Japan’s Ultraloose Monetary Policy Has Undermined Savings and Prosperity

Long-term ultralow interest rates in Japan’s economy led to a decline in household savings over several decades. A loose monetary policy can stabilize in a recession for the short term; however, a persistent flood of cheap money paralyzes productivity gains and growth, says Gunther Schnabl.

Japan Embraced Debt as a Way Out of Its Budget Crisis. It’s Not Working.

The sudden resignation of Japans Prime Minister Shinzo Abe has led to evaluations of his so-called Abenomics. Many have praised Abe’s aggressive monetary policy. Concerns remain on the fiscal side. According to Taiki Murai and Gunther Schnabl Abe resolved Japan’s deep-seated fiscal problems only superficially.

The impact of (un)conventional expansionary monetary policy on income inequality – lessons from Japan

The paper of Karl-Friedrich Israel and Sophia Latsos has been published in Applied Economics. This paper analyzes the impact of conventional and unconventional monetary policy on income inequality in Japan, using hitherto unexplored data from the Japan Household Panel Survey.

Ultra-low Interest Rates and Growth in Emerging Asia from a Hayekian Perspective

Die globale Finanzkrise hatte weitreichende Auswirkungen auf Schwellenländer in Asien, so Gunther Schnabl. Erschienen in Yoshino Naoyuki, Chantapacdepong Pornpinum und Helble Matthias (hrsg.): Macroeconomic Shocks and Unconventional Monetary Policy. Impacts on Emerging Markets, Oxford University Press.