Gunther Schnabl

Gunther Schnabl (* 1966 ) is a German economist .

Since April 2006 he has held the Chair for Economic Policy and International Economic Relations at the University of Leipzig , where he heads the Institute for Economic Policy. In the ranking of the international scientific database IDEAS he is among the top 3 percent of economists in Germany and Europe. The professional world knows him as an author of relevant specialist journals, the wider public as an interview partner for radio and television or through publications in the FAZ, the Neue Zürcher Zeitung, Focus Online, Spiegel Online, or the Börsenzeitung. In the FAZ economists ranking Gunther Schnabl is listed as one of the “most influential economists in Germany”.

Life

academic career

Schnabl studied international economics with a focus on Japan at the Eberhard Karls University of Tübingen and the University of Washington , Seattle. He did his doctorate and habilitation in Tübingen with a focus on current account imbalances and European and East Asian currency integration. During this time Schnabl did research at the universities of Tokyo , Stanford and the Catholic University of Leuven as well as at central banks: the Deutsche Bundesbank , the Bank of Japan , the Federal Reserve Bank of New York (FED) and the European Central Bank . Before his appointment at the University of Leipzig, he worked as an advisor at the European Central Bank.

Research focus and consulting activities

Schnabl analyzes the influence of monetary policy on financial and goods markets on the basis of the work of Nobel Prize winner Friedrich-August von Hayek - see also the research project Low Interest Policy and Economic Order. From this perspective, a monetary policy that is too expansionary is responsible for financial market bubbles and crises. If financial crises are treated with more cheap money, this would paralyze economic incentives and thus lead to falling productivity gains and growth. The basis for real wage increases for broad sections of the population is thus lost. In addition, Schnabl identifies the very loose monetary policies of the major central banks as the cause of redistribution effects in favor of rich and older sections of the population, which would lead to growing political dissatisfaction.

“ The ultra-loose monetary policy endangers the market economy and thus prosperity. Persistently low interest rates cause productivity gains and growth to decline. The wage level - especially among young people - is falling and the instability of our society is increasing. Therefore, the central banks should get out of the ultra-loose monetary policy promptly, carefully and consistently. "

- Gunther Schnabl

In May 2018, together with Dirk Meyer , Thomas Mayer and Roland Vaubel , he initiated the appeal The euro must not lead to the liability union! . This was supported by over a hundred economists.

Individual evidence

1. ^ University of Leipzig, Faculty of Economics: Faculty of Economics at Leipzig University: Gunther Schnabl. Retrieved August 9, 2017 . 
2. ^ Institute for Economic Policy at the University of Leipzig
3. ↑ Within Country and State Economics Rankings: Germany | IDEAS / RePEc. Retrieved August 30, 2017 . 
4. ↑ Economics rankings: Europe | IDEAS / RePEc. Retrieved August 30, 2017 . 
5. ↑ Gunther Schnabl | IDEAS / RePEc. Retrieved August 30, 2017 . 
6. ↑ Author Page for Gunther Schnabl :: SSRN. Retrieved August 30, 2017 . 
7. ^ Frankfurter Allgemeine Zeitung GmbH: Japan: Long suffering from cheap money. March 27, 2016, accessed August 30, 2017 . 
8. ↑ Gunther Schnabl: Trump is wrong: globalization alone does not create losers . In: Neue Zürcher Zeitung . March 28, 2017 ( nzz.ch [accessed August 30, 2017]).
9. ↑ FOCUS Online: The ECB is undermining the pillars of our economic order . In: FOCUS Online . ( focus.de [accessed on August 30, 2017]).
10. ↑ SPIEGEL ONLINE, Hamburg Germany: Permanent low interest rates: "Monetary policy is destroying capitalism" - SPIEGEL ONLINE - Economy. Retrieved August 30, 2017 . 
11. ↑ Börsenzeitung Online. Retrieved August 30, 2017 . 
12. ^ Frankfurter Allgemeine Zeitung GmbH: FAZ ranking list of economists: Germany's most influential economists. September 2, 2016, accessed August 30, 2017 . 
13. ^ Institute for Economic Policy, University of Leipzig: Gunther Schnabl. Retrieved September 28, 2017 . 
14. ^ Gunther Schnabl: The Failure of ECB Monetary Policy from a Mises / Hayek Perspective. CESifo Working Paper 6388.
15. ^ Mathilde Maurel / Gunther Schnabl (2012): Keynesian and Austrian Perspectives on Crisis, Shock Adjustment, Exchange Rate Regime and (Long-Term) Growth. Open Economies Review 23 (2012), 5, 847-868.
16. ^ Institute for Economic Policy, University of Leipzig: Zero Interest Policy and Economic Order. (No longer available online.) Archived from the original on August 31, 2015 ; accessed on September 28, 2017 . Info: The archive link was inserted automatically and has not yet been checked. Please check the original and archive link according to the instructions and then remove this notice.  
17. ^ Gunther Schnabl: Central Banking and Crisis Management from the Perspective of Austrian Business Cycle Theory. Ed .: CESifo Working Paper 6179. November 15, 2016.
18. ^ University of Leipzig, Faculty of Economics: Faculty of Economics at the University of Leipzig: Topics. (No longer available online.) Formerly in the original ; accessed on August 30, 2017 .  ( Page no longer available , search in web archives )  Info: The link was automatically marked as defective. Please check the link according to the instructions and then remove this notice.    
19. ↑ Economists call: Europe must not lead in a liability union on faz.net (accessed on May 23, 2018)