Prof. Dr. Gunther Schnabl  


Institute for Economic Policy
University of Leipzig
Grimmaische Straße 12
D-04109 Leipzig

Email: schnabl(at)
Phone: +49-(0) 341-9733561
Fax:     +49-(0) 341-9733569

Room: I241
Office hours on appointment

Fields of Research

  • International Finance
  • Monetary Integration and Currency Union
  • East Asian Monetary Integration
  • Monetary Overinvestment Theories and Crisis
  • Fragmented Financial Markets in Emerging Market Economies

Curriculum Vitae

Current Positions
  • Professor of Economics, Chair of Economic Policy, Leipzig University
  • Head of the Institute of Economic Policy, Leipzig University
Former Positions
  • Advisor at the European Central Bank, DG EU Neighboring Regions
  • Research Assistent, Chair for Economic Policy, University of Tübingen
Professional Activities
  • CESifo Research Fellow
  • Research Committee on Economic Policy, German Economic Society
  • Member of the Board of the German Economic Society
Editorial Services
  • Editorial Board of ORDO - Jahrbuch für die Ordnung von Wirtschaft und Gesellschaft
  • Economists’ Voice
Visiting Positions
  • Université Paris I Sorbonne-Panthéon (04/10 – 05/10)
  • European Central Bank (05/04 - 01/05)
  • Catholic University Leuven (10/02 – 09/04)
  • Bank of Japan, IMES (03/03 – 04/03)
  • Stanford University (09/01 – 06/02)
  • Federal Reserve Bank of New York (03/01)
  • Deutsche Bundesbank (10/00 – 12/00)
  • University of Tokyo (06/97 – 04/98)


Full list of publications


Net Foreign Asset Positions and Appreciations Expectations on the Japanese Yen and the Swiss Franc. CESifo Working Paper 5490. Forthcoming in International Economics and Economic Policy 15 (2018). Together with Sophia Latsos.

Regional Heterogeneity and the Rise of Public Debt in Japan in the Post-Bubble Crisis: Lessons for the EMU. CESifo Working Paper 5908. Forthcoming in International Economics and Economic Policy 15 (2018). Together with Raphael Fischer.

Monetary Policy and Overinvestment in East Asia and Europe. Asia Europe Journal 15 (2017), 4, 445-462.

Beyond Balassa and Samuelson: Real Convergence, Capital Flows, and Competitiveness in Greece. Together with Ansgar Belke and Ulrich Haskamp. Forthcoming in Empirica 44 (2017).

Monetary Policy Crisis Management as a Threat to Economic Order. Together with Andreas Freytag. Credit and Capital Markets 50 (2017), 2, 151-169.

Exchange Rate Rate Regime, Financial Market Bubbles and Long-term Growth in China: Lessons from Japan. China & World Economy 25 (2017), 1, 32-57.

Limits of Monetary Policy Autonomy and Exchange Rate Flexibility in East Asia. Applied Economics Quarterly 62 (2016), 3, 187-204. Together with Axel Löffler and Franziska Schobert.

(De)Stabilizing Exchange Rate Strategies in East Asian Monetary and Economic Integration. Forthcoming in Singapore Economic Review 61 (2016), 2, 1-24. Together with Kristina Spantig.

Monetary Policy in Large Industrialized Countries, Emerging Market Credit Cycles, and Feedback Effects. Journal of Policy Modeling 38 (2016), 3, 1-19. Together with Andreas Hoffmann.

Geldpolitik, Arabellion und Flüchtlingskrise. Zeitschrift für Wirtschaftspolitik 65 (2016), 3, 299-320. Together with Michael von Prollius.

The Adverse Effects of Unconventional Monetary Policy. Together with Andreas Hoffmann. Cato Journal 36 (2016), 3, 449-484.

Wege zu einer stabilitäts- und wachstumsorientierten Geldpolitik aus österreichischer Perspektive. Listforum für Wirtschafts- und Finanzpolitik 41 (2016), 2, 263-289.

Die gefährliche Missachtung der Vermögenspreisinflation. Zur Wirkungslosigkeit von Inflationszielen als geldpolitische Regelmechanismen. Leviathan 43 (2015), 2, 139-162.

Monetary Policy and Structural Decline: Lessons from Japan for the European Crisis. Asian Economic Papers 14, 1 (2015), 124-150.

Japans Lehren für das Schweizer Wechselkursdilemma. Wirtschaftsdienst 95 (2015), 3, 192-199.

27. Leipziger Weltwirtschaftsseminar – Konvergenz versus Divergenz in der Europäischen Union in der Krise. Credit and Capital Markets 47 (2014), 2, 377-386. Together with Ansgar Belke.

Divergenzen und krisenbedingte Zentralisierung in der Europäischen Union. Integration 37, 3 (2014), 291-297. Together with Ansgar Belke.

China’s Exchange Rate and Financial Repression: The Conflicted Emergence of the Renminbi as an International Currency. China & World Economy 22, 3 (2014), 1-34. Together with Ronald McKinnon.

Negative Umverteilungseffekt und Reallohnrepression durch unkonventionelle Geldpolitik. Wirtschaftsdienst 94 (2014), 11, 792-797.

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe. Review of International Economics 21 (2013), 5, 886-900. Together with Ansgar Belke and Holger Zemanek. 

National Monetary Policy, International Economic Instability and Feedback Effects – An Overinvestment View. Quarterly Journal of Austrian Economics 16 (2013), 2, 135-164. Together with Andreas Hoffmann.

Die japanischen Lehren für die europäische Krise. Zeitschrift für Wirtschaftspolitik 62 (2013), 1, 1-22.

Working Papers

Exit Strategies from Monetary Expansion and Financial Repression. Mimeo.

Monetary Policy, Income Inequality and Political Instability. Forthcoming as CESifo Working Paper 6734. Together with Pablo Duarte.

The Impact of Japanese Monetary Policy Crisis Management on the Japanese Banking Sector. CESifo Working Paper 6440. Together with Juliane Gerstenberger.  

Fiscal Divergence and Current Account Imbalances in Europe. CESifo Working Paper 4108 (2013).

Inflation Targeting by Debtor Central Banks in Emerging Market Economies. CESifo Working Paper 3138 (2010). Together with Axel Löffler und Franziska Schobert.

letzte Änderung: 21.03.2018 

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