Gunther Schnabl

University of Leipzig - Institute for Economic Policy

Professor

Institute for Economic Policy

Grimmaische Straße 12

Leipzig, 04109

Germany

http://www.wifa.uni-leipzig.de/iwp/

  • University of Leipzig - Institute for Economic Policy

SCHOLARLY PAPERS

95

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128

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217

Scholarly Papers (95)

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1.

Geldpolitik, Vagabundierende Liquidität Und Platzende Blasen in Neuen Und Aufstrebenden Märkten (Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets)

Wirtschaftsdienst, April 2007
Number of pages: 10 Posted: 27 Apr 2007 Last Revised: 18 May 2013
Gunther Schnabl and Andreas Hoffmann
University of Leipzig - Institute for Economic Policy and affiliation not provided to SSRN
Downloads 1,025 (38,308)

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Bubbles, Boom-and-Bust Cycles, Monetary Policy, Emerging Markets, Hayek, Wicksell

2.

China's Financial Conundrum and Global Imbalances

BIS Working Paper No. 277
Number of pages: 59 Posted: 30 Jul 2009
Ronald McKinnon and Gunther Schnabl
Stanford University, School of Humanities & Sciences, Department of Economics (Deceased) and University of Leipzig - Institute for Economic Policy
Downloads 993 (40,228)
Citation 1

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global imbalances, Chinese exchange rate regime

3.

Exchange Rate Regimes and Macroeconomic Stability in Central and Eastern Europe

Number of pages: 34 Posted: 12 May 2004
Paul De Grauwe, Paul De Grauwe and Gunther Schnabl
London School of Economics & Political Science (LSE)CESifo (Center for Economic Studies and Ifo Institute for Economic Research) and University of Leipzig - Institute for Economic Policy
Downloads 841 (50,400)
Citation 16

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exchange rate regimes, inflation, growth, Central and Eastern Europe, macroeconomic stability

4.

Die japanischen Lehren für die europäische Krise (Lessons from Japan for the European Crisis)

Gloabal Financial Markets Working Paper No. 36
Number of pages: 24 Posted: 20 Aug 2012
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 603 (77,766)
Citation 1

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Japan, Europa, bubble economy, Europäische Schuldenkrise, niedrigzinspolitik, stagnation

5.

The Role of the Chinese Dollar Peg for Macroeconomic Stability in China and the World Economy

Global Financial Markets Working Paper No. 13
Number of pages: 32 Posted: 22 Oct 2010
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 568 (83,799)
Citation 11

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China, exchange rate, financial stability, economic stability, international policy coordination, currency war

6.

Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets - An Overinvestment View

CESifo Working Paper Series No. 2100
Number of pages: 32 Posted: 03 Oct 2007
Gunther Schnabl and Andreas Hoffmann
University of Leipzig - Institute for Economic Policy and affiliation not provided to SSRN
Downloads 557 (85,926)
Citation 2

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bubbles, boom-bust cycles, Hayek, Wicksell, Schumpeter, emerging markets, capital flows, overinvestment theories

7.

Europäische Geldpolitik Und Zombiefizierung (European Monetary Policy and Zombification)

Austrian Institute Paper No. 21 (2018)
Number of pages: 16 Posted: 26 Aug 2018
David J. Herok and Gunther Schnabl
University of Leipzig, Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 500 (98,089)

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Bank Regulation, ECB, Hayek, Interest Rates, Joseph Schumpeter, Monetary Policy, Resource Allocation in Planning Economies, Zombie-Firms, Zombie-Lending

8.

Mit dem Kopf im Sand? Goodharts Gesetz und die Wirkungslosigkeit von Inflationszielen als geldpolitische Regelmechanismen (With the Head in the Sand? Goodhart's Law and the Ineffectiveness of Inflation Targeting Frameworks as Monetary Policy Rules)

Working Papers on Global Financial Markets No. 55
Number of pages: 28 Posted: 10 Oct 2014 Last Revised: 15 Oct 2014
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 484 (102,108)

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Geldpolitik, Inflationsziele, Regelbindung, Zeitinkonsistenz, Goodharts Gesetz, Verteilungsgerechtigkeit, Reallohnrepression.

9.

Exchange Rate Stability, Inflation and Growth in (South) Eastern and Central Europe

Review of Development Economics, Forthcoming
Number of pages: 33 Posted: 24 Nov 2006
Gunther Schnabl, Paul De Grauwe and Paul De Grauwe
University of Leipzig - Institute for Economic Policy and London School of Economics & Political Science (LSE)CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
Downloads 474 (104,675)
Citation 2

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Exchange Rate Regimes, Inflation, Growth, Central and Eastern Europe, Macroeconomic Stability

10.

The Effects of Japanese Foreign Exchange Intervention GARCH Estimation and Change Point Detection

Downloads 449 (111,571)
Citation 6

The Effects of Japanese Foreign Exchange Intervention GARCH Estimation and Change Point Detection

Japan Bank for International Corporation Institute Working Paper No. 6
Number of pages: 35 Posted: 24 Nov 2003
Eric T. Hillebrand and Gunther Schnabl
Aarhus University and University of Leipzig - Institute for Economic Policy
Downloads 239 (218,379)
Citation 14

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Japan, Foreign Exchange Intervention, Exchange Rate Volatility, GARCH, Change Point Detection, Liquidity Trap

The Effects of Japanese Foreign Exchange Intervention GARCH Estimation and Change Point Detection

Japan Bank for International Corporation Institute Working Paper No. 6
Number of pages: 35 Posted: 08 Feb 2005
Eric T. Hillebrand and Gunther Schnabl
Aarhus University and University of Leipzig - Institute for Economic Policy
Downloads 210 (247,255)

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Japan, Foreign Exchange Intervention, Exchange Rate Volatility, GARCH, Change Point Detection, Liquidity Trap

11.

