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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

Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks

Loeffler, 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

The Failure of ECB Monetary Policy from a Mises-Hayek Perspective

Schnabl, Gunther - 2017

The paper analyses the common European monetary policy based on a Mises-Hayek over-investment framework, which is combined with the theory of optimum currency areas. It shows how since the turn of the millennium a too expansionary monetary policy contributed to unsustainable over-investment...

Persistent link: https://www.econbiz.de/10012958878

Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory

Schnabl, Gunther - 2016

The paper analyses the evolvement and effects of central bank crisis management since the mid 1980s based on a Hayek … towards zero and a gradual expansion of central bank balance sheets. From a Hayek-Mises-Wicksell perspective asymmetric … central bank crisis management has contributed to financial market bubbles, decreasing marginal efficiency of investment …

Persistent link: https://www.econbiz.de/10012977401

Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan : Lessons for the EMU

Fischer, Raphael - 2016

Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis....

Persistent link: https://www.econbiz.de/10012988893

Inflation Targeting by Debtor Central Banks in Emerging Market Economies

Loeffler, Axel - 2013

implementing sterilization costs into the central bank's objective function the inflation bias increases …

Persistent link: https://www.econbiz.de/10013094452