Institut für Wirtschaftspolitik

If the dollar continues to deteriorate, and as east Asian countries peg their currencies to the Chinese currency to maintain exchange rate stability, according to Gunther Schnabl, the greenback could lose its key currency status by the end of the 2020s, just as it did in Europe in the 1970s.

Anleger leiden unter der Geldpolitik der EZB. Schuld ist eine toxische Melange aus Negativzinsen und Inflation. Zwar war die reale Verzinsung in Deutschland in den Siebzigern schon einmal negativ. Doch der heutige Kaufkraftverlust ist anders als damals hausgemacht. Prof. Dr. Gunther Schnabl in folge...

Karl-Friedrich Israel, Tim Sepp and Nils Sonnenberg analyze the impact of monetary policy on household saving in Japan between 1993 and 2017. Using annual data from the Japan Panel Survey of Consumers they show that monetary expansion has contributed to a widening gap in households’ net saving...

Janek Jungkeit spricht in seinem Podcast mit Gunther Schnabl über die Folgen von Inflation für Wohlstand und Finanzen, besonders auch für junge Menschen.

In his book Denationalisation of Money, F.A. Hayek argued that governments have never devoted their power to providing proper money over time. They “have refrained from grossly abusing it only when they were under such a discipline as the gold standard imposed.” The gold backing of the US dollar as...

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...