Current Account Imbalances and Structural Adjustment in the Euro Area: How to Rebalance Competitiveness

CESifo Working Paper Series No. 2639, DIW Berlin Discussion Paper No. 895
Number of pages: 43 Posted: 07 May 2009
Holger Zemanek, Ansgar Hubertus Belke and Gunther Schnabl
University of Leipzig - Institute for Economic Policy, University of Duisburg-Essen - Department of Economics and Business Administration and University of Leipzig - Institute for Economic Policy
Downloads 448 (111,896)
Citation 10

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structural reforms, international competitiveness, current account imbalances, European Monetary Union, euro area, dynamic panel estimation, interaction term

12.

The Macroeconomic Policy Challenges of Balance Sheet Recession: Lessons from Japan for the European Crisis

CESifo Working Paper Series No. 4249
Number of pages: 32 Posted: 06 Jun 2013
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 442 (113,689)
Citation 4

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Japan, Europe, bubble economy, European crisis, low interest rate policy, government debt sustainability, balance sheet recession

13.

Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery

Downloads 437 (115,191)
Citation 22

Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery

Number of pages: 35 Posted: 06 Jan 2007
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 239 (218,379)
Citation 22

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Exchange Rate Regimes, Growth, EMU Periphery, International Role of the Euro

Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery

ECB Working Paper No. 773
Number of pages: 47 Posted: 11 Jul 2007
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 198 (260,945)
Citation 3

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Exchange Rate Regimes, Exchange Rate Volatility, Growth, EMU Periphery, International role of the euro

Exchange Rate Volatility and Growth in Small Open Economies at the EMU Periphery

Economic Systems, Vol. 32, No. 1, 2008
Posted: 14 Mar 2008
Gunther Schnabl
University of Leipzig - Institute for Economic Policy

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Exchange rate regimes, Growth, EMU periphery, International role of the Euro

14.

Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory

CESifo Working Paper Series No. 6179
Number of pages: 42 Posted: 15 Dec 2016
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 431 (117,437)
Citation 2

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Hayek, Mises, Wicksell, monetary overinvestment theory, asymmetric monetary policy, financial crisis, Goodhart’s Law, marginal productivity of investment, secular stagnation

15.

Monetary Policy, Financial Regulation and Financial Stability: A Comparison between the Fed and the ECB

Number of pages: 31 Posted: 04 May 2020
Gunther Schnabl and Nils Sonnenberg
University of Leipzig - Institute for Economic Policy and University of Leipzig
Downloads 423 (119,678)
Citation 8

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Financial cycles, financial crisis, financial stability, Hayek, Keynes, monetary policy

16.

China's Exchange Rate Impasse and the Weak U.S. Dollar

CESifo Working Paper Series No. 2386
Number of pages: 28 Posted: 09 Sep 2008
Ronald McKinnon and Gunther Schnabl
Stanford University, School of Humanities & Sciences, Department of Economics (Deceased) and University of Leipzig - Institute for Economic Policy
Downloads 417 (121,670)

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inflation, exchange rates, macro policies, current account imbalances

17.

A Vicious Cycle of Manias, Crashes and Asymmetric Policy Responses - An Overinvestment View

CESifo Working Paper Series No. 2855
Number of pages: 32 Posted: 27 Nov 2009
Andreas Hoffmann and Gunther Schnabl
affiliation not provided to SSRN and University of Leipzig - Institute for Economic Policy
Downloads 405 (125,842)
Citation 2

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18.

China's Exchange Rate and Financial Repression: The Conflicted Emergence of the Renminbi as an International Currency

CESifo Working Paper Series No. 4649
Number of pages: 38 Posted: 13 Mar 2014
Ronald McKinnon and Gunther Schnabl
Stanford University, School of Humanities & Sciences, Department of Economics (Deceased) and University of Leipzig - Institute for Economic Policy
Downloads 398 (128,439)
Citation 3

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China, informal dollar standard, internationalization of renminbi, exchange rate stabilization, inflation, financial repression

19.

China's Exchange Rate and International Adjustment in Wages, Prices, and Interest Rates: Japan Deja Vu?

CESifo Working Paper Series No. 1720
Number of pages: 38 Posted: 31 May 2006
Ronald McKinnon and Gunther Schnabl
Stanford University, School of Humanities & Sciences, Department of Economics (Deceased) and University of Leipzig - Institute for Economic Policy
Downloads 395 (129,548)

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China, exchange rate, adjustment, assets markets, labour markets

20.

China and its Dollar Exchange Rate: A Worldwide Stabilizing Influence?

CESifo Working Paper Series No. 3449
Number of pages: 29 Posted: 17 May 2011
Ronald McKinnon and Gunther Schnabl
Stanford University, School of Humanities & Sciences, Department of Economics (Deceased) and University of Leipzig - Institute for Economic Policy
Downloads 383 (134,113)
Citation 1

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China, exchange rate, financial stability, economic stability, international policy coordination, currency war

21.

Alternative Measures of Price Inflation and the Perception of Real Income in Germany

CESifo Working Paper No. 8583
Number of pages: 32 Posted: 02 Oct 2020
Karl-Friedrich Israel and Gunther Schnabl
Université catholique de l'Ouest and University of Leipzig - Institute for Economic Policy
Downloads 380 (135,277)

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inflation, harmonized index of consumer prices, hidden inflation, assets prices, costs of public goods, inflation targeting, monetary policy, real wages, real economic growth, Germany

22.

