Auf die Finanzkrise haben die Zentralbanken und die Regierungen mit ungewöhnlichen Maßnahmen reagiert. Die Geldpolitik senkt die Zentralbankzinsen bis auf die Nullgrenze, die Wirtschaftspolitik ist bemüht, mit riesigen Konjunkturprogrammen die Rezession zu bekämpfen. Diese Maßnahmen könnten inflationäre Prozesse auslösen. Einige Experten sehen sie jedoch als unverzichtbare Instrumente gegen anhaltende Stagnation und halten Deflation für eine wesentlich größere Gefahr. Entscheidend ist der Zeitpunkt im Prozess der konjunkturellen Erholung, an dem die Zentralbanken die reichlich angebotene Liquidität wieder zurücknehmen müssen.
Bestellen Sie das Zeitgespräch des Wirtschaftsdienst 9/2009
Das auch noch? : Deflation als Folge der Finanzkrise / Peter Kalmbach.
- (2009) In:
. – Bd. 89.2009, 4, (Apr.2009) S. 236-242. prüfen & bestellen
Lohnpolitik bei möglicher Deflation / Jürgen Kromphardt.
- (2003) In:
Deflationsrisiken – von Japan lernen / Günter Weinert.
- (2003) In:
Deflation – was sagt die aktuelle Preismessung? / Joachim Weeber.
- (2002) In:
Haben wir eine Deflation?
- (1998) In:
Zwischen Pest und Cholera? / Heiner Flassbeck; Friederike Spiecker.
- (2009) In:
Von der Finanzkrise zu Depression und Deflation / Hansjörg Herr.
- (2008) In: WSI-Mitteilungen. – Frankfurt, M.. – Bd. 61.2008, 11/12, (11/12.2008) S. 638-640. prüfen & bestellen
Konjunkturschlaglicht: am Rande einer Deflation? / Jörg Hinze.
- (2009) In:
Deflation / by Charlotta Groth and Peter Westaway.
- (2009) In: Quarterly bulletin. – London. – Bd. 49.2009, 1, S. 37-44. prüfen & bestellen
What is driving global deflation and how best to fight it / Korkut Erturk.
- (2009) Working paper / University of Utah, Department of Economics ; 2009,05
prüfen & bestellen Online-Ressource (12 S.).
- (2009) SCEPA working paper ; 2009,8
Inflation bets or deflation hedges? : the changing risks of nominal bonds / John Y. Campbell; Adi Sunderam; Luis M. Viceira.
- (2009) This version: January 2009. – HBS working papers ; 09,088. – Cambridge, Mass.
- (2009) Cambridge, Mass. prüfen & bestellen
[ca. 80] S. in getr. Zählung.
More money : understanding recent changes in the monetary base / William T. Gavin.
“This paper revisits the issue of money growth versus the interest rate as the instrument of monetary policy. Using a dynamic stochastic general equilibrium framework, we examine the effects of alternative monetary policy rules on inflation persistence, the information content of monetary data, and real variables. We show that inflation persistence and the variability of inflation relative to money growth depends on whether the central bank follows a money growth rule or an interest rate rule. With a money growth rule, inflation is not persistent and the price level is much more volatile than the money supply. Those counterfactual implications are eliminated by the use of interest rate rules whether prices are sticky or not. A central bank’s utilization of interest rate rules, however, obscures the information content of monetary aggregates and also leads to subtle problems for econometricians trying to estimate money demand functions or to identify shocks to the trend and cycle components of the money stock”–Federal Reserve Bank of St. Louis web site
- (2009) In: Review. – Bd. 91.2009, 2, S. 49-59. prüfen & bestellen
- (Nov. 2004) Working paper series / Federal Reserve Bank of St. Louis ; 2004,026
Die Phasen der weltweiten Finanzkrise : gibt es eine “wandernde” spekulative Blase? / Lucjan Orlowski.
- (2009) In: Wirtschaft im Wandel. – Bd. 15.2009, (31.Mar.2009) S. 20-25. prüfen & bestellen
- (2008) In: Wirtschaft im Wandel. – Bd. 14.2008, 9, (25.Sep.2008) S. 363-368. prüfen & bestellen
Aggregate supply-driven deflation and its implications for macroeconomic stability / David Beckworth.
- (2008) In: The Cato journal. – Washington, DC. – Bd. 28.2008, 3, S. 363-384. prüfen & bestellen
Inflation responses to recent shocks : do G7 countries behave differently / by Lukas Vogel, Elena Rusticelli, Pete Richardson, Stéphanie Guichard and Christian Gianella.
- (2009) Economics Department woking papers / Organisation for Economic Co-operation and Development ; 689
Is the 2007 US sub-prime financial crisis so different? : an international historical comparison / by Carmen M. Reinhart and Kenneth S. Rogoff.
