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Finanzkrise, globale Liquidität und makroökonomischer Exit

  • Belke, Ansgar
  • Schnabl, Gunther

A series of crisis and emergency interest rate cuts has brought global interest rates towards zero and government debt to historical records. The paper discusses the exit options from unconventional monetary policies and unsustainable government debt. First, the paper sheds light on the probability of a coordinated monetary policy exit between the US and the euro area. Second, it discusses the options for a coordination of the supranational monetary policy with national fiscal policies in the European Monetary Union. Third, it analyses the fiscal activities of the European Central Bank in the context of sterilized outright government bond purchases. The paper concludes that - due to the complexity of the coordination task - the coordination of the non-exit is more likely than the coordination of the exit.

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Paper provided by University of Leipzig, Faculty of Economics and Management Science in its series Working Papers with number 92.

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Date of creation: 2010
Date of revision:
Handle: RePEc:zbw:leiwps:92
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  1. Andreas Hoffmann & Gunther Schnabl, 2007. "Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets – An Overinvestment View," CESifo Working Paper Series 2100, CESifo Group Munich.
  2. Claudio Borio & Piti Disyatat, 2009. "Unconventional monetary policies: an appraisal," BIS Working Papers 292, Bank for International Settlements.
  3. Ronald Ian McKinnon & Gunther Schnabl, 2008. "China’s Exchange Rate Impasse and the Weak U.S. Dollar," CESifo Working Paper Series 2386, CESifo Group Munich.
  4. repec:rwi:repape:0094 is not listed on IDEAS
  5. Tesfaselassie, Mewael F., 2009. "Looking forward: exiting unconventional monetary policy," Open Access Publications from Kiel Institute for the World Economy 32960, Kiel Institute for the World Economy (IfW).
  6. Frankel, Jeffrey A & Rockett, Katharine E, 1988. "International Macroeconomic Policy Coordination When Policymakers Do Not Agree on the True Model," American Economic Review, American Economic Association, vol. 78(3), pages 318-40, June.
  7. repec:rwi:repape:0085 is not listed on IDEAS
  8. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective During Financial Crises?," NBER Working Papers 14678, National Bureau of Economic Research, Inc.
  9. Schnabl, Gunther & Freitag, Stephan, 2010. "Reverse causality in global current accounts," Working Paper Series 1208, European Central Bank.
  10. Belke, Ansgar & Rees, Andreas, 2009. "The Importance of Global Shocks for National Policy Makers - Rising Challenges for Central Banks," Ruhr Economic Papers 135, Rheinisch-Westfälisches Institut für Wirtschaftsforschung (RWI), Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen.
  11. Carlo Cottarelli & José Vinãls, 2009. "A Strategy for Renormalizing Fiscal and Monetary Policies in Advanced Economies," IMF Staff Position Notes 2009/22, International Monetary Fund.
  12. Jean-Claude Trichet, 2009. "The ECB's Enhanced Credit Support," CESifo Working Paper Series 2833, CESifo Group Munich.
  13. Joshua Aizenman & Nancy Marion, 2009. "Using Inflation to Erode the U.S. Public Debt," NBER Working Papers 15562, National Bureau of Economic Research, Inc.
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