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Wie entsteht Stagflation?

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  • Berthold, Norbert
  • Gründler, Klaus

Abstract

Der Beitrag diskutiert die Ursachen von Stagflation. Hierfür werden zunächst drei Kennzahlen abgeleitet, welche das Auftreten und die Stärke der Stagflation in der Weltwirtschaft und auf Länderebene abbilden. Im Anschluss wird anhand einer Reihe empirischer Schätzungen überprüft, welche Größen die Stagflationsmaße beeinflussen. Es stellt sich heraus, dass der Ölpreis eine ambivalente Wirkung entfaltet und dass seine Bedeutung im Zeitverlauf abnimmt. Während die Arbeitsproduktivität die Wahrscheinlichkeit und die Stärke der Stagflation über die Zeit hinweg relativ robust reduziert, hat sich die Geldpolitik seit Beginn der 1990er Jahre mehr und mehr als Hauptquelle stagflationärer Perioden herauskristallisiert. Damit stellt Stagflation heute kein unüberwindbares Problem mehr für die Wirtschaftspolitik dar. Dies bestätigt auch die rückläufige Persistenz im Auftreten von Stagflation. Insgesamt ist die Wahrscheinlichkeit, dass Stagflation entsteht, in den letzten Jahrzehnten zurückgegangen.

Suggested Citation

  • Berthold, Norbert & Gründler, Klaus, 2014. "Wie entsteht Stagflation?," Discussion Paper Series 126, Julius Maximilian University of Würzburg, Chair of Economic Order and Social Policy.
    • Handle: RePEc:zbw:wuewwb:126
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    References listed on IDEAS

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    More about this item

    Keywords

    Stagflation; Geldpolitik; Arbeitsmarkt;
    All these keywords.

    JEL classification:

    • E30 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - General (includes Measurement and Data)
    • O40 - Economic Development, Innovation, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - General

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