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Finanzkrise, globale Liquidität und makroökonomischer Exit

  • Belke, Ansgar
  • Schnabl, Gunther

A series of crises 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 Duisburg-Essen, Institute of Business and Economic Studie (IBES) in its series IBES Diskussionsbeiträge with number 184.

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Date of creation: 2010
Date of revision:
Handle: RePEc:zbw:udewwd:184
Contact details of provider: Postal: Universitätsstrasse 12, 45117 Essen
Phone: 0201 - 183 3633
Fax: 0201 - 183 2292
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  1. Schnabl, Gunther & Freitag, Stephan, 2010. "Reverse causality in global current accounts," Working Paper Series 1208, European Central Bank.
  2. 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.
  3. Tesfaselassie, Mewael F., 2009. "Looking forward: Exiting unconventional monetary policy," Kiel Policy Brief 13, Kiel Institute for the World Economy (IfW).
  4. Jean-Claude Trichet, 2009. "The ECB's Enhanced Credit Support," CESifo Working Paper Series 2833, CESifo Group Munich.
  5. Gunther Schnabl & Andreas Hoffmann, 2008. "Monetary Policy, Vagabonding Liquidity and Bursting Bubbles in New and Emerging Markets: An Overinvestment View," The World Economy, Wiley Blackwell, vol. 31(9), pages 1226-1252, 09.
  6. Joshua Aizenman & Nancy Marion, 2009. "Using Inflation to Erode the U.S. Public Debt," NBER Working Papers 15562, National Bureau of Economic Research, Inc.
  7. Claudio Borio & Piti Disyatat, 2010. "Unconventional Monetary Policies: An Appraisal," Manchester School, University of Manchester, vol. 78(s1), pages 53-89, 09.
  8. Ansgar Belke & Andreas Rees, 2009. "The Importance of Global Shocks for National Policymakers: Rising Challenges for Central Banks," Discussion Papers of DIW Berlin 922, DIW Berlin, German Institute for Economic Research.
  9. Frederic S. Mishkin, 2009. "Is Monetary Policy Effective during Financial Crises?," American Economic Review, American Economic Association, vol. 99(2), pages 573-77, May.
  10. 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.
  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. repec:rwi:repape:0085 is not listed on IDEAS
  13. repec:rwi:repape:0094 is not listed on IDEAS
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