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Inflation und Schuldenabbau

Author

Listed:
  • Thomas Straubhaar
  • Henning Vöpel
  • Gerhard Illing
  • Heiner Flassbeck
  • Friederike Spiecker
  • Stefan Bach
  • Gert Wagner

Abstract

The European Central Bank (ECB) recently announced its willingness to do whatever is needed to save the euro. This has raised the question whether such a role of the ECB must lead to higher rates of infl ation. Under current recessive macroeconomic conditions in the eurozone, the ECB’s expansionary monetary policy will not lead to higher infl ation. On the contrary, there is a serious danger of defl ation. Higher infl ation would likely occur only if a permanent stabilisation function were assigned to the ECB. Yet historical examples show that mistakes can be made. During the stagnation in Japan, US economists heavily criticised the Bank of Japan’s timid monetary policy response. But in some sense, current Fed policy seems to be a direct copy of that strategy, caused by uncertainty about the proper communication channel. An infl ation tax could help to bring down the mounting public debt in the wake of the fi nancial crisis, but higher wealth taxes have more transparent distributional effects. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2012

Suggested Citation

  • Thomas Straubhaar & Henning Vöpel & Gerhard Illing & Heiner Flassbeck & Friederike Spiecker & Stefan Bach & Gert Wagner, 2012. "Inflation und Schuldenabbau," Wirtschaftsdienst, Springer;German National Library of Economics, vol. 92(9), pages 583-598, September.
  • Handle: RePEc:spr:wirtsc:v:92:y:2012:i:9:p:583-598 DOI: 10.1007/s10273-012-1425-9
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    References listed on IDEAS

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    1. Barro, Robert J, 1974. "Are Government Bonds Net Wealth?," Journal of Political Economy, University of Chicago Press, vol. 82(6), pages 1095-1117, Nov.-Dec..
    2. Paul A. Samuelson, 1958. "An Exact Consumption-Loan Model of Interest with or without the Social Contrivance of Money," Journal of Political Economy, University of Chicago Press, vol. 66, pages 467-467.
    3. Bernd Raffelhuschen & Laurence J. Kotlikoff, 1999. "Generational Accounting around the Globe," American Economic Review, American Economic Association, vol. 89(2), pages 161-166, May.
    4. Stefan Homburg, 1991. "Interest and Growth in an Economy with Land," Canadian Journal of Economics, Canadian Economics Association, vol. 24(2), pages 450-459, May.
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    Cited by:

    1. Zhu, Junyi, 2015. "Bracket creep revisited - with and without r>g: Evidence from Germany," Discussion Papers 37/2015, Deutsche Bundesbank.

    More about this item

    Keywords

    E31; E42; E50;

    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
    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General

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