Triebkräfte und Lösungsansätze Globaler und Europäischer Leistungsbilanzungleichgewichte (Determinations of and Economic Policy Solutions for Global and Intra-European Imbalances)

Working Papers on Global Financial Markets No. 23
Number of pages: 23 Posted: 28 Sep 2011 Last Revised: 02 Feb 2012
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 379 (135,676)

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Globale Ungleichgewichte, Geldpolitik, Finanzpolitik, Asymmetrie, Boom- und Krisen-Zyklen, informeller Dollarstandard, europäische Schuldenkrise

23.

China: A Stabilizing or Deflationary Influence in East Asia? The Problem of Conflicted Virtue

Stanford Economics Working Paper No. 03007
Number of pages: 31 Posted: 06 Jul 2005
Ronald McKinnon and Gunther Schnabl
Stanford University, School of Humanities & Sciences, Department of Economics (Deceased) and University of Leipzig - Institute for Economic Policy
Downloads 358 (144,501)
Citation 15

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24.

Adverse Effects of Ultra-Loose Monetary Policies on Investment, Growth and Income Distribution

CESifo Working Paper Series No. 5754
Number of pages: 35 Posted: 28 Mar 2016
Andreas Hoffmann and Gunther Schnabl
affiliation not provided to SSRN and University of Leipzig - Institute for Economic Policy
Downloads 347 (149,427)

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Hayek, Mises, monetary overinvestment theory, asymmetric monetary policy, financial crisis, marginal productivity of investment, secular stagnation

25.

Monetary Policy, Panic in Financial Markets and a Spate of Wandering Bubbles (Geldpolitik, Finanzmarkthysterie und eine Welle von Wandernden Blasen)

Number of pages: 15 Posted: 22 Mar 2009 Last Revised: 25 Mar 2009
Andreas Hoffmann and Gunther Schnabl
affiliation not provided to SSRN and University of Leipzig - Institute for Economic Policy
Downloads 344 (150,861)

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Blasen, berinvestition, Finanzkrise, internationaler Kapitalfluss

26.

Exchange Rate Volatility and Growth in Emerging Europe and East Asia

CESifo Working Paper Series No. 2023
Number of pages: 38 Posted: 22 Jun 2007
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 334 (155,662)
Citation 1

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exchange rate regimes, growth, boom-and-bust cycles, Emerging Europe, East Asia

27.

Wege Zu Einer Stabilitäts- Und Wachstumsorientierten Geldpolitik Aus Österreichischer Perspektive (Ways Towards a Stability and Growth-Oriented Monetary Policy from an Austrian Perspective)

Universität Leipzig Wirtschaftswissenschaftliche Fakultät Working Paper Series
Number of pages: 40 Posted: 20 Jun 2015 Last Revised: 22 Jun 2015
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 330 (157,702)

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Hayek, Mises, monetäre Überinvestitionstheorie, asymmetrische Geldpolitik, Finanzmarktkrisen, Grenzleistungsfähigkeit der Investitionen, Stagnation

28.

Inflation Targeting by Debtor Central Banks in Emerging Market Economies

CESifo Working Paper Series No. 3138
Number of pages: 36 Posted: 31 Jul 2010
Axel Loeffler, Gunther Schnabl and Franziska Schobert
Deutsche Bundesbank, University of Leipzig - Institute for Economic Policy and Deutsche Bundesbank
Downloads 330 (157,702)

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inflation targeting, exchange rate targeting, sterilization, debtor central bank

29.

The Failure of ECB Monetary Policy from a Mises-Hayek Perspective

CESifo Working Paper Series No. 6388
Number of pages: 31 Posted: 11 Apr 2017
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 328 (158,769)

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Hayek, Mises, European Monetary Union, European Central Bank, monetary overinvestment theory, optimum currency areas, fiscal policy, asymmetric shocks, secular stagnation

30.

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

Downloads 324 (161,939)
Citation 12

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

CESifo Working Paper Series No. 2835
Number of pages: 34 Posted: 06 Nov 2009
Ansgar Hubertus Belke, Gunther Schnabl and Holger Zemanek
University of Duisburg-Essen - Department of Economics and Business Administration, University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 215 (242,934)

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exchange rate regime, wages, Central and Eastern Europe, EMU accession, panel model

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

DIW Berlin Discussion Paper No. 937
Number of pages: 32 Posted: 04 Nov 2009
Ansgar Hubertus Belke, Gunther Schnabl and Holger Zemanek
University of Duisburg-Essen - Department of Economics and Business Administration, University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 70 (565,101)
Citation 2

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exchange rate regime, wages, Central and Eastern Europe, EMU accession, panel model

Real Convergence, Capital Flows, and Competitiveness in Central and Eastern Europe

Ruhr Economic Paper No. 147
Number of pages: 33 Posted: 14 Nov 2009
Ansgar Hubertus Belke, Gunther Schnabl and Holger Zemanek
University of Duisburg-Essen - Department of Economics and Business Administration, University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 39 (751,877)
Citation 12

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Exchange rate regime, wages, Central and Eastern Europe, EMU accession, panel model

31.

Keynesian and Austrian Perspectives on Crisis, Shock Adjustment, Exchange Rate Regime and (Long-Term) Growth

Number of pages: 24 Posted: 12 Feb 2011
Gunther Schnabl and Mathilde Maurel
University of Leipzig - Institute for Economic Policy and Université Paris I Panthéon-Sorbonne - Centre Maison des Sciences Economiques
Downloads 304 (172,027)
Citation 1

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exchange rate regime, Keynes, Hayek, asymmetrics, adjustment

32.

