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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/10013221180

How to Escape from the Debt Trap : Lessons from the Past

Mayer, Thomas; Schnabl, Gunther - 2021

, hyperinflation in Germany after World War I, inflation in Argentina since the 1980s, currency reform in Germany after WW II, and …

Persistent link: https://www.econbiz.de/10013227606

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/10010291505

Current account imbalances and structural adjustment in the Euro area : how to rebalance competitiveness

Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009

Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...

Persistent link: https://www.econbiz.de/10010271783

Reasons for the Demise of Interest : Savings Glut and Secular Stagnation or Central Bank Policy?

Schnabl, Gunther - 2019

, from the perspective of Austrian business cycle theory, interest rates were step by step decreased by central banks to … nihilo and the need of time to produce capital invalidates the IS identity assumed in the Keynesian theory to hold …

Persistent link: https://www.econbiz.de/10012858697

A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

Schnabl, Gunther; Danne, Christian - 2021

Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a...

Persistent link: https://www.econbiz.de/10013316946

Japan's Low Inflation Conundrum

Mayer, Thomas; Schnabl, Gunther - 2022

The paper analyses the reasons for Japan’s persistently low inflation since the bursting of the Japanese bubble economy (low inflation conundrum). It is shown that Japan experienced a structural break from a high-growth period with relatively high inflation to a low-growth period with...

Persistent link: https://www.econbiz.de/10014081262

Monetary Policy Crisis Management as a Threat to Economic Order

Freytag, Andreas; Schnabl, Gunther - 2017

order of Germany. It is argued that in post-war Europe the German social market economy as designed by Eucken (1952) and … Müller-Armack (1966) has been a core element of growth, welfare, social cohesion and political stability in Germany and …) growth and welfare in Germany and Europe. As the outcome is crumbling social cohesion and growing political instability, a …

Persistent link: https://www.econbiz.de/10011615918

Alternative Measures of Price Inflation and the Perception of Real Income in Germany

Israel, Karl-Friedrich; Schnabl, Gunther - 2020

estate, as well as the costs of public goods to develop alternative inflation measures in Germany since the introduction of …

Persistent link: https://www.econbiz.de/10012314870

Inflation targeting by debtor central banks in emerging market economies

Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2010

Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...

Persistent link: https://www.econbiz.de/10010270652