Negative Umverteilungs effekte und Reallohnrepression durch unkonventionelle Geldpolitik

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• 作者：Gunther Schnabl (1)
  
• 关键词：E31 ; E42 ; E58
• 刊名：Wirtschaftsdienst
• 出版年：2014
• 出版时间：November 2014
• 年：2014
• 卷：94
• 期：11
• 页码：792-797
• 全文大小：188 KB
• 作者单位：Gunther Schnabl (1)
  
  1. Institut f眉r Wirtschaftspolitik, Universit盲t Leipzig, Grimmaische Stra脽e 12, 04109, Leipzig, Deutschland
  
• ISSN：1613-978X

文摘

Historically low inflation and concerns about deflation in the large industrial countries have been accompanied by exuberance in financial markets. To revive inflation and growth, central bank balance sheets are being inflated, but there has been no considerable increase in consumer price inflation yet. The paper argues that inflation targeting frameworks have lost their effectiveness in steering inflation. Rational profit-maximising financial institutions funnel the additional central bank liquidity into financial markets instead of goods markets. This leads to redistribution effects in favour of high income classes and to wage repression for middle and low income classes, resulting in political polarisation.