Die Verteilungseffekte Der Geldpolitik Der Europäischen Zentralbank Destabilisieren Europas Demokratien (The Distribution Effects of the ECB's Monetary Policy Destabilize Europe's Democracies)

Gunther Schnabl, Die Verteilungseffekte der Geldpolitik der Europäischen Zentralbank destabilisieren Europas Demokratien, Austrian Institute Paper Nr. 18 (2017)
Number of pages: 9 Posted: 22 Dec 2017
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 293 (178,797)

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Ungleichheit, Geldpolitik, Verteilungseffekte, politische Polarisierung, Friedrich August von Hayek

33.

A Role Model for China? Exchange Rate Flexibility and Monetary Policy in Japan

CESifo Working Paper No. 2051
Number of pages: 26 Posted: 12 Jul 2007
Gunther Schnabl and Christian Danne
University of Leipzig - Institute for Economic Policy and Universitat Pompeu Fabra
Downloads 280 (187,311)
Citation 1

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Yen, Yuan, Japan, China, monetary policy, exchange rate regime

34.

Fiscal Divergence, Current Account and TARGET2 Imbalances in the EMU

University of Leipzig Working Paper No. 105
Number of pages: 31 Posted: 29 Mar 2012
Jose Abad, Axel Loeffler, Gunther Schnabl and Holger Zemanek
Institute for Economic Policy - University of Leipzig, Deutsche Bundesbank, University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 276 (190,067)
Citation 2

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EMU, fiscal divergence, TARGET2, current account imbalances

35.

Current Account Balances and Structural Adjustment in the Euro Area

Ruhr Economic Paper No. 176
Number of pages: 51 Posted: 21 Apr 2010
Holger Zemanek, Ansgar Hubertus Belke and Gunther Schnabl
University of Leipzig - Institute for Economic Policy, University of Duisburg-Essen - Department of Economics and Business Administration and University of Leipzig - Institute for Economic Policy
Downloads 267 (196,530)
Citation 9

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Structural reforms, current account balances, euro area, dynamic panel estimation, interaction term

36.

The Russian Currency Basket: The Rising Role of the Euro for Russia's Exchange Rate Policies

Number of pages: 12 Posted: 27 Dec 2005
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 264 (198,775)
Citation 1

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37.

Fiscal Divergence and Current Account Imbalances in Europe

CESifo Working Paper Series No. 4108
Number of pages: 39 Posted: 19 Feb 2013
Gunther Schnabl and Timo Wollmershaeuser
University of Leipzig - Institute for Economic Policy and Ifo Institute for Economic Research
Downloads 260 (201,804)

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Europe, EMU, EMS, current account imbalances, exchange rate adjustment, credit mechanisms, European debt crisis

38.

Weak Economy and Strong Currency - the Origins of the Strong Yen in the 1990's

Quarterly Journal of Economic Research, Vol. 70, pp. 489-503, 2001
Number of pages: 22 Posted: 07 Jul 2005
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 249 (210,614)

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Yen, Yen/Dollar Exchange Rate, Foreign Exchange Intervention, Japan

39.

The Impact of Japanese Monetary Policy Crisis Management on the Japanese Banking Sector

CESifo Working Paper Series No. 6440
Number of pages: 34 Posted: 29 May 2017
Juliane Gerstenberger and Gunther Schnabl
University of Leipzig and University of Leipzig - Institute for Economic Policy
Downloads 242 (216,563)
Citation 3

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Japan, monetary policy, crisis management, banking sector, city banks, regional banks, shinkin banks, concentration

40.

Inter-Temporal Savings, Current Account Dynamics and Asymmetric Shocks in a Heterogeneous European Monetary Union

CESifo Working Paper Series No. 3279
Number of pages: 18 Posted: 24 Dec 2010
Gunther Schnabl and Holger Zemanek
University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 239 (219,185)
Citation 2

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monetary union, German unification, asymmetric shock, current account imbalances, inter-temporal savings, financial crisis, euro crisis, European debt crisis, theory of optimum currency areas

41.

Zur Zukunft der Europäischen Union aus Ordnungspolitischer Perspektive (On the Future of the European Union from a Ordoliberal Perspective)

Universitat Leipzig, Working Paper, No. 150
Number of pages: 42 Posted: 02 Nov 2017 Last Revised: 28 Nov 2017
Gunther Schnabl and Sebastian Mueller
University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 238 (220,058)

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Europäische Integration, Wirtschaftliche Ordnung, Soziale Marktwirtschaft, Walter Eucken, Friedrich August von Hayek, Ungleichheit, Geldpolitik, politische Polarisierung

42.

The Changing Role of the Yen/Dollar Exchange Rate for Japanese Monetary Policy

Tuebingen University Working Paper No. 290
Number of pages: 15 Posted: 01 Mar 2005
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 233 (224,740)
Citation 1

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Japan, Monetary Policy Reaction Function, Bank of Japan, Interest Rate Rules,

43.

International Trade after the Burst of the Globalization Bubble (Der Internationale Handel Nach Dem Platzen Der Globalisierungsblase)

Number of pages: 14 Posted: 30 Mar 2009
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 232 (225,693)

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bubbles, overinvestment, financial crisis, emerging markets, international capital flows

44.

How to Escape from the Debt Trap: Lessons from the Past

CESifo Working Paper No. 9078
Number of pages: 41 Posted: 18 May 2021
Thomas Mayer and Gunther Schnabl
Flossbach von Storch Research Institute and University of Leipzig - Institute for Economic Policy
Downloads 231 (226,639)
Citation 3

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45.

Monetary Policy Reform in a World of Central Banks

Global Financial Markets Working Paper No. 26
Number of pages: 29 Posted: 03 Feb 2012 Last Revised: 20 Aug 2012
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 229 (228,556)
Citation 2

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Economic Instability, Credit Cycles, Monetary Policy, Hayek, Mises, Monetary Policy Rules, Monetary Policy Reform, Currency Competition

46.

