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Fiscal Divergence, Current Account and TARGET2 Imbalances in the EMU
Abad, Jose - 2012
surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging … Bundesbank into a debtor position to the domestic financial system, we discuss options for liquidity absorption by Deutsche … reduction of TARGET2 imbalances and therefore surplus liquidity in Germany …
Persistent link: https://www.econbiz.de/10013108357
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Fiscal divergence, current account and TARGET2 imbalances in the EMU
Abad, José M.; Löffler, Axel; Schnabl, Gunther; … - 2012
surplus liquidity absorption within an asymmetric EMU. It is argued that starting from the turn of the millennium diverging … brought Deutsche Bundesbank into a debtor position to the domestic financial system, we discuss options for liquidity …
Persistent link: https://www.econbiz.de/10009506528
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Fiscal divergence, current account divergence and TARGET2 imbalances in the EMU
Abad, José M.; Löffler, Axel; Schnabl, Gunther; … - In: Intereconomics : review of European economic policy 48 (2013) 1, pp. 51-58
discusses options for liquidity absorption by the Bundesbank to forestall asset price bubbles in Germany. …
Persistent link: https://www.econbiz.de/10009704974
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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/10009743745
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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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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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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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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/10012550195
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The Brexit as a forerunner : monetary policy, economic order and divergence forces in the European Union
Müller, Sebastian; Schnabl, Gunther - 2018
We analyze the effects of the increasingly expansionary monetary policies on the economic order and on the European integration process. We argue that the market orders shaped in postwar Germany and in Margret Thatcher's United Kingdom have long served as cornerstones for growth, prosperity and...
Persistent link: https://www.econbiz.de/10011809903
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Reverse causality in global current accounts
Schnabl, Gunther; Freitag, Stephan - 2010
The paper discusses global imbalances under the aspect of an asymmetric world monetary system. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are matched by current account surpluses of countries stabilizing...
Persistent link: https://www.econbiz.de/10003973544