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Inflation Targeting by Debtor Central Banks in Emerging Market Economies
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2010
Given buoyant capital inflows and managed exchange rates the majority of emerging market central banks have continued to accumulate massive foreign reserves. If left unsterilized, the liquidity expansion can threaten domestic macroeconomic stability. To contain domestic inflation these central...
Persistent link: https://www.econbiz.de/10008511598
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Limits of Monetary Policy Autonomy and Exchange Rate Flexibility by East Asian Central Banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - Friedrich-Schiller-University Jena - 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/10010693097
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Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks
Löffler, Axel; Schnabl, Gunther; Schobert, Franziska - CESifo - 2012
Due to buoyant capital inflows East Asian central banks with exchange rate targets accumulate foreign reserves and thereby increase surplus liquidity. East Asian central banks with more flexible exchange rate regimes also face surplus liquidity that mainly emanates from past accumulation of...
Persistent link: https://www.econbiz.de/10009649702
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The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy
Schnabl, Gunther; Danne, Christian - Wirtschaftswissenschaftlichen Fakultät, … - 2005
This paper studies the role of the yen/dollar exchange rate in the Bank of Japan?s monetary policy reaction function. In contrast to prior estimations of reaction functions based on the Taylor-rule, we allow for regime shifts by estimating rolling coefficients from January 1974 to March 1999....
Persistent link: https://www.econbiz.de/10009149246
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Limits of monetary policy autonomy and exchange rate flexibility by East Asian central banks
Loeffler, Axel; Schnabl, Gunther; Schobert, Franziska - Wirtschaftswissenschafltiche Fakultät, Universität Leipzig - 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/10010954229
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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/10011584878
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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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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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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