An Asymmetry Matrix in Global Current Accounts

Universitat Leipzig Working Paper No. 76
Number of pages: 39 Posted: 11 Feb 2009 Last Revised: 20 Feb 2009
Gunther Schnabl and Stephan Freitag
University of Leipzig - Institute for Economic Policy and University of Leipzig
Downloads 225 (232,295)

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Global Imbalances, Asymmetric World Monetary System, Twin Deficit, Twin Surplus, International Currency

47.

Japans Lehren Für Das Schweizer Wechselkursdilemma (Japans Lessons for the Swiss Exchange Rate Dilemma)

Number of pages: 25 Posted: 10 Feb 2015 Last Revised: 13 Feb 2015
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 221 (236,297)

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Schweizer Franken, Yen, Wechselkurse, multiple Gleichgewichte, sich selbst erfüllende Erwartungen, Aufwertungsdruck

48.

Monetary Nationalism and International Economic Instability

Quarterly Journal of Austrian Economics, Forthcoming
Number of pages: 32 Posted: 01 May 2011 Last Revised: 18 May 2013
Andreas Hoffmann and Gunther Schnabl
affiliation not provided to SSRN and University of Leipzig - Institute for Economic Policy
Downloads 211 (246,693)
Citation 4

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Credit Cycles, Monetary Policy, Crisis, Hayek, Minsky

49.

The Brexit as a Forerunner: Monetary Policy, Economic Order and Divergence Forces in the European Union

CESifo Working Paper Series No. 6938
Number of pages: 39 Posted: 08 May 2018
Sebastian Mueller and Gunther Schnabl
University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 210 (247,847)

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European integration, economic order, Walter Eucken, Friedrich August von Hayek, Margret Thatcher, inequality, monetary policy, political polarization, divergence, Brexit

50.

Purchasing Power Parity: Granger Causality Tests for the Yen-Dollar Exchange Rate

Tuebingen University Working Paper No. 213
Number of pages: 22 Posted: 17 Jun 2005
Gunther Schnabl and Dirk G. Baur
University of Leipzig - Institute for Economic Policy and University of Western Australia - Business School
Downloads 210 (247,847)
Citation 2

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Yen, yen-dollar exchange rate, purchasing power parity, Granger causality test

51.

Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy?

Number of pages: 32 Posted: 21 Nov 2019
Thomas Mayer and Gunther Schnabl
University of Witten/Herdecke and University of Leipzig - Institute for Economic Policy
Downloads 209 (248,939)
Citation 4

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Mises, Hayek, Keynes, Hansen, Summers, secular stagnation, aging societies, global savings glut, monetary policy, central banks, credit creation.

52.

Exchange Rate Stabilization in Developed and Underdeveloped Capital Markets

ECB Working Paper No. 636
Number of pages: 43 Posted: 26 Jun 2006
Gunther Schnabl and Viera Chmelarova
University of Leipzig - Institute for Economic Policy and European Central Bank (ECB)
Downloads 209 (248,939)
Citation 1

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Foreign exchange intervention, target zones, underdeveloped capital markets

53.

De Jure Versus De Facto Exchange Rate Stabilization in Central and Eastern Europe

Tuebingen University Economics & Business Administration Working Paper No. 269
Number of pages: 29 Posted: 19 Nov 2003
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 188 (273,884)
Citation 5

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foreign exchange policy, EMU, euro zone, Central and Eastern Europe

54.

Macroeconomic Policy Making, Exchange Rate Adjustment and Current Account Imbalances in Emerging Markets

CESifo Working Paper Series No. 5064
Number of pages: 32 Posted: 25 Nov 2014
Pablo Duarte and Gunther Schnabl
Flossbach von Storch Research Institute and University of Leipzig - Institute for Economic Policy
Downloads 187 (275,145)

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global imbalances, intra-european imbalances, exchange rate adjustment, monetary policy, fiscal policy

55.

Geldpolitik, Arabellion Und Flüchtlingskrise (Monetary Poliy, Arab Spring and Refugee Crisis)

Universitat Leipzig, Working Paper, No 146
Number of pages: 24 Posted: 21 Dec 2016
Michael von Prollius and Gunther Schnabl
Forum Freie Gesellschaft and University of Leipzig - Institute for Economic Policy
Downloads 185 (277,666)

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Geldpolitik, Finanzmarktblasen, Krisen, Umverteilung, Arabischer Frühling, Flüchtlingskrise

56.

A Structural Break in the Effects of Japanese Foreign Exchange Intervention on Yen/Dollar Exchange Rate Volatility

ECB Working Paper No. 650
Number of pages: 38 Posted: 19 Jul 2006
Eric T. Hillebrand and Gunther Schnabl
Aarhus University and University of Leipzig - Institute for Economic Policy
Downloads 184 (278,977)
Citation 5

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Japan, Foreign Exchange Intervention, Exchange Rate Volatility, GARCH, Change Point Detection, Structural Breaks

57.

Japanese Foreign Exchange Intervention and the Yen/Dollar Exchange Rate: A Simultaneous Equations Approach Using Realized Volatility

CESifo Working Paper Series No. 1766
Number of pages: 27 Posted: 09 Aug 2006
Eric T. Hillebrand, Gunther Schnabl and Yasemin Ulu
Aarhus University, University of Leipzig - Institute for Economic Policy and American University of Beirut - Olayan School of Business
Downloads 182 (281,752)

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58.

