Negative Umverteilungs effekte und Reallohnrepression durch unkonventionelle Geldpolitik

Gunther Schnabl

Wirtschaftsdienst, 2014, vol. 94, issue 11, 792-797

Abstract: 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. Copyright ZBW and Springer-Verlag Berlin Heidelberg 2014

Keywords: E31; E42; E58 (search for similar items in EconPapers)
Date: 2014
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DOI: 10.1007/s10273-014-1749-8

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