“Is the 2007-2008 U.S. sub-prime mortgage financial crisis truly a new and different phenomena? Our examination of the longer historical record finds stunning qualitative and quantitative parallels to 18 earlier post-war banking crises in industrialized countries. Specifically, the run-up in U.S. equity and housing prices (which, for countries experiencing large capital inflows, stands out as the best leading indicator in the financial crisis literature) closely tracks the average of the earlier crises. Another important parallel is the inverted v-shape curve for output growth the U.S. experienced as its economy slowed in the eve of the crisis. Among other indicators, the run-up in U.S. public debt and is actually somewhat below the average of other episodes, and its pre-crisis inflation level is also lower. On the other hand, the United States current account deficit trajectory is worse than average. A critical question is whether the U.S. crisis will prove similar to the most severe industrialized-country crises, in which case growth may fall significantly below trend for an extended period. Or will it prove like one of the milder episodes, where the recovery is relatively fast? Much will depend on how large the shock to the financial system proves to be and, to a lesser extent, on the efficacy of the subsequent policy response”–National Bureau of Economic Research web site
- (2008) In: The American economic review. – Bd. 98.2008, 2, (Mai.2008) S. 339-344. prüfen & bestellen
- (2008) NBER working paper series ; 13761 prüfen & bestellen
Liquidity traps, learning and stagnation / George W. Evans; Eran Guse; Seppo Honkapohja.
We examine global economic dynamics under learning in a New Keynesian model in which the interest-rate rule is subject to the zero lower bound. Under normal monetary and fiscal policy, the intended steady state is locally but not globally stable. Large pessimistic shocks to expectations can lead to deflationary spirals with falling prices and falling output. To avoid this outcome we recommend augmenting normal policies with aggressive monetary and fiscal policy that guarantee a lower bound on inflation. In contrast, policies geared toward ensuring an output lower bound are insufficient for avoiding deflationary spirals.
- (2008) In: European economic review. – Bd. 52.2008, 8, (Nov.2008) S. 1438-1463. prüfen & bestellen
- (5 June 2007) University of Oregon Economics Department working papers ; 2007,9
- (2007) Discussion paper series / Centre for Economic Policy Research ; 6355 : International macroeconomics prüfen & bestellen
- (June 2007) Kiel working paper ; 1341
- (June 2007) Cambridge working papers in economics ; 0732
Monetary policy and financial stability : a post-Keynesian agenda / ed. by Claude Gnos ….
- (2009) New directions in modern economics
prüfen & bestellen
XXI, 271 S.
Sudden stops, financial crises and leverage : a fisherian deflation of Tobin’s Q / Enrique G. Mendoza.
- (2008) Cambridge, Mass.
Keynesian models of deflation and depression / Thomas I. Palley.
- (2008) In: Journal of economic behavior & organization. – Amsterdam [u.a.]. – Bd. 68.2008, 1, (Okt.2008) S. 167-177. prüfen & bestellen
Lessons from the subprime meltdown / L. Randall Wray.
This paper uses Hyman P. Minsky’s approach to analyze the current international financial crisis, which was initiated by problems in the American real estate market. In a 1987 manuscript, Minsky had already recognized the importance of the trend toward securitization of home mortgages. This paper identifies the causes and consequences of the financial innovations that created the real estate boom and bust. It examines the role played by each of the key playersincluding brokers, appraisers, borrowers, securitizers, insurers, and regulatorsin creating the crisis. Finally, it proposes short-run solutions to the current crisis, as well as longer-run policy to prevent itœ (a debt deflation) from happening again. — Hymann Minsky ; Financial Instability ; Mortgage-backed Securities ; Subprime Mortgages
- (2008) In: Challenge. – Bd. 51.2008, 2, (3/4.2008) S. 40-68. prüfen & bestellen
- (Dec. 2007) Working papers / The Levy Economics Institute ; 522
Does global liquidity matter for monetary policy in the Euro area? / Helge Berger and Thomas Harjes.
Global excess liquidity roaming the world’s financial markets (or its sudden absence) is sometimes believed to limit sovereign monetary policy even in large economies such as the euro area. However, there is still discussion about what constitutes global excess liquidity and how exactly it shapes the policy environment. Our approach adjusts liquidity for longerterm interest rate and output effects and focuses on U.S. and Japanese liquidity as relevant proxies for global developments from a euro area perspective. We find that both excess liquidity in Japan and, in particular, the U.S. tend to lead developments in euro area liquidity. U.S. excess liquidity also enters consistently positive as a determinant of euro area inflation and is shown to be Granger-causal for euro area inflation in an out-of-sample forecasting exercise. In part, this result seems to be related to a weakening of the euro area interest rate channel during times of excessive U.S. liquidity. In contrast, the influence of Japanese and euro area excess liquidity on euro area inflation is more limited. — Global excess liquidity ; euro area ; inflation ; monetary policy ; interest rate channel ; forecasting accuracy.
- (2009) IMF working paper ; 09/17 prüfen & bestellen
- (2009) In: International finance. – Bd. 12.2009, 1, S. 33-55. prüfen & bestellen
- (2008) Diskussionsbeiträge des Fachbereichs Wirtschaftswissenschaft der Freien Universität Berlin ; 2008,13 : Volkswirtschaftliche Reihe
Reset price inflation and the impact of monetary policy shocks / Mark Bils; Peter J. Klenow; Benjamin A. Malin.
- (2009) SIEPR discussion paper ; 08,41
- (2009) Finance and economics discussion series ; 2009,16 prüfen & bestellen
- (2009) Cambridge, Mass. prüfen & bestellen
Deep habits and the dynamic effects of monetary policy shocks / Morten O. Ravn, Stephanie Schmitt-Grohé, Martin Uribe and Lenno Uusukula.
- (2009) Discussion paper series / Centre for Economic Policy Research ; 7128 : International macroeconomics Volltext prüfen & bestellen
Wesentliches Schlagwort: Deflation 
