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Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan : Lessons for the EMU
Fischer, Raphael - 2016
Both Japan and parts of the European Monetary Union have experienced boom and bust in stock and real estate markets, which have been followed by a lasting crisis. The paper analyses the role of a high degree of regional heterogeneity for public debt and monetary policy in the context of crisis....
Persistent link: https://www.econbiz.de/10012988893
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Monetary policy and wandering overinvestment cycles in East Asia and Europe
Schnabl, Gunther - 2017
The paper analyses the role of monetary policy for cyclical movements of investment and asset markets in East Asia and Europe based on a Mises-Hayek overinvestment framework. It is shown how the gradual global decline of interest rates has triggered wandering overinvestment cycles in Japan,...
Persistent link: https://www.econbiz.de/10011655779
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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/10011619626
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Nominal Versus Real Convergence with Respect to Emu Accession - Emu Entry Scenarios for the New Member States
De Grauwe, Paul; Schnabl, Gunther - 2005
European new EU member states. Based on a Balassa-Samuelson model of productivity driven inflation, it finds a high probability … of higher inflation in the new member states. It compares the policy options which might make the compliance possible, i …
Persistent link: https://www.econbiz.de/10014064076
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Inflationsziel und Inflationsmessung in der Eurozone im Wandel
Schnabl, Gunther; Sepp, Tim - 2021
Persistent link: https://www.econbiz.de/10012547751
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Inflationsziel und Inflationsmessung in der Eurozone im Wandel
Schnabl, Gunther; Sepp, Tim - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 101 (2021) 8, pp. 615-620
gefühlte Inflation im Euroraum bei 4,5 %, während die offiziell gemessene Inflationsrate 1 % betrug. Das könnte daran liegen … the officially measured inflation rates. For example, according to survey results, perceived inflation in the first … quarter of 2021 in the euro area was 4.5 %, while the officially measured inflation rate was 1 %. This could be due to the …
Persistent link: https://www.econbiz.de/10012660848
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Fiscal Divergence, Current Account and TARGET2 Imbalances in the EMU
Abad, Jose - 2012
The paper scrutinizes the reasons for the European debt crisis, the implications for TARGET2 imbalances and options for surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging fiscal policy paths and diverging unit labor costs...
Persistent link: https://www.econbiz.de/10013108357
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Housing prices, inflation measurement and monetary policy in the euro area
Herborn, Alexander; Schnabl, Gunther - In: Wirtschaftsdienst : Zeitschrift für Wirtschaftspolitik 102 (2022) 5, pp. 402-407
officially measured inflation rates and highlights the weaknesses of the ECB’s envisioned approach. …
Persistent link: https://www.econbiz.de/10013343542
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Current account imbalances and structural adjustment in the euro area: how to rebalance competitiveness
Zemanek, Holger; Belke, Ansgar; Schnabl, Gunther - 2009
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10003936156
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Current account imbalances and structural adjustment in the euro area : how to rebalance competitiveness?
Belke, Ansgar; Schnabl, Gunther; Zemanek, Holger - 2009
Low international competitiveness of a set of euro area countries, which have become evident by large current account deficits and rising risk premiums on government bonds, is one of the most challenging economic policy issues for Europe. We analyse the role of private restructuring and public...
Persistent link: https://www.econbiz.de/10010206356