Similar Search Results

Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment

Latsos, Sophia; Schnabl, Gunther - 2021

This paper scrutinizes the role of prolonged, expansionary monetary policy on the savings behavior of Japanese households, focusing on the dramatic change of the household savings rate since 1998, from high to low savings. The literature generally attributes this change to the country’s shift...

Persistent link: https://www.econbiz.de/10012581990

Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

Murai, Taiki; Schnabl, Gunther - 2021

The paper analyses the role of fiscal and monetary policy for the development of the current account imbalances in the euro area, including the most recent developments during the coronavirus crisis. Several financial transmission channels such as international bank lending, changes in TARGET2...

Persistent link: https://www.econbiz.de/10012599240

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

Fischer, Raphael; Schnabl, Gunther - 2016

Europe, if the crisis persists. …

Persistent link: https://www.econbiz.de/10011480491

A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

Schnabl, Gunther; Danne, Christian - CESifo - 2007

Few papers have tried to project how Chinese monetary policy will behave under flexible exchange rates. As Japan provides an important role model for China, this paper studies the role of the yen/dollar exchange rate for Japanese monetary policy after the shift of Japan from a fixed to a...

Persistent link: https://www.econbiz.de/10005405989

The global move into the zero interest rate and high debt trap

Schnabl, Gunther - Wirtschaftswissenschafltiche Fakultät, Universität Leipzig - 2013

The paper identifies based on the monetary overinvestment (malinvestment) theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a benign neglect towards monetary policy reform in a...

Persistent link: https://www.econbiz.de/10010954227

Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets

Duarte, Pablo; Schnabl, Gunther - CESifo - 2014

Europe are fiscal policy stances. Only for the Latin American countries the exchange rate seems to play a significant role. …

Persistent link: https://www.econbiz.de/10011075721

Japan's Low Inflation from a Quantity Theory Perspective

Schnabl, Gunther; Murai, Taiki - 2024

The paper examines the relationship between money and prices in Japan based on Fisher's (1911) transactions version of the quantity theory of money. Money is defined as aggregate debt less net foreign assets. A general price index is constructed from consumer prices, real estate prices, stock...

Persistent link: https://www.econbiz.de/10015175221

Monetary Policy Crisis Management as a Threat to Economic Order

Freytag, Andreas; Schnabl, Gunther - 2017

order of Germany. It is argued that in post-war Europe the German social market economy as designed by Eucken (1952) and … Europe as a whole. It is shown that the monetary policy rescue measures of the European Central Bank have undermined the …) growth and welfare in Germany and Europe. As the outcome is crumbling social cohesion and growing political instability, a …

Persistent link: https://www.econbiz.de/10011615918

Monetary Policy Reform in a World of Central Banks

Schnabl, Gunther - Friedrich-Schiller-University Jena - 2012

The paper identifies based on the monetary overinvestment theories by Wicksell (1898), Mises (1912) and Hayek (1929) monetary policy mistakes in large industrial countries issuing international currencies. It its argued that a neglect towards monetary policy reform in a world dominated by...

Persistent link: https://www.econbiz.de/10010550981

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