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


Full list of publications


The Brexit as a Forerunner: Monetary Policy, Economic Order and Divergence Forces in the European Union. The Economists’ Voice 16 (2019), 1, 1-18. Together with Sebastian Müller.

The 1948 German Currency and Economic Reform: Lessons for European Monetary Policy. Cato Journal 39 (2019), 3, 607-634.

China’s overinvestment and international trade conflict. China & World Economy (2019).

Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory. The Oxford Handbook of the Economics of Central Banking (2019), Oxford, 551-584.

Monetary Policy, Income Inequality and Political Instability. Together with Pablo Duarte. The World Economy 42 (2019), 2, 614-634.

Montetary Integration, Fiscal Divergence and Current Account Imbalances in Europe. The Economists’ Voice 15 (2018), 1, 1-16.

Exit Strategies from Monetary Expansion and Financial Repression. Cato Journal 38 (2018), 2, 447-466.

Net Foreign Asset Positions and Appreciations Expectations on the Japanese Yen and the Swiss Franc. International Economics and Economic Policy 15 (2018), 2, 261-280. Together with Sophia Latsos.

Regional Heterogeneity and the Rise of Public Debt in Japan in the Post-Bubble Crisis: Lessons for the EMU. International Economics and Economic Policy 15 (2018), 2, 405-428. 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

Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy. CESifo Working Paper 7954 (2019). Together with Thomas Mayer.

Ursachen für Konvergenz und Divergenz zwischen Ost- und Westdeutschland - 30 Years After the Fall of Wall. Convergence and Divergence between East and West Germany. SSRN Working Paper (2019). Together with Tim Sepp.

Die Verteilungseffekte der Geldpolitik der Europäischen Zentralbank und deren Einfluss auf die politische Stabilität. Working Paper 160 Universität Leipzig (2019).

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: 17.12.2019 

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