Quantitative Easing in der Eurozone

Mit nur 1,3 % blieb die EA-19 HVPI-Inflation 2019 weit hinter dem 2,0 % Ziel der EZB zurück. Bisher ergriffene, unkonventionelle geldpolitische Maßnahmen wie das €2.600 Mrd. umfassende APP zeigten nicht den gewünschten Erfolg. Dieser Beitrag untersucht, inwiefern sich die EZB zwecks Stimulierung von Inflation und BIP-Wachstum an den Aktienkäufen der BoJ orientieren sollte. Erste Ergebnisse zeigen, dass diese Maßnahme lediglich zu einem Anstieg der sog. Asset Price Inflation führt, welche letztlich die Finanzstabilität und die Normalisierung der Geldpolitik gefährdete.

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How Fed Quantitative Easing Spread Asset Price Inflation Globally

A Global Monetary Plague ◽

10.1057/9781137478856_3 ◽

2015 ◽

pp. 39-72 ◽

Cited By ~ 1

Author(s):

Brendan Brown

Keyword(s):

Asset Price ◽

Quantitative Easing ◽

Price Inflation ◽

Asset Price Inflation

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A decade of speculation

The Economic and Labour Relations Review ◽

10.1177/1035304618812673 ◽

2018 ◽

Vol 29 (4) ◽

pp. 410-427 ◽

Cited By ~ 1

Author(s):

CP Chandrasekhar ◽

Jayati Ghosh

Keyword(s):

Financial Institutions ◽

Global Financial Crisis ◽

Asset Price ◽

Wealth Inequality ◽

Quantitative Easing ◽

Price Inflation ◽

Developed Country ◽

Jel Codes ◽

The World ◽

Asset Price Inflation

The power of finance ensured that, other than for an initial fiscal push to salvage financial institutions, monetary measures in the form of quantitative easing, involving the infusion of large volumes of cheap liquidity, were the principal response to the 2008 global financial crisis. The effects of the generalised and prolonged dependence on such measures have been a substantial increase in vulnerability, at the centre of which is a huge build-up of private – especially corporate – debt, and unwarranted and unsustainable asset price inflation in both developed country and ‘emerging economy’ markets. A consequence of these processes is a massive increase in income and wealth inequality across the world, which limits the level of effective demand and growth. JEL Codes: E44, E52, E58, G01, G15

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