30 Jahre nach dem Mauerfall. Ursachen für Konvergenz und Divergenz zwischen Ost- und Westdeutschland (30 Years After the Fall of Wall. Convergence and Divergence between East and West Germany)

Number of pages: 27 Posted: 03 Oct 2019
Gunther Schnabl and Tim Sepp
University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 179 (285,866)

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German Unification, convergence, East Germany, distribution, monetary policy, Social Market Economy

59.

Limits of Monetary Policy Autonomy by East Asian Debtor Central Banks

CESifo Working Paper Series No. 3742
Number of pages: 32 Posted: 29 Feb 2012
Axel Loeffler, Gunther Schnabl and Franziska Schobert
Deutsche Bundesbank, University of Leipzig - Institute for Economic Policy and Deutsche Bundesbank
Downloads 179 (285,866)
Citation 3

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debtor central banks, monetary policy autonomy, sterilization, exchange rate regime, East Asia

60.

Determinants of Global and Intra-European Imbalances

Global Financial Markets Working Paper No. 25
Number of pages: 29 Posted: 13 Jan 2012
Gunther Schnabl and Stephan Freitag
University of Leipzig - Institute for Economic Policy and University of Leipzig
Downloads 175 (291,560)
Citation 2

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Global Imbalances, Intra-European Imbalances, Asymmetric Monetary Policies, Foreign Reserve Accumulation, Sterilization, Granger Causality Tests, Panel Regressions

61.

Financial Crisis, Global Liquidity and Macroeconomic Exit (Finanzkrise, globale Liquidität und makroökonomischer Exit)

University of Leipzig Working Paper No. 92
Number of pages: 26 Posted: 26 Nov 2010 Last Revised: 20 Dec 2010
Ansgar Hubertus Belke and Gunther Schnabl
University of Duisburg-Essen - Department of Economics and Business Administration and University of Leipzig - Institute for Economic Policy
Downloads 175 (291,560)

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Geldpolitik, Fiskalpolitik, Monetäre Überinvestitionstheorien, Internationale Politikkoordination, Exit

62.

The Return to Soft Dollar Pegging in East Asia: Mitigating Conflicted Virtue

Number of pages: 38 Posted: 05 Jul 2005
Ronald McKinnon and Gunther Schnabl
Stanford University, School of Humanities & Sciences, Department of Economics (Deceased) and University of Leipzig - Institute for Economic Policy
Downloads 166 (305,069)

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Exchange rates, business cycles, East Asian dollar standard

63.

(T)LTRO-Tracker

Number of pages: 3 Posted: 01 Jul 2020
Gunther Schnabl and Nils Sonnenberg
University of Leipzig - Institute for Economic Policy and University of Leipzig
Downloads 162 (311,404)

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Monetary Policy, Longer-Term Refinancing Operations, Targeted Longer-Term Refinancing Operations, Financial Stability, ECB

64.

Monetary Policy Operations of Debtor Central Banks in Mena Countries

University of Leipzig Working Paper No. 65
Number of pages: 29 Posted: 30 Oct 2007
Gunther Schnabl and Franziska Schobert
University of Leipzig - Institute for Economic Policy and Deutsche Bundesbank
Downloads 161 (313,042)
Citation 1

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Emerging Markets, Debtor Central Banks, Foreign Exchange Inflows, Sterilization

65.

Monetary Policy, Inequality and Political Instability

CESifo Working Paper Series No. 6734
Number of pages: 39 Posted: 11 Jan 2018
Pablo Duarte and Gunther Schnabl
Flossbach von Storch Research Institute and University of Leipzig - Institute for Economic Policy
Downloads 153 (326,808)
Citation 1

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Hayek, Rawls, Buchanan, privileges, inequality, monetary policy, order of rules, difference principle, economic order

66.

Monetary Policies of Large Industrialised Countries, Emerging Market Credit Cycles and Feedback Effects

CESifo Working Paper Series No. 4723
Number of pages: 31 Posted: 24 Apr 2014
Andreas Hoffmann and Gunther Schnabl
affiliation not provided to SSRN and University of Leipzig - Institute for Economic Policy
Downloads 150 (332,145)

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asymmetric world monetary system, credit cycles, monetary policy, financial crisis, contagion

67.

Exchange Rate Regime, Financial Market Bubbles and Long-Term Growth in China: Lessons from Japan

CESifo Working Paper Series No. 5902
Number of pages: 35 Posted: 17 Jun 2016
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 146 (339,491)
Citation 1

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China, Japan, exchange rate policy, bubble economy, overinvestment, Hayek low interest rate policy, secular stagnation, capital controls, rebalancing

68.

Reverse Causality in Global Current Accounts

ECB Working Paper No. 1208
Number of pages: 36 Posted: 10 Jun 2010
Gunther Schnabl and Stephan Freitag
University of Leipzig - Institute for Economic Policy and University of Leipzig
Downloads 143 (345,152)
Citation 1

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Global Imbalances, Asymmetric World Monetary System, Twin Deficit, Twin Surplus, International Currency, Sterilization, Granger Causality Tests

69.

Japan's Low Inflation Conundrum

CESifo Working Paper No. 9821
Number of pages: 28 Posted: 06 Jul 2022
Thomas Mayer and Gunther Schnabl
Flossbach von Storch Research Institute and University of Leipzig - Institute for Economic Policy
Downloads 142 (347,118)

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Japan, inflation, monetary policy, money supply, fiscal policy, asset prices inflation, balance of payments, price controls, subsidies

70.

Monetary Policy Crisis Management as a Threat to Economic Order

CESifo Working Paper Series No. 6363
Number of pages: 24 Posted: 27 Mar 2017
Andreas Freytag and Gunther Schnabl
University of Jena - Economics Department and University of Leipzig - Institute for Economic Policy
Downloads 140 (350,980)
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economic order, social market economy, Soziale Marktwirtschaft, Germany, Walter Eucken, Alfred Müller-Armack, monetary policy, crisis management

71.

