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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
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Covid-19 and the euthanasia of interest rates : a critical assessment of central bank policy in our times
Mayer, Thomas; Schnabl, Gunther - In: Journal of policy modeling : JPMOD ; a social science … 43 (2021) 6, pp. 1241-1258
Persistent link: https://www.econbiz.de/10013264953
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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
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Monetary policy reform in a World of Central Banks
Schnabl, Gunther - 2011
monetary policy reform in a world dominated by financial markets has led to the erosion of the allocation and signaling … world economy. The backlash of high government debt levels on monetary policy making is argued to have led to a hysteresis … displacement of the prevalent world monetary system. Enhanced competition between dollar and euro as international currencies …
Persistent link: https://www.econbiz.de/10009508892
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A vicious cycle of manias, crises and asymmetric policy responses : an overinvestment view
Hoffmann, Andreas; Schnabl, Gunther - In: The world economy : the leading journal on … 34 (2011) 3, pp. 382-403
Persistent link: https://www.econbiz.de/10009012139
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The macroeconomic policy challenges of balance sheet recession : lessons from Japan for the European crisis
Schnabl, Gunther - 2013
sustainability ; balance sheet recession …
Persistent link: https://www.econbiz.de/10009743745
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Monetary policies of industrial countries, emerging market credit cycles and feedback effects
Hoffmann, Andreas; Schnabl, Gunther - In: Journal of policy modeling : JPMOD ; a social science … 38 (2016) 5, pp. 855-873
Persistent link: https://www.econbiz.de/10011671704
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A Vicious Cycle of Manias, Crashes and Asymmetric Policy Responses - An Overinvestment View
Hoffmann, Andreas - 2013
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/10013095338
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The Macroeconomic Policy Challenges of Balance Sheet Recession : Lessons from Japan for the European Crisis
Schnabl, Gunther - 2013
The paper compares the boom-and-bust cycles in Japan and Europe with respect to the reasons for excessive booms, the characteristics of the crises, and the (potential) effects of the crisis therapies. As in Japan the consequence of expansionary monetary and fiscal policies is the hysteresis of...
Persistent link: https://www.econbiz.de/10013081055
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Monetary policy, financial regulation and financial stability : a comparison between the Fed and the ECB in the wake of the global financial crisis
Schnabl, Gunther; Sonnenberg, Nils - In: Ordo : Jahrbuch für die Ordnung von Wirtschaft und … 71 (2020) 1, pp. 180-210
Persistent link: https://www.econbiz.de/10012621627