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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

The Japanese banks in the lasting low-, zero- and negative-interest rate environment

Murai, Taiki; Schnabl, Gunther - In: Credit and capital markets : Kredit und Kapital 54 (2021) 1, pp. 1-16

Persistent link: https://www.econbiz.de/10012581600

The Japanese banks in the lasting low-, zero- and negative-interest rate environment

Schnabl, Gunther; Murai, Taiki - 2020

The bursting of the Japanese bubble economy in the early 1990s put the stage for a lasting lowzero-, and negative-interest rate environment, which fundamentally changed the business environment for the Japanese commercial banks. On the income side, with interest margins becoming increasingly...

Persistent link: https://www.econbiz.de/10012391096

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

Macroeconomic policy making, exchange rate adjustment and current account imbalances in emerging markets

Duarte, Pablo; Schnabl, Gunther - In: Review of development economics 19 (2015) 3, pp. 531-544

Persistent link: https://www.econbiz.de/10011396782

Macroeconomic policy making, exchange rate adjustment and current account imbalances in emerging markets

Duarte, Pablo; Schnabl, Gunther - 2014

Since a series of crisis events after 2007, the discussion about the adjustment channels of current account imbalances has been revived. We discuss the effectiveness of exchange rates versus macroeconomic policies to rebalance current accounts for a set of 86 mainly emerging market economies. We...

Persistent link: https://www.econbiz.de/10010431297