(De)Stabilizing Exchange Rate Strategies in East Asian Monetary and Economic Integration

Number of pages: 33 Posted: 15 May 2014
Gunther Schnabl and Kristina Spantig
University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 138 (354,860)

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Japanese yen, Chinese yuan, intra-regional trade, informal dollar standard, exchange rate stabilization, business cycle stabilization, internationalization of the Chinese yuan.

72.

Capital Markets and Exchange Rate Stabilization in East Asia − Diversifying Risk Based on Currency Baskets

Number of pages: 32 Posted: 30 Jun 2006
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 138 (354,860)
Citation 1

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East Asia, Currency Basket, Exchange Rate Policies, International Role of the Europe

73.

Asymmetic Macroeconomic Policies, Weak Rules and Muddy Growth Perspectives (Asymmetrische Makropolitiken, Schwache Regelmechanismen Und Eingetrübte Wachstumsperspektiven) (German)

Number of pages: 11 Posted: 21 Oct 2009
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 126 (380,321)

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Monetary policy, fiscal policy, asymmetric macroeconomic policies, crisis, bubble

74.

Short-Term and Long-Term Growth Effects of Exchange Rate Adjustment

CESifo Working Paper Series No. 4018
Number of pages: 25 Posted: 14 Dec 2012
Evžen Kočenda, Mathilde Maurel and Gunther Schnabl
Charles University in Prague - Institute of Economic Studies, Université Paris I Panthéon-Sorbonne - Centre Maison des Sciences Economiques and University of Leipzig - Institute for Economic Policy
Downloads 122 (389,738)

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exchange rate adjustment, sterilization, European sovereign debt crisis

75.

The Theory of Optimum Currency Areas and Growth in Emerging Markets

Applied Economics Letters (2011)
Number of pages: 12 Posted: 27 Jun 2010 Last Revised: 19 May 2013
Andreas Hoffmann and Gunther Schnabl
affiliation not provided to SSRN and University of Leipzig - Institute for Economic Policy
Downloads 122 (389,738)
Citation 1

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OCA, growth

76.

Die Europäischen Wirtschafts- und Währungsunion im Lichte der deutschen Währungs- und Wirtschaftsreform des Jahres 1948 (The European Economic and Monetary Union in the Light of the 1948 German Currency and Economic Reform)

Austrian Institute Paper 22 / 2018
Number of pages: 21 Posted: 02 Dec 2018
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 119 (396,917)

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Wirtschafts- und Währungsreform, Wirtschaftsordnung, Erhard, Eucken, europäische Integration, Demokratie, Ungleichheit, Soziale Marktwirtschaft

77.

Determinants of Japanese Household Saving Behavior in the Low-Interest Rate Environment

CESifo Working Paper No. 8927
Number of pages: 26 Posted: 16 Mar 2021
Sophia Latsos and Gunther Schnabl
University of Leipzig and University of Leipzig - Institute for Economic Policy
Downloads 116 (404,317)

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78.

China's Overinvestment and International Trade Conflict

CESifo Working Paper No. 7642
Number of pages: 31 Posted: 23 Jul 2019
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 116 (404,317)
Citation 3

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China, investment, overinvestment, trade policy, credit growth, rebalancing, soft budget constraints, zombification

79.

Die EU-Insolvenzrichtlinie Zu Vorinsolvenzlichen Verfahren aus Ordnungspolitischer Perspektive (The EU Directive on Preventive Restructuring Frameworks from a Ordoliberal Perspective)

Number of pages: 25 Posted: 06 Aug 2018
Gunther Schnabl and Klaus Siemon
University of Leipzig - Institute for Economic Policy and Independent
Downloads 116 (404,317)

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Insolvenz, Vorinsolvenzliches Verfahren, EU Direktive 2016/0359 (COD), Nullzinspolitik, Spekulation, Zombifizierung

80.

Exchange Rate Regime and Wage Determination in Central and Eastern Europe

CESifo Working Paper Series No. 2471
Number of pages: 30 Posted: 24 Nov 2008
Gunther Schnabl, Christina Ziegler and Christina Ziegler
University of Leipzig - Institute for Economic Policy and University of LeipzigCESifo (Center for Economic Studies and Ifo Institute) - Ifo Institute
Downloads 115 (406,867)

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wage policy, labor markets, exchange rate regime, Central and Eastern Europe

81.

Beyond Balassa and Samuelson: Real Convergence, Capital Flows, and Competitiveness in Greece

Downloads 112 (414,778)
Citation 3

Beyond Balassa and Samuelson: Real Convergence, Capital Flows, and Competitiveness in Greece

CESifo Working Paper Series No. 5557
Number of pages: 29 Posted: 11 Nov 2015
Ansgar Hubertus Belke, Ulrich Haskamp, Gunther Schnabl and Holger Zemanek
University of Duisburg-Essen - Department of Economics and Business Administration, University of Duisburg-Essen - Department of Economics and Business Administration, University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 78 (530,657)

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Balassa-Samuelson effect, capital inflows, exchange rate regime, inflation, Estonia, Greece, Latvia, Lithuania, Portugal, Slovenia, Slovak Republic, panel model, productivity differential, wages

Beyond Balassa and Samuelson – Real Convergence, Capital Flows, and Competitiveness in Greece

Number of pages: 32 Posted: 22 Dec 2015
Ansgar Hubertus Belke, Ulrich Haskamp, Gunther Schnabl and Holger Zemanek
University of Duisburg-Essen - Department of Economics and Business Administration, University of Duisburg-Essen - Department of Economics and Business Administration, University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 34 (782,754)
Citation 3

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Balassa-Samuelson effect; capital inflows; exchange rate regime; inflation; Greece; Latvia; Portugal; panel model; productivity differential; wages

82.

