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Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets - An Overinvestment View
Schnabl, Gunther; Hoffmann, Andreas - 2021
Credit booms have globally fuelled hikes in stock, raw material and real estate markets which have culminated in the recent US subprime market crisis. We explain the global asset market booms since the mid 1980s based on the overinvestment theories of Hayek, Wicksell and Schumpeter. We argue...
Persistent link: https://www.econbiz.de/10013316825
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Wohnimmobilienpreise, Inflationsmessung und Geldpolitik im Euroraum
Herborn, Alexander; Schnabl, Gunther - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 102 (2022) 5, pp. 402-407
. Der Harmonisierte Verbraucherpreisindex (HVPI) von Eurostat, auf den die EZB ihre Geldpolitik ausrichtet, berücksichtigt …
Persistent link: https://www.econbiz.de/10013343542
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Japanese foreign exchange intervention and the Yen/Dollar exchange rate : a simultaneous equations approach using realized volatility
Hillebrand, Eric (contributor); Schnabl, Gunther (contributor) - 2006
Persistent link: https://www.econbiz.de/10003364632
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Japanese foreign exchange intervention and the Yen/Dollar exchange rate : a simultaneous equations approach using realized volatility
Hillebrand, Eric; Schnabl, Gunther; Ulu, Yasemin - 2006
We use realized volatility to study the influence of central bank interventions on the yen/dollar exchange rate. Realized volatility is a technical innovation that allows specifying a system of equations for returns, realized volatility, and interventions without endogeneity bias. We find that...
Persistent link: https://www.econbiz.de/10003366054
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Europäische Geldpolitik Und Zombiefizierung (European Monetary Policy and Zombification)
Herok, David J. - 2018
Ausstieg aus der sehr lockeren Geldpolitik. Nur ein Ausstieg kann jedoch entscheidend der fortschreitenden Zombiefizierung …
Persistent link: https://www.econbiz.de/10012917003
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Limits of monetary policy autonomy and exchange rate flexibility by East Asian central banks
Loeffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2013
Given low interest rates in the large industrial countries and buoyant capital inflows into the emerging markets East Asian central banks have accumulated large stocks of foreign reserves. As the resulting easing of monetary conditions has become a threat to domestic price and financial...
Persistent link: https://www.econbiz.de/10010319181
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Limits of Monetary Policy Autonomy and Exchange Rate Flexibility by East Asian Central Banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - 2013
Given low interest rates in the large industrial countries and buoyant capital inflows into the emerging markets East Asian central banks have accumulated large stocks of foreign reserves. As the resulting easing of monetary conditions has become a threat to domestic price and financial...
Persistent link: https://www.econbiz.de/10010334494
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Wege zu einer stabilitäts- und wachstumsorientierten Geldpolitik aus österreichischer Perspektive
Schnabl, Gunther - 2015
Hayek (1929, 1937) expansive Geldpolitik als Ursache für Boom-und-Krisen-Zyklen auf den Finanzmärkten sowie für langfristige … asymmetrische Geldpolitik begünstigt eine Substitution von Realinvestitionen durch Finanzinvestitionen, von privaten Investitionen … der Geldpolitik verursachte Reallohnrepression werden als Gründe für die Hysterese sehr expansiver Geldpolitik …
Persistent link: https://www.econbiz.de/10011282534
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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/10011431295
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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/10011657109