Similar Search Results

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

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

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

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-Mises-Wicksell overinvestment framework. It is shown that, given that the traditional transmission mechanism between monetary policy and consumer price inflation has collapsed,...

Persistent link: https://www.econbiz.de/10011561161

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

Monetary Policy Crisis Management as a Threat to Economic Order

Freytag, Andreas - 2017

The paper analyses the effects of the monetary policy crisis management of the European Central Bank on the economic 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,...

Persistent link: https://www.econbiz.de/10012960114

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

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

Europäischer geldpolitischer Exit im Zeichen von QE2 und Staatsanleihekäufen der EZB

Belke, Ansgar; Schnabl, Gunther - In: Vierteljahrshefte zur Wirtschaftsforschung / Quarterly … 79 (2010) 4, pp. 147-161

A sequence of crises and emergency interest rate cuts has moved global interest rates towards zero and government debt to historical records. We discuss the available options to exit from unconventional monetary policies and unsustainable government debt. First, we shed light on the probability...

Persistent link: https://www.econbiz.de/10008919645