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Negative Umverteilungs effekte und Reallohnrepression durch unkonventionelle Geldpolitik

Author

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  • Gunther Schnabl

Abstract

Historically low inflation and concerns about deflation in the large industrial countries have been accompanied by exuberance in financial markets. To revive inflation and growth, central bank balance sheets are being inflated, but there has been no considerable increase in consumer price inflation yet. The paper argues that inflation targeting frameworks have lost their effectiveness in steering inflation. Rational profit-maximising financial institutions funnel the additional central bank liquidity into financial markets instead of goods markets. This leads to redistribution effects in favour of high income classes and to wage repression for middle and low income classes, resulting in political polarisation. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Suggested Citation

  • Gunther Schnabl, 2014. "Negative Umverteilungs effekte und Reallohnrepression durch unkonventionelle Geldpolitik," Wirtschaftsdienst, Springer;ZBW - Leibniz Information Centre for Economics, vol. 94(11), pages 792-797, November.
    • Handle: RePEc:spr:wirtsc:v:94:y:2014:i:11:p:792-797
    DOI: 10.1007/s10273-014-1749-8
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    Citations

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    Cited by:

    1. Gerhard Rösl & Karl-Heinz Tödter, 2015. "How High Are the Costs of the ECB’s Low-Interest Rate Policy for Germany?," ifo Schnelldienst, ifo Institute - Leibniz Institute for Economic Research at the University of Munich, vol. 68(07), pages 43-50, April.
    2. Quaas, Friedrun & Quaas, Georg, 2016. "Effekte des Geldmarktzinses auf die Preis- und Produktivitätsentwicklung. Eine Analyse der deutschen Volkswirtschaft 1970-2014 [Effects of the money market interest rate on the development of price," MPRA Paper 69632, University Library of Munich, Germany.

    More about this item

    Keywords

    E31; E42; E58;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • E58 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Central Banks and Their Policies

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