGET2 imbalances in the EMU
Abad, José M.; Löffler, Axel; Schnabl, Gunther; … - 2012
The paper scrutinizes the reasons for the European debt crisis, the implications for TARGET2 imbalances and options for surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging fiscal policy paths and diverging unit labour costs...
Persistent link: https://www.econbiz.de/10009506528
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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
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Inflationsziel und Inflationsmessung in der Eurozone im Wandel
Schnabl, Gunther; Sepp, Tim - 2021
Persistent link: https://www.econbiz.de/10012547751