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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

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

Monetary policies of large industrialised countries, emerging market credit cycles and feedback effects

Andreas, Hoffmann; Schnabl, Gunther - 2014

. Based on an overinvestment framework, we show that in the prevailing asymmetric world monetary system, monetary policies of …

Persistent link: https://www.econbiz.de/10010337620

Adverse effects of ultra-loose monetary policies on investment, growth and income distribution

Hoffmann, Andreas; Schnabl, Gunther - 2016

The paper analyses adverse investment, growth and distributional effects of ultra-loose monetary policies based on the monetary overinvestment theories of Hayek and Mises. We argue that ultra-loose monetary policies create incentives to substitute real investment by financial investment. When...

Persistent link: https://www.econbiz.de/10011428355

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

Price level determinacy and monetary policy under a balanced-budget requirement

Schmitt-Grohé, Stephanie; Uribe, Martín - 1998

This paper analyzes the implications of a balanced-budget fiscal policy rule for price-level determination in a cash-in-advance economy under three alternative monetary policy regimes. It shows that the price level is indeterminate under a nominal interest rate peg and determinate under a money...

Persistent link: https://www.econbiz.de/10011576552

A vicious cycle of manias, crashes and asymmetric policy responses : an overinvestment view

Hoffmann, Andreas; Schnabl, Gunther - 2009

The business cycles theories of Wicksell (1898), Schumpeter (1912), Mises (1912), Hayek (1929, 1935) and Minsky (1986, 1992) explain business cycles by distorted prices on capital markets, buoyant credit expansion and overinvestment. The exuberance during the boom endogenously causes the...

Persistent link: https://www.econbiz.de/10003910416

Is optimal capital-control policy countercyclical in open-economy models with collateral constraints?

Schmitt-Grohé, Stephanie; Uribe, Martín - 2016

Persistent link: https://www.econbiz.de/10011528580

Multiple equilibria in open economy models with collateral constraints : overborrowing revisited

Schmitt-Grohé, Stephanie; Uribe, Martín - 2016

Persistent link: https://www.econbiz.de/10011493634

Is optimal capital-control policy countercyclical in open-economy models with collateral constraints?

Schmitt-Grohé, Stephanie; Uribe, Martín - 2016

Persistent link: https://www.econbiz.de/10011587047