Net Foreign Asset Positions and Appreciation Expectations on the Swiss Franc and the Japanese Yen

CESifo Working Paper Series No. 5490
Number of pages: 26 Posted: 22 Sep 2015
Sophia Latsos and Gunther Schnabl
University of Leipzig and University of Leipzig - Institute for Economic Policy
Downloads 107 (428,691)

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Swiss franc, Japanese yen, exchange rate risk, negative risk premium, self-fulfilling expectations, appreciation pressure

83.

The Evolution of the East Asian Currency Baskets - Still Undisclosed and Changing

CESifo Working Paper Series No. 1873
Number of pages: 32 Posted: 12 Jan 2007
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 106 (431,464)
Citation 1

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East Asia, currency basket, exchange rate policies, international role of the euro

84.

Limits of Monetary Policy Autonomy and Exchange Rate Flexibility by East Asian Central Banks

Number of pages: 33 Posted: 26 Aug 2013
Axel Loeffler, Gunther Schnabl and Franziska Schobert
Deutsche Bundesbank, University of Leipzig - Institute for Economic Policy and Deutsche Bundesbank
Downloads 104 (437,460)
Citation 6

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Debtor Central Banks, Monetary Policy Autonomy, Sterilization, Exchange Rate Regime, East Asia

85.

Reasons for the Demise of Interest: Savings Glut and Secular Stagnation or Central Bank Policy?

CESifo Working Paper No. 7954
Number of pages: 35 Posted: 27 Nov 2019
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 99 (452,641)

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Mises, Hayek, Keynes, Hansen, Summers, secular stagnation, aging societies, global savings glut, monetary policy, central banks, credit creation

86.

Regional Heterogeneity, the Rise of Public Debt and Monetary Policy in Post-Bubble Japan: Lessons for the EMU

CESifo Working Paper Series No. 5908
Number of pages: 35 Posted: 16 Jun 2016
Raphael Fischer and Gunther Schnabl
University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 97 (458,690)
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Japan, EMU, crisis, regional redistribution, monetary policy, public debt

87.

Warum der frühe Ausstieg aus der finanziellen Repression lohnt (Why an Early Exit From the Financial Repression Is Worthwhile)

Austrian Institute Paper No. 19
Number of pages: 11 Posted: 21 Mar 2018
Andreas Hoffmann and Gunther Schnabl
affiliation not provided to SSRN and University of Leipzig - Institute for Economic Policy
Downloads 86 (494,933)

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Finanzielle Repression, McKinnon, Geldpolitik, Verschuldung

88.

International Capital Markets and Informal Dollar Standards in the CIS and East Asia

HWWA Discussion Paper No. 326
Number of pages: 29 Posted: 19 Aug 2005
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 85 (498,518)
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CIS, East Asia, Informal Dollar Standard, Liability Dollarization, Asset

89.

The Japanese Banks in the Lasting Low-, Zero- and Negative-Interest Rate Environment

Number of pages: 16 Posted: 19 Feb 2021
Taiki Murai and Gunther Schnabl
Leipzig University of Applied Sciences and University of Leipzig - Institute for Economic Policy
Downloads 82 (509,349)
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Japan, Bank of Japan, monetary policy, banks, interest margin, financial repression, concentration, regional banks

90.

Macroeconomic Policy Making and Current Account Imbalances in the Euro Area

CESifo Working Paper No. 9153
Number of pages: 33 Posted: 01 Jul 2021
Taiki Murai and Gunther Schnabl
Leipzig University of Applied Sciences and University of Leipzig - Institute for Economic Policy
Downloads 78 (524,624)

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91.

Foreign Currency Denominated Assets and International Shock Absorption in Switzerland and Japan

CESifo Working Paper Series No. 5624
Number of pages: 32 Posted: 22 Dec 2015
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 78 (524,624)

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international investment position, appreciation-induced risk, exchange rate risk, foreign exchange intervention, monetary policy independence, Switzerland, Japan

92.

International Capital Markets and Exchange Rate Stabilization in the CIS

Number of pages: 27 Posted: 29 Jun 2005
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 75 (536,650)

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CIS, Exchange Rate Systems

93.

The Global Move into the Zero Interest Rate and High Debt Trap

Number of pages: 33 Posted: 26 Aug 2013
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 67 (570,706)
Citation 2

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Economic Instability, Credit Cycles, Monetary Policy, Hayek, Mises, Monetary Policy Reform, Currency Competition

94.

Niedrigzinspolitik und Sparkultur in Japan: Implikationen für die Wirtschaftspolitik (Low Interest Rate Policy and Savings Culture in Japan: Implications for Economic Policy)

Number of pages: 65 Posted: 18 Nov 2021
Gunther Schnabl and Tim Sepp
University of Leipzig - Institute for Economic Policy and University of Leipzig - Institute for Economic Policy
Downloads 65 (579,729)

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Japan, Sparen, Sparkultur, Geldpolitik, Haushaltssparen, Unternehmenssparen, Abenomics, Nullzinspolitik

95.

International Capital Markets and Exchange Rate Stabilization in the CIS and East Asia

Number of pages: 29 Posted: 29 Jun 2005
Gunther Schnabl
University of Leipzig - Institute for Economic Policy
Downloads 65 (579,729)

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CIS, East Asia, Informal Dollar Standard, Liability Dollarization, Asset Dollarization, Competitive Depreciation, Competitive Appreciation, Exchange Rate Systems