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The East Asian Dollar Standard, Fear of Floating, and Original Sin
McKinnon, Ronald - 2007
-crisis levels. By 2002, the day-to-day volatility of each country's exchange rate against the dollar has again become negligible. In …
Persistent link: https://www.econbiz.de/10012729302
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The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy
Schnabl, Gunther - 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/10014084106
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Exit strategies from monetary expansion and financial repression
Schnabl, Gunther - In: The Cato journal : an interdisciplinary journal of … 38 (2018) 2, pp. 447-465
Persistent link: https://www.econbiz.de/10011981467
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Exit strategies from monetary expansion and financial repression
Schnabl, Gunther - In: Monetary policy in an uncertain world : ten years after …, (pp. 105-123). 2018
Persistent link: https://www.econbiz.de/10011994461
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Inter-temporal savings, current account dynamics and asymmetric shocks in a heterogeneous European Monetary Union
Schnabl, Gunther; Zemanek, Holger - 2010
theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the … round of monetary expansion in the EMU. -- monetary union ; German unification ; asymmetric shock ; current account … imbalances ; inter-temporal savings ; financial crisis ; euro crisis ; European debt crisis ; theory of optimum currency areas …
Persistent link: https://www.econbiz.de/10008798227
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Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union
Schnabl, Gunther - 2013
theory of optimum currency areas. We show that the asymmetric shock of the German unification can be seen not only as the …
Persistent link: https://www.econbiz.de/10013094029
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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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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/10009640332
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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
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Determinants of global and intra-European imbalances
Schnabl, Gunther; Freitag, Stephan - 2011
The paper discusses global current account imbalances in the context of an asymmetric world monetary system and asymmetric current account developments. It identifies the US and Germany as center countries with rising / high current account deficits (US) and surpluses (Germany). These are...
Persistent link: https://www.econbiz.de/10009508894