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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 overinvestment 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 overinvestment booms...

Persistent link: https://www.econbiz.de/10011619626

Limits of monetary policy autonomy by East Asian debtor central banks

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

thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus … liquidity that mainly emanates from past accumulation of foreign reserves. We show based on an augmented Barro …-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

Optimal central bank conservatism and monopoly trade unions

Berger, Helge; Hefeker, Carsten; Schöb, Ronnie - 2001

OPTIMThe conservative central banker has come under attack recently. Explicitly modeling the interaction of a trade union with monetary policy, it has been argued that the standard solution to the inflationary bias in monetary policy might actually be welfare reducing if the trade union has an...

Persistent link: https://www.econbiz.de/10011397779

One country, one vote? : labor market structure and voting rights in the ECB

Berger, Helge; Hefeker, Carsten - 2004

The pending enlargement of the European Monetary Union (EMU) has brought to the fore the discussion of the voting right distribution in the European Central Bank (ECB) council. We show that, in a model where labor unions internalize the inflationary consequences of wage setting, deviating from a...

Persistent link: https://www.econbiz.de/10011402520

Does conservatism matter? : a time series approach to central banking

Berger, Helge; Woitek, Ulrich - 1999

The empirical literature on central banking has found measures of central bank independence/conservatism to be negatively correlated with inflation and inflation variance across countries. But the cross-country approach has been criticised for its focus on policy outcomes instead of policies,...

Persistent link: https://www.econbiz.de/10009781685

Reasons for the demise of interest : savings glut and secular stagnation or central bank policy?

Mayer, Thomas; Schnabl, Gunther - 2019

In this paper we compare the Keynesian, neoclassical and Austrian explanations for low interest rates and sluggish growth. From a Keynesian and neoclassical perspective low interest rates are attributed to ageing societies, which save more for the future (global savings glut). Low growth is...

Persistent link: https://www.econbiz.de/10012124862

Central bank boards around the world : why does membership size differ?

Berger, Helge (contributor); Nitsch, Volker (contributor); … - 2007

Persistent link: https://www.econbiz.de/10003462873

Too many cooks? : committees in monetary policy

Berger, Helge (contributor); Nitsch, Volker (contributor) - 2008

Persistent link: https://www.econbiz.de/10003674426

Restructuring the ECB

Berger, Helge; Haan, Jakob de; Inklaar, Robert - 2003

Soon, euro area membership could more than double, with the vast majority of accession countries being quite different in economic terms compared with current members. Under the current decision-making system, this can lead to high decisionmaking costs and there is a risk that monetary policy...

Persistent link: https://www.econbiz.de/10011511101

How should large and small countries be represented in a currency union?

Berger, Helge (contributor); Mueller, Till (contributor) - 2004

The likely extension of the euro area has triggered a debate on the organization of the ECB, in particular on the apparent mismatch between relative economic size and voting rights in the Council. We present a simple model of optimal representation in a federal central bank addressing this...

Persistent link: https://www.econbiz.de/10002521678