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Symmetrische Regeln und asymmetrisches Handeln in der Geld- und Finanzpolitik

  • Hoffmann, Andreas
  • Schnabl, Gunther

Das Papier untersucht auf der Grundlage der monetären Überinvestitionstheorien von Wicksell (1898), Mises (1912) and Hayek (1929, 1935) das Scheitern von geld- und finanzpolitischen Regeln zur Kontrolle von übermäßigem Geldmengenwachstum und ausufernder Staatsverschuldung. Es zeigt asymmetrische Geld- und Finanzpolitiken in den großen Industrieländern auf, die zu einem Verfall der Geldmarktzinsen gegen Null und einem Anstieg der Staatsverschuldungen auf globale Rekordstände geführt haben. Das strukturelle Absinken des globalen Zinsniveaus wird als Ursache für globale Überinvestitions- bzw. Boom-und-Krisen-Zyklen gesehen, die zu einem Ausufern der Staatsverschuldung geführt haben. Zur Stabilisierung des langfristigen globalen Wachstums wird die Rückkehr zu symmetrischen Regeln in der Geld- und Finanzpolitik gefordert.

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Paper provided by University of Leipzig, Faculty of Economics and Management Science in its series Working Papers with number 95.

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Date of creation: 2011
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Handle: RePEc:zbw:leiwps:95
Contact details of provider: Postal: Marschnerstraße 31, 04109 Leipzig
Web page: http://www.wifa.uni-leipzig.de/en/dekanat.html

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  1. Bretschger, Lucas & Steger, Thomas, 2013. "Globalization, The Volatility Of Intermediate Goods Prices, And Economic Growth," Macroeconomic Dynamics, Cambridge University Press, vol. 17(02), pages 402-430, March.
  2. McKinnon, Ronald & Schnabl, Gunther, 2008. "China's exchange rate impasse and the weak U.S. dollar," Working Papers 73, University of Leipzig, Faculty of Economics and Management Science.
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