Gunther Schnabl und Tim Sepp untersuchen die Veränderung der Sparkultur in Japan während mehr als 30 Jahren Niedrig-, Null- und Negativzinspolitik. Sie zeigen, wie durch die anhaltend lockere Geldpolitik der Bank von Japan die Sparkultur in Japan grundlegend zu einer sehr niedrigen Haushaltssparquote verändert wurde und so die Wachstumskräfte des Landes anhaltend geschwächt wurden....
Kategorie: Wissenschaftliche Papiere
Are Free Market Fiduciary Media Possible? On the Nature of Money, Banking, and Money Production in the Free Market Order
Recent debates in monetary theory have centered on so-called free banking and the role of banks in providing money in the form of fiduciary media in a pure market economy. Kristoffer Hansen examines how and to what extent fiduciary media can emerge in a pure market economy....
Japanese Monetary Policy and Household Saving
Karl-Friedrich Israel, Tim Sepp and Nils Sonnenberg analyze the impact of monetary policy on household saving in Japan between 1993 and 2017. They show that monetary expansion has contributed to a widening gap in households’ net saving through an adverse effect on the volume of saving of non-academic households. They document how inequality in terms...
Inflationsziel und Inflationsmessung in der Eurozone im Wandel
Viele Menschen im Euroraum haben zunehmend das Gefühl, dass der allgemeine Kaufkraftverlust des Geldes sehr viel höher ist als die offiziell gemessenen Inflationsraten. Gunther Schnabl und Tim Sepp untersuchen, wie Preisstabilität gemessen wird und wie sich die Umsetzung des Ziels der Preisstabilität durch die Europäische Zentralbank verändert hat....
Macroeconomic Policy Making and Current Account Imbalances in the Euro Area
Gunther Schnabl and Taiki Murai analyse 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. Since the European financial and debt crisis, public financing mechanisms and the unconventional monetary of the ECB have contributed to...
The Populist Case for the Gold Standard
There have been many calls for reforming the gold standard since the end of the classical gold standard and especially since the end of Bretton Woods. Kristoffer Mousten Hansen shows in his article that the gold standard is still a superior monetary system, and that the reform of the monetary system is still a...
Covid-19 and the Euthanasia of Interest Rates: A Critical Assessment of Central Bank Policy in Our Times
Thomas Mayer and Gunther Schnabl compare the New Keynesian and Austrian explanations for low interest rates in the light of the Corona crisis. Austrian theory finds that central banks have backed themselves into a corner by creating persistent low-interest expectations...
How to Escape from the Debt Trap: Lessons from the Past
Rising public debt everywhere has raised the question of how to reduce debt again in the future. Thomas Mayer and Gunther Schnabl approach the issue from an historical perspective, based on case studies of prominent approaches to debt reduction, including Italy after World War I and the German hyperinflation....
Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy?
In their article in the Quarterly Journal of Austrian Economics, Gunther Schnabl and Thomas Mayer show that the ECB’s hypothesis that the natural interest rate is below zero is far from being warranted....
Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment
In their paper, Sophia Latsos and Gunther Schnabl scrutinize the role of prolonged, expansionary monetary policy on the savings behavior of Japanese households. They find that monetary policy had a significant impact on Japan’s household behavior via the interest rate channel and the redistribution channel but